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NOYB wrote:
Housing prices have averaged an increase of 17-26% in Naples over the last 6 years. Name a single investment that offered equal or greater return, with the same level of risk, *and* a tax deduction. **************************** You've almost got it, Doc. The price of housing, expressed in dollars, has increased 17-26% for the last 6 years. The owner of a single family home in Nipples is no better off, however, unless he also owns additional property that he doesn't need to *consume* in its entirety every month. If you bought a 3000 sq ft house for $350,000 ten years ago and it's now "worth" $900,000, you aren't actually any further ahead. If you sold your house for $900,000, you likely couldn't replace it with an equally large, equally nice house in a comparable neighborhood for anything less. If the house is "worth" $9 million, but you have to pay the same $9 million back out again to replace it, all you have in the end is whatever you had before (in addition to your primary residence) and a primary residence with a ridiculous valuation attached. That and a bigger property tax bill......the local assessors love those inflated real estate values. |
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