A condo that will not sell - Norcross, GA

[Rashid S.]

Hi Guys,

My first post here! I have been flipping property for just about a year with a business partner who has been in it for a couple of years in the greater atlanta area... and funny that i have made a good run so far on other properties...except the first condo that we bought together.

We are all in in that condo at about 65k right now (20k in rehab costs...new carpet/paint/kitchen/appliances/new basement room)...our initial CMAs suggested that condo in the area would be 70-75k...we went in a little overboard with the rehabs with the thought we could recoup with a better rehab. We did close the two story foyer to extend the living area resulting in this condo being the largest 3/3 in the neighborhood... our list is at 87k currently. What blindsided us was that HOA is relatively high in this s/d... at 225/mo.

That results in this neighboorhood not being FHA approved.

Property has been on MLS since Sep '14 - started at 92k, dropped to 89k in dec and 87k in feb. my listing agent has lightly staged it...feedback has been great with very minor and individualized comments (paint line showing in corner/dont like neighboorhood etc). The neighborhood actually is pretty decent for norcross and sits in front of a park, good neighbors and tenants so i cannot fault that.

i dont want to offer seller financing (i want cash out), not looking to turn this into a rental due to high HOA..just need some creative ingenious ideas on what else i can do to find a buyer. This property is on MLS and craigslist.

Thanks!