Post from YK on my board on the FOOL.
This one is from 5/23
There is a second one as wellFrom YK....
As of tomorrow, our condo is on the market. We had two realtors look at the place over the weekend, and the value is nearly double what my fiancee bought it for three years ago.
The realtor we've decided to go with, from Prudential, told my fiancee that we may need to make some small (2-3k) price concessions as they are not selling above the ask any longer. The buyers are still eager and numerous, but the owners believe the top is in and are selling. There are four other condos for sale in our complex, and our next-door neighbor just sold hers.
We will be renting at a place about 30 minutes away, closer to my fiancee's workplace. We've already agreed to move in on July 1, so we have a lot of packing to do. Our landlord is a nice fellow, appears to be in his twenties. My fiancee was surprised to find that rental prices are the same as they were about five years ago when she lived in the area, but was disappointed to hear from the landlord's wife (girlfriend?) that our rent only pays for half of their mortgage payment, so we won't have much room to haggle on rent prices. But it's only for two years, maybe less, and then we'll buy a place.
We expect to have the condo sold in a few weeks. We will use the profits to pay off our debt, and the remaining cash will probably be going into gold or silver, probably a pool account at Kitco, and will be supplemented regularly by saving the difference between the current mortgage/condo fees/taxes and our new rent payments.
Best,
YK
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From YK on 6/10
Things are not going so well with the condo sale. Although we've had many walk through, we've not received a bid. There are more places on the market now, and as far as my broker knows, none of them have received a bid over the recent weeks.
One place just sold. It went on the market for $225k on Sunday, then sold on Monday for $205k. I'm not sure if that was an inside deal, or if that was simply the first bid made and taken, but that's the only one that has sold in the last few weeks. Except for that, the last one that sold was on the market for 21 days, but of course we'd like to see the condo move more quickly. So far, the other condos aren't dropping in price, but we'll see how long it lasts. People aren't making bids below the asking price, they just aren't bidding at all.
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Not sure where YK lives
Will ask tonight
Mish |
