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13 hours ago, bloviatrix said:

FWIW, the apartment I wanted to buy (in '94 for $65K) is now worth north of $1 M.

There's always that one, but for example I looked at a place in midtown we bought and sold within a year in 2004 (I think Wilfrid is the only currently active MMFer who's been there) and none of the three people who held it after us made a penny even though it's now worth twice what we sold it for. 

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Yeah, but think about how close that property is to the jerk chicken guy!!

I think the diversity of food in New York is still about the best you can get in the US. Every other factor? Not so much.

you really only need to know to know the 10 best

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6 minutes ago, Orik said:

There's always that one, but for example I looked at a place in midtown we bought and sold within a year in 2004 (I think Wilfrid is the only currently active MMFer who's been there) and none of the three people who held it after us made a penny even though it's now worth twice what we sold it for. 

Big difference between flipping and holding.   But you also have to consider the alternative use of money,    Our currant house is worth over 20 times what we paid for it but the same money in tech would now be exponentially greater.   

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1 hour ago, Orik said:

There's always that one, but for example I looked at a place in midtown we bought and sold within a year in 2004 (I think Wilfrid is the only currently active MMFer who's been there) and none of the three people who held it after us made a penny even though it's now worth twice what we sold it for. 

The rent vs buy math in NYC in the mid late 90s was really good. 

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52 minutes ago, voyager said:

Big difference between flipping and holding.   But you also have to consider the alternative use of money,    Our currant house is worth over 20 times what we paid for it but the same money in tech would now be exponentially greater.   

You would have at least two chances to get zeroed out in tech in the last 25 years.  Might be entering the third right now!

 

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2 minutes ago, Anthony Bonner said:

The rent vs buy math in NYC in the mid late 90s was really good. 

Right - $160k for an alcove studio in '97, rents around $2.2k by '99.

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52 minutes ago, Anthony Bonner said:

You would have at least two chances to get zeroed out in tech in the last 25 years.  Might be entering the third right now!   

 

Quite right.  But I've ridden those out.   They usually wind up being buying opportunities for others if not for me.   I'm talking about strong, established tech, not venture capital or entry level companies.   Great for fast money but I like to sleep nights.

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23 hours ago, Anthony Bonner said:

buy an investment property in a secondary area of queens. 

Yeah, but think about how close that property is to the jerk chicken guy!!

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3 hours ago, voyager said:

Big difference between flipping and holding.   But you also have to consider the alternative use of money,    Our currant house is worth over 20 times what we paid for it but the same money in tech would now be exponentially greater.   

Considering that I'll be renting for the rest of my life with almost zero chance of ever owning...oh, what I would do to live in a house made of currants.

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My nondescript condo in San Jose (that was smaller than my old Queens apartment) sold for 30% more than what we paid for it less than 3 years earlier.  I can't imagine what my current rinky-dink house is worth now, especially with the new kitchen.

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24 minutes ago, StephanieL said:

My nondescript condo in San Jose (that was smaller than my old Queens apartment) sold for 30% more than what we paid for it less than 3 years earlier.  I can't imagine what my current rinky-dink house is worth now, especially with the new kitchen.

You can plug your address into a myriad real estate sites to get an idea, but you'll have to then factor in your new kitchen.    I think you'll have a happy surprise.   Pour a coupe and pat yourselves on the back!

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