I think it is only a matter of time before someone sells one well under the prevailing prices and resets the comps. That happened when I sold a town home a long time ago where there had not been any on the market for over a year. When mine sold for a good price, within a month there must have been about six on the market at a higher price. That was in the late 80’s when the market was starting back up. Everything is timing and with a new administration, I expect interest rates to stay low for at least the time being.
I think it is only a matter of time before someone sells one well under the prevailing prices and resets the comps. That happened when I sold a town home a long time ago where there had not been any on the market for over a year. When mine sold for a good price, within a month there must have been about six on the market at a higher price. That was in the late 80’s when the market was starting back up. Everything is timing and with a new administration, I expect interest rates to stay low for at least the time being.
[quote=patientlywaiting][quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
If he got public assistance for the purchase, is he not obligated to reside in the condo or payback the loan?
[/quote]
Technically, yes. But his employer sent him to Russia for a couple of years. The city knows and so far hasn’t taken any action. I think as long as he stays current they will leave him alone. I’m assuming they know that if they demand payment in full he could walk away from the place and leave them hanging.
[quote=patientlywaiting][quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
If he got public assistance for the purchase, is he not obligated to reside in the condo or payback the loan?
[/quote]
Technically, yes. But his employer sent him to Russia for a couple of years. The city knows and so far hasn’t taken any action. I think as long as he stays current they will leave him alone. I’m assuming they know that if they demand payment in full he could walk away from the place and leave them hanging.
[quote=patientlywaiting][quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
If he got public assistance for the purchase, is he not obligated to reside in the condo or payback the loan?
[/quote]
Technically, yes. But his employer sent him to Russia for a couple of years. The city knows and so far hasn’t taken any action. I think as long as he stays current they will leave him alone. I’m assuming they know that if they demand payment in full he could walk away from the place and leave them hanging.
