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Old 04-06-2013, 06:52 PM
 
2 posts, read 1,959 times
Reputation: 11

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I recently asked my real estate agent for a comparables report for the condo that he leases on my behalf. Two years ago he recommended I list the condo at $69k, but now suggests that $56k is what we should ask for. We renovated the condo 2 years ago and the lessee has taken good care of the property. I doubt a second opinion would be much different but I am considering getting one. What could explain such a dramatic drop in value over the last 2 years?

Thanks for any input.

edit:
I should add that I (perhaps obviously) decided not to sell 2 years ago and leased the place instead.
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Old 04-06-2013, 09:03 PM
 
3,669 posts, read 6,877,109 times
Reputation: 1804
Market saturation.
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Old 04-06-2013, 10:16 PM
 
4,145 posts, read 10,427,991 times
Reputation: 3339
As a Realtor, all we can do is make suggestions based on what the market is bearing. I'm pretty sure your Realtor looked at the same data the next one will. We LOVE to be able to list higher and for more, but reality comes into play. IF you can get a buyer at a higher price, you still have to consider appraisals, because it probably won't appraise.

The the poster above is correct. There's some market saturation in the condo market. That, and we're just not a "condo" town. Probably never will be. Heck, Vidorra is auctioning off 1/3 of the units right now just to get rid of them. Bad business decision.

Personally, I'm never selling a house again. I'm going to keep every property and rent them in the future. It's just a no brainer to have someone pay for the house for you.
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