Condo Thoughts

[bertine]

Today, while driving into work, I was thinking about selling my condo(s). I know it is a year or so away but I have a lot of work to do on it and this market is terrible. I am pretty sure there is going to be a couple more rounds of foreclosures depressing the market which means there is no way I am going to get a good price for my condo as one big unit. So, I am really thinking that the best way to sell it is as two smaller units. That way I could put one on the market and rent out the other one for a year or so while the market got better.

I have a feeling I am going to be able to sell it for about what I owe on it, which is sad because that is much less than what I paid for it.

Comments

[polyranger.livejournal.com]

Yah, we've put a lot into our other house and we'll be lucky if we can get what the mortgage is on it. :(

[bella-phenomena.livejournal.com]

I'm not sure if the market will continue to go down around here. But it might be more difficult to sell your unit as one as oppose to two, from a lending/appraisal standpoint, since it's the only condo in your complex that's like that.

But anything's possible.

[bertine.livejournal.com]

It is actually one of three units in the building like this, so that part isn't so weird. The association fee is part of why it would be hard to sell.

[bella-phenomena.livejournal.com]

Why, is it really high?

I'd think that you'd have some extra appeal because you're just off the park. Have you talked to a realtor about a possible listing price, and average time on the market?

I'm very tempted to list my place by the end of the summer if my sister can't get her act together to buy my mom out to buy my place, even though that'd be a little mean. It's really not about the money, but I'm tired of owning a place I'm never at.