How much is this condo worth?

Dave0

I'd like to find out what people this this condo is worth:

http://www.estately.com/map#Wa,Seattle, ... ng_details

It is listed at $169,000 and has sat on the market for about a year. It was bought on 6/14/05 for $155,000. Obviously $169k is overvaulued or else it would have sold by now. So the question is, what is the actual value of it? How much would you pay for it?

Alan

I bid $110k. Someone else would probably pay more though. I'm not crazy about the idea of living in a 1/1 with 722 sqft of room.

Also, I may have to adjust that based on HOA dues and upcoming assessments. My price assumes no upcoming assessments and around $250/month HOA.

femto

Due to siding issues this is cash or portfolio financing only investment opportunity.

That's the key issue. You have to find someone to finance it, and that someone almost certainly has to be a local bank willing and interested in carrying the loan on their portfolio. That may well be impossible right now (or prohibitively expensive). If you personally have cash I would base my offer on what you could rent it out for profitably. E.g. if you can net $700/month (which would require about $1000/month in rent) for it in rent that's about an 8% return on $105,000.

jon

E.g. if you can net $700/month (which would require about $1000/month in rent) for it in rent that's about an 8% return on $105,000.

But rent goes up with inflation, and I think most would agree that it will go up even more. So if you figure 3% appreciation of the rental value over a year, a cash return of 5% still yield 8% total return. So $700/month yields 5% on 168K. They're asking 169K. What a rip off.

Ubersalad

It's probably not even worth to short sale this condo...

I'll pay 80% of the first mortgage for this POS.