Hot Bargain Property October 18, 2006 (Second Today!)
Nice House With a View in Great Neighborhood!
General: Urban East County, 3 bedroom 2 bath. Asking price between $475,000 and $500,000. I'd probably offer about $450,000 to start.
Why you should be interested: Nice House, well maintained, with a good view, and $650,000 homes around it.
Selling Points: The back yard has a spectacular view of the valley, and a spa to sit in while you enjoy it. Nice high cielings, it feels bigger than the square feet.
Why I think it's a potential bargain: Any time you've got the smallest home in a neighborhood, that's got the potential for being a great investment.
Obvious caveats: Bathrooms look a little out of date.
Why it hasn't sold already: Good question. I don't have a good answer. It's priced $20,000 above the homes in the valley below, but it's worth the difference and then some.
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 $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 selling.
Fact you should be aware of: One of the smaller houses in the neighborhood. Open space starts not far away.
Obvious way to enhance value or appeal of property: Update the bathrooms is about it.
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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