Hot Bargain Property December 7, 2006
Detached Housing for a Condo Price!
General: Urban East County, 3 bedroom 2 bath. Asking price between $400,000 and $425,000. I think an offer of $380,000 net would get it sold.
Why you should be interested: This is PUD, but it's an example of how to do PUDs right. Single story, feels like a private single family residence, no shared walls, garage and outside parking, private fended yard and another lush yard outside of that. Maintenance is $60/month. Place is nice, and appears new. In fact, it's only about ten years old and in excellent shape as far as I can see.
Selling Points: Nice patio and deck in the private back yard. 2 car garage. Vaulted Cielings. Master bath is quite posh.
Why I think it's a potential bargain: On the market for a long time, they've been paying two mortgages and they are motivated to sell.
Obvious caveats: Unlike most PUDs, this complex does not appear to have a master policy of insurance.
Why it hasn't sold already: PUDs have a bad rep because of so many that have been done wrong. This one is done right. Lots of greenery, you have your own private yard, and I only counted three units on the property, not twenty.
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 (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1650 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $120,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Nothing I haven't already covered.
Obvious way to enhance value or appeal of property: Actually, the place is in pretty good shape already. Maybe update the kitchen appliances is the only thing I saw.
This property does 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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