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Old 06-24-2012, 04:08 AM
 
1,347 posts, read 2,450,649 times
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I bought a bank owned condo in the summer of '09 for about a third of its previous purchase price. I rented the place out ever since, but got tired of playing the role of absentee landlord so I decided to sell. About 9 months or so ago I had checked comps within the complex and they were down 15%-20% from my purchase price. I listed the place a month ago and within a week I was in contract at a sales price greater than I paid. Yeah, condo pricing is relatively strong right now. There are a number of condo complexes whose listings I've watched for years. A year or so ago you could search these complexes and there might be 8-10 listings at any given time. Now, there might be 2-3.
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Old 06-24-2012, 05:25 AM
 
2,724 posts, read 4,767,644 times
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Originally Posted by tony soprano View Post
I bought a bank owned condo in the summer of '09 for about a third of its previous purchase price. I rented the place out ever since, but got tired of playing the role of absentee landlord so I decided to sell. About 9 months or so ago I had checked comps within the complex and they were down 15%-20% from my purchase price. I listed the place a month ago and within a week I was in contract at a sales price greater than I paid. Yeah, condo pricing is relatively strong right now. There are a number of condo complexes whose listings I've watched for years. A year or so ago you could search these complexes and there might be 8-10 listings at any given time. Now, there might be 2-3.
Awesome!
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Old 06-24-2012, 01:55 PM
 
1,347 posts, read 2,450,649 times
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Originally Posted by eventusstultorummagister View Post
Awesome!
Thanks ESM, I appreciate it. I was somewhat surprised to learn that the buyer was a local investor. I would have expected more negotiation on his part but there was none. The guy was so eager to close that by the end of the transaction I had started to second guess my decision to sell.
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Old 06-24-2012, 02:17 PM
 
9,480 posts, read 12,311,465 times
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Well, Tony Soprano, it just goes to show...Don't Stop Believin'!

(If you were a fan of the HBO show you will get that joke )
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Old 06-24-2012, 03:21 PM
 
1,347 posts, read 2,450,649 times
Reputation: 498
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Originally Posted by ElleTea View Post
Well, Tony Soprano, it just goes to show...Don't Stop Believin'!

(If you were a fan of the HBO show you will get that joke )
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