Hot Bargain Property October 20th, 2006 (Second Today)
Surprise! Updated Home of Quiet Street in Older Neighborhood
General: Urban East County, 3 bedroom 1.75 bath. Asking price between $475,000 and $500,000. I'd probably offer about $440,000 to start.
Why you should be interested: Larger home with plenty of room, nicely updated. Great schools, just far enough from the freeway that you don't get traffic noise.
Selling Points: The kitchen is quite nice, as is the living room. Laundry room is seperate, off the kitchen. Has an extra room that would be easy to convert to a fourth bedroom or an office.
Why I think it's a potential bargain: On the market and vacant for months, there's been a $50,000 in price reductions, and there are now comparable properties selling for this asking price.
Obvious caveats: Didn't notice any
Why it hasn't sold already: It was overpriced until recently. It will not last at this price!
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $440,000, the property would be worth approximately $710,000. If you held it those ten years before selling, you would net about $340,000 in your pocket, assuming zero down payment. As opposed to renting the $2100 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $200,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: This is, once again, one of the better properties in the neighborhood, but the owner is desperate enough that it's selling for an average price.
Obvious way to enhance value or appeal of property: Update the bathroom fixtures. Make that extra room into a legal bedroom or a nice office!
This property does not appear eligible for a first time buyer Mortgage Credit Certificate provided your family income is not more than $82,800 or $96,600. Ask me for more details, on this or any other property.
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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