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Thanks much, 9% would be somewhat tolerable..My issue is if we walk away with what we came in with (about 250) then I feel like weve totally wasted better than a year of our life...I'm torn
Quote:
Originally Posted by Wile E. Coyote
Ivy Zelman is the foremost real estate expert (sifting through all the data and relationships with all the big developers, etc., etc.).
You can Search her name on YouTube. But, here's one of her latest interviews. She is conservatively estimating a 9% drop over the next two years...
Thanks much, 9% would be somewhat tolerable..My issue is if we walk away with what we came in with (about 250) then I feel like weve totally wasted better than a year of our life...I'm torn
I did the math (above) based on the numbers you provided. The way the Math worked you would walk away with $400k (versus the $250k). If you lose 10% on the $1.2M sale price you will be close to walking away with the $250k you came in with because 10% of $1.2M is $120,000. Whereas you unload in the spring you might still get that $1.2M and be able to go pay cash or a substantial down payment with the $400k.
If you hang on you could be stuck for a very long time with the high expenses and you guys are gambling. I'm not sure such a rich gamble is timed correctly with you on a pension heading directly into retirement mode. That's a gamble that would be more worthwhile at 40. You have to be willing to hang on 5-10 years in order to get the profit you want out of the Lake House. If you are not willing to do that you need to get out of it as quickly as humanly possible.
You really need to gain clarity on this and put pencil to paper (I did that in a post above for you).
Stop drinking! Drink water and coffee and tea and do pushups instead -- get yourself out of this!
Thanks, I do need to stop wallowing in self pity. After RE commission if we walk away with under 250 this entire year was a wash, I sure was hoping we could make atleast an extra 1-200,000 to make it worth the hardship. I guess everything is an experience that leads to lifetime memories, this has straight out sucked for me and at this point breaking even or hopefully better may be best for my longevity..Thanks for doing the numbers, and oh yeah, I'm up at 4am for new job and off at 5pm so lots of coffee followed by----at 5
Quote:
Originally Posted by Wile E. Coyote
I did the math (above) based on the numbers you provided. The way the Math worked you would walk away with $400k (versus the $250k). If you lose 10% on the $1.2M sale price you will be close to walking away with the $250k you came in with because 10% of $1.2M is $120,000. Whereas you unload in the spring you might still get that $1.2M and be able to go pay cash or a substantial down payment with the $400k.
If you hang on you could be stuck for a very long time with the high expenses and you guys are gambling. I'm not sure such a rich gamble is timed correctly with you on a pension heading directly into retirement mode. That's a gamble that would be more worthwhile at 40. You have to be willing to hang on 5-10 years in order to get the profit you want out of the Lake House. If you are not willing to do that you need to get out of it as quickly as humanly possible.
You really need to gain clarity on this and put pencil to paper (I did that in a post above for you).
Stop drinking! Drink water and coffee and tea and do pushups instead -- get yourself out of this!
I think you could still make the $400k if you sell in the Spring. That's $150k for your year. That's nothing to sneeze at.
I do not believe being so isolated you should leave yourself open to accidents by getting sloshed all alone out there.
You can do telemedicine and get a shrink on the payroll. Also speak to a local realtor or other real estate professionals to get advice and be informed.
I would not be defeatist about this just yet. I'd be doing everything I could to get that place finished and get better informed about the local real estate market and be ready to make a decision in the Spring.
Most financial experts expect the US to be entering a recession by next summer/fall.
Another thing is that based on my experience of remodeling my house (2.5 bathrooms and the kitchen) you will never feel like you got your time and money's worth out of it unless you live in it at least 15 years (and even maybe not then). It really is blood, sweat and tears managing these real estate projects. Maybe if one could double their money they'd feel it was worth it. I suspect that's what ya'll were really after (and that could be true in 20 years).
The only thing I'm uncertain of is can I sell without a certificate of occupancy. We will get a temporary one in a few weeks as that you only need one workable bathroom, kitchen sink. But I may not be able to totally complete the place by spring. I'm guessing if I do most of it myself I can get everything in accept for the hardwood floors.
Quote:
Originally Posted by Wile E. Coyote
I think you could still make the $400k if you sell in the Spring. That's $150k for your year. That's nothing to sneeze at.
I do not believe being so isolated you should leave yourself open to accidents by getting sloshed all alone out there.
You can do telemedicine and get a shrink on the payroll. Also speak to a local realtor or other real estate professionals to get advice and be informed.
I would not be defeatist about this just yet. I'd be doing everything I could to get that place finished and get better informed about the local real estate market and be ready to make a decision in the Spring.
Most financial experts expect the US to be entering a recession by next summer/fall.
I don't understand why both OP and Wiley are ignoring the fact that the wife holds the cards here, and she doesn't seem to want to sell. I'll ask a third time: OP, has she agreed to this?
Stop drinking! Drink water and coffee and tea and do pushups instead -- get yourself out of this!
I'm not seeing a post where he says he is drinking. Which post is that? (the number of it) just curious.....
I'm missing it somehow.
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