If you remember a band named “Sugar Ray” in 1990s is one of my favorite band. Anyway, the singer of Sugar Ray, Mark McGrath just sold his house in Hollywood for 1.25 Million!!
The house was a 1931 country English-style house that has a step-down living room with vaulted ceiling and fold-away glass doors that open to a patio with city views. The house was listed at $1,990,000 and obviously the house was sold more than the listing price.
Moreover, the more amazing thing is, he bought that property in 1995 for ONLY $365,000. When I read this news in LA Times, I was like “WOW!!! REALLY?!?!”
The complete story can be found at: http://www.latimes.com/classified/realestate/news/la-hm-hotprop-mark-mcgrath-20101211,0,5186527.story?track=rss
The moral of this story is that house is a good investment especially in this market where house prices are still considered ‘low’ (even though we already passed the bottom). Even in the market like this, many houses still have equity.
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