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Message
Condo in BR..Should I sell or rent?
Posted on 8/11/13 at 11:49 am
Posted on 8/11/13 at 11:49 am
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
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
Posted on 8/11/13 at 1:16 pm to Roux-Roux
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.
Posted on 8/11/13 at 1:21 pm to Roux-Roux
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...
Year before that I listed it for 9 months and no offers...
Posted on 8/11/13 at 4:43 pm to tigersnipen
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.
Posted on 8/12/13 at 11:06 am to Roux-Roux
Is the condo FHA approved? If not this could elimate a lot of potential buyers so renting might be the better option.
Posted on 8/12/13 at 9:49 pm to Ranger198
Aint many condos between LSU and d town
Yea mean a townhouse ?
Yea mean a townhouse ?
Posted on 8/13/13 at 10:01 am to Roux-Roux
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...
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...
Posted on 8/13/13 at 10:11 am to Fulwar
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
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
Posted on 8/13/13 at 11:29 am to Roux-Roux
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.
Posted on 8/14/13 at 9:12 am to Roux-Roux
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
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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