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Speaking of appreciation, a friend of mine bought a place in Revere, MA back in 1990 (?) or so and worked on it for quite a while. The house was a nice house, Very big old victorian. Probably quite striking when it was new, but Revere was a rough place to live, lots of gangs and drugs, and she was on a very weird lot.
I think she bought the place for something like $40K despite it being in relatively good shape. She is fairly handy, and did a LOT of work (mostly just cleaning, fixing, etc.
In 2003 she sold it for $585K... Now THAT's good appreciation! Crazy.
Anyway, I am kind of hoping the market around here continues to slide, as I am looking to buy early next year (after the wedding). Hopefully we'll find something we can afford and are happy with... but I'm not counting on huge appreciation.
~LSx
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