The homeowner said it made me feel sick and watched the value of the apartment collapse. They still owe $100,000
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A Southern California homeowner found that a nearly identical apartment unit in the building sold for $100,000 less than the apartment unit that the mortgage still owes.
The owner shared their frustration with Reddit's R/Realestate community: “I'm frustrated and a little sick,” they wrote. “You know that my debt is basically $100,000 now, after nearly two years of paying a very high mortgage.”
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Units sold in the same complex with the same size and layout. “It doesn't seem to be any problem either,” the person noted, adding that when they bought, the Comps were more than they paid. Now it feels like they “lost their timed lottery.”
As the action emerges, homeowners are weighing whether to sell large losses or rent out properties.
“The panic only consolidates the loss. “Even though it has stalled for years, I still may not be able to reach the 100k cost.” ”
Many commenters quickly supported the idea of renting a property instead of selling it. One noted that in markets like Southern California, price trends usually rise over time, which may only be a short-term decline.
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Others have raised the benefits of holding property in high-cost areas, even if it means short-term losses, pointing to potential tax benefits, equity construction, and possible market rebounds.
“I'm thinking about the same lines,” the original poster answered a person. “I really don’t expect prices to be below this sale, and I think that this sale even seems to be an anomaly given other recent compensation.”
Still, people who have experienced similar experiences have warned that becoming a landlord is not easy. One shared a story about renting apartments for more than a decade, lasting bad tenants, high-ranking homeowners association dues, and the need to make expensive repairs to restore the unit to its market. Another highlights the importance of carefully screening tenants and having a solid financial buffer.
