Gordon wrote on Feb 2
nd, 2017 at 7:09am:
Not at all surprised by this.
Back in the mid 90's we owned a unit in that area.
It was a 2 bedder with ocean views. It unfortunately had no off street parking. I hated living there for a number of reasons.
Coming home after a tough day at the office...I spent half an hr chasing a parking spot so I could get into my home. Plus I found it too claustrophobic....nowhere to hang my washing except a verandah. Within 6 months, we were out of there. I was expecting and it became clear the place was not going to work for us. We needed a REAL HOME.
Anyway...we bought it for 250K.
We then put a new kitchen and bathroom in it.....painted it white and polished its floors whilst we looked around for a garage to come up for sale within the unit complex. Those renovations cost us around $50K.
We were eventually able to secure a car SPACE not a GARAGE. It had its own CT....and cost us $60K.
After the divorce.....my ex was given the unit.
NB. I was given the matrimonial home.
That unit's current worth?
$1.2 million.
NB. Original investment : $420K?
Fast forward 20 yrs : $1.2 million.
Off street parking played a role in this equation.
Without it...the unit would be worth far less.
Anyway....
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