Fort Lauderdale Real Estate Deal Of The Week!
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Fort Lauderdale Real Estate Deal Of The Week!
Do you remember the Amazing Kreskin? Or perhaps the Great Carnac from the Johnny Carson Show? Well, if you aren’t familiar with these guys, they were characters that could read minds or predict the future. Well, I think I’m going to step into the role of fortune teller and go out on a limb here.
I think this week’s Deal of the Week will sell in a matter of hours! This one is a gem and based upon its location, asking price and current condition, I wouldn’t be surprised if it’s not gone by the end of the day. Seriously, that’s no sales hype. Take a look at this property and I’d love to hear from you. And if you want to make an offer, you may want to act right away!
You may be asking yourself…So if this is such a great deal then why is it still available? Well most agents do little if any marketing of the listings that they maintain. It is common practice to simply list a home and hope someone else stumbles upon it and does the busy work on your behalf.
This home is nestled into a private, well tucked away subdivision that most would never even see or know is there. We only found it becasue we scour the County looking for the best deals that we can find. If it were’nt for our desire to present you with the best deals available we’d have never found it either.
Yet, as soon as this gem was uncovered, we ran right out with our trusty Flip video camera and shot a quick video of the property. It’s not Spielberg quality but we had to get this info out as soon as possible. (I think we need to buy a Steadicam!)
I have to say I was quite surprised myself. When looking at REO (bank-owned homes) you can expect to walk into some real dumps. However this one wasn’t bad at all.
This property is offered at a substantially discounted price of $124,900.00Â
| Price | $124,900.00 | Bedrooms: | 3 |
| Address: | 4062 Eastridge Dr. | Bathrooms: | 2 |
| City: | Deerfield | Sq. Ft.: | roughly 1800 |
| State: | Florida | Annual Taxes: | $3,900.00 |
| Zip Code: | 33064 | Year Built: | 1999 |
| County: | Broward | HOA Fees: | $280.00 / qtr |
| Property Type: | Single Family | Market Rent: | $1,650.00 |
It needs some cosmetics and cleaning. I’d replace all the carpet in the home. I would repaint the interior and it needs some light fixtures and a 36″x36″ drywall patch in the dining room ceiling…but all in all this house is in pretty good shape.
I brought one of my team members out to see it as I always do and he seems to think that with about $5,000.00-$7.500.00 in repairs, you’d have a brand new looking home.
With the price we recommend you’ll have plenty of spread available to make the repairs and still buy this home at a great price. This is one of those homes that is suitable for buyers who want to move in or investors to rent out. With an area rent of $1,650.00 per month, this property will cash flow for investors.
Take a look at this property and if you are interested, you may want to move quickly…I am SURE this will move by the end of the day.
Here is some recent comparable information that we were able to find on the subject property. As you can see, some of the transactions go back as far as 6 months. Some lenders will accept comps that old while some won’t allow comps beyond 3 months.
In any event these are shown for your reference only and obviously only a real appraisal can determine actual value at the time of purchase. (whew…hope that was a good enough disclaimer for the suits!)
We think this is a great deal and it is featured because it appears that the buyer of this property will be looking at walking into a property with an equity cushion which is important in a market with declining values.
Each week we are going to have a panel of real estate experts take a look at the deal of the week and give their buy or pass recommendations. It’s our own little version of Mad Money and we’ll have our own real estate Jim Cramer’s..if you will.
This week we have Barry Johnson from Real Estate Radio USA with us to give us his take on this property. Real Estate Radio USA is arguably the top rated real estate talk radio show so I think he knows a thing or two about what is a deal and what isn’t.
Hi Robin, and thanks for having me. I love this deal and I think it absolutely makes sense. Of course, I would need to do a physical inspection, but based on pure numbers, and the estimated repairs that you mention, here is my recommendation:
I would recommend an opening offer of $118,000.00 with 3% Seller concessions given to the Buyer for closing costs and any improvements that may be needed. This would result in a purchase price nearly 25% below market value.
However, I wouldn’t be greedy here. I would be prepared to pay listing price if I wanted to live in this home. Seldom will you find an 1,800 square foot home with 3 bedrooms and 2 baths with a loft, on a lakefront lot, just 10 minutes or so from the beach, for under $150,000.00!
In this market these are the kinds of deals that we and our listeners salivate over. I think you have another winner here.
Definitely a “BUY”!
- Barry Johnson
Real Estate Radio USA
Well, you’ve heard what one area expert has to say about this home and what he thinks of the deal, if you’d like to know what I, as a real estate agent in the Fort Lauderdale real estate market thinks about this deal and my overall purchase strategy recommendation then please email me and I will send you information on what I would advise my clients to do regarding the viability of this deal.
There is no fee or cost associated with obtaining my recommendation. Or if you like what you see and would like to commence talks about buying this home, then click the red button below and let’s get things started!
If you have any questions about this property or any other property for sale in the metropolitan Fort Lauderdale area, please feel free to email me or give me a call at 954-709-7461.
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