From the St. Petersburg Times in sunny Tampa Bay, FL, we have the holy trinity of James Thorner, Scott Barancik, and Matthew Waite writing about Bay's home boom suddenly belly-up.
The fun time has ended for Leonard and Joyce Sondheimer. In October 2005, the Bradenton couple bought a $338,900 MiraBay townhome on Aberdeen Pond Drive. The bayside investment home with stone counters, hardwood floors and stainless steel appliances was sure to appreciate to half a million dollars. Or so the Sondheimers thought.
After a year on the market, no one has nibbled. Their Realtor chopped the price to break even. The tax bill alone on that single investment -— $8,900 a year — is draining the Sondheimer’s nest egg.
“I was retired and now I’ve had to go back to work. I’ve got to pay all these bills,” Leonard Sondheimer, 68, said of his new job as a mattress salesman. “It’s getting sickening.”
It was sure to appreciate to half a million, eh?
Well, it didn't, so I guess you're working off a different meaning of "sure" than the rest of the world.
You've made your mattress, now I suppose you're going to have to lie in it!
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