Real Estate Bubble

[db7]

Laz nice sell.. thought i'd share my debacle so far..

Location: NW Illinois

10/2004..despite preaching about the real estate bubble i buy due to job move.. try to be smart and buy a property with a main house and a rentable coach house... also has lake rights less than 100 feet from my front door. Buy price: 142,500.. seems like a steal and such a unique property that i should never have trouble moving it.

spend 2+ years rehabbing and invest around $20k in materials and TONS of my time.

11/06 decide i want to rent and invest the $50k or so equity i have in the house. Attempt to sell on my own for $199k...


get about 8 lookers... best offer was $167k (my approx breakeven with fees etc).. which i was about to take when the buyers pulled out.

5/07 i give up selling on my own and get a realtor...up for $179,900 (at this point just trying for b/e on my cash) In the past month or so i've had about 30 couples look at my property... have only had 1 unofficial offer at 158k which the buyer pulled hours later.

so here i sit... struggling to just breakeven.. even willing to take a loss... and i can't move my property-

granted it is no POS.... both places are almost completely remodeled (windows,carpet,oak trim, hot water tank..etc..etc..etc) AND it has lake rights.

OUCH!