Tuesday, June 14, 2005

Now that's what I call a capital gain

I inspected a condo yesterday which the owner has listed for $275,000.

I've looked a quite a few properties in this market in the past few months, and the condo I live in is right across the street, so I've got a fair idea of the market. After looking at this one I was scratching my head trying to figure out how it could be worth anything like the asking price.

Well a quick online search of the Routt County property records revealed that the current owner bought the property on February 10 of this year for $182,000!

So he's looking for a gain of 50% in a little over four months, or 150% per annum! I knew the market was hot, but I want to know what planet this guy is on.

1 comment:

david said...

that's ridiculous.

some guy reads one crappy book from the public library on flipping, and he thinks he can ask $93,000 more in 5 months!

pleeeease.

ski towns suffer because of sycophants like this, and it's a friggin' shame.

dave