Hot Bargain Property August 3, 2006
General: East County, 3 Bedroom, 1.75 Bathroom Asking price between $450,000 and $475,000.
Why you should be interested: Very Private home in nice neighborhood. Good schools in neightborhood.
Selling Points: Beautiful courtyard. Ceramic tile floors except in bedrooms.
Why I think it's a potential bargain: This has been vacant five months and had a major price reduction. Stealth bargain, because you get a lot more than the neighboring properties. This home is an entertainer's dream, and the price is now right.
Obvious caveats: I don't think there's a lot of give left on the price. Might cut some off the asking price with the right offer, but not as much as most of what I post.
Why it hasn't sold already: Recent price reduction. It was overpriced for the neighborhood, but now it's a bargain.
If you keep it ten years and it averages only 5% annual average appreciation per year: It would be worth approximately $730,000 based upon a $450,000 acquisition price. If you held it ten years before selling, you would net about $340,000 in your pocket. As opposed to renting the $2000 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $160,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Not Much can be done to further upgrade the property.
Obvious way to enhance value or appeal of property: None that I can see. It's gorgeous.
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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