The mid to late 2000s were brutal on the housing market.
And 2004 I was driving down the street to pick up a good friend for my annual Northern Michigan Michigan golf trip.
I saw this beautiful home for sale on the lake and it was way bigger and more ornate than anything I ever would needed. But I decided to take a look at it when we returned from Golf and learned that the owners had been transferred to Europe suddenly, and the real estate firm now on the home and was kind of in a hurry to sell it because they had carried it on their books for 45 days
Even though it appraised at $869,000, I threw a silly, lowball offer just for fun and I’ll be damned if they didn’t accept it. $725,000
My plan was, since my kids were still young ( 9 and 11) I would enjoy the house in the private lake for 8 to 10 years and then cash in. So, I obtained a 10 yr Interest only mortgage- which made sense since I walked into substantial equity between the low price and the money I put down. And we did enjoy it. Lotsa of Walleye and Bass in the lake- super clean water.
Well, you know how the rest of that decade went and so in 2014, I converted to fully amortizing payments. And I was recruited and moved to Florida and put the house up up for sale in January of 16. It sold for $610,000. Luckily, I walked away with a game, but if you look at the price of the home now, obviously it was a kick in the shins 😲🤮
644 Shrewsbury, Orion Twp, MI 48348 | MLS# 215133091 | Redfin
