Posted by David on February 22, 2000 at 17:39:39:
Same muncipality 3bedroom/1.5bath SFH and 3bedroom 2.5bath TH condo. TH sold new in 1976 for $34,900, sold 1991 for $45,000 and sold late 1998 for $65,000.
It had central air, dishwasher and fireplace which SFH did not. And the TH was 1,650 sqft while the SFH was 1,250 sqft.
Same local, same market conditions and therefore should be same appreciation right?
SFH sold new 1958 for $13,900, sold 1968 for $16,900, sold 1975 for $27,000 sold 1999 for $100,000.
From 1975 to 1999 the SFH jumped from $27,000 to $100,000 while from 1976 to 1998 the TH jumped from $34,900 to $65,000.
I think you’re right, Bill Gatten, that in general you would think that SFH vs condo same appreciation in same locale, but I don’t think so. Perhaps this real example is not typical, but its what happened. The SFH wasn’t over improved either. When sold in 1999 it had the original 1958 furnace and the same roof as in 1975, and still didn’t have central air nor a dishwasher.
I’ve never disagreed with Bill Gatten, and I’m so ashamed.