Selling apartment - stuck in bad situation - good read for beg's
I closed on the unit for $1,075 / sq ft in Q1 2014. Was in a hurry to buy. Thought I was buying a 900 sq ft ($940 / sq ft) unit but appraisal came back at 785 sq ft. Would not have bought at amt had I known (1) the true sq footage and (2) the hidden repairs that surfaced (old building + I did sloppy inspection). Ended up needing to put $35 / sq ft of repairs in over past five years for total all-in cost of $1,110 / sq ft.
Listed for sale five days ago for $1,150 / sq ft. 1.825% state / city transfer tax on sale + willing to pay up to 3% for buy-side commission (stated in ad). Seemed a low price, however, I've only gotten one email and five showings so far. A couple of the showings were 'ok' but three others were definite no's. Unit is on 4th floor of no elevator walk-up (written in the ad). Property getting a lot of hits on Zillow and Streeteasy but little interest coming through. My wife both lost our jobs in the past 18 months and we're having difficulty finding new ones. Perfect storm. Apt is clean and empty, pictures are fine.
I feel that I should immediately drop the price by $25 / sq ft to see if I can find the market. Is it too soon? Should I drop it even lower and start taking loss already? I need to sell this and move on. Its a nightmare that keeps getting worse.... Any advise helps.