Real Estate

hello everyone..
my hubby and i bought a condo townhouse in a very trendy downtown area around 4 years ago.. i was pregnant at that time and the bulder was still building the place.. we waited for alomost 4 years for the new home.. and ended up having 2 kids in the meantime.. we were planning to live at the new home for 2 years with just one child.. but as the builder took a lot of time to make it.. we decide to extend our family.. now we have the place.. its a 700 sq ft condo with 2 bedroom and one bath.. its small to raise 2 energetic boys who needs bike and play yard.. so we decided to sell it after moving in and living for 3 months in it..we listed it in the last week of may and still there are not one offer.. its august now… i have lost hope. there is no problem with the place… the only issue is that as alot of people bought it and had to wait a long long time to get it built they ended up buying other properties and put this one up for sale. so there are curruntly 5 more units like ours that are on sale.. not one of them is selling.. coz of the market slow down.. i guess we chose a wrong time to sell it.. i want to take it off the market next month cozz my son is starting school in the area and i dont want him to switch half way… my realtor has worked really really hard to sell the place.. but we are in a contract with her till jan… im getting confused.. .should i just let it go like that or should i take it off the market.. if i take it off i wont put it back for sale for 2 years.. coz that was our initial plan.. can i warn my agent now that i want to take it off the market once my son is in school??

you can lease it out until the market in that area gets better. the others that are selling will start dumping prices for a sale. rent it out for a while

We are trying to sell our brand new condo townhouse in a downtown neighbourhood. Its a beautiful unit with lots of upgrades like wood floor, cermaic backsplash and stainless steel appliances. Its been on the market since last week of may and there is no a single offer. We got the news from our realotr that the neighbourhood is the problem. Its a new revitlized community with one end of the housing communities. And our home faces the community homes. People are getting bad reviews about the entire society and houses are having a tough time selling. Still homes on the inside or other end of the street are selling. We have 4 more units up for sale on our street and none are selling coz of community homes. We are thinking of taking our home off the market but putting it back after 2 yrs. We are worried that this might have been our worst financial mistake. Do u think its a good decision to take it off the market?

As a homeowner myself, It think it’s a good idea to wait it out until the economy gets better and the real estate values increase in your area. With loans harder to get and folks not feeling comfortable with big purchases (due feeling insure about their jobs), consider taking the condo off the market if it’s not selling within the average time it takes for properties to sell in your area. Sometimes condos can be harder to sell than houses, although desirable locations help.
Also, get a second opinion to what your current real estate agent is saying, as blaming it on the neighborhood may be part of the reason, but there are other factors to consider too.

I have rented a one bedroom for the past 10 years. I found a DEAL on a one bedroom condo in a high rise building for $59,000. It is a short sale. It has all the upgrades I want such as granite counter top,new cabinets,new appliances,remodeled bathroom w/marble tiles,hardwood floors.

I have a ALWAYS DREAMED of living in a high rise building.

The assoc fees are kind of high $290 per month, but I would NEVER want to own a home because I do not want to deal with the maintenance.

The views are spectacular and it’s very close to my office but also very close to the Midtown/downtown areas.

People always advise me condos are bad investments, but I would not feel comfortable purchasing a house, so it’s buy a condo, or keep renting!

Each persons needs and desires are different. One reason condos are such a good commodity is for people such as yourself that want the feel of ownership without the maintenance that go along with owning a house.

I don’t think a condos are a bad investment at all. There are disadvantages to owing a condo as there are disadvantages to owning a home in the wrong part of town. It might be difficult and time consuming to sell your condo if you decide to do so or in the event there is a job transfer. It normally take longer to sell a condos oppose to a house. Then there is the condo association fee, communal leaving that might be a hindrance.

If this is something that you want to do and afford this is your decision and yours alone. You can not go through life allowing others to make these type decisions for you.

Make your offer subject to the condo association being solvent and not in litigation. Also make sure that more than 90% of the condos are owner occupied and the condo association by-laws so state.

Read the association by-laws and another document called the CC& Rs. Ask your real estate agent about these two documents. Don’t be put off and told that you can see these documents after the closing. Look at these documents first, reading them could save you lots of headaches and possible legal problems in the future. If these documents are not produced walk away from the deal they are that important.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

Hello,

I’ve been eying this Downtown Tampa, FL 1 bedroom condo that is listed for $141,000 but it’s a short sale. What does short sale means and what are the pros & cons of buying a condo that is consider short sale?

Please help!

Signed Eager Buyer

short sale is when the owner owes more on the mortgage then the property is worth.
In this case the owner may owe 200k but the lender has agreed he can sell it for less
Only draw back for a buyer is the length of time for both the seller and lender to agree to your offer

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This 1 bedroom studio condo is for sale or rent. Great views and in the heart of downtown.

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Hi,
I’m a 23 year old female. I’ve been living abroad for the past few years and just got back to Utah (my home state). I’m staying with the parents temporarily while I decide what to do next. I know I want to move to downtown SLC, since most everyone my age lives there. But renting seems absolutely ridiculous. I’ve been able to find some pretty cheap condos and small homes for sale in the area. I think a condo would be nice b/c you can get a pool, clubhouse, and the HOA fees will pay for all property maintenance. Yet, I’ve read some pretty scary articles about how bad an investment a condo is…

So there a few factors to consider in my decision. I will be living in the property for at least a few years and most likely have a 30 yr. mortgage. I intend the property to be a starting home, and will hopefully trade up in a few years. I like living w/ roommates and would be renting out both while I live in the property and after the fact. At some point in time, I will want to sell the property. The condos are more centrally located downtown, whereas the homes are on the outskirts.

Any input from those who have experience in the subject would be greatly appreciated. Thank you

a; assn fees can be a hassle.
b; roommates can be worse than assns
c; visit my article on landlords and kids
at associated content.com
no subscription or fees to read it.

I will guide you.

if you truly wish to have roommates, cover your ………ss.

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