Quote:
Originally Posted by FlyingScot
It is. This whole thing is a great example of how rising real estate values do not benefit anyone except professional investors and realtors.
True that civilians (pretty much all of us on the forum) end up with more money at sale--but are we really any better off? If you're not too damn old to enjoy it, you just have to spend it on your next house.
In this case--if the property was worth $100K instead of $1MM, the OP could cajole his siblings into keeping it for family. But when real money has been made, most people want or need the cash. So while the family is better off financially, they have lost something priceless
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For tax purposes, houses are worth very little - my experience it is common for people to complain about the assessed value. When it's time to sell, it's worth a fortune.
50 years ago lots near me were bought by middle class people who built camps. 30 years ago camps were on the market for under $120,000, a few below $100,000. Today houses on Bear for under $700,000 are not too common. The temptation to cash out is a big one.