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