Hot Bargain Property August 2, 2006 (Second Today!)
General: East County, 3 Bedroom, 1.75 Bathroom Asking price between $375,000 and $400,000.
Why you should be interested: Nice neighborhood. Good schools in neightborhood. In fact, you're within 1/4 mile of one. Nice view out the back.
Selling Points: That view! Low maintenance front yard.
Why I think it's a potential bargain: It's a forced sale with an out of area agent! Double whammy! $389,000 is already a good price, but I think $350,000 is likely a sale. This place is basically solid, but not cosmetically attractive. Most of the furnishings look like refugees from the seventies. Seem solid enough, but not what folks want.
Obvious caveats: You're probably going to want to replace most of the furnishings, but most buyers do anyway. I don't see any emergency stuff. If you're a contractor or like to work, this would be a worthy fixer project.
Why it hasn't sold already: Well, just had another price reduction. I saw another broker show it. They're going to swarm. Let me qualify you and they'll want your offer instead of anything else, as the one thing this seller can't afford is an unqualified buyer, but you have to be at least close to first with an offer.
If you keep it ten years and it averages only 5% annual average appreciation per year: It would be worth approximately $570,000 based upon a $350,000 acquisition price. If you held it ten years before selling, you would net about $270,000 in your pocket. As opposed to a $1900 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: Just that it has very little curb appeal right now.
Obvious way to enhance value or appeal of property: Paint. Carpet and Flooring. Couple thousand bucks and a weekend and you have a great place to live for $100,000 less than your neighbors.
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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