Quote:
Originally Posted by jerseyjoy
I won’t speculate, but I can tell you that we sold a 3/2 designer with pool in January, in one day, for 45k more than we paid two years prior. This week I have seen two 3/2 designer pool homes for sale, in the same vicinity (south of 466A)….one for 532k and one for 492k, both are less than we paid in 2018.
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I would like to use this as an example of what I call the illusion of making money on real estate. Per the post they sold the house for $45K more than they paid two years prior. Also there is a hint of the sale was over $532K. Let's assume it sold for $600K. The sales commision at 6% would be $36K. Well that leaves $9K for profit. In two years they owned the house it would be very likely they put money into it, landscape, curtains, electrical fixtures, etc.Plus there was closing cost and if a mortgage two years of interest. Thus there was no money made.