A year ago we debated whether to rent or sell our condo in CA. We eventually decided to do neither, and just held on to it to use when we visit family and friends in the Bay Area. Now a year later, we have decided to sell it, largely due to the high cost of keeping it vs. the amount of time we use it... only about 6 weeks in 2010. So far, in 2011, we have been at the condo less than 20 days.
We are not planning to move back to Silicon Valley any time soon because we are enjoying living in ID too much. A few benefits are cleaner air, reduced traffic, lower cost of living, and relaxed pace compared to San Jose. But the best part is being close to my DDs/SILs who live nearby.
Unfortunately, property values in CA continued to decline last year so our asking price is ~95% of what we paid in 2003. But since it's costing us over $25,000 a year to keep, it's a good move financially. These costs include PITI, HOA fees, utilities, housecleaner, the cost of insuring/maintaining the Prius that we keep at the condo, etc. At least we have some equity, so it's not as bad as some folks who are underwater.
The taxes and interest at the condo are write-offs, so we will possibly owe more income tax, but it will be offset by the savings in annual expenses.
Here is a picture of the cute little patio at the condo. MC, the cat, crossed the rainbow bridge in 2008:
Selling CA Condo
June 26th, 2011 at 03:16 pm
June 26th, 2011 at 03:47 pm 1309103221
June 26th, 2011 at 04:08 pm 1309104480
June 26th, 2011 at 04:17 pm 1309105025
June 26th, 2011 at 08:14 pm 1309119270
Jerry