Why buying a condo at 29 was a financial windfall

Four years ago, Sam Saslow purchased a condo in Denver at the urging of his parents. It turned out to be one of the best financial decisions he's ever made. At first he was nervous about the $164,000 purchase. A bidding war broke out and he ended up going slightly over his budget. "I was worried I was buying at the top of the market," he said. Powered by SmartAsset.com Turns out, his worries were unfounded. He just sold the condo for $285,000, $121,000 more than he originally paid. That's a nearly 74% price increase in just four years. "I'm laughing now," he said of his nerves as a first-time buyer. "I couldn't possibly have timed the market better." The windfall allowed him to upgrade from the 685-square-foot condo to a 2,700-square-foot home with a garage and basement that he and his wife recently purchased for $402,500. The profit from the condo sale allowed them to put 20% down and still have money available to furnish the home and cover renovations. Related: First-time buyer? Here's what you need to know "I don't think I will ever see an investment as good as that. It set me up for pretty major wealth creation long term." The Denver housing market is one of the hottest in the country, with 8.4% year-over-year price increases in March, according to the latest S&P CoreLogic Case-Shiller Index. sam saslow denver homebuyer Sam and his wife Jennifer were able to purchase a bigger home in Denver thanks to the condo sale. The rapid rise in home prices does give Saslow some hesitation with his new purchase. "We all saw what happened to the housing market and I lived in Florida and saw a lot of people get caught with their hand in the cookie jar." But he said the lack of buildable space and the steady inflow of new residents makes him feel the city would be "insulated" from a potential slowdown. Related: How much house can you afford? Saslow was 29 when he purchased the one-bedroom, one-bathroom condo in Congress Park. He put down 3%, and the purchase cost him $7,000 out of pocket. To outbid the other buyers, he had to raise his offer twice. "Rents were rising so quickly and I was still pay way less on the mortgage than the people renting the same units in my building." As a homeowner, Saslow watched as other units in his building sold at higher price points and saw his tax assessment steadily rise. When he decided it was time to put the condo on the market, he originally thought about pricing it in the $250,000-$255,000 range. But his agent wanted to go higher at $275,000. "I thought that was crazy," he said. "But we've worked together and I trusted her ... we went for the top of the market." They got four offers on the condo. The first offer came in within 48 hours of the listing hitting the market, and they didn't have to hold an open house. They got three offers on the condo that they considered. Every bid offered a 20% down payment and a personalized letter. The winning bid offered $285,000 with a guarantee of $280,000 if the condo didn't appraise. "There is no way I could have afforded that house if I hadn't gained equity and that condo hadn't appreciated that way."

Where to Celebrate 4th of July

http://thedailynews.ca.newsmemory.com/ Where to celebrate the 4th of July with friends BY JOHN ORR Daily News Staff Writer Independence Day is Tuesday, with celebrations planned in many places on the Peninsula. A list: Los Altos ■ Glorious Fourth Celebration, Shoup Park, 400 University Avenue. Music, food, games and more, 10:30 a.m. to 2 p.m. For more information, visit http://bit.ly/LosAltos4th Los Altos Hills ■ Ninth annual parade steps off at 10 a.m. from Town Hall, 26379 Fremont Road. Parade ends at Gardner Bullis School, where there will be beverages and watermelon. No fossilfueled vehicles or horses. For more information, call Sarah Robustelli at 650947-2518 or email srobustelli@ losaltoshills.ca.gov. Menlo Park ■ Parade starts at 11:45 a.m. on Santa Cruz Avenue and goes to Burgess Park. Decorate a bike, trike, wagon, golf cart or float to be part of it. ■ Celebration noon to 2:30 p.m. at Burgess Park, with music, games and more. Free admission but $7 for activities. Buy wristbands in advance at Arrillaga Family Gymnasium, 600 Alma. Burgess Park is at 701 Laurel St. For more information, call 650-330- 2200. Mountain View ■ Shoreline Lake is offering barbecue meals for sale from 11:30 a.m. till 6 p.m. Rental watercraft are available for viewing fireworks; call 650-965-7474. Picnic baskets available for pre-order by calling 650-965-1745. ■ Fourth of July Fireworks Spectacular, with San Francisco Symphony, at Shoreline Amphitheatre. 8 p.m. Includes tribute to 50th anniversary of the Summer of Love by Nicole Lizee with vocalist Storm Large; also, music by John Williams and patriotic music. Conductor Edwin Outwater. $16-$139. livenation.com Palo Alto ■ 35th annual Summer Festival and Chili Cook-off. Noon to 5 p.m. at Mitchell Park, 600 East Meadow Drive. Music, dancing, children’s activities, food vendors, and more. For more information, visit http:// www. cityofpaloalto. org/gov/depts/csd/events/ chilicookoff.asp or call 650329-2350. Redwood City ■ Pancake Breakfast, Marshall Street Fire Station, 7:30 a.m.- 10:30 a.m. ■ 5K race starts at 8 a.m. downtown. http:// www.paraderun.org/ ■ Parade steps off at 10 a.m. downtown ■ Festival begins at 1 p.m. on Hamilton Street downtown ■ Tribal Blues Band, 7-9:15 p.m. at Port of Redwood City. Food trucks. ■ Fireworks at about 9:30 p.m. Public viewing area along the waterfront off Seaport Court. Come early for very limited parking at Marina and Portside. No alcohol, no pets, no barbecues. Bring a blanket. For more information, visit http://www.parade.org/ Twins, Chase and Blake Affrunti, 6, represent the Santa Clara Valley T-Bird Club in the annual Fourth of July parade in Redwood City in 2013. It is considered the largest Independence Day parade in Northern California. Gary Reyes/Bay Area News Group Friday, 06/30/2017 Pag.A12Copyright Terms and Terms of Use