Bethesda/Chevy Chase Property: Hold or Sell?
Hello, I currently own a condo located at 7222 47th Street, Unit R-1, Chevy Chase MD 20815. I am in the military and bought it last year (Aug 2017) for 295k. I completed a renovation (about 30k), and went to refinance. That’s where things got interesting. In the last year, almost every building around me was bought and now high rises are being built around this purple line. I didn’t even know about that. Anyway, I had my unit appraised and they came back at 459k. Additionally, the real estate company who sold it to me reached out and said they would be willing to buy it for 620k. That’s almost double what I paid! Should I sell it? Or should I hold it and rent? It was supoosed to be a rental property.
I’m new to all this, and want to get into real estate. I’m an economist by training, but am the first to admit that I am out of my league with this decision.
Here is a 3D with the renovation (in case the old before pics are still up): https://my.matterport.com/show/?m=1SANsM4aLgk&mls=1