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!
Buy My Science Fiction Novels!
Dan Melson Author Page
The Man From Empire
A Guardian From Earth
Empire and Earth
Working The Trenches
Preparing The Ground
The Book on Mortgages Everyone Should Have!
What Consumers Need To Know About Mortgages
Want San Diego MLS?
Add to Technorati Favorites