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.
Bookmark this on Delicious
Stumble It!
Want San Diego MLS?
Add to Technorati Favorites
Not in San Diego?
My other site is here
Logical failures (straw man, ad hominem, red herring, etcetera) will be pointed out - and I hope you'll point out any such errors I make as well. If there's something you don't understand, ask.
Nonetheless, the idea of comments should be constructive. Aim them at the issue, not the individual. Consider it a challenge to make your criticism constructive. Try to be respectful. Those who make a habit of trollish behavior will be banned.
Leave a comment