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Real Estate
Reply to "If you bought 2005-2007 and got hit, tell me your story, location and age"
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[quote=Anonymous]The peak was late 1980s for Coops. There was a massive rental to coop conversion bubble from around 1985-1989. Landlord would convert building to coop get a bank lined up to pay renovations to common elements and give inside mortgage rates to folks in building. They were non eviction conversions and prices were skyrocketing everyone wanted in. I bought my foreclosure in late 1991 fully renovated from RTC. Sponsor and bank who made loan went bankrupt so govt selling for $27,000. Units sold for $105,000 in 1988. It fell 75 percent in value in 36 months. Today those units sell $300,000. But was not till early 2003 they reached their original 1988 prices. 15 years. But quite a swing 75 percent down and 400 percent up in 14 years. Real estate bubbles and crashes but long term you win [/quote]
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