I used to play tennis with a guy who owns a 2/2 condo about a mile from the beach. He complained mightily about the traffic (it was on a major thoroughfare) but told me proudly last year that it had quadrupled in value in ten years and now was worth $900K, and he was going to hold onto it for at least two more years, because it would appreciate by another $500K in that time.
So – his two bedroom crap box on a well-trafficked street would be worth $1.4 million. Just before he made this pronouncement, he told me the entire complex had had a special assessment of $32K per unit for roofing and window replacement. But, what is $32K, when your profit will be over a million in just two short years?
I no longer play tennis with him because his comments were so annoying (constantly bragging about how smart he was re: money) but I finally pulled a Zillow on his address.
The condo today is valued at $638K. Last year, when he said it was worth $900K, it was worth $700K.
Thank God for Zillow. He was a crappy tennis player too.
