Speaking of houses, my uncle bought his house for 700k in arizona when the boom started (so it already went up quite a bit), he just sold it for 1.3 million.
My cousin just bought a house last year, it was originally 185k, he waited a few months, and it jumped to 250k. It's now valued at 450k...
His rental property, that he bought for 80k, is now worth 250k.
My aunt and uncle build their house 18 years ago (its huge) for just over 100k. It's worth 500k now. Their lot they have been sitting on for years is worth 700k (in land locked Tempe). They bought it for 60k way back when.
It's stupid, how the hell are normal people supposed to buy a house in arizona? I wanted to move there all my life, and I'm not even considering it now. I remember when I was younger looking at all the nice houses that were going for 60-75k....they are now worth anywheres from 4-600k. We shoulda moved when we had the chance, oh well.
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