Hot Bargain Property Aug 24th, 2006 (second today)
Entertainer's Home with Pool!
General: Urban East County, 3 bedroom 2 bath asking price between $525,000 and $550,000.
Why you should be interested: Property is in good shape and has a great view, a nice pool, several areas for entertaining, and is central to everything. All sorts of shopping close by - walk to grocery store! Drive to Mission Velley in 15 minutes, downtown in twenty.
Selling Points: Two decks outside in front and a picture window in the living room, all with great views of the city. Patio and large pool area in back.
Why I think it's a potential bargain: This property has been vacant for months, and I see evidence that they really need to sell.
Obvious caveats: Not much yard for young children to play in, but great for older children and teenagers. By the way, the schools are excellent!
Why it hasn't sold already: This is not a property for the mobility challenged. It has a street-level garage, but you have to climb steps about fifteen feet to get to the home.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $500,000, it would be worth approximately $810,000. If you held it those ten years before selling, you would net about $390,000 in your pocket, assuming zero down payment. As opposed to renting the $2400 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: The street in front of this property does get significant traffic from the neighborhood.
Obvious way to enhance value or appeal of property: Maybe redo the second deck, but the property is in pretty good 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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