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Help me determine Condo value

Started by Kuraku
almost 14 years ago
Posts: 3
Member since: Apr 2012
Discussion about
Hi, I own a condo in Brooklyn by Halsey J train. About half of the tenants in my HOA don't pay maintenance fees and they owe almost $400,000 to the HOA collectively (long story). Our 3rd party debt to contractors is minimal ($10k). How does this affect the value of my condo? Would you say it's "worthless" because no bank would ever finance anyone to purchase it? The neighborhood seems to be getting better but the arrears are getting worse, so I can't decide if I should just dump it now or hold out another 3 years. Can anyone please help me figure out what to do here? I've fought to make the HOA better but the owners are just stubborn and poor. Thanks

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