WWYD condo situation.
As you know from a previous post my unit has been on the market for over 18 months.
Situation: very high condo fee for building type although it includes HVAC, pool fees, just not plug ins (~$50/mo). There are much higher fees in the city, but in a trendier part of the neighborhood and in the "high maintenance individual" market--the type of buyer who wants the desk man and doorman to kiss their butts every morning:)--not happening here...
The high part of the fee is to sustain building reserves in an old complex. Since the fees were raised a few years ago, not a single unit has sold at or near market value. Only defaults have sold, for minimal prices.
Price: Very good -to -low (85%)
Reason for not considering unit: Condo fee.
Stairs both in building and in unit (there is a small elevator in building, you still must walk down 8 steps).
No powder room
Unit shows/condition: Good-to-excellent: 90%
Alternatives under consideration:
1) Raise price: it may attract buyer who can afford almost $500K in property, instead of the $320K+ condo fee, who will negotiate price back down because of condo fees, no doorman. Counteintuitive but has worked in the area. Has to be for a particular kind of buyer, like someone who will pay cash or a huge downpayment. They exist here, they usually buy a different type of condo.
2) Lower price to get the monthly carrying costs that most people who will look at the property are comfortable with. This has not seemed to work with some units, because the condo fee still can't be deducted like a mortgage can.
3) Keep price the same but pay back a certain amount of condo fee at settlement within the legal allowments. (Don't quite understand this one, why not just lower price?)
4) Move out and rent it since I own the other property. ( I don't like this one for several reasons, but maybe this makes sense.
5) a couple other people have chosen default, not because they couldn't afford to keep both and rent one, but because they just stopped caring and default doesn't seem to have the negative implications it once did, especially if you already have other property and a decent income. I would NEVER do this.