Bank Owned Home To Review
Thanks for responding about the bank foreclosure that we emailed you about this morning. While this house is most assuredly a deal, we realize that it may not be for everyone.
The location of this home and the comparable sales in the neighborhood are what makes this home so appealing. However, most who view it will not find it to be in move-in condition. It needs quite a bit of work to bring it up to what I would consider move-in condition.
On the other hand, if you are looking to hold it as a rental, it probably could be rented in a week and homes in this area are renting for $1,800.00 to $2,200.00 or more per month so it will spin off a really good income.
As we know, real estate is all about location, location, location. This home is located in the Imperial Point neighborhood of northeast Fort Lauderdale. It is literally 5 minutes or less from the beach and even with the work it needs, you can’t beat it for the price.
Here’s a quick drive-by video we took of the property today. And yes…that is a “green” pool that has not been attended to in some time. Remember, this is a bank owned home and they hardly ever do any work. (excuse the video quality…we needed to get this out quick and it was raining)
I took a few contractor friends by this afternoon and they said that they would recommend the following:
- New AC Unit
- New Kitchen
- 2 New Bathrooms
- Pressure Wash and Painting of the roof
- interior and exterior painting
- installation of pavers in the driveway
- installation of a new stockade fence
- installation of new windows throughout
- installation of sliding glass or french doors from the Florida room to the pool
- replace the existing tile floors with travertine
- install carpet in the bedrooms
- exterior landscaping
- re-marcite the pool and paint
These improvements, if done on a moderate level would cost about $50,000-$65,000.00. Now before you think to yourself ..”what kind of deal is this”… remember that comparable homes in the area have sold for in excess of $300,000.00!
When I spoke to the contractors they told me that they would offer the bank something in the neighborhood of $165,000 to $175,000. With a spread like that you could purchase this home, make the renovations and still have an equity cushion. Here are the vitals on the home:
| Asking Price | $216,900.00 | Bedrooms: | 3 |
| Address: | 2051 NE 62ND ST | Bathrooms: | 2 |
| City: | Fort Lauderdale | Sq. Ft.: | 1,900 |
| State: | Florida | Annual Taxes: | $2,776.25 |
| Zip Code: | 33308 | Year Built: | 1972 |
| County: | Broward | HOA Fees: | none |
| Property Type: | Single Family Home | Market Rent: | $1,800.00 - $2,200.00 |
So what do you think? If you are interested, please let me know. I know this sounds a bit nuts if you are not familiar with eastern beach area homes in Fort Lauderdale but this isn’t one of those areas wherein the hype heard in the media is true.
If you want to live on the east side of Fort Lauderdale, in close proximity to the beach, you had better be prepared to pay handsomely or jump on a deal when it presents itself.
For comparison, I am going to show you below a home in the same neighborhood so you can see how they are priced.
Here is a home located basically across the street a 2153 NE 62nd St and it is for sale for $335,000.00 so you can see how great of a deal the subject property really is.
Well please let me know what you think and if you are interested, I can show you the home..or if you like the one across the street, I can show you that one too.
Regards,
Robin
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