Condo market in Madison is awful
I chatted yesterday with a real estate agent who was having an open in our building yesterday. It was actually the unit below us. He told us the unit is selling for $105k, and the sellers bought it for $145k. The unit is just like ours, except they have the view of a rock wall, which is by far the worst view of any condo in our building. The owners moved out months ago, so I’m assuming they really just want to get rid of this thing as soon as possible. I get it, but I really wonder if they can afford to sell at such a low price. If it doesn’t sell, I wouldn’t be surprised to see a foreclosure. I’m also concerned how all of this will affect the value of the rest our condo’s units.
We have our unit listed at $5k below what we paid for it, and it’s probably about $20k higher than the average person has for our layout in our two buildings. The problem is these other units aren’t getting anymore showings than we are, so we’ve decided not to drop our price anymore. We simply refuse to go in the red on this, so we’ll probably end up taking our condo off the market for a few years. At that point, we’ll see if the market is any better and try to sell it again. If not, we may refinance, and then rent it out. Either way, we’ll need to find a new place to live with more space.
This isn’t our condo association, but this is our situation…
Condo owners make the best of a tough situation
Related:
These Cards Suck
City Data
