Walk to Foster's

XXX E Columbia Place $215/sqft, Asking $409,000

One of my favorite restaurants in Chapel Hill is Foster's Market. Today's property is only a short walk from there. That's fortunate for today's owners because they'll be able to continue walking to Foster's for a long time. This house will not sell at this price.

I suppose it's fortunate for them that they didn't completely tap the housing ATM.

Feb 2004: Purchased for $270K. $54K (20%) down, $216K loan from Bank of America

Nov 2005: HELOC of $39,100 from Charter One Bank

Sep 2006: HELOC of $100K from RBC Centura (paying off the $39K HELOC)

Total debt: $316K.

The prior owners bought the place for $238K in 2002. The owners before them bought the place for $225 in 2000 when it was new.

What a run up!