Should I sell my land and condo?
I am in dire straits. I have bought two properties in 2005. I bought 1.6 acres of land for 38k and a condo for 100k. Both of gone down in value. My condo is located in st petersburg florida.(selling for 105k) My land is located in ridge manor florida.(selling for 42k) Been trying to sell both properties for a year now without any buyers. Too much on the market and the market is flat in florida. Shoudl I hang on for the next year? Or just reduce the price and sell and take a loss? I swear I will NEVER buy property again! ITS BEEN A NIGHTMARE! So many greedy real estate agents/brokers trying to get me into these properties telling me they are such great investments. Well now i want to go to law school and I cannot even sell them!! Im angry. Two things I have learned: 1.) Dont buy real estate if you cannot COMFORTABLY afford mortage payments along with RISING taxes and insurance. 2.) Dont buy unless you can sell property quickly. I need some suggestions? Should I take a loss? Hold on?
Public Comments
- You should rent your condo until the market improves in your area. Dont take a loss unless you have no other choice.
- Sell your land and wait for the market to stabilize for your condo. Rent it out till then
