Charles

BETTER THAN BEST ANSWER (hey, why not?)

JPH,

Thanks for the additional information.

Since Meena indicates there are no recent comparable condo sales in your area, perhaps the following will help, which was derived from the following link: http://www.trulia.com/real_estate/Hayward-California/

When you purchased your condo, the median price for 2/2 homes (not condos) in Hayward was $400,000. Today, the median price for the same Hayward home is $290,000. In a declining market like the one we're in now, condos tend to lose more value than houses. Many buyers select a condo because they can't afford a single family detached residence (a house). As real estate prices decline and SFRs become more affordable, fewer people show interest in condos (because they can now afford a SFR), which causes condo prices to fall more and faster than SFR prices.

Of course, like politics, all real estate is local. While your condo may not have suffered a decline as dramatic as Hayward overall (maybe there's something particularly desirable about your area, or you got a great deal when you purchased), for estimation purposes, it would not be unreasonable to assume that your condo has depreciated by an amount at least equal to the rest of Hayward. Doing the math, it wouldn't be unreasonable to "ball park" the value of your condo in the $290K range, or about 28% less than when you purchased it.

To get an accurate assessment of your condo's value, I suggest you contact a real estate agent who's very familiar with your area.

Best regards,

Chuck - Mon Jul 14 2008, 14:29

Hello JPH,

What's the name and location of the complex?

Thanks,

Chuck - Mon Jul 14 2008, 13:21

Hello Marvin,

I would advise against a firm opening bid. Why?

In California, auctions are, by default, reserve: That is, the owner is under no obligation to sell property for the highest bid unless the auction is specifically conducted as an "absolute" auction. If the owner isn't happy with the highest bid received, the owner is under no obligation to accept it. Also, the owner is not required to disclose his or her reserve price.

Considering this, why have a firm opening bid? It could scare away bidders, particularly if the opening bid is set to high. However, if bidding can begin at any price (with, for example, a suggested minimum bid), then people can dip their proverbial toes in the water cheaply, and the bidding process can get underway. - Sun Jul 13 2008, 16:48

Hello Sara,

My sister has a wonderful 3-bedroom, 2-bath house for sale on a Kiely side street (a cul de sac). We've spent the past few months renovating it, and she'll be putting it on the market in a matter of days! You won't want to miss this house, that's for sure. It's near Kiely and Homestead. Feel free to contact me at czissman at hotmail. - Mon Jul 7 2008, 10:39

I'm not an agent, so no, this question would not be more appropriate in that section. I am looking for a brokerage to help me sell properties I purchase so this, being the "home selling question" section, is most appropriate for my purpose.

I deleted the previous version of this question because people from the Southern California area were mistaking it for being relevant to their region. I reposted the question with "San Francisco" in the title for clarification. - Thu May 15 2008, 22:58

Hayward has a 10-month inventory of single family homes. It's taking, on average, about 90-days for the homes that *do* sell *to* sell (many linger until their listings expire). Hayward property values have gone nowhere but down for nearly a year now, with no end in sight. It's an overused expression, but no one likes trying to catch a falling knife. No one knows where the bottom is, and in a market like this buyers choose only the very best houses at the very best prices in the best neighborhoods. - Thu May 1 2008, 09:44