Hot Bargain Property November 6, 2006
Detached Party Room in A Great Neighborhood!
General: Urban East County, 3 bedroom 1.75 bath. Asking price between $425,000 and $450,000. I'd probably offer $390,000 to start with.
Why you should be interested: This is a very appealing home in a great older neighborhood with fantastic schools nearby. This street has many more expensive homes.
Selling Points: The Back yard is great for entertaining, almost a garden. It also has a detached room that could be used for dance practice, as a martial arts practice area, or just for entertaining.
Why I think it's a potential bargain: Vacant on on the market for a while, and we're entering a slow time of year to move real estate. If they're smart they'll sell to anything close.
Obvious caveats: New Condos behind the property.
Why it hasn't sold already: I do not know. It's priced $30,000 less than a comparable property in not as good condition.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $390,000, the property would be worth approximately $630,000. 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 $1500 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $130,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: New condos overlook the back yard
Obvious way to enhance value or appeal of property: Update the fixtures, buff the hardwood floors, maybe convert the detached room into a granny flat.
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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