[quote=briansd1][quote=davelj]I personally know a woman who bought a “premium” downtown condo unit for north of $800K about two years ago. She put it on the market several months back for about what she paid for it and got zero offers. She’s already moved to another city to take another job and she lowered the price within the last couple of weeks to $100K less than what she paid for it and still no offers. I’ll keep tabs on the situation and report back accordingly. I think this will become the norm over the next year or so except that places will be on the market for $200K+ less than the original purchase prices.[/quote]
What’s the status on this one? [/quote]
She’s still carrying the thing. She’s got it listed with a company that rents it out as an executive apartment for a few weeks to a few months at a time. But it’s gotta be at least $1K negative cash flow per month and maybe $2K. Although she did put a fair amount down… maybe $200K if memory serves. It’s a nice, sizable unit on an upper floor in a corner with a great view, so she could probably still get $500K for it. But so far as I know, no plans to sell it. Maybe she’s working on a loan mod… I don’t know.
