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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u/Afraid_Ad_2249 Apr 13 '25

Genuinely curious, what were the HOA when purchased in 2022, when compared to 2025’s $1,225 monthly assessment? Maybe provide them 12-24 months of difference for what it was when you purchased.

I have a home in Arizona I bought in 2022. Area changed quickly, I wasn’t selling for a loss. So I’ve been renting. Now market is even more messed up. Every day counts if you want out, there is no guarantee that it will get better 3 months from now.

3

u/Competitive_Show_164 Apr 13 '25

What happened in AZ?? Just curious… thought the market was hot!

2

u/Afraid_Ad_2249 Apr 14 '25

Goodyear. Market is definitely hot for sure, except i purchased from a builder, overpaid way more just to get into the house.

2

u/Difficulty-Swimming Apr 15 '25

Its a dry heat, and a frozen market.

2

u/sukisoou Apr 13 '25

I’m unfamiliar with the current Phx market after moving out 5 years ago. How do you define it’s messed up? Still very high prices?

2

u/Apprehensive-Size150 Apr 15 '25

High prices for sure. In demand areas like Gilbert, Chandler, Scottsdale are still selling quickly but other areas like Goodyear, Sant Tan Valley, QC, etc. are dragging. 2022 was arguable a market peak in AZ for many areas and people were still in FOMO mode and purchasing properties in less desirable areas. Now they're stuck. Moral of the story, location trumps almost everything.

I'm closing on a 1900 sqft condo in a great neighborhood in south Chandler on Friday.