Author Topic: How to sell my $100K mistake?  (Read 1720 times)

GreenSheep

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How to sell my $100K mistake?
« on: October 31, 2016, 10:25:57 AM »
Back in my pre-Mustachian days, when I lived in the U.S. Virgin Islands and thought I'd stay for a long time, I bought some land with the intention of building a house. Now I live nowhere near there, and the land has been on the market (through an excellent agent) for a year and a half with not so much as a nibble. I've very slightly overpriced it because I'm not in a hurry to sell it, but I do want it to sell at some point! Real estate moves very slowly there, so I'm not surprised it's been sitting for so long. Other than dropping the price, do you have any tips on how to get it to move? I had it cleared when I first put it on the market, and that didn't seem to make any difference. You can still see the gorgeous view even though the foliage has grown up again. I'm open to dropping the price someday, if it hasn't sold after a few more years, but at the moment, I don't desperately need the cash, and I'd like to recover what I've lost on it. In other words, I'd like to have my cake and eat it, too, if that's possible...

looshi

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Re: How to sell my $100K mistake?
« Reply #1 on: October 31, 2016, 10:37:29 AM »
What are the holding costs? How much are taxes, ect? It may be better for you in the long run to lower the price now then to hang on to it and sell it later.

GreenSheep

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Re: How to sell my $100K mistake?
« Reply #2 on: October 31, 2016, 12:42:19 PM »
Yeah, that's something I've considered, and it's dirt cheap to hold onto it. No HOA fees. Taxes are less than $200 annually. No upkeep required since there's no house. But you're right -- over time, even the property tax will add up.