Reply to What a million now gets you near American University

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[quote=Anonymous][quote=Anonymous]When that house sold in 2021 at around one million mortgage rates were around 3 percent. With 20 percent (200k)  down mortgage was $2,400 on a 800k mortgage.

Today at around prices at  2 million 20 percent down is 400k and mortgages will be 5 percent by closing which is $8,000 a month on 1.6 million!!

If a buyer bought in 2021 to live there and just took 100k equity loan after closing to make it bare minimum livable and did projects over a few years would have been a cash cow.

Guy today who buys has two issues beyond price. First when he sells in 20 years all dated and old. Plus the property taxes will be rising much quicker over time.

It is a great house. But it was built 1937 and took 84 years to reach one million in value yet somehow in 12 months it doubled to two million. 84 years of appreciation on one year.

I know a ton of renovations. But still still the same original house on same size plot. Amazing. 
[/quote]

Shhh…don’t be a buzzkill, especially not for AU Park![/quote]

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