No, that's not a misprint.
It sold on the 10th of January for $100,000 more than I paid for mine 4 years ago... and my condo was nicer and more improved (new windows, better kitchen, etc.)
That's an 83% increase over almost 4.5 years... That's crazy
I remember looking back when i first started saving up money for my down payment, wondering how anyone ever bought a home... then the market turned and I was finally able to buy something... and now the market is up and while its great to think about the equity we are sitting on... its also a strong reality how much a larger home would be if we were to sell our place and move.
It's just mind boggling...
One things for sure, I won't be petitioning my property tax bill anytime soon... and speaking of property taxes, I got a notice from BOFA telling me I had too much money in reserves for my property tax bills the other day.
They take $102.03 a month and stick it into a special escrow account to pay my property tax statements for me twice a year... and because the county lowered my bill slightly, I had a couple extra dollars that got added to the reserve in the account. My reserve hit $204.70. (Which, considering they are probably going to increase my taxes once they see that 220,000 sale, I think is a good thing.)
But apparently I'm only allowed to have 16.6% of the base amount of my bill in my reserve...
I'm only over that by $1.58, but they have decided that starting in March i'll be sending $101.97 to my escrow account now instead of $102.03... (six cents a month)...
They decided to kill a tree to tell me about a six cent change.
And here's the funny part, i'll probably get a revised statement for the 2013-2014 year in a few months, making me pay even more than I was before they lower it by six cents...
Ridiculous...
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