Hot Bargain Properties September 18, 2006
Entertainer's Home 1 Minute From Freeway
General: Urban East County, 3 bedroom 1.5 bath. Asking price between $520,000 and $525,000, and the comps actually support something close to that. I'd start somewhere around $450,000 net.
Why you should be interested: This is a nice home, just far enough from a freeway that you don't get freeway noise. Open floor plan, ideal for entertaining. You could have entirely separate parties going on in the living room and back yard.
Selling Points: Nice large garage, open floor plan, covered patio, nice lawn. Easily accessible, children go to good middle school and great high school!
Why I think it's a potential bargain: Job transfer, and it's been vacant for months. If these people didn't have to sell, it would be rented.
Obvious caveats: Nothing I saw.
Why it hasn't sold already: It started out overpriced, and the market is bad.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $450,000, the property would be worth approximately $730,000. If you held it those ten years before selling, you would net about $350,000 in your pocket, assuming zero down payment. As opposed to renting the $2350 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 fixing and selling.
Fact you should be aware of: I didn't see anything nasty
Obvious way to enhance value or appeal of property: Lighter carpet, replace the floor in the kitchen. They're both fine, but that would enhance the value. More light in the living room.
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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