if you want to sell it, the only thing that matters is what buyers are willing to pay for it.
Take 3333 E Cobblestone Pl, an 8311 sq. ft house with 6 bedrooms/6 baths in Cobblestone, a very desirable high end community.
They paid $1,500,000 in June 2004(well before the peak), and then renovated it, including a new top to bottom high-end kitchen with all the trimmings - cherry cabinetry, granite, sub zeros, Wolf & Asko appliances, etc - new travertine floors throughout the house, and more. I'm guessing an easy $250 to $300k.
So now with everything looking ship-shape, they list it in August 2007 for a very optimistic $2,995,000. But buyers weren't buying it.
And not until the price got down to $1,895,000, $1.1 less than they'd hoped for, did it sell, for $1,710,000. So they lost on this one.
But they sold it and, licking their wounds, they get to move on.
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