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A homeowner in Southern California is reeling after discovering that a nearly identical condo unit in their building just sold for $100,000 less than what they still owe on their mortgage.
The owner shared their frustration on Reddit’s r/RealEstate community: “I’m feeling disheartened and slightly sick,” they wrote. “To know I’m basically $100K in debt right now, after almost two years of paying a pretty high mortgage no less.”
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The unit that sold for less is in the same complex and is the same size and layout. “Doesn’t appear to be anything wrong with it either,” the person noted, adding that when they bought in, comps were all at or above what they paid. Now, they say, it feels like they “lost the timing lottery.”
With a move coming up, the homeowner is weighing whether to sell at a massive loss or rent the property out.
“Panic selling just cements the loss,” the person wrote, saying they’re leaning toward renting the condo out even if it means losing money each month. “Even if it stagnates for years, I still might not reach 100K in costs.”
Many commenters were quick to support the idea of renting the property out instead of selling at a steep loss. One noted that in markets like Southern California, price trends are usually upward over time, and that this could just be a short-term dip.
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Others brought up the benefits of holding onto a property in a high-cost area even if it means short-term losses, pointing out potential tax benefits, equity building, and a possible rebound in the market.
“I’m thinking along the same lines,” the original poster replied to one person. “I am really not expecting prices to fall below this sale, and I think this sale even seems like an anomaly given other recent comps.”
Still, people who had gone through similar experiences cautioned that being a landlord isn’t easy. One shared a story of renting out a condo for over a decade, enduring bad tenants, high homeowners association dues, and needing to make expensive repairs just to get the unit back to market-ready condition. Another emphasized the importance of screening tenants carefully and having a solid financial cushion.
