Hey guys, need to get some Beyond insider advice, as I'm no longer in Calgary and have no real idea what the real estate market is doing.
So my wife bought a condo right across from the Foothills hospital when she graduated high school and has been renting it out ever since. It's nearly paid off, but unfortunately it didn't appreciate much in value (despite being purchased well before the 07 run-up). She bought it for ~$150k and it's probably worth around $220-250k now.
Her last tenants trashed the place through prolonged negligence so now she is in the midst of a full reno (ripping out floors, new kitchen, new paint, etc), which will probably be 20k.
My preference would've been to not do any renos and fire sale the place at like $210k for someone to buy and reno... but looks like there's another unit in the complex getting firesale'd that dropped their asking price from $219k to $199k and still isn't moving... they haven't listed any pictures of the inside of the unit so I'm guessing it's in really rough shape. The $199k unit.
There are 8 total units for sale in the complex betwen 235k-270k... they were going for around $250k last summer, but they don't seem to be moving at all now.
We can either finish the renos and join the fray and see if we're lucky getting it sold, but it's looking like it'd be better to just rent it out and see if the market recovers? We moved from Calgary in 2019 and haven't been following the market closely, but it does look like pricing recovered slightly in July.
Once the renos are done, her unit will look pretty close to this one, except with a more modern IKEA kitchen:
Comparable Unit
What would you guys do in this environment... try to sell it for ~$225-240k or rent it out for $1300/m (450 condo fee + 140 tax) and see if the lower end of the housing market recovers and sell it in like 3-4 years?