home value has more than double since 2008

[Anonymous]

We bought a home in McLean in 2008 for 900k on a 0.4 acre lot. The house was built in 1955. We added an addition to the house and fixed the inside. The house is now 3400 sqft and worth about 1.9M.

Just insanse. I wonder when the housing market will come back to earth.

[Anonymous]

Anonymous wrote:We bought a home in McLean in 2008 for 900k on a 0.4 acre lot. The house was built in 1955. We added an addition to the house and fixed the inside. The house is now 3400 sqft and worth about 1.9M.

Just insanse. I wonder when the housing market will come back to earth.

That’s what Redfin or Zillow may tell you. Come back when you’ve actually sold that house for $1.9M.

[Anonymous]

I find it hard to believe your 1955 house is worth $1.9m.

[Anonymous]

depending on location, 3,400 sq ft could be worth that even as a gut job

[Anonymous]

How much did you pay for the addition and renovation? They should all be added to your original cost. Then you realized it will be like 50-70% increase, about 4-6%/year, which is normal for this area.

[Anonymous]

You added an addition. The home didn’t double in value by itself.

[Anonymous]

I spent about 200k for the addition and new kitchen. I kept the cost down because my brother is in the home renovation business. I added Vikings and Wolf appliances to the kitchen, I got them from another home owner when his house had gone under in 2007. The house is in a very desirable neighborhood of McLean, five minutes to Giant, CVS, Langley Shopping Center, and 2 minutes walk to Balduci. Someone did ask to purchase my house for 1.9M. I am thinking of selling it for 2M and move to Florida but will see.

[Anonymous]

There really isn't much remarkable about that. House prices have doubled on a national level in that time frame too. And in many metropolitan areas prices have increased more.

S&P 500 has increased 8x since 2008.

So what?

[Anonymous]

Anonymous wrote:I spent about 200k for the addition and new kitchen. I kept the cost down because my brother is in the home renovation business. I added Vikings and Wolf appliances to the kitchen, I got them from another home owner when his house had gone under in 2007. The house is in a very desirable neighborhood of McLean, five minutes to Giant, CVS, Langley Shopping Center, and 2 minutes walk to Balduci. Someone did ask to purchase my house for 1.9M. I am thinking of selling it for 2M and move to Florida but will see.

Who are they? I have a 6000 sqft on a 0.5acre in a desirable area in McLean, newly built in 2008, that I am willing to sell for 1.9-2.0mn

[Anonymous]

Anonymous wrote:We bought a home in McLean in 2008 for 900k on a 0.4 acre lot. The house was built in 1955. We added an addition to the house and fixed the inside. The house is now 3400 sqft and worth about 1.9M.

Just insanse. I wonder when the housing market will come back to earth.

My parents bought a house in 1970 and sold it for 11x what they paid in 1997. Today, that house is now worth 4x what they sold in 1997. This is in the Boston suburbs which which have had stronger growth than here.

Prices go up. Housing will never come back to where you think they should.

[Anonymous]

Anonymous wrote:I spent about 200k for the addition and new kitchen. I kept the cost down because my brother is in the home renovation business. I added Vikings and Wolf appliances to the kitchen, I got them from another home owner when his house had gone under in 2007. The house is in a very desirable neighborhood of McLean, five minutes to Giant, CVS, Langley Shopping Center, and 2 minutes walk to Balduci. Someone did ask to purchase my house for 1.9M. I am thinking of selling it for 2M and move to Florida but will see.

From McLean to Florida. Do you ever emerge from the fires of hell?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I spent about 200k for the addition and new kitchen. I kept the cost down because my brother is in the home renovation business. I added Vikings and Wolf appliances to the kitchen, I got them from another home owner when his house had gone under in 2007. The house is in a very desirable neighborhood of McLean, five minutes to Giant, CVS, Langley Shopping Center, and 2 minutes walk to Balduci. Someone did ask to purchase my house for 1.9M. I am thinking of selling it for 2M and move to Florida but will see.

From McLean to Florida. Do you ever emerge from the fires of hell?

NP but this was funny as h*ll

[Anonymous]

You lot is probably worth $1.5

[Anonymous]

Anonymous wrote:

Anonymous wrote:We bought a home in McLean in 2008 for 900k on a 0.4 acre lot. The house was built in 1955. We added an addition to the house and fixed the inside. The house is now 3400 sqft and worth about 1.9M.

Just insanse. I wonder when the housing market will come back to earth.

My parents bought a house in 1970 and sold it for 11x what they paid in 1997. Today, that house is now worth 4x what they sold in 1997. This is in the Boston suburbs which which have had stronger growth than here.

Prices go up. Housing will never come back to where you think they should.

I also grew up around Boston and my parents had pretty much the same experience. I'll add that before they bought that house they rented a house for $65/month. Zillow now shows that house estimated at $3.2 million.

[Anonymous]

Anonymous wrote:We bought a home in McLean in 2008 for 900k on a 0.4 acre lot. The house was built in 1955. We added an addition to the house and fixed the inside. The house is now 3400 sqft and worth about 1.9M.

Just insanse. I wonder when the housing market will come back to earth.

Cool story bro... nice humble brag.