It Makes Me Feel Sick, Says A Homeowner Watching Their Condo's Value Collapse. They Still Owe $100K More Than What A Neighbor Just Sold For

0
886

It Makes Me Feel Sick, Says A Homeowner Watching Their Condo's Value Collapse. They Still Owe $100K More Than What A Neighbor Just Sold For

Adrian Volenik

4 min read

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

A homeowner in Southern California is reeling after discovering that a nearly identical condo unit in their building just sold for $100,000 less than what they still owe on their mortgage.

The owner shared their frustration on Reddit's r/RealEstate community: "I'm feeling disheartened and slightly sick," they wrote. "To know I'm basically $100K in debt right now, after almost two years of paying a pretty high mortgage no less."

Don't Miss:

The unit that sold for less is in the same complex and is the same size and layout. "Doesn't appear to be anything wrong with it either," the person noted, adding that when they bought in, comps were all at or above what they paid. Now, they say, it feels like they “lost the timing lottery.”

With a move coming up, the homeowner is weighing whether to sell at a massive loss or rent the property out.

“Panic selling just cements the loss,” the person wrote, saying they're leaning toward renting the condo out even if it means losing money each month. "Even if it stagnates for years, I still might not reach 100K in costs.”

Many commenters were quick to support the idea of renting the property out instead of selling at a steep loss. One noted that in markets like Southern California, price trends are usually upward over time, and that this could just be a short-term dip.

Trending: Invest Where It Hurts — And Help Millions Heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold.

Others brought up the benefits of holding onto a property in a high-cost area even if it means short-term losses, pointing out potential tax benefits, equity building, and a possible rebound in the market.

“I'm thinking along the same lines,” the original poster replied to one person. “I am really not expecting prices to fall below this sale, and I think this sale even seems like an anomaly given other recent comps.”

Still, people who had gone through similar experiences cautioned that being a landlord isn’t easy. One shared a story of renting out a condo for over a decade, enduring bad tenants, high homeowners association dues, and needing to make expensive repairs just to get the unit back to market-ready condition. Another emphasized the importance of screening tenants carefully and having a solid financial cushion.

Search
Categories
Read More
News
China claims to have developed the world's first AI-designed processor — LLM turned performance requests into CPU architecture
China claims to have developed the world's first AI-designed processor — LLM turned performance...
By Mystic Queen 2025-06-13 05:00:12 0 898
Networking
Soviet-Era spacecraft crashes back to Earth after 53 years
Soviet-Era spacecraft crashes back to Earth after 53 years A Soviet-era spacecraft plunged to...
By Mystic Queen 2025-06-01 08:36:11 0 1K
News
Wordle hints today for #1,464: Clues and answer for Sunday, June 22
Wordle hints today for #1,464: Clues and answer for Sunday, June 22Hey, there! We hope you're...
By Mystic Queen 2025-06-23 05:00:17 0 803
Health
Do you need a magnesium supplement? Experts share symptoms of deficiency
Do you need a magnesium supplement? Experts share symptoms of deficiency NEWYou can now listen to...
By Mystic Queen 2025-06-10 05:00:06 0 943
Sports
'Footballing architect' - how Luis Enrique led PSG to Champions League glory
'Footballing architect' - how Luis Enrique led PSG to Champions League gloryMedia caption, Five...
By AtoZBuzz 2025-06-01 07:26:24 0 1K
AtoZ Buzz! Take Control of the narrative https://atozbuzz.com