Actually, that price is right in line with the cost of spaces at other condo buildings in North Columbia Heights. I wouldn't purchase that spot, but I bet someone will.
If you imagine a space costing 100 a month to rent, that deal would pretty much break even in a couple of years.
Alex you mean in a couple of decades dpn't you? Thats $25,000 not $2,500.Max
It's not so far off.Look at it like a mortgage. If you pay $2000 a month in mortgage for place you can rent for the same, you wouldn't think it a rip off. You'd think you were silly not to buy it!$25,000 is about $150 a month on a 30 year mortgage.If you think $150 a month is about the going rate for a spot at 11th and Columbia, then it's a fair deal.
And now you know why I never pursued a career in mathematics!But yeah, if you think of it in terms of a mortgage it could be a decent investment.
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