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And you're exactly right, LUCKY.
The state of NH DOT started eminent domain proceedings on our home for a highway project in 1989. Four years, three appraisers, and two lawyers later, we finally struck a deal.
It's a long story about how we (me) decided to return to Alabama, but we happened to get here at almost the end of a long buyers' market. Due to previous high mortgage interest rates, and a couple of local factors, prices had 'plateaued' here for 4 or 5 years.
The big developers with the multi-million dollar condo plans hadn't hit the beaches (15 miles south of us) yet. It was a slow market.
For once in my life, I was at the right place at the right time, with some serious cash in my pocket.
We happened to drive by this place about 30 miuntes after the sign went up in the front yard. 3 br, 3 bth, etc., etc. 160' of waterfront on Wolf Bay. 7 or 8 miles down the bay to the intracoastal waterway. From there to the Gulf of Mexico and THE 7 SEAS, BABY!
We paid around $225,000, with a mortgage for about half of that. We're once again in a slow market, but I could probably get a pretty quick sale at around $700,000.
In my head I'm still a midle-middle class kid from the south side of Birmingham, and sitting on this much equity is just AMAZING and mind blowing to me.
As soon as we finish the 'latest' remodeling project (sweat equity, mostly) we'll probably put it on the market. I've done the waterfront thing now, and gotten it out of my system. I'd rather have the cash for our 'golden years'. I can have a better house, for way less than half the price, two blocks inland. And be as happy as a clam. No mortgage, and enough extra that we probably won't ever have money worries again.
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