At it's peak, Zillow had my house priced at $1.56 million (earlier this
year). Now, Zillow says it's worth $1.373 million.

I paid $825k in 3/04. Even in a worst-case scenario, I have three to four
hundred thousand more in equity in my home right now than when I bought it
in March 2004.

If I didn't get an interest-only loan at the time, I couldn't have bought my
house. Today, I could afford to pay $825k with a conventional fixed
mortgage...but the selling price would be $500,000 higher and I wouldn't
have been able to buy it.

I looked at my interest-only loan as a way to lock in 2004's price for 5
years down the road. When my rate adjusts, I simply "re-buy" my house for
$825k...even though it will be worth considerably more than that.




"JohnH" wrote in message
...
On 25 Aug 2006 05:07:50 -0700, "basskisser" wrote:


NOYB wrote:
"basskisser" wrote in message
oups.com...

Harry Krause wrote:
NOYB wrote:
"Shortwave Sportfishing" wrote in message
...
On Wed, 23 Aug 2006 20:26:02 GMT, "NOYB" wrote:

It's insurance! Or lack thereof. In Florida, it is now
impossible
to
insure a boat over 30' long valued at more than $100,000 if the
boat:

a) doesn't have a trailer

and/or

b) is more than 5 model years old (2001 and older are uninsurable
if
they're
over 30 feet and valued at more than $100,000)
Hmmmm. So here's a scenario for you.

I have a custom made trailer for my Contender which is used to
haul
the boat twice a season for a wash and wax. It also doubles as a
winter storage trailer - just put it on, park it and shrink wrap.

The only problem is if I wanted to take it from the yard, I would
need
a special permit because it's over-width for the highway. So I
couldn't just pick it up and move it away from the coast if a
storm
approached or whatever.

If that boat was a, say 2000, would it be covered?

No. A 2000 wouldn't be covered unless it was valued under
$100,000. A
2002
would be covered, but the premium for a $100,000 boat is nearly
$5000/year.


I have no place to store a trailer unless I'm willing to pay
$150/month
storage fee. Even if I pulled the boat, where would I put it? And
I'd
need
something that could tow upwards of 12,000 lbs that is 10'6" wide.





No room on the lot of that million dollar house to stash a boat
trailer?

Incredible.

Bwaaahaa!! He got hosed in the housing bubble. Along with an interest
only loan!

My house appraised in July, 2005 for 50% more than I paid for it in
March,
2004. The house next to mine is the same size, but sits on the end of a
canal (less desirable) and is listed for $1.59 million. They won't get
that, but if they lowered it to $1.2 million it would sell tomorrow.

But, what does it appraise for NOW as opposed to what you've paid for
it, and how much of that has been soaked up by the interest rate you're
paying??

If he's been in the place three years or more, chances are good that he's
way ahead of the game, and good for him!

Here's a site for a quick appraisal. It's been pretty accurate when
compared to what's been selling around here.

http://www.zillow.com/
--
******************************************
***** Hope your day is great! *****
******************************************

John