Sell or Rent Out my newly purchased condo unit? (Denver: sales, real estate)

[BunnyBinkies]

Can I ask you guys a general question? I bought a condo in Lakewood in May. When prices were sky high of course Then I put about 15,000 worth of upgrades into it. But when I went to move into I found I really didn't like it. For 1 thing, it's really tiny, 531 sq. ft. I didn't think I'd mind that but I do.

I put it back on the market for 4,000 more than I paid for it. But not a single offer.

Do you think I should put it back on the market at a lower price & lose even more money? Or try renting it out? Thanks!

[davebarnes]

Originally Posted by BunnyBinkies

Can I ask you guys a general question? I bought a condo in Lakewood in May.

Give us an address and we can provide a better answer.

[BunnyBinkies]

It's in the Nevada Place Condos in the Green Mountain area. A few blocks from Alameda & Union. Do you need the exact address?

[2bindenver]

Rent it for 3-6 months then try again if you want.

[BunnyBinkies]

Originally Posted by 2bindenver

Rent it for 3-6 months then try again if you want.

I've thought about doing that. But I'm afraid real estate prices are going to go way down in the next few months. I paid 124,000 & still have about a 98,000 mortgage on it, which I was going to pay off when I moved into it & sold my current condo. Which isn't going to happen now . What a dope. Me, not you

[2bindenver]

I saw what you paid on the MLS. Rent it now. Evaluate in 3-6 months. The market is always better in spring.

Right now the perception is that there is something terribly wrong - because you just bought it.

[BunnyBinkies]

Originally Posted by 2bindenver

I saw what you paid on the MLS. Rent it now. Evaluate in 3-6 months. The market is always better in spring.

Right now the perception is that there is something terribly wrong - because you just bought it.

Ok, i didn't think of that! But I can see now how there would be that perception if you buy a place & then turn right around & sell it. If I were shopping for a condo & looked at that sales history I'd wonder what's wrong with it, too.

Thanks for the insight & advice, much appreciated!

[davebarnes]

Ask yourself some questions:
1. Do I hate the location?
2. Can I find a place to rent for less than my mortgage + HOA payment? If yes, then, how is that place?
3. Do I think the greater Denver market is headed up or down?
4. Can I rent this place out for more than my monthly nut + 10%?
5. Is the complex and the neighborhood headed up or down or stable?

[BunnyBinkies]

Originally Posted by davebarnes

Ask yourself some questions:
1. Do I hate the location?
2. Can I find a place to rent for less than my mortgage + HOA payment? If yes, then, how is that place?
3. Do I think the greater Denver market is headed up or down?
4. Can I rent this place out for more than my monthly nut + 10%?
5. Is the complex and the neighborhood headed up or down or stable?

Thanks Dave, these are also some great points for me to mull over! The housing market seems to have cooled off a little in the last couple months. But hopefully it'll pick up again in the spring

[jw2]

I'll put my 2¢ in (if I have the right listing)

There is a misspelling on the listing "siding" s/b "sliding"

I would not mention the toilet, nobody cares unless it is a specific type

I would not mention newly sealed marble, that just reminds people they have to seal it regularly

The photos do not do the unit justice, you can't see the full rooms, as an example, the bedroom. You mention the walk-in closet but no picture of it. There is no picture of the bathroom at all, just the shower wall. I think a better camera will be needed that can do wider angle shots and you should include pictures of the living room, kitchen, bedroom, walk-in closet, bathroom, laundry room, and some patio shots.

It is a nice unit. Your upgrades look nice for the price point. I think you can explain the quick turnaround with a simple line like "owner's change of plan can be your gain" or something like that.