If you still owned it, what would your overall return on investment be (assuming that you put 10% down in 1988)?
I bought a condo in Irvine in 1989 for $252,900. The interest rate was 9.75%.
I imagine that the same place would have sold for $600,000 in 2005, probably $500,000 today. If I had put down $25,290 in 1989 and sold it today, I would have made approx. $325,000 ($300,000 net) on my $25,900 investment (after paying off 18 years of the mortgage). That is approx. 12x my money after going through a horrible slump (1990 to 1996) and a boom (1997-2005) and another 2 year slump.
How did an investment in gold do during that time?
If you still owned it, what would your overall return on investment be (assuming that you put 10% down in 1988)?
I bought a condo in Irvine in 1989 for $252,900. The interest rate was 9.75%.
I imagine that the same place would have sold for $600,000 in 2005, probably $500,000 today. If I had put down $25,290 in 1989 and sold it today, I would have made approx. $325,000 ($300,000 net) on my $25,900 investment (after paying off 18 years of the mortgage). That is approx. 12x my money after going through a horrible slump (1990 to 1996) and a boom (1997-2005) and another 2 year slump.
How did an investment in gold do during that time?
I can remember the scenario described is quite accurate. We struggled a great deal if we were catching a falling sword when we bought a small house in SD county in 1993 for $135K in the middle of the slump and watched in horror as the prices dropped till 1996.
I can remember the scenario described is quite accurate. We struggled a great deal if we were catching a falling sword when we bought a small house in SD county in 1993 for $135K in the middle of the slump and watched in horror as the prices dropped till 1996.
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