Realized my 1990s starter home is now worth triple what I paid

Bought a little ranch in East Charlotte back in 1998 for $82,000 and just had it appraised for a refinance. Stared at the number for a solid minute before I believed it was real. Anyone else surprised by how much their first place has gone up around here?

2 comments

2 Comments

johnson.adam20d ago

Triple sounds about right for that era. My buddy bought a little split level off Albemarle Road in 2000 for $95k and it just appraised at $285k. East Charlotte especially has gotten stupid expensive, all those warehouses and breweries popping up on Central Avenue pushed values way up. Plus interest rates being low for years made everyone want to buy anything with a roof. I can barely tell what's a starter home anymore when I drive through some of those neighborhoods, everything's flipped and remodeled into mini mansions.

mason20919d ago

Had a buddy buy a house off Monroe Road in 2001 for like $88k. Small ranch, nothing special. He finally sold it last summer for $310k. Cash offer too, no inspection waived. Wild. He told me the buyer was some investor from California who didn't even step foot inside. Just bought it sight unseen off pictures and a video tour. That neighborhood used to be all old folks and young families scraping by. Now every other house has a fresh coat of gray paint and a Mercedes in the driveway. Makes me wonder who's actually supposed to live there anymore.