Orange County, where property values climbed dramatically during the housing boom, is now seeing a big epidemic of REO fever. This spacious ranch in Anaheim is listed for $399,900 --- about 30% less than its previous sale price; the foreclosee paid $580,000 about two years ago (9/7/2006). What makes this house particularly appealing is that it has been renovated and updated with new bathrooms and a new kitchen, presumably by the bank that now owns it (in the OC they’re doing whatever they can to unload their REOs… desperate times call for desperate measures). Zillow.com estimates that this house is currently worth $449,500.A 3-bedroom house like this could be rented for $2,000 to $2,300, which would not be sufficient to cover the mortgage and other expenses, so it is probably not a viable investment property. For an owner-occupant, however, this house can be a great opportunity. Once the tax advantages are taken into account, the cost of living in this house will be about on par with renting a similar one in Anaheim, so it is worth a shot if you’re looking in this part of SoCal. The fact that it is in move-in condition with brand new fixtures is just icing on the cake.
The basics...
Address: 1938 East Redwood Avenue, Anaheim, CA 92805
Current Listing Price: $399,900
PREVIOUS Sale Price: $580,000 (9/7/2006)
Size: 3 Bedrooms, 2 Bathrooms; 1,750 square feet
Lot: .20 acres
http://www.realtor.com/realestate/anaheim-ca-92805-1097163544/
No comments:
Post a Comment