Condos don't appreciate as quickly because of condo fees that add a permanent and highly visible expense to ownership. This deters are great many people, pushing down demand- even in desireable areas such as yours.
Wait for the commerical area to open up and get humming (1-2 years) before you sell at a loss. Then, if you see the opportunity to get out even slightly "ahead," I would take it.
Alternatively, you could enjoy your reasonably affordable housing in your nice urban area. But remove all notions from your head that his condo is an investment, because it really isn't.