Hot Bargain Condo November 16th, 2006
Nice 3 Bedroom Condo with Office and Garage!
General: Urban East County, 3 bedroom 1.75 bath. Asking price between $400,000 and $425,000. I'd probably offer around $380,000.
Why you should be interested: Nice townhome with only one shared wall and an office area, nice high cielings, modern kitchen, and laundry in the garage. All of this less than 10 minutes from Mission Valley! This appears to be an estate sale!
Selling Points: Newly remodeled! 3 bedroom townhome, only one shared wall! You could use the office for a fourth bedroom! Did I mention excellent schools?
Why I think it's a potential bargain: It's vacant, appears to be an estate sale, the mortgage is small, and it's the wrong time of year for sellers.
Obvious caveats: None that I could see.
Why it hasn't sold already: Good Question. I don't have a good answer.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $380,000, the property would be worth approximately $620,000. If you held it those ten years before selling, you would net about $300,000 in your pocket, assuming zero down payment. As opposed to renting the $1700 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $90,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Part of a fairly large complex.
Obvious way to enhance value or appeal of property: None that I can see - the work has been done already.
This property does not appear to be 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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