drop another half mil and now you have a price of 679k, vs a price he paid of 131k....wow I just dont get this whole deal; that would be a heck of an investment at 679k....about 50% per year...isnt greed lovely??? how many of us get 50% per year on our investment?????
Dropped price by a million
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Now Now, you have to adjust for inflation. What were salaries back in the 70s, gas prices, gallon of milk.... The real return may not be as great as one would think. Little Robert Shiller thinking going on here.
Yes agreed! Isn't exaggerating great? Also you got to figure in all those holding costs for all those years and other things so the guys gross return is not his real return.....little tongue in cheek here, sorry.
With a quick calculation using my fingers and toes and the rule of 72--it seems to be around a 10-11% return if it should sell at the lowered price. That's from $131,000 to $1.79 million.
Keep your shoes off...you still have to subtract the 100K realtor's fee and other carrying costs. While you're at it, turn in your shoelaces and belt if you really believe that this joker is going to unload that property into this market for that price.
P.S. Don't bother calculating the repair costs for the dock that Ivan chewed up and spit out. Apparently he believes that the "Pilings from what once was a good-sized pier--the relic of Hurricane Ivan in September 2004" is an interesting selling point.
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Mine was simply an observation in reply more to the %50 percent annual gains (to put it in perspective as a mediocre return at best after all associated costs) . I am neither pro nor con on this guy selling his property or touting real estate like his as an investment. Great board btw.
So what if this guy is trying to make some money on his property. He may be optimistic on his pricing, but he doesn't sound like some johnny come lately locust flipper. Hasn't he been living in the house for over 25 years?
Yes, he's had carrying costs but it's not investment carrying costs. It's the same carrying costs that everyone who owns a primary residence has.
Yes, he's had carrying costs but it's not investment carrying costs. It's the same carrying costs that everyone who owns a primary residence has.
I hope the guy gets every single penny...and a lot more! As the article notes, he's been living here and contributing to our community for over three decades.... It's not like he's one of these people rushing in here at the market's peak and buying up "pre-construction" properties to flip. Since when does trying to sell something that you've owned for 30 years constitute "greed"? You'd think property owners here would be rooting for this guy, and not slamming him! Yikes!
his gain from what he was originally asking and what he paid 35 yrs ago would have been over 75k per year, plus he lived in the house for free. I dont know if this qualifies as greed or not, more power to this guy, if he can do it, so can I and you and you and you!!!!! (see a problem here?)