July 17, 2010
Snow on the 5th of July and Condo Update
We took our annual camp trip to Wyoming and it snowed over an inch on the night of the 5th of July. It was incredibly cold for July, but the good news was the cold almost completely prevented the annual mosquito festival where the kids and I end up with scabs all over from the hundreds of bites we receive.
Spent the better part of a week at Brian Head and have great news on the condo front. We have been working with our lender because the market absolutely tanked in Brian Head. Our condo that we bought for $119,000 and put almost $30,000 in remodel into would be lucky to sell for $90,000 right now. It is worse for the people down the hall from us that bought for $175,000 at the top of the market. They are really hosed.
Fannie Mae slashed our payments by over half and made it reasonable to keep the place. An interest rate reduction combined with recapitalizing the interest and extending the term of the loan.
Brian Head is a victim of the Nevada housing market and employment market that is the worst in the country. Not sure that it will get better any time soon, but now our place is affordable enough we can keep it for the long haul.
I bought the condo as an investment and as a place where we could bond as a family. While it is no longer nearly the investment property we hoped, it has surpassed my expectations as a place where we can spend several weekends a year together with the kids. Summer is almost as nice as winter together.
Whole string of other stuff going on and I have been working a lot lately so lack of posting. Trying to get back in the swing. Love my blog and hate to have it die.
Posted by Justin at July 17, 2010 09:27 PM
About the same thing happened to my son bought condo at The Lofts in B. H. just wondering if you could direct me in the right direction to see if it's possible to cut his payment in half or at all?
Posted by: wells at September 4, 2010 06:16 PM