Sell or rent-out my Clairemont condo?

[clairemontian]

I’ve been reading this forum for a while and am now wondering what the Piggs would do in my shoes.

My wife and I currently live-in and own a 2/2 condo in a small complex in Clairemont. In a few months we’re planning to move downtown to rent and are trying to decide whether we should rent-out our current place or sell it.

We bought the condo in 2002 for $230k. It peaked in early 2005 when an identical unit sold for $365k. In December of 2008, an identical unit sold for $290k (in two weeks after it went on the market), a 20% drop from the peak. I was pleasantly surprised, as I thought it would have sold for around $260k based on the fact that the HPI has prices in Clairemont dropping about 29% since early 2005. In addition, the November 2008 HPI graph depicts the average Clairemont prices as level for the past 6 months. This data seems to indicate that the unit might be leveling off and might be close to its bottom value.

Despite all this, I was figuring that since 1) foreclosures are still high, 2) unemployment will continue to remain high if not increase, and 3) a wave of alt-a and negative interest loans are to reset this year, the unit has a good chance to fall below our purchase price of $230k within the next year or so. So I was planning on selling and was in the process of getting my ducks in a row.

Then just today, I see an identical unit as mine on the market in the mid $100ks. It’s a short sale!

Have I missed my opportunity to sell my unit in the mid $200s? What are the chances that the short sale will be bid-up to the mid $200s? Should I wait for it to sell and then try to sell my unit? Should I put it on the market at the same time as the short sale and hope that my unit sells before the bank gets an offer that they will accept. If it sells for $160k and then I put my unit on the market, what are the chances that I could sell my place for $230k? Please help, thanks.

[thebazman]

Are you talking about those brown-colored condos on Mt. Alifan? I saw that price and it seemed a little low considering all the amenities that were offered. I say low, considering that down the street at Village Square there are 2BR/2BA units with fewer amenities and less parking, selling for close to 200K! And those are older condos, too!

I’d be surprised if the lender lets them go for that low but some of the real estate agents and loan consultants here may disagree and say that the market still has more distance to fall lower, even in such a convenient area as Clairemont.

Probably there will be a lot of offers on that low-priced short sale.

[thebazman]

Are you talking about those brown-colored condos on Mt. Alifan? I saw that price and it seemed a little low considering all the amenities that were offered. I say low, considering that down the street at Village Square there are 2BR/2BA units with fewer amenities and less parking, selling for close to 200K! And those are older condos, too!

I’d be surprised if the lender lets them go for that low but some of the real estate agents and loan consultants here may disagree and say that the market still has more distance to fall lower, even in such a convenient area as Clairemont.

Probably there will be a lot of offers on that low-priced short sale.

[thebazman]

Are you talking about those brown-colored condos on Mt. Alifan? I saw that price and it seemed a little low considering all the amenities that were offered. I say low, considering that down the street at Village Square there are 2BR/2BA units with fewer amenities and less parking, selling for close to 200K! And those are older condos, too!

I’d be surprised if the lender lets them go for that low but some of the real estate agents and loan consultants here may disagree and say that the market still has more distance to fall lower, even in such a convenient area as Clairemont.

Probably there will be a lot of offers on that low-priced short sale.

[thebazman]

Are you talking about those brown-colored condos on Mt. Alifan? I saw that price and it seemed a little low considering all the amenities that were offered. I say low, considering that down the street at Village Square there are 2BR/2BA units with fewer amenities and less parking, selling for close to 200K! And those are older condos, too!

I’d be surprised if the lender lets them go for that low but some of the real estate agents and loan consultants here may disagree and say that the market still has more distance to fall lower, even in such a convenient area as Clairemont.

Probably there will be a lot of offers on that low-priced short sale.

[thebazman]

Are you talking about those brown-colored condos on Mt. Alifan? I saw that price and it seemed a little low considering all the amenities that were offered. I say low, considering that down the street at Village Square there are 2BR/2BA units with fewer amenities and less parking, selling for close to 200K! And those are older condos, too!

I’d be surprised if the lender lets them go for that low but some of the real estate agents and loan consultants here may disagree and say that the market still has more distance to fall lower, even in such a convenient area as Clairemont.

Probably there will be a lot of offers on that low-priced short sale.

[DWCAP]

What would your unit rent for? Can you cover all your costs (be conservative)? Seems this would be important for a “sell vs rent-out” comparison.

[DWCAP]

What would your unit rent for? Can you cover all your costs (be conservative)? Seems this would be important for a “sell vs rent-out” comparison.

[DWCAP]

What would your unit rent for? Can you cover all your costs (be conservative)? Seems this would be important for a “sell vs rent-out” comparison.

[DWCAP]

What would your unit rent for? Can you cover all your costs (be conservative)? Seems this would be important for a “sell vs rent-out” comparison.

[DWCAP]

What would your unit rent for? Can you cover all your costs (be conservative)? Seems this would be important for a “sell vs rent-out” comparison.

[sdduuuude]

Have an unscrupulous friend put in a $250K offer on the short sale contingent upon this, that, and the other. Sell your place, then pull the offer.

Buying a short sale is a pain in the ass. If their realtor is telling buyuers “we have a $250K offer on it,” and you price yours at $230, maybe they’ll come running.

Not sure I’d have the guts to do this, and it’s pretty underhanded, but I can’t stop my brain from coming up with ideas like this.

[sdduuuude]

Have an unscrupulous friend put in a $250K offer on the short sale contingent upon this, that, and the other. Sell your place, then pull the offer.

Buying a short sale is a pain in the ass. If their realtor is telling buyuers “we have a $250K offer on it,” and you price yours at $230, maybe they’ll come running.

Not sure I’d have the guts to do this, and it’s pretty underhanded, but I can’t stop my brain from coming up with ideas like this.

[sdduuuude]

Have an unscrupulous friend put in a $250K offer on the short sale contingent upon this, that, and the other. Sell your place, then pull the offer.

Buying a short sale is a pain in the ass. If their realtor is telling buyuers “we have a $250K offer on it,” and you price yours at $230, maybe they’ll come running.

Not sure I’d have the guts to do this, and it’s pretty underhanded, but I can’t stop my brain from coming up with ideas like this.

[sdduuuude]

Have an unscrupulous friend put in a $250K offer on the short sale contingent upon this, that, and the other. Sell your place, then pull the offer.

Buying a short sale is a pain in the ass. If their realtor is telling buyuers “we have a $250K offer on it,” and you price yours at $230, maybe they’ll come running.

Not sure I’d have the guts to do this, and it’s pretty underhanded, but I can’t stop my brain from coming up with ideas like this.

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