Condo in Florida

General Real Estate Investing
1

I have a condo in Florida that I have been trying to sell for a year with no offers. I moved out of it and now live in Denver because that is where my job took me.

The listing just expired and I am trying to figure out whether I want to put it back on the market and reduce the price more, rent it out, or try to lease/option it. It was last listed at 164k.

I am not in danger of running out of money making the payments but I am obviously not happy about it. I can also lower the price and just pay whatever money I need to at closing. Any advice on what to do with this condo would be appreciated.

Mortgage Balance: 159k
Monthly Mtg + Assoc. Fee: $1800
Likely Rent Amount: $1k to $1.1k

2

What are the comps selling for in the same building?

It’s going to be hard to sell it for more than the comps unless it has much better features, totally remodeled , etc.

3

Ughh. The only condo that has sold in that building since May 08 is a two bedroom for 122k. The agent said that it needed work done according to the listing.

4

are then many foreclosures in the complex?? was it a condo conversion deal???

5

I would guess that there are foreclosures. Nothing is selling and there used to be a lot of units on the market but there isn’t now.

Yes it was converted from apartments 5 or 6 years ago.