Wait or sell now with a loss? (Aventura, FL)

Asked by Arturo, 33180 Sat Dec 1, 2007

I have an apartment in Aventura, close to the mall, which I bought end of 2004. In my apartment complex no unit similar to mine has been sold during 2007. Do you think I should sell now with a big loss or wait another 1-2 years to see if things improve? (I can potentially have it rented to cover my expenses).

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Mark Palace, Agent, Satellite Beach, FL
Sun Dec 2, 2007
If you have to sell it now, then sell it. If you can hold on to it until the market comes back, then do that. If you think that you will need to sell it within the next year, then I would suggest selling it immediately before the market becomes worse. At the end of the day, it depends on various factors in your financial situation. Feel free to email/call us to discuss this.

Mark Palace, CEO/Founder
Palace Properties International, Inc.
2 votes
Amarilys Sua…, , 33178
Mon Dec 17, 2007
If you can rented, please do it. The truth is that the buyer's market do not benefit sellers as we all know. If you can hold the wave, then will be better. Remember Real estate is a long time investment, and that is the mistake people made suing it as stocks. Nobody can predict when will turn around but all economics have a cicle of recovery and I am sure we will see it in Rela Estate as well.
Web Reference:  http://www.realtordoral.com
1 vote
Francesca Pa…, , Monmouth Cty NJ
Mon Dec 3, 2007

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.

Web Reference:  http://www.PatrizioRE.com
1 vote
Manny Reynal…, Agent, Boca Raton, FL
Mon Dec 3, 2007
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.
Manny Reynaldo,PA,CIPS,TRC
Prudential Florida WCI Realty
Boca Raton, Florida
Web Reference:  http://www.2bocahomes.com
1 vote
Ines Hegedus…, Agent, Miami, FL
Sat Dec 1, 2007
Arturo - I wish I could give you a straight answer to your question but the reality is that everyone's situation is different. As you well know, the Condo Market in Miami has slowed down quite a bit and will continue to slow down because of all the new buildings that will be finished by the beginning and middle of 2008.

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.
1 vote
Paul Heller, Agent, Fort Lauderdale, FL
Wed Apr 23, 2008
It depends on your personal situation. You are at a great advantage that you can rent and cover your costs. But if you need money to purchase another good deal, sometimes it is worth the "trade". You may sell low, but you buy low too.
0 votes
Ingrith, , Aventura, FL
Mon Mar 24, 2008
I am actually looking for an apartment, I just found out the one I live in is in foreclosure. I'll probably have to move in 3 months, Where is your place, and how many bedrooms and the whole deal? E mail me at ingrith28@hotmail.com.
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Wed Dec 19, 2007
Why sell for a loss? IF, I I mean IF you can lease your place at break-even or better, by all means do it. There is an abundant supply of resales, pre-sales, new constuction and rentals. Rental prices are stable, but lower than they were a year or so ago. A "preffered" apartment in ANY building can and will sell for a fair market price. In Downtown-Aventura, there are several new waterfront lofts and "boutique" condos that are competing with each other, the end result is that prices are being driven down. Who knows when things will improve? 1-2 years, 2-5 years, could things deteriorate more? There was a time, and I think that time is coming back... 1% of value equals the monthly rent. Certain conditions apply to that formula, but on average, for values below 400K that is the rule of thumb. We would be happy to help!

Good Luck & Happy Holidays.
0 votes
Durenda Fach…, , Coastal Tampa Bay area. Pinellas and Pasco Counties.
Sat Dec 1, 2007

Since you can rent your apartment and cover your expenses, that may be the thing to do for now.

The market will change.

Best of luck
0 votes
Paula Bean, , Orlando, FL
Sat Dec 1, 2007
Hi Arturo,

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.
0 votes
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