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|Subject: Re: Condo depreciation||Date: 3/23/2008 8:09 AM|
|Author: aj485||Number: 1253 of 1498|
Here in upstate NY real estate is really falling. I was talking to a 70-something woman who purchased a condo a couple years back for $400K. She is not really happy there and wants to sell. Already depreciated to $300K!
She is not happy about taking the loss, if it eventually sells, but is convinced she has to leave for "quality of life" reasons.
Yes, but if she is purchasing again, in the same market, she should be able to get a great price on her purchase. If her 'quality of life' issues have to do with noise or nearness of neighbors in a condo, so she will be purchasing a SFH, she may find that her condo has fallen faster than the SFHs, but it is likely that SFHs still will have fallen, so she won't pay as much for the same house had she bought 2 years ago.
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