Hot Bargain Property July 31st
General: San Diego 3 Bedroom 2.5 Bath, with an office you could make into a fourth bedroom. Asking Price Range $600,000 to $625,000
Why you should be interested: Nice quiet neighborhood with a lot of upscale nearby, well kept place, low maintenance yard yard. Move your family right into a nice home. Central to everything; downtown and sorrento valley are less than twenty minutes; mission valley is less than ten. Good schools in neightborhood
Selling Points: Well kept and a lot of features. Well kept. Kitchen practically new. Yard is well kept, front is low maintenance. Backyard is where most of this huge lot is, with a pool and a spa. Good schools in the neighborhood.
Why I think it's a potential bargain: The agent has overpriced it, and marketed it as something it legally is not. As a result, tt's been sitting for months paying the mortgage and property taxes. Seller is motivated and needs to sell, their agent called my twice after I previewed it, sounds desperate.
Obvious caveats: Pool needs cleaning and isn't directly fenced except as part of the yard.
Why it hasn't sold already: It's overpriced for its real nature. Anyone who goes to see it can find a better bargain elsewhere. As a result, it's sitting unsold and the owners are paying for two homes...
I think it can be had for somewhere around 500,000, perhaps less.
If you keep it ten years and it averages only 5% annual average appreciation per year: It would be worth approximately $810,000. Your equity, using a zero down payment scenario and average credit, would be approximately $390,000. As opposed to a $2200 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $200,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: There's a badly placed floor safe in one bedroom.
I'm a buyer's agent. I find places like this that can be gotten at bargain prices. I save you money without costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, all I ask for is a Non-Exclusive Buyer's Agent Agreement. This is a standard California Association of Realtors form that leaves you are free to work with other agents, but if I find the property you want, I'm the agent you'll use. That's fair.
Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com.
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