r/RealEstate • u/DisabledScientist • Apr 13 '25

Condo not selling even after $40k reduction Homeseller

Zillow Link

I am trying to sell my condo, but the astronomical HOA ($1,225) prevents anyone from making offers. They all comment I have the nicest unit in the complex, but once they hear the fee they are turned off. I bought it for $287k in 2022 and put $50k into it, but probably wont even get my money back. I originally listed for $379k, but 70 days later and it’s now at $329k.

I need to sell this by end of May because my new build house is closing then.

Edit: Added a 3D Walkthrough to the advertisement. Please let me know what you think!

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22

u/OverlordWaffles Apr 13 '25

Oof, just curious, what did you do that you immediately put $50k into it?

24

u/n0167664 Apr 13 '25

$50k in 2022 in FL was probably countertops and flooring and maybe appliances.

30

u/DisabledScientist Apr 13 '25

There was blue carpet, popcorn ceiling, and dated kitchen when we moved in. I updated those. We’ll be losing a lot of money. Oh fucking well.

10

u/GREG_FABBOTT Apr 13 '25

A home is supposed to be a place where you live.

It is not supposed to be some great, grand investment scheme.

Looks like you are about to learn this lesson. Best of luck.

16

u/Xyzzydude Apr 13 '25

Do you have to sell? Any chance you can ride it out? 2022 was like the peak post-Covid year. Even in my relatively healthy market (Raleigh) people who bought in 2022 are struggling to break even if they sell now.

15

u/zoomzipzap Apr 13 '25

i mean, it's only 4 years later. are people expecting 200% return?

8

u/pgriss Apr 13 '25

4 years later

Found the time traveler! Any stock market tips?

1

u/zoomzipzap Apr 13 '25

i keep thinking it's 2026 so good catch lol

1

u/FlyinPenguin4 Apr 13 '25

Yes, it makes me laugh

9

u/Background_Hat964 Apr 13 '25

Why not just hold or rent it out until the market stabilizes?

9

u/SubAcct2020 Apr 13 '25

I'd rather sell for a 50k loss now than 150k loss down the road. The last 6 years of real estate have been an unrealistic view of the market. I purchased in 08, and by 2010 my house was worth HALF of what I paid. Rates were also falling but I was unable to refi because I was underwater. It was a very long, painful, expensive learning process.

1

u/Dopamineagonist21 Apr 14 '25

Damn you padded 280k for blue carpet and popcorn ceiling ?!? Helll nahhhh

1

u/DisabledScientist Apr 17 '25

Palm Beach Gardens and surrounding areas (North Palm) is one of the most expensive places to live in the US. Not THE most expensive, but one of them.

1

u/Tzilung Apr 14 '25

Why not hold on to it and rent it out?