All Forum Posts by: Elvis Vasquez

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

www.collierappraiser.com

2.27 acres MOL

@Elvis Vasquez " I don't think it is so cut and dry...."  BINGO.. 

As an architect myself, clearing the red tape and getting through the municipality review process to attain permits and then the contractor complying with the necessary inspections can be time consuming. Some of which is not under the architect/owner/contractor's control. Some times examiners want to show that they've done something and will object to the most minor insignificant items. However this can result in extra fees hence increasing money to the City.  

I deal with the monstrosity known as the NYC building of department as well as smaller municipalities like in my hometown of Yonkers and there is a wide variation on the time involved and what they require. Having an architect well versed in this will be a life saver. If they are really good, the reviewers and plan examiners will know them and their work making for less hold ups.   

@Elvis Vasquez As long as you have the proper architectural drawings and plans and submit the permit application properly there shouldn't be too much of an issue. Just need the proper tradesman licensed in order to pull permits.