In 1991/1992, when condos in buildings 21 and 22 were initially sold, prices were about $65,000 for a condo in bldg 21 and $85,000 for a condo in bldg 22.
I checked various US Government sites to find out how much inflation there was between that time and the end of 2008. The answer is about 50% (or 49.5% to be precise). Considering that economists agree that, over a long period, real estate prices will follow inflation, even though that may not be the case over a short period of 3-4 years, we get the following:
If we increase the 1991/1992 prices by about 50% to take inflation into account, we get $97,500 for a unit in bldg 21 and $127,500 for a unit in bldg 22, or in rounded numbers $100,000 for bldg 21 and $130,00 for bldg 22.
Including furniture of approximately $15,000-$20,000 for condos sold furnished, we get a total selling price of $115,000-$120,000 for a 960 sq.foot unit in bldg 21, and $145,000-$150,000 for a 1400 sq.foot unit in bldg 22.
Please give me your comments.
