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Although entirely different price ranges, these 2 properties have the similar market stories….and there are many others just like them…
After meeting with owners recently who also bought in 2004, disheartened and not willing to bend to the current market (quelle surprise!), this story is a direct corollary – with one exception. The owners of the 2 properties in contract realized that the market is the market – regardless of what they paid and how much they spent on their home during the time that they lived there. And not only aren’t they getting out whole, they are selling below what they paid 10 years ago. Tough pill to swallow for many.
Both sellers bought at the height of the market 2004/2005
Both have over 300 days on market
Both are currently listed below the seller’s purchase price
Both started their listings at a slightly higher price than their purchase price
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| 1 MIDWOOD RD |
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| 81 SAWMILL LANE |
Built new in 1986, 81 Sawmill’s first owner bought it for $1,150,000 in 1989. …then sold it 5 years later 1994 for $1,340,000 +16%. 5 years after that, in 1999, it sold for $1,850,000 +38%. Then the seismic jump to $2,995,000 +61% in 2005.
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| BUBBLES ARE FUN WHILE THEY FLOAT |
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| …NOT SO MUCH WHEN THEY POP |