There are 1000's of property websites where you can advertise your condo to attract buyers. Keep in mind that the short sales, foreclosures and lower priced units listed for sale in your building are probably advertised on these sites as well. Buyers are armed with real estate knowledge now more than ever which equates to purchasing power. I'm sure if you conducted a survey asking buyers if they had a choice between 2 condo units in the same building: one a regular transaction sale they can purchase at or above fair market value (today) or the second, a short sale they can purchase 10-25% below fair market value (one/two months down the road) most if not all would choose the latter. In closing, a property is worth only what a purchaser is willing to pay. With so many short sales, foreclosures driving property sales in South Florida these transactions have a significant impact on your property's market value and are reflected on the appraisal. Inevitably this is your competition.
You mentioned that you were recently laid off and as a result cannot catch up with hoa and mortgage. According to those facts this may be the perfect time for you to contact a Realtor regarding listing your property as a short sale or your lender to see if you qualify for a loan modification.
For more information or a free consultation you can reach me at MiamiBestTeam@AOL.com.
Miami Best REALTORÂ® Team
The Keyes Company