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In a Nutshell

Posted on October 9, 2006December 23, 2011 by The Tim

True story.

A friend of mine was renting a decent apartment in the Fremont / Greenlake area in early 1994 for $850 per month.

In late 1994 he bought a decent, mid-range house in the same area for $150,000. Over the next 12 years, he didn’t do any major remodels, just regular maintenance and a few minor projects here and there.

He just sold the house… for over $500,000. That’s 240%+ appreciation in 12 years, an average of about 10.75% per year.

Now he’s back to renting a similar quality apartment to what he had in 1994, in the same general area. His monthly rent is $1,150—35% higher than in 1994.

I think that about sums up why I think there is something seriously out of whack with home prices in Seattle.

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