Sounds like a pretty shrewd move, Ken. Congratulations.
Jim Nichols
Tullahoma, TN USA
----- Original Message -----
From: "Ken Norton" <ken@xxxxxxxxxxx>
To: "Olympus Camera Discussion" <olympus@xxxxxxxxxxxxxxxxx>
Sent: Wednesday, July 18, 2012 6:20 PM
Subject: Re: [OM] They say it is the bottom of the real-estate market
>> Congrats!
>
> Thanks, Bob.
>
> The appraisal process has completely changed too. They are far more
> stringent than before. No more fudging things to get the numbers to
> work. We probably had one of the more hard-nosed ones around too.
> (definitely one of the hardest to work with).
>
> Just to give an idea of how depressed the prices are, to rebuild the
> house (materials and labor, not including land) would cost about
> $70,000 more than what we bought the whole thing for. The lot itself
> is valued at $35,000. So, we did pretty good, I think. The three new
> houses built right around the corner are all selling for
> $100,000-150,000 more than this one and they are all about the same
> size.
>
> I was really concerned about buying in this town because non-urban
> Iowa is pretty dependant upon the local employers. The railroad is a
> primary employer in town and there are three large manufactures, a
> college and a regional hospital. It's also the business district for a
> fair chunk of an hour radius. Oh, it is also a major grain
> hub/transfer point for the region. In otherwords, it's a pretty stable
> community. Ownership is always a risk, but I find it doubtful that the
> entire area would implode to the point where our neighborhood would go
> to the dogs.
>
> In the end, if we just get out at the same price we bought it for,
> with the extremely low interest rates, it's far less expensive than
> rent.
>
> The place does need some work, but that's OK.
>
> AG
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