sdr, I guess we were typing at the same time, that does clear it up a little. Using those numbers, a 2500 rental would be about double the rent of your condo back then, thus double the slaes price to 380k, double the hoa to 400 which is worth 75k in value assuming 5% and were at 450k. All things being equal, there’s your bottom. However, there’s no guarantee it gets there, in 1997 there wasn’t much in the way of intervention, the interest rate was higher, that’s worth 50k, so were back to 500k as the bottom, purely a math guess, but if you see a comp list for 500k in the depths of winter, just do it, that may be as good as it gets.
