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Updated about 16 years ago,
What are my options for condo?
I have a condo in Palm Springs. At the time I bought it last year it was a good deal; bo't for $199K, appraised at $245K. I wanted to fix and flip. But I bit off more than I could chew as I already in the middle of another rehab. So this condo sat, I did some rehab, but it isn't completed and my first property did not sell. I was really stupid and greedy but I though I could do it. Lesson learned, I am moving on.
I just looked at what similar places are selling for in the area. Ironically, there is a condo selling for $199K in the same complex... but it has 1 more bedroom and is 400 sq ft larger! And it has been on the market of 96 days! Pics in the interior are nice.
I have not looked at sold comps but listings tell me I could price around $185K and watch it site on the market for months. At $150K it may still sit. I owe $179K. Making monthly mtg payments of $1050 plus $150 on HELOC. If completed it would rent for about $1100. Oh this is painful! What do I do now?