Hot Bargain Property July 19, 2007
Great Family House on Corner Lot!
General: Urban East County, 3 bedroom 2 bath, with detached garage, beautiful kitchen, huge family room, and great back yard! Asking price between $425,000 and $450,000. I think an offer of $420,000 net would get it sold.
Why you should be interested: It's a nice place to live in a great area with some of the best public schools there are.
Selling Points: Plenty of room for the kids to play in the back yard, and suitable for entertaining as well. Large detached garage with plenty of parking.
Why I think it's a potential bargain: This property is a great place to raise a family with great public schools in a nice neighborhood, and priced lower than recent comparable sales.
Obvious caveats: Cross street is used for getting through the neighborhood, so there is some traffic noise outside.
Why it hasn't sold already: That's a good question. I'm not certain I 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 $420,000 the property would be worth approximately $680,000. If you held it those ten years before selling, you would net about $320,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2000 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $170,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: The front part of the house was built sixty years ago, with a more modern addition.
Obvious way to enhance value or appeal of property: Update the front bedrooms and bathroom.
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 am looking to represent buyers, so 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 bargains 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, and there is no reason not to sign such an agreement unless you're an agent yourself.
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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