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Sold our condo today 

By: Decomposed in 6TH POPE | Recommend this post (1)
Sat, 30 Oct 21 10:23 PM | 38 view(s)
Boardmark this board | 6th Edition Pope Board 		Msg. 25890 of 60014
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We sold the condo today. It was never even listed (it would have been on November 1st.) The realtor 'knew someone' who offered us $155k (we were going to ask $159k). We countered with $157k and, *boom*. It's done.

The buyers are pre-approved, so I don't think there's much chance that the deal won't close.

I think if we'd listed the property, we may have gotten a little more. Zillow said it was worth $162k, but I know that the windows are all in crappy condition. We only painted one room and they could all use it. We swept up an unusual number of dead bugs while cleaning. The toilet tank has a broken cover and the tub fixtures need replacing. I figure a different buyer would have given us more hassle than this one will. So, we're happy.

We bought it in 2018 for $127k... so we gained 23% in three years - except, that is, for HOA fees that have averaged $240/month.

That said... ZIMBLER:

We *really* like the town of Charlottesville. In fact, I'd say that I have never known a small town that I liked more. Knowing what I do, I'd go there in a heartbeat if I wanted to live in a town. Everything a person could want is there: Shops, department stores, restaurants, a world-class hospital, one of the best colleges in the nation, parks, history, great weather, culture, entertainment (the school brings in bands all the time) and . . . Monticello, all surrounded by many miles of wilderness and farmland. Something for you to consider.

Moreover, if you have some money to invest, you can buy condos like the one we just sold for about $160k apiece and rent them for $1,300/month - less the HOA fee of course, so you'd be netting $1,060 per month or $12,720 per year on a $160k or less outlay. That's about an 8% annual return, which I think is a rate you could depend on given that those units are in demand due to their proximity to a prestigious university. If you took out a loan for $140k of the $160k, your mortgage payment would be LESS than what you'd be collecting each month.

Honestly, if I lived as close to Charlottesville as you do, I'd buy 5 or 6 of those condos - and might even decide to live in one. I love the town and think the rentals are an excellent investment.

Do what you want, of course. This is just a suggestion.




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Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months

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