Profile picture for Kenbrook

Is this a wise investment?

I've seen the house prices rise from the low $200's to the low $600's on Oxford Street since 1999. On the one hand, these old homes ooze charm, but on the other hand they require maintenance out the ying yang and are close to High Street which is noisy. I suspect that this home's price is peaking at $600K and won't rise much higher over the next twenty years. Owning it might be an expensive ego boost...
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May 21 2008
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Answers (4)

Profile picture for Kenbrook
As of 10/16, the credit markets are unfreezing, but a bit of risk premium has driven mortgage rates to around 7%. However, job creation has died and now we face a non-Christmas shopping season to be followed up with bankruptcies and closings in January of Circuit City, Sears/K-Mart and more. Still not a good time to sell an ego-boosting trophy property.
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October 16 2008
Profile picture for Kenbrook
Oops - Its October and the DOW has fallen to 8600. I told my friend the DOW would drop below 6000 before this recession was over, but I didn't expect to see it so soon. Maybe we won't, but as of today we are only 2600 points away from DOW 6000. Anyway, there just couldn't be a worse time to try and sell a half-million dollar home.
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October 09 2008
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Oh no - now (9-27-08) the credit markets are frozen in the biggest financial collapse in U.S. History. Frozen, as in no mortgage loans available for anyone. I say take it off the market and wait 23 years for housing prices to climb back to their 2006 peak. Then list it. You bought it to live in it, anyway, right?
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September 27 2008
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Uh oh - banks are clamping down on loans. Even if you could find somebody to agree to buy it at $595K, the deal would collapse when the bank says "our appraisal says it is worth $459K, and you need to put down 10% ($45,900) so we will loan you $400,000 to buy this property."
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July 31 2008
 
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