Hot Bargain Property September 20, 2006
Entertainer's Home with a Gorgeous View!
General: Urban East County, 3 bedroom 2 bath. Asking price between $500,000 and $525,000, and the comps actually support something close to that. I'd start somewhere around $460,000 net.
Why you should be interested: This is a nice home with panoramic views. Open floor plan, ideal for entertaining. Has a deck to further extend your entertaining area.
Selling Points: Nice large garage with work area, and the neighborhood is excellent!
Why I think it's a potential bargain: It's been vacant for months. If these people didn't have to sell, it would be rented.
Obvious caveats: Steep Driveway.
Why it hasn't sold already: Good question. If buyers weren't so scarce, it would have gone by now.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $460,000, the property would be worth approximately $750,000. If you held it those ten years before selling, you would net about $360,000 in your pocket, assuming zero down payment. 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 $170,000 ahead of the renter, after the expenses of fixing and selling.
Fact you should be aware of: Driveway is steep
Obvious way to enhance value or appeal of property: Update the bathrooms and cabinets.
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!
Buy My Science Fiction Novels!
Dan Melson Author Page
The Man From Empire
A Guardian From Earth
Empire and Earth
Working The Trenches
Preparing The Ground
The Book on Mortgages Everyone Should Have!
What Consumers Need To Know About Mortgages
The Book on Buying Real Estate Everyone Should Have
What Consumers Need To Know About Buying Real Estate
Want San Diego MLS?
Add to Technorati Favorites