Should I sell my Miami condo for the price I purchased it?
A few years ago a bought a condo in Miami in the area called "Upper East Side" of Miami (69th NE st area) which was apparently an up and coming area. Although the values have gone up, my condo has been on the market for over a year with no offers. My realtor tells me one of the reasons is that there is a lot of inventory on the market and possibly because the condo fees are high. My goal is to sell this condo unit and to buy a 2-4 unit eventually, but I can't buy the multi-family until my condo is sold. Obviously, I would like to sell my condo at a profit since my goal of buying it was for appreciation. I've already lowered the price twice with no success and getting antsy because I am not benefitting from the property. I don't anticipate the value increasing anymore than it has and I'm also loosing money on the rental. My question is, should I consider just lowering the price to what I paid and possibly breakeven (or even a slight loss) to get out of it so I can purchase my next rental property or should I hold it on the market for longer to see what happens? Any advice would be extremely helpful