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Author: Richthofen80 CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127801  
Subject: Re: What should I do about my condo? Its underwa Date: 6/10/2008 2:22 PM
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Seattle Pioneer,

Thanks for the feedback. you are right in some sense, it has become a commodity. It wasn't the case when I bought it two years ago. Two years ago I was practically a confirmed bachelor with a low paying job, no car, and needed very little else.

In the last two years, I met a woman who is ready for me to take the next step. I got a newer, higher paying job that required a car. so essentially everything that was true about my life then has changed. However, I cannot change where I live to suit it because it would mean losing money.

I also was very blind to the situation two years ago. Like an idiot, I listened to every one around me who told me that 'property prices can only go up' and that I should 'buy now or be priced out of the market forever'. I honestly believed that even if I did meet a girl, based on property appreciation versus salary appreciation, that if I didn't get 'something' that I'd never be able to raise kids in a home near my family.

I would love to contribute to my community, but my place is too small for my girlfriend to move in, and honestly because all the other owners around me have foreclosed, I wouldn't feel safe having her move in. the building in front of mine hasn't landscaped in over a year; neighbors are renters who throw trash on our property, and we have no driveway so my car is constantly being broken into or struck by other cars.

Even if I save VERY aggressively solely for the point of getting out, (say $2500 a month), I couldn't afford to play catch up with real estate prices. I think I should probably just be done with it. Stupid Tax paid, lesson learned.
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