Its impossible to say without knowing specifics. Here is an example. The house next to me sold in 2001 at a price it could never see again. Not that my current neighbor would ever move but I dont think it will see within $100K of what it sold for which is about 20% more than 2001 price. If it went on the market today there would be a bidding war to pay $250K more than the 2001 price. That 2001 price was representative of the about $50K above the 1998 purchase price plus improvements to make it liveable (i.e. paint, flooring, applainces, landscaping etc.). In 2001 it was still relatively cheap. Add to that 10 yrs of minimal inflation (2%) and you are up to early 2003 pricing without a problem which I feel is the bottom for that property. The year of huge appreciation was early 2003 to early 2004. If you are getting a great property in a great area at 2002 pricing you are more than likely in a very good position. Of course, if I know more specifics my opinion might change but generalizations are the best we can do with what you’ve given me. If you want to PM details I’d be happy to be more specific.
