Thank you to everyone for your responses. You have confirmed for me that it would be prudent and wise to approach my price reduction much more aggressively than before.
I am scheduled to speak with my Realtor later today and will let you all know how we`re going to approach things.
To answer some questions that were asked…
I live in a 34 unit complex with 1 and 2 bdrms. A couple of other 2-2s sold 16-18 months ago. Nothing has been put up for sale since. A 1-1 has been on the market since Feb. A 2-2 across the street has been on the market 3+ months and already reduced a couple of times. My Realtor is having to go into adjoining zip codes to find enough comparables.
I`m not onsidering renting my condo because I do not want to hold on to it for the 5-10 years it might take for the market to start going back up. And I need the money now to pay off my HELOC as well as for living expenses while I reenter the film production biz up in L.A. Yes… leaving San Diego for smogier pastures!
Oh… and I didn’t sell a year ago because my unlicensed contractor took off with some of the money I was using to get the place ready to sell. That pushed my sale date back 4-6 months. And yes, I took him to court, he never showed, I won my judgement, he`s done this many times before, and my next step — should I choose to accept it — would be to trail him and try and collect his wages from another construction job.
