big time losing property - what to do?

[Gene Fish]

I have a condo in Atlantic City that I bought at the top of the market in 2007 for $192,000. It's RIGHT on the boardwalk, 24th floor with a 20 foot wide view of the ocean. Spectacular view.  

Atlantic City has crashed big time and the property has been worth a little under $50,000 for the last few years with no real forecasts of it moving.

I'm renting it but losing about $5,000 a year (condo fees / taxes). I bought it outright so there's no mortgage.

Should I just cut my losses now and take the $50k? I feel like if the market turns around having the view and being right in the middle and on the boardwalk, this property will rebound at some point. who knows?

tyty

[Andrew B.]

if there is no big event in the near future, to make you thing property values will rebound, (I don't think there is) then I recommend selling. you are losing more than $5k per year after including capex and vacancy costs. is it really worth it to lose $5k for ten years so you can sell it for make $50k more? What else could you do with that money? Even the stock market would get you close to 10% if you drop ti in a mutual fund.