Condo in BR..Should I sell or rent? | TigerDroppings.com

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Roux-Roux
LSU Fan
Baton Rouge
Member since Nov 2003
1321 posts

Condo in BR..Should I sell or rent?


With the current market...would you sell or rent your condo?

I have a 2 bedroom awesome condo between LSU and Dtown 2002 sq ft

Agent told me I should sell but im wondering is if its because she just wants commissions







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TyOconner
Troy Fan
NOLA
Member since Nov 2009
10100 posts

re: Condo in BR..Should I sell or rent?


I'm pretty sure I have read on here that the market for condos in BR is completely shot right now. If that is true you should rent for at least a year until it picks back up and then sell.





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tigersnipen
LSU Fan
Member since Dec 2006
1013 posts

re: Condo in BR..Should I sell or rent?


Last august I sold my Townhouse in less than 30 days for my listing price and the buyer paid closing.

Year before that I listed it for 9 months and no offers...






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SG_Geaux
LSU Fan
Googolplexian Posts
Member since Aug 2004
50031 posts

re: Condo in BR..Should I sell or rent?


quote:

Last august I sold my Townhouse in less than 30 days for my listing price and the buyer paid closing.



Much easier to sell a townhouse vs a condo from what I understand.






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Fulwar
LSU Fan
Member since Jun 2012
118 posts

re: Condo in BR..Should I sell or rent?


Here's a good site to plug in numbers when deciding whether to rent or sell: LINK






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Ranger198
LSU Fan
Member since Oct 2012
673 posts

re: Condo in BR..Should I sell or rent?


Is the condo FHA approved? If not this could elimate a lot of potential buyers so renting might be the better option.





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Drop4Loss
Birds Eye Of Deaf Valley
Member since Oct 2007
1936 posts
 Online 

re: Condo in BR..Should I sell or rent?


Aint many condos between LSU and d town

Yea mean a townhouse ?






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Jwodie
LSU Fan
New Orleans
Member since Sep 2009
5657 posts

re: Condo in BR..Should I sell or rent?


I would list it on the market via 4salebyowner or something similar and rent it in the meantime. The problem, however, is the longer your condo goes unsold the more new condos and new developments pop up which will not only devalue your aging unit but perhaps cause you to sink some money into renovating the place down the line in order to even sell it for what you want.

My mom sold a condo in that same area a little over a year ago and took about a $2-3k loss on what she originally paid for it just to get rid of it. FYI she's doing a bond for deed contract which really is a great situation for both the owner and purchaser. Basically the purchaser didn't have the means to finance it fully outright so he made a down payment and agreed to pay monthly installments for 18 months with three intervening balloon payments. His final balloon payment is due in about a month and then she's out clean with plenty of equity returned to her. Best thing is, if the purchaser defaults at ANY point she keeps the monies paid AND the property. This may be an option for you...






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LSU-MNCBABY
USA Fan
#3
Member since Jan 2004
13567 posts

re: Condo in BR..Should I sell or rent?


nice tool, this should answer the OP's question.

I'm in the process of renovating a condo i have for a rental property currently, market is not good enough to justify getting rid of it, have someone else pay your note and hope it improves at a later date






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Lookin4Par
Colorado State Fan
Baton Rouge
Member since Jun 2012
876 posts

re: Condo in BR..Should I sell or rent?


Inflate your price by 15% and attempt to sell. If someone bites with a 10% premium you should sell. If nobody wants to pay the price then rent.





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90proofprofessional
LSU Fan
Member since Mar 2004
8891 posts
 Online 

re: Condo in BR..Should I sell or rent?


tough to guess what the rental or sales market will be like near downtown

there's a bunch of businesses (IBM) and entertainment options (river center) popping up, but i think new condos will be too

i'd still hold on and rent






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