29 waterway #4

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SCARLETTE_IHB

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We've been eyeing this condo for awhile, even when it first listed for around 920K (if I remember correctly). We went to the open house and was quite impressed. The condo is well-kept, nicely upgraded, and borders on 3 sides by water. We thought for that price at the time, we could get a SFR with a small yard since we have children. Now, it's back on the market for 839K. Is it still way over-priced? What would a reasonable price be? I like the place because it's right on the lake; other than that it does not have any other great selling points. Opinions appreciated.
 
[quote author="SCARLETTE" date=1244514773]We've been eyeing this condo for awhile, even when it first listed for around 920K (if I remember correctly). We went to the open house and was quite impressed. The condo is well-kept, nicely upgraded, and borders on 3 sides by water. We thought for that price at the time, we could get a SFR with a small yard since we have children. Now, it's back on the market for 839K. Is it still way over-priced? What would a reasonable price be? I like the place because it's right on the lake; other than that it does not have any other great selling points. Opinions appreciated.</blockquote>


Figure out what this would rent for and multiply by about 180. That would be rental parity at current interest rates. I would guess this bottoms between $650,000 and $700,000 depending on how far interest rates go up.
 
[quote author="freedomCM" date=1244522755]$575k.



high hoa. structure getting older. don't own the land.</blockquote>


I did not see the second HOA of $300.



Your number is probably better.
 
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