Tuesday, July 14, 2009

Financial Crisis Update

Purchased 66 Duck Woods Drive, vacant lot, April 2005 for $305,000
Received offer of $330,000 three months later. (Turned down because $20,000 in potential closing costs didn't make financial sense at the time, wanted to sell for $350,000 - Gary Dunstan, the agent on the other side of the deal will never let me live this down).
Made last lot payment on April 1, 2008. Got foreclosed on February 20, 2009. Bank sold property April 9, 2009 for $140,000. This is 46% of the price we paid for it in 2008 - or a 54% reduction in price in 3 years.

147 Holly Trail - finished construction summer of 2006. Owed $999,500.
Bank foreclosed and sold the house for $600,000

Unfreaking believable.

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