Hot Bargain Property August 9, 2006

By Dan Melson on August 9, 2006 3:34 PM | Permalink | Comments (0)

Pool and Privacy at the End of a Cul-de-Sac!

General: East County, 4 Bedroom, 2.5 Bathrooms. Asking price range in the mid 500s. If they're smart they'll take $490,000, and they might take less.

Why you should be interested: Well kept home with a nice pool within three minutes of the freeway. Mission Valley and Sorrento Valley are both within twenty minutes, downtown is less than thirty. Open floor plan and nice high cielings.

Selling Points: Kitchen, Pool, fireplace, large rooms.

Why I think it's a potential bargain: Nothing within a mile of the neighborhood has sold since January, and whereas everything is comparably priced, with nothing moving, somebody has got to give.

Obvious caveats: Could also use paint on the inside.

Why it hasn't sold already: The whole neighborhood is overpriced. Also, there is a good bit of flyover noise from an airport not too far away. I didn't hear anything inside, though.

If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $490,000, it would be worth approximately $790,000. If you held it those ten years before selling, you would net about $380,000 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 $195,000 ahead of the renter, after the expenses of selling.

Fact you should be aware of: Flyover noise from airport. I didn't hear it inside.

Obvious way to enhance value or appeal of property: The current decor is a little funky is all.

I'm a buyer's Realtor®. 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, 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.

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