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Betty
Posts:147
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| 08/03/2008 5:20 PM |
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| You got it jspoto! That's all we talk about at Bingo classes: you and your "hot" deal. :-) |
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UnsureBuyer
Posts:212
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| 08/03/2008 6:43 PM |
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| bingo? I thought ladies now played bunco :) |
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jspoto
Posts:218
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| 08/03/2008 7:27 PM |
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| Betty - Can you or your classmates please post to me what you feel is a "hot" buy so I can gain insight into your historical perspective ? |
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Betty
Posts:147
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| 08/03/2008 9:02 PM |
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UnsureBuyer - I actually love to play poker!
jspoto, fair enough! We old crones think that this property is a "hot deal". http://www.sdlookup.com/MLS-080052719-1069_Archer_St_San_Diego_Ca_92109
It's on the market for $ 995,000, is in a nice street in North PB/ bordering LJ, rather large with 4/4 and has 2962 sf - $ 336/sf price. The property sold in
2005 for $ 1,715,000 at the peak. Before that, in 2003 for $ 580,000 - however I think this was before the remodel since it shows the year built as 2005.
If you can get this house for 900,000, you'll have a nice equity in about 5 years time. |
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Betty
Posts:147
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| 08/03/2008 9:04 PM |
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| Now having said that - this property won't be long on the market, that's for sure! |
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jspoto
Posts:218
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| 08/03/2008 9:39 PM |
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| thanks for the post betty- glad to see your still up this late...I read on some other thread that this property has some unusual listing history about it. maybe someone who knows more can clarify. Also Betty what happened to GRM or Cap Cost analysis. I cant imagine your property renting for more than 4000 per month (correct me if im wrong) but and that would make the GRP .... a whopping 18.75 - did you already forget what you chastised me for ?? |
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tpc
Posts:504
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| 08/04/2008 7:52 AM |
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| What's bingo?????? |
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Betty
Posts:147
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| 08/04/2008 3:04 PM |
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tpc, that's a number game mostly old people play at the rest home. ;-)
Okay, jspoto, if you pay $ 300,000 down your monthly mortgage is around $ 3,600/month, plus $ 900/month property tax = 4,500/month - you'd rent the house for $ 4,000/month, or let's be optimistic and say $ 4,500 then your negative cash flow is 0. In 5 years time you sell the house for $ 1,5 mill and you have made
$ 600,000 in profit - not bad!
Going back to your condo that is actually listed for $ 799,000 - your figure of $ 650,000 is unrealistic - they probably go down to $ 700,000. You put 200,000
down and have a mortgage of $ 3000/month, plus $ 800/month property tax, plus $ 780/month HOA = 4,580/month. You rent the place for $ 3,000 or let's
be optimistic and say you'd get $ 3,500 then you have a negative cash flow of $ 1,080/month (special assessments and current lawsuits probably add to HOA
payments). In 5 years time you sell the condo (if you're lucky) for $ 900,000 and you have made a profit of $ 200,000, less the negative cash flow of $ 12,000/year.
Also, you won't get a higher resale value on your condo, as in about 5 years time, downtown will be saturated with condos - new and old. |
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