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Bubble Redux?

A local realtor is holding an open house for a condo one building over from ours with the same floor plan and placement as our unit.  Hoping he had baked goods (he didn’t) we decided to step inside and see what the comps were doing.  Ignoring the differences in personal style (scary wallpaper but nice tile, etc.), the unit’s upkeep and fixtures were comparable to ours.  No marble floors, and the faucets didn’t appear to be brushed platinum.  The shocker then was the asking price: 177% of what we paid for our unit less than three years ago.  I know we got lucky with timing the bottom of the Great Recession, but it’s really hard to continue to see the local increase in real estate prices as a correction and not an over-reaction.

Chuck posted this on Saturday, December 21, 2013 at  12:36 pm.   No comments yet. Be the first. 

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