Yesterday, Jason and I traveled over to the John Ross building for an information session about its upcoming auction. For all of you who are wondering, wow, this is a nice building.
Going into the day, I was still leaning toward actually attending the auction. Yes, yes, I know I said I would not buy a house this year. Looking at the possible purchase prices of some of these units, I was curious enough to get more information.
The building was open to the public, so we went through about a dozen units. I found two units I was really, really, really interested in 1618 and 2018. Both are the same floor plan – one bed, bath, and study – facing Southwest.
I spoke with two realtors while traversing the building. One basically told me I would be an idiot to not – at my age – buy one of the units. The other thought anybody who bought was an idiot since purchase prices were expected to be 60% of the minimum auction price. This person also told me unit 1218 – same floor plan as I liked – was a short sale she was trying to sell. The most recent offer on that until was $215k, putting it at ~40% increase.
Those purchase prices plus huge taxes and larger HOA convinced me to not buy – again. Although it is a lovely place in an area of town that is most likely going to boom, I still should not buy.