Have you gotten rich because your house has appreciated?

Some houses have gone up thousands every month.
I live in a midwestern condo I bought for 45K in 1982. NOw it is worth about 68K. It hasn’t even kept up with inflation.

In the meantime, my friends, who bought houses, have piled up tons of equity. I live in a neighborhood full of houses I can no longer afford.

Poor me :frowning:

I wonder how other straightdopers have done.

I bought my house new, locked in the price of $274K February 2001, and closed the deal at the end of last july.

Last week, a house with the same floorplan as mine went on the market a couple streets over. They’re asking $410K. Sometimes I love California.

Of course it’s just paper money, because what am I going to do? Sell the house and move back into an apartment? I think not.

-lv

lv you obviously need to move to the midwest. :smiley:

Bought it for $245K in 1997, for sale now at $350K. That’s down from $370K because the market is bad - I’m sure we could have gotten much more last summer. Still, 100K in 5 years ain’t bad!

Well, now, it’s a bit of a problem - in order for me to sell my wildly appreciated apartment, I have to buy one, too. I’d have to be willing to move some distance for that to work in my favor - and I’m not. So it’s all theoretical, even when you get lucky.

My folks sure do seem to have a lot of money lately, and much of it must be due to the sale of their house. They bought the house I grew up in way back in 1976 for, I’m sure, less than $30K. Last year, they sold it for something in the neighborhood of $375K, and they bought a new, beautiful house in Colorado for around $250K. The rest is all gravy.

Thing is, the house I grew up in isn’t particularly special, nor even swank in the least. The whole of the increase is due to the crazy overpricing of homes and real estate in New Mexico, especially Santa Fe.

My parents bought their house for about $100,000+ back in the mid-70s; by now, their neighborhood has appreciated so much, I’d be surprised if they can’t sell it for $600,000+ (especially if they did some minor work on it).

My wife and I bought a condo 3 months ago. Our real estate agent just called yesterday letting us know that another condo in the same building but inferior in every other way (smaller, more repairs, no view, etc.) just sold for $25K more than what we paid for ours. Hope this trend continues…

Bought our house for $69,500 in Dec 86; it was appraised at $135,000 when I refinanced two years ago and last year when the county refigured my property tax assessment they put it at $210,000. This for a hundred-year house that’s in serious need of remodeling. I was told that if I wanted to sell it, the buyer would most likely tear it down and put up a yuppie condo three-flat on the property.
But if we did sell, I wouldn’t be able to afford to buy anything I’d want to live in anyway. :rolleyes:

We bought a house for $160k in '89. with 35 down. In '92 and '94 we bought 2 investment properties for $47k & 53k. After 2 of our 3 kids moved out in 1997, we sold our house for 240k, re-invested the profit, and moved into the smaller investment property we bought for 53k. This house is now valued at 92k, but only by fair market assesment. I honestly believe it’s only worth between 85-88. But the appreciation of our first house allowed us to take 135 grand and invest it. Up until September 11 it had grown to quite a bit more, and since then we have recupped much of our losses, though not all. So the answer to the OP is a vibrant YES!

Yeah, we’ve done pretty well, too.

Bought our old (130+ years) farm house in an obscure little valley in Northern Virginia near the WV border in September 1997 for $203,000.

Just refinanced it last December (lowering the rate and also the length of the note. Cheerfully, our monthly payment went down. Woo!) and it appraised at $425,000.

Bingo, net worth. We’ve taken out a small ($40K) home equity line of credit (at prime minus .25)(God, I love credit unions) and are getting serious about home improvements. The new floor goes in this week and the patio next month.

Not bad, for an out of work guy.

I’m not anywhere near being rich, but I have had some luck with real estate. Bought some investment property in '90 for $20K. I’m selling it on Friday for $135K.

I bought my house in '95 for $157K. The county tax appraisal on it is now $300K, and a similar house down the street has been listed for $420K (though I doubt it will actually bring that).

On the other hand (as other posters have noted), if I sold the house, I couldn’t afford to buy another place convenient to work.