Condo not selling, school starting soon, what to do?

[Anonymous]

Anonymous wrote:Thanks for the advice. I think we are going to take it off and try again next year.

But don't try in July. List in the spring.

[Anonymous]

Yes, totally agree, lesson learned.

[Anonymous]

My condo has been listed since February. Its in a beautiful building in Ballston smack between two metros. I had it staged the first 3 months. Fresh paint. Have dropped the price more than 30K and its FAR below the comps for my area. Other than a super lowball offer in March, I've had no offers. Been shown quite a bit and people seem to like it but then nothing happens beyond the positive feedback. My agent does not understand. Apparently condos are not doing that well unless they are in super hot areas of DC. Who knows. I've just made the decision to rent and try again next year, although I'm not sure how different things will be next year other than my condo and building being a year older. Very depressing experience.

[Anonymous]

What are the HOA fees? I think in some cases these are a shocker. And the fear is they will just go up, and up. The asking price is attractive, but the total monthly payment is scary.

[Anonymous]

I'm in the process of looking for a condo to buy and I think it's just the fact that so many condos are still being built. Even ones in nice areas are languishing unless the COA fees are $200/less.

However, I also think that some owners are pricing their condos too high. Resale values of condos have remained steady yet I've seen places where the owner wants $100K more than the appraisal. Thats madness.

All I can say is be patient. Right now I'm looking at an older condo in a nice but not new building. No stainless steel but more sq footage than newer places and a better layout.

[Anonymous]

Anonymous wrote:My condo has been listed since February. Its in a beautiful building in Ballston smack between two metros. I had it staged the first 3 months. Fresh paint. Have dropped the price more than 30K and its FAR below the comps for my area. Other than a super lowball offer in March, I've had no offers. Been shown quite a bit and people seem to like it but then nothing happens beyond the positive feedback. My agent does not understand. Apparently condos are not doing that well unless they are in super hot areas of DC. Who knows. I've just made the decision to rent and try again next year, although I'm not sure how different things will be next year other than my condo and building being a year older. Very depressing experience.

I know!, very depressing. Better luck next year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My condo has been listed since February. Its in a beautiful building in Ballston smack between two metros. I had it staged the first 3 months. Fresh paint. Have dropped the price more than 30K and its FAR below the comps for my area. Other than a super lowball offer in March, I've had no offers. Been shown quite a bit and people seem to like it but then nothing happens beyond the positive feedback. My agent does not understand. Apparently condos are not doing that well unless they are in super hot areas of DC. Who knows. I've just made the decision to rent and try again next year, although I'm not sure how different things will be next year other than my condo and building being a year older. Very depressing experience.

I know!, very depressing. Better luck next year.

Why do people think next year will be better? they are building more and more condos, job market in DC is meh (especially entry level which is the market for condos), and rates are not going to be lower (likely higher).

If you need to sell, then lower the price until it sells. If you can rent it out cash flow positive,then reframe it as a long term investment and make sure it is making you money every year and you can carry it for a long time horizon.

[Anonymous]

Condos are like herpes...you can never get rid of them. I'll never own another.