I live in your zip area and am very familiar with the local market. As previously mentioend, let me know what your community is and I can narrow it down to a smaller GEO area that will give you more accurate information that will help in making the decision a lot easier. My suggestion is to not only look at the comparables for sale today, but most importantly the sold properties that are comparable. Remember, it has to appraise at the end regardless of what you feel it is worth or what any potential buyer offers you for purchase. You have come to the right place and Coldwell Banker is the leader in sales in all of Palm Beach County. I look forward to your call.
If you can afford to wait it out, rent it but be prepared to come face to face with a competitive rental market. Many people are taking the same course of action you are and rental rates are coming down as a result.
The good news is there are very few 1/1 condos on the market in 33436. The bad news is $47,000. gets 780 sq/ft, $77,000. gets 1000sq/ft. The highest was$131,000. gets 705 sq/ft but that was a pre-foreclosure. That's your competition.
If you can wait it out, rent it out. There is too much product chasing too few dollars!
Hi Sam - Much of what has been said here is correct. However, if you let me now what subdivision you are talking about I can give you an answer specific to the current situation for that area & community.
Have a great day. Eileen
As others have already said, it all depends on when you bought the property, how much you paid and owe on it and if you can hold on to it (rented or not) until you are satisfied with the prices at the time. I may suggest putting it up for rent and for sale at the same time. It's happened many times when a renter is converted into a buyer and if not at least you have a one year lease bringing in some income to help you maintain your property. It is a competitive market so price is a definite factor in addition to exposure and marketing whether it is for rent or for sale. It's a numbers game so we have to play our cards right so it benefits you.
Good Idea or Bad depends entirely what you paid for the Condo, how much you owe on it and if you would be able to walk away with a profit which depends on the current market value, since comparables from 2007 do not really mean anything this year as there are steep price drops in 2008 which will take us through this year and next. If you really have to sell and are realistic,motivated and can break even or make a profit then sell, otherwise rent it out.