Drop the price or upgrade?

[kww]

Originally Posted by johnsonkk

I'm going back to why it's not selling and monthly condo fees of $550 combined with $200 monthly property taxes is a factor for a one bedroom condo. Are either of those expected to go down in the future? Combined with the typical mortgage, over $2000 per month. Rentals, new ones, can be found near the area. The market is challenging in that area. Lots of new high rise apartments and condos being built. Count the cranes.

the first, not likely. The second, just depends on the assessment.

Additionally, condos scare some buyers due to the possibility of an assessment being levied against the property. I just sold a condo recently that had a $6,000 assessment for every owner (in addition to the monthly condo fee)

[TheWatchmen]

Originally Posted by johnsonkk

I'm going back to why it's not selling and monthly condo fees of $550 combined with $200 monthly property taxes is a factor for a one bedroom condo. Are either of those expected to go down in the future? Combined with the typical mortgage, over $2000 per month. Rentals, new ones, can be found near the area. The market is challenging in that area. Lots of new high rise apartments and condos being built. Count the cranes.

I've never heard of condo fees going down. Only up.

[jtees4]

Originally Posted by kww

the first, not likely. The second, just depends on the assessment.

Additionally, condos scare some buyers due to the possibility of an assessment being levied against the property. I just sold a condo recently that had a $6,000 assessment for every owner (in addition to the monthly condo fee)

I used to be involved in RE Management (mostly Co-ops)....but what you say about assessments is a good point, and a real big problem, people get into things without even realizing it could happen. I've seen it happen a bunch of times.