New York City - Brooklyn - Midwood - Condo

[Simon May]

Hello All,

I have a condo unit in the Midwood area of Brooklyn, New York. I did not list this on the public market yet. The building is newly developed and still has tax abatement for 10+ years. My tenant has moved out on January 2021 and I have tenants currently interested in renting. I am holding off tenants right now because its vacant and I can do showings easily. The building is fully managed and they have their own real estate agency that help rent our your units. The unit is about 550 sqft, 1 bed and 1 bad. Tenants pay only gas and electric. Water and heating is included. The monthly cost of owning this unit is less than $190 per month for HOA (included your water, heating, and building maintenance) and property tax is almost non-existent due to tax abatement for 10 years. My previous tenant paid $1600+ per month in rent. At the moment my expected tenants are paying $1500 because of the current Covid-19 situation, rent has fallen. Should I keep it or sell it? I am currently thinking about selling it under market value. Let me know what you guys think.

[Jason Lee]

If you want to sell there is no reason to wait. Supply is down and pending sales are up 46% YOY (that's pre-covid). There were more contracts signed last week than any other week going back to May 2016. The market at this price point is hot.