Should I sell at this loss?

[Sundri Khalsa]

Any advice? Should I sell?

I have 5 properties. One looses $458 per month, which might go down to $383 per month if rent can increase to what property manager says is possible now. That monthly loss is preventing me from paying off one of the other properties faster.

I purchased the condo in 2007 in Jersey City for $360,000 and put $30,000 down.

Refinanced in 2013-ish at interest rate of 4.25% as investment property after I had moved away.

I currently owe $250,100.

I can sell now for $270,000--the first opportunity I've had to sell without needing to pay money at closing.

I can afford to keep the condo and continue to take a $458 to $383 monthly loss, but should I?

Does the property really ever have a chance in my lifetime of going back up in value to $360,000 or higher?

Property is located in Jersey City, NJ and currently valued at about $270,000. 

[Stefano Grottoli]

Why the property devaluation was 25% in just one year? It doesn't make any sense. Either you bought it well above market value, or something catastrophic happened to it (or to the neighborhood).

Really curious to understand a little bit better. Jersey City market is usually hot!