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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: If you bought your house in 2005/2006...
Message edited 1/30/2009 10:04:07 PM.
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Posted 11/19/07 9:38 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
ODonnell
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Member since 9/05 5983 total posts
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Re: If you bought your house in 2005/2006...
We bought our house at the craziest point of the market in Spring 2005. We bought it for a great price because it was in terrible shape. We have done MAJOR work and I am hopeful that we will have more than realized the investment we have made.
A house 2 doors down from us came on the market last week. It was bought by the current owners at the same time we bought our house and they are now listing it for almost $100K more than the listing in 2005. They may have done work on the house internally, but the outside is exactly the same. I am really surprised, but pleased. I guess the market hasn't dropped everywhere.
Message edited 11/19/2007 10:12:51 AM.
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| Posted 11/19/07 9:46 AM |
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dawnie
Barb-Never removing this pic!
Member since 11/05 3932 total posts
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Re: If you bought your house in 2005/2006...
We bought in July '05. We would lose so much $$. It *****! 
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| Posted 11/19/07 10:02 AM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: If you bought your house in 2005/2006...
we lucked out with a really great price - the seller wanted out quickly and then we did the kitchen. i think we could probably get more than what we paid.
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| Posted 11/19/07 10:19 AM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: If you bought your house in 2005/2006...
We bought in the summer of 05 and put about $30k into the house. If we sold right now I think we would lose money on the improvements but I also think we could get more than we paid for the house.
I wouldnt sell until the housing market goes up again.
Scott
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| Posted 11/19/07 10:39 AM |
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imas98
Love my Furbaby
Member since 10/07 1140 total posts
Name:
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Re: If you bought your house in 2005/2006...
Posted by Gertyrae
I'm not sure...they are asking around the same for houses in our area (We bought 8/2005) but they aren't selling.
So, although we have done some updating - I'm not sure that we'd get what we paid.
I don't really care though, cuz I don't plan on selling soon and Real Estate is a long term investment.
There are a bunch of houses for sale in our area that are asking similar to what we paid 2 yrs ago. We bought in the fall of '05 and did a LOT of renovations (new kitchen, new bathroom, new electric, new plumbing, switched from oil to gas, new insulation and new skeet rock in the downstairs) so with all these improvements I think we could make some money on our house even in this market. But these homes have been for sale for a while so I wouldn't want try selling ours in this market. We plan to stay for at least 5 more years so by then hopefully the market is better....things will be even better if we decide not to move !
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| Posted 11/19/07 12:12 PM |
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bird382
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Member since 7/07 1712 total posts
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Re: If you bought your house in 2005/2006...
We bought in late 2004 and have no choice but to sell in the next year. We're hoping to break even.
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| Posted 11/19/07 12:21 PM |
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CityNYGirl
My everything!!!!!
Member since 5/05 2324 total posts
Name:
Betty
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Re: If you bought your house in 2005/2006...
We had an agent estimated our profit to be around $75K to $100K if we sold the house today....we are building a pool (inground) which will increase the value another $50K..
if the prices continue like that, we might sell next year and move to the North Shore (we bought the house September 2005).....
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| Posted 11/19/07 12:33 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: If you bought your house in 2005/2006...
We bought an estate sale in June 2006. We paid under market value for the house and have since made improvements (updated electric, bathroom, paint). I don't think we would lose money. Honestly, it's not a concern since the intent to sell isn't there for at least 5-10 years.
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| Posted 11/19/07 1:07 PM |
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nadia
My two Girls=)
Member since 7/07 1421 total posts
Name:
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Re: If you bought your house in 2005/2006...
yeah definately if we were to sell our home now we would lose out. We're praying too that the market turns around soon! We will be here for the next 5 yrs at least though.
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| Posted 11/19/07 4:59 PM |
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lucyloo
nope
Member since 1/06 9758 total posts
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Re: If you bought your house in 2005/2006...
Probably within 10k of what we bought at.
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| Posted 11/19/07 7:14 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: If you bought your house in 2005/2006...
Honestly, I have no idea. Prices are all over the map.
Some houses similar to ours are selling for what we paid (we built ours) and some are selling for just 9% more up to 52% more than our costs to build. The odd part is that the houses that are in such a vast price range are all within our mini subdivision. There are at least 13 houses for sale (2 on our same street).
A smaller house (3 BD/ 3.5BA) that is for sale now appraised for 38% more than we paid. They are listed at $15,000 under appraised value. We have 5 BD/ 3.5 BA. They do have a screened porch, in ground sprinkler system and gas grill connection but I do think that if we were to sell that the extra bedrooms would win out over their upgrades.
Then again, who is to say that anyone will pay their asking price even with built in equity?
Technically we bought in 2004. However, with all the builder problems (on builder # 3 now) and with all the bank drama (we sued our bank & settled - on bank # 2) we started on the bulk of the building in 2006 with 2006/2007 construction pricing.
Message edited 11/19/2007 10:10:37 PM.
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| Posted 11/19/07 9:48 PM |
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