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Old 10-23-2013, 09:54 AM
 
20,913 posts, read 39,195,706 times
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Tim, thanks for the insights into the world of condo investing.

I hear all the horror stories on here and from a neighbor who not only owns multiple properties but manages multiple properties for others and from all those stories I can't stand the idea of being a landlord with all the headaches and worries that go with it. Pop a cork and celebrate!
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Old 10-23-2013, 09:57 AM
 
Location: In The Thin Air
12,288 posts, read 8,094,328 times
Reputation: 8925
Quote:
Originally Posted by Mike from back east View Post
Tim, thanks for the insights into the world of condo investing.

I hear all the horror stories on here and from a neighbor who not only owns multiple properties but manages multiple properties for others and from all those stories I can't stand the idea of being a landlord with all the headaches and worries that go with it. Pop a cork and celebrate!
Thanks! We will definitely be celebrating.

We can now put more money into our house and plan for that big Disney vacation.
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Old 10-31-2013, 08:45 AM
 
Location: Way up high
14,123 posts, read 20,895,508 times
Reputation: 14468
I can tell you this that two 3 story condos were listed here in Belmar and within about 2 weeks they sold. They were listed at 375K but not sure what they sold for. There's two more up for sale now and I'm sure they'll sell. We're actually looking into one of them but the price is high (408K) so I'm not sure what we'll end up doing.
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Old 10-31-2013, 10:25 AM
 
Location: In The Thin Air
12,288 posts, read 8,094,328 times
Reputation: 8925
Quote:
Originally Posted by himain View Post
I can tell you this that two 3 story condos were listed here in Belmar and within about 2 weeks they sold. They were listed at 375K but not sure what they sold for. There's two more up for sale now and I'm sure they'll sell. We're actually looking into one of them but the price is high (408K) so I'm not sure what we'll end up doing.
Are the condos or town homes?
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Old 11-03-2013, 08:15 AM
 
Location: Way up high
14,123 posts, read 20,895,508 times
Reputation: 14468
Sorry-3 story townhomes
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Old 11-05-2013, 12:31 PM
 
Location: Denver, CO - Capitol Hill
557 posts, read 668,273 times
Reputation: 513
Quote:
Originally Posted by Timmyy View Post
I placed my condo on the market on Monday and had 5 showings scheduled by yesterday morning. My agent calls me at 4PM yesterday and we had an offer. I immediately accepted it. This is a place I thought I would never be able to get rid of. A little history on it. We bought in 2000 for $72K. It appraised for $93K in 2002. We moved out of it in 2004 and tried to sell it with no luck so we refinanced to a 15 years mortgage. In 2005/2006 there was a proposed assessment that absolutely crushed the values in the complex. The assessment was approximately $19K per unit. People just walked away from their units. The assessment was eventually cancelled and the management company was fired. Then in late 2006 my tenant complained of mold. As the mold was being removed asbestos was discovered so they had to gut the unit. We had to put a ton of cash into it to get it back to normal and then we had to hire an attorney to fight the HOA about the asbestos bill. They wanted to stick us with the $15K bill for our unit and the unit below ours. Our attorney got it down to $1,500. The cause of the mold was a broken hot water pipe in the crawl spice below the 1st floor unit. The condo has been rented ever since and my last tenant moved out at the end of September. I put another $3K in it for carpet, paint and other cosmetics. It really paid off. I listed at $55K and got an offer for $51,500. My principal is around $37,500. We knew we weren't ever going to recover our money but it is great to know that the market for these condos is starting to warm up and now we don't have the headache of being landlords.
I remember us talking about this in the condo thread I started a few weeks back. Congrats on the positive turn of events!

We are closing on our condo in Capitol Hill on the 22nd. During our search, we found that appealing units in desirable areas are going under contract within a few days of listing, within 2% of listing. We were looking in the $150-200k range, and got lucky and stumbled across one the day it was listed, made an offer the next, and accepted the counter the next (we had a 5pm Friday deadline for accepting). Got to reviewing the just completed appraisal today, and there were apparently two other offers in waiting had we not accepted the counter by the deadline, all within 3 days of listing! Luckily for us, we got in first.

Like with any housing, and maybe even more so with condos, you have to be sure that not only you'll be happy in it, but that it will relate well to a buyer in the future. Things like parking, building upkeep, desirable location, etc. You can always splash some paint on the walls, or update a fixture or two, but you can't replace the HOA, or move the condo building.
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Old 11-05-2013, 01:42 PM
 
Location: In The Thin Air
12,288 posts, read 8,094,328 times
Reputation: 8925
Quote:
Originally Posted by JD401 View Post
I remember us talking about this in the condo thread I started a few weeks back. Congrats on the positive turn of events!

We are closing on our condo in Capitol Hill on the 22nd. During our search, we found that appealing units in desirable areas are going under contract within a few days of listing, within 2% of listing. We were looking in the $150-200k range, and got lucky and stumbled across one the day it was listed, made an offer the next, and accepted the counter the next (we had a 5pm Friday deadline for accepting). Got to reviewing the just completed appraisal today, and there were apparently two other offers in waiting had we not accepted the counter by the deadline, all within 3 days of listing! Luckily for us, we got in first.

Like with any housing, and maybe even more so with condos, you have to be sure that not only you'll be happy in it, but that it will relate well to a buyer in the future. Things like parking, building upkeep, desirable location, etc. You can always splash some paint on the walls, or update a fixture or two, but you can't replace the HOA, or move the condo building.
Thanks. We are now awaiting closing. I am still nervous about the whole thing.

The good thing about a condo is you don't have to worry about the exterior.
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Old 11-06-2013, 08:29 AM
 
Location: In The Thin Air
12,288 posts, read 8,094,328 times
Reputation: 8925
My condo complex completely skews that graph. 13 days until closing and the burden is gone.
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Old 11-06-2013, 08:54 AM
 
Location: Way up high
14,123 posts, read 20,895,508 times
Reputation: 14468
Good for you Timmyy. Keep us posted and here's hoping it runs smoothly!
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Old 11-19-2013, 07:53 PM
 
556 posts, read 1,038,373 times
Reputation: 550
I think sellers are getting over-confident. I'm seeing homes priced 50K over what was being asked 6 months ago and not moving.
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