Hot Bargain Condo August 29th, 2006

By Dan Melson on August 29, 2006 9:23 PM | Permalink | Comments (0)

Nice Quiet Condo With Deck, Small Yard, and View

General: Coastal North County, 3 bedroom 2.5 bath. Asking price starts near $400,000. I'd start somewhere around $320,000 force them to argue me up.

Why you should be interested: It's a really nice complex of townhomes. You do have shared walls, but no upstairs/down. This one is on the edge of the complex with a view down the hill and maybe to the ocean on a good day.

Selling Points: Lots of room! It feels like a detached home from the inside! You have your own little backyard with a deck!

Why I think it's a potential bargain: Vacant, on the market for months, and nothing has sold around it for a long time.

Obvious caveats: I can't prove it has air conditioning. Also the parking situation looks ugly.

Why it hasn't sold already: Nothing is selling in the neighborhood, meaning it's overpriced

If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $320,000, it would be worth approximately $520,000. If you held it those ten years before selling, you would net about $250,000 in your pocket, assuming zero down payment. As opposed to renting the $2200 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $250,000 ahead of the renter, after the expenses of selling.

Fact you should be aware of: I can't prove it has air conditioning.

Obvious way to enhance value or appeal of property: Other than a/c, it looks like it's in great shape!

I'm a buyer's Realtor®. I find places like this that can be gotten at bargain prices. I save you money while getting paid out of the listing agent's commission, not costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, I require 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. Ask me to find a bargain that fits you!

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