Hold or Sell in a hot market with high appreciation??

[Nick Romano]

Hola BP Community-

I've been toying with the idea of selling my condo in Boston for a while now but I can't seem to come to a solution.  I bought the condo in 2013 for $525k and it's now worth about $625k.  Its in one of the hottest neighborhoods and the construction is all over the place!  Boston is still booming but of course we're heading for a slow down very soon (I think).  The property will certainly appreciate faster than almost all other areas I'd invest in over the long term.

I have a 15 year mortgage on the property and I'm currently in year 4-5, so a good amount of the interest has been paid off and most of the payments are now going toward principle creating giood equity.  

-My mortgage payment is $2900/month with a condo fee of $515/month

-The unit is currently rented for $3200/month

-Current mortgage rate is 2.625% :-) 

-Outstanding balance on the loan is $295k

-Should I re-finance into a longer term loan?  It would help the cash flow, but significantly decrease the amount that goes to principle!

-Should I pay off the loan over the next few years?

-Should I sell the property and throw the money into a cash flowing deal?  Only issue is I won't see this type of appreciation over the long term anywhere else. 

-Should I keep it as is, and pay it off over the next 10 years with about $200-$300 coming out of my pocket each month?

-Any other options?

I really appreciate any feedback on this case!  I've been thinking about this one for quite a while and just can't seem to come to a solution!

Thanks so much!!

-Nick