Should I sell or hold my condo in North San Jose, CA?

Should I sell or hold my condo in North San Jose, CA?

Santa Clara, CA · Member since 2021 · 15 posts · 7 votes

I currently co-own a condo in North San Jose with my ex-wife. We're in good relations and we have agreed to be business partners if it is worth holding. Currently, we're in the red about $650 per month, which isn't a big deal for us since we prioritized moving out of the condo and living closer to work. Of course, I'd rather be making money instead of losing money each month. We're interested in knowing if it would be worth hanging on to for at least a couple of years, or selling in the near-term. I'm weighing the possibility of rental increases in that area since the googleplex is slated to really change downtown (hopefully for the better) and also, probably create a higher demand for rentals in the area. Additionally, last I heard, Apple is building a smaller campus a mile or two away from our condo's location. There are other projects in the work as well in the area that could potentially have a positive impact on rentals, but that likely won't happen for at least a few years. I would hate to sell the condo now and regret it five years down the road. What are your thoughts?

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  • Jason WrayPro Member
    Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
    4y

    SELL...Before this market takes a dip.  

  • New to Real Estate · Redlands, CA · Member since 2021 · 57 posts · 8 votes
    4y

    Its a sellers market good time to sell now. 

  • Lender · Woodland Hills, CA · Member since 2013 · 364 posts · 115 votes
    4y

    Take a deep breath and look at the numbers.  From what you have written, I will gently disagree with my BP colleagues.  Why such the deep negative?  Did you overpay for the condo?  Are there expenses that you can cut to make it positive?  It is rent pressures, it is ALL ABOUT rent pressures and available housing.  Are there a thousand of your condos available for rent in the current market or are you a the prettiest gurl at the dance?  It is an asset that you currently own and can exploit.  Much good luck out there, look at the numbers, and Live Your Dream

  • Investor · Vancouver · Member since 2021 · 165 posts · 137 votes
    4y

    You forgot to mention the part about the appreciation you have had since you owned it. Cashflow is secondary in major cities.

    Id much rather take a 5% property value increase, than 5% net profit on rent

    As to someone mentioning sell before the market crashes, the market has been crashing for the last 50 years, ignore them.

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