Hot Bargain Property December 12, 2006
Modernized Property with a View!
General: Eastern San Diego City, 4 bedroom 2 bath. Asking price between $450,000 and $475,000. I think an offer of $430,000 net would get it sold.
Why you should be interested: Two minutes to the freeway, ten to Mission Valley! Thoroughly modernized home near great schools!
Selling Points: Corner lot, very well updated home with lots of amenities. Updated kitchen, nice views of the city, outside deck for entertaining, detached garage. Large master suite!
Why I think it's a potential bargain: Vacant and on the market for months in a tough market. Was seriously overpriced for the neighborhood, and nobody comes to look at properties that have been on the market this long, even with price drops.
Obvious caveats: Not much yard for younger kids to play in.
Why it hasn't sold already: Initially overpriced, and now nobody's paying attention to the price drop.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $430,000, the property would be worth approximately $700,000. If you held it those ten years before selling, you would net about $330,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1900 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $160,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Small lot that doesn't have a lot of room left.
Obvious way to enhance value or appeal of property: I didn't see any. It looks very well cared for.
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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