Last week I randomly decided to check how much my apartment is selling for on the market these days. With three nearly identical buildings on my street with identical layouts in each building, it’s easy to see how much your place might go for. During the summer, my apartment was already way overpriced but I was in for a shock. The latest asking price someone had posted was $100k higher than the summer asking price. If this is indeed the new norm for my apartment layout then it’s clear the local real estate market is continuing to be out of control.
At that price, it’s about $200k over what I paid for my apartment. While some might relish in the incredible investment this has turned out to be, it’s indicative of a much larger problem in this city. This is a potential gain, so I get nothing at this point, other than worry for where the market is headed even just six months from now.