Mark Palace, CEO/Founder
Palace Properties International, Inc.
I would vote with the rest rent. Without knowing your personal financial background, I would advise you to also contact your financial advisor. If you don't have a financial advisor, then contact a mortgage associate for a perspective from the financial side.
If you don't know of any, feel free to email me and I will provide you with the names and numbes of three contacts. Click on the website below and shoot me an email.
Why take a loss now when you said you can probably rent it and cover your expenses, eventually the market will turn around and you will be able to sell it at a profit. If you do rent it and do not cover all your expenses you can write off some of the difference from your federal taxes.
Prudential Florida WCI Realty
Boca Raton, Florida
We have customers that are not even covering their expenses and are choosing to rent and wait. We have others that would much rather sell now because they know it will be more than a couple of years to recuperate their investment.
There are many factors including in which building around the mall your unit is - is it one of the older ones or a newer one? does it have a golf-course or Intracoastal view? The 1031 exchange suggested by Paula is also a great suggestion. You can even place the property on the market for sale and lease at the same time.
Take a look at the last marketing report I did for Aventura and let me know if you have any questions.
Good Luck & Happy Holidays.
That depends on several factors.
If this is an investment property you may be better off doing a 10-31 exchange into a better investment, depending on how the market is in your area.
When doing a 10-31 exchange, you may be able to incur a loss but buy another property and still be in a more postitve position.
I do not know your market, nor your tax situation, so I'd advise you to consult with a good agent in your area as to what you could sell for, then consult with a 10-31 expert to see if you'd be better off selling now or later.
When it is all said and done, if you can rent it and cover expenses, I'd do just that until I absolutely knew that something else could make me a better return on my money. The only worry I have is that you say you could "potentially" have it rented to cover your expenses.....
Potentially is a very big word that can make or break you ;-) speak with a property mgmt company and make sure you can definitely rent it out, not only to break even, but making a profit would be a good thing ;-) either way, before you can decide, you need to know your options and potential is a real big red flag for me.