[quote author="jmatthew" date=1231222894]I posted a few months ago about renting v. selling our condo in the Summit. We're not upside-down or anything like that. We have 30-year fixed mortgage. We're not in any danger of foreclosure. Our problem is that, for many reasons both personally and professionally, we would really, really like to move to North Carolina. We would have liked to have moved before Christmas, but we can't get rid of our condo. We tried selling it for 1 1/2 years, and nothing. Looking back, we probably were asking too much. Just recently, we've been trying to rent it. Still, nothing. We have a 3br/3ba townhouse, 1763 sq. ft. We've been asking $3,300 for it, which is less per square foot that the apartments across the street, and roughly in parity with other properties in our neighborhood, at least according to the Realtor we're using. We've also indicated that we're flexible on the rent.
Now, we don't know what to do. There is an REO in our neighborhood, 18 Anjou, which is being offered at $724,500. It the same model as ours, except much more upgraded. (Which is why it's an REO. The former owner took out all the equity and covered every surface he possibly could with marble and travertine, put in stainless steel appliances, etc., basically your typical Fritalian villa overkill. I suppose some people like that look, but it's pretty hideous, in my opinion.) In any event, we've done a few upgrades and our place is not in any need of any major repairs.
We bought long enough ago that we could undercut the REO by $25,000 and still come away with a profit. So, I'm interested in opinions. Should we go for it or keep trying to find a renter?</blockquote>
Dang that sounds depressing. Sorry to hear you can't sell your place. My wife and I live in the Summit as well...we have the 2 bedroom with a loft. We'd also like to move within a year but would need around 750K for our unit which probably ain't gonna happen anytime soon(if ever). Unfortunately we did 100K in renovations last year(talk about bad timing).
Have you had any offers at all? Have you considered staging your condo? Perhaps you could offer a lower rent...say about 2300/month in hopes of riding out the downturn. There is only so much space in Newport Coast(unlike Ladera, Talega etc)...so there is still a glimmer of hope. Good Luck.