InOverMyHead
01-10-2008, 07:56 PM
Well, as I've posted in another thread, I own a condo and need to sell. The condo is located in Hialeah/Miami Lakes (part of the greater Miami area).
The condo is a 2b/2bath unit, approx 1123 sq ft. Its rented till Feb of 2009 and the current renter has lived there over 2 years now. Only costs associated with it is monthly homeowners due of $250/mo that covers all your grounds upkeep, security gate, trash, etc.
I've done some research and below I’ve listed all of the current MLS listings of condos for sale in the same complex that I could find…these are not nearby condos, these are the exact same complex:
Condo1, sqft: 1123, price: $248,000
Condo2, sqft: 1123, price: $249,995
Condo3, sqft: 1123, price: $256,995
Condo4, sqft: 1123, price: $263,000
Condo5, sqft: 1123, price: $268,400
Condo6, sqft: 1123, price: $265,000
Condo7, sqft: 1123, price: $269,000
I have the exact MLS listings of all 7 condos if you're interested to see for yourself, just didnt want to post here. For financial reasons, I need to sell and dont think I can hold in hopes of the buying demand increasing anytime soon. The average price of those condos is $260k and I'm interested in selling for about $25k below that. I'm basically saying I'll be completely happy to take out what I have initially invested, and walk away with a lot of lessons learned (as this was my first investment and I dont think Im financially ready for it). I haven’t tried a local realtor yet, but I guess that’s the next step. I just hate the thought of dropping my price and then paying all the commission.
Feel free to contact me with any specific questions....or pass along to anyone you know interested in an investment. I think its a pretty good deal for anyone that has the cash to put down and the financial stability to hold through the current market down time till the buyers are back in business. In the meantime, you get incoming cash flow for at least the next 12 months with the current rentors.
The condo is a 2b/2bath unit, approx 1123 sq ft. Its rented till Feb of 2009 and the current renter has lived there over 2 years now. Only costs associated with it is monthly homeowners due of $250/mo that covers all your grounds upkeep, security gate, trash, etc.
I've done some research and below I’ve listed all of the current MLS listings of condos for sale in the same complex that I could find…these are not nearby condos, these are the exact same complex:
Condo1, sqft: 1123, price: $248,000
Condo2, sqft: 1123, price: $249,995
Condo3, sqft: 1123, price: $256,995
Condo4, sqft: 1123, price: $263,000
Condo5, sqft: 1123, price: $268,400
Condo6, sqft: 1123, price: $265,000
Condo7, sqft: 1123, price: $269,000
I have the exact MLS listings of all 7 condos if you're interested to see for yourself, just didnt want to post here. For financial reasons, I need to sell and dont think I can hold in hopes of the buying demand increasing anytime soon. The average price of those condos is $260k and I'm interested in selling for about $25k below that. I'm basically saying I'll be completely happy to take out what I have initially invested, and walk away with a lot of lessons learned (as this was my first investment and I dont think Im financially ready for it). I haven’t tried a local realtor yet, but I guess that’s the next step. I just hate the thought of dropping my price and then paying all the commission.
Feel free to contact me with any specific questions....or pass along to anyone you know interested in an investment. I think its a pretty good deal for anyone that has the cash to put down and the financial stability to hold through the current market down time till the buyers are back in business. In the meantime, you get incoming cash flow for at least the next 12 months with the current rentors.