Million dollar mistakes I’ve made during my real estate career,
not investing in this building.
Years ago, that building had to go through a ton of renovation
which made the condo fees skyrocket.
This caused a lot of people living in the building to sell
because they couldn’t afford those condo fees.
What I mean by skyrocket
is that the condo fees went from $500 a month to $2,000 a month.
So a ton of units went on the market.
This condo building is located in the best part of town,
have beautiful floor plans and layouts,
high ceilings and many bedrooms,
things all investors look for.
Because so many of the units had been put on the market,
the value of those condos had gone down.
For example, units of 3,000 square feet were going for $450,000.
High supply, low demand.
Some investors took the risk and bought some units in the building.
Others didn’t, like myself.
A handful of years have gone by and the renovations are all done
and now the units are selling for millions of dollars.
You snooze, you lose.
And in this case, it was a million dollar mistake. Follow me for more.