To sell, or not to sell?

[tracy]

Hi Everyone,

Just contemplating whether now would be a good time to sell a condo I purchased a few years back in Lower Lonsdale, North Vancouver or if I should hold until closer to the Games. The rent on the unit covers all expenses (plus about $100.00) and the value has doubled since purchased (although price appreciation has slowed due to more inventory being built in the area). I would likely use the equity for other investments in AB. Having a hard time with this decision and would appreciate some imput.

Thanks in advance!
Tracy

 

[mikecunning]

QUOTE (tracy @ Nov 27 2007, 04:15 PM) Hi Everyone,

Just contemplating whether now would be a good time to sell a condo I purchased a few years back in Lower Lonsdale, North Vancouver or if I should hold until closer to the Games. The rent on the unit covers all expenses (plus about $100.00) and the value has doubled since purchased (although price appreciation has slowed due to more inventory being built in the area). I would likely use the equity for other investments in AB. Having a hard time with this decision and would appreciate some imput.

Thanks in advance!
Tracy

Hi Tracy:

Have you done a gold mine score card for the area? What would you do with the money? If will be going to a higher growth top 10 area it may be worthwhile especially if North Van has topped out.

Good luck

Mike

 

[navaz]

Hello Tracy

That has been an interesting subject. Mike`s idea of a gold mine card is a good one. I find the fundamentals as they come out in lower mainland not very strong -but -prices have been steady, vacancy rates are low adn we have the retirement crown or secondary home markets coming here- so it is never an easy decision

The way I make these decisions is to ask myself

1. Would I buy this property -net of taxes and selling costs at that price today?
2. Could I do better in a different market with that capital?

Then starts the thinkng process and a decision has to be made!