For the first time in several years, becoming a homeowner has become affordable to low and moderate income households again in many parts of the Bay Area. Bay Point, at the end of the BART line, has seen a surge of foreclosures, offering many great deals to buyers. This 2 bedroom condo in the Westwood Village complex in Bay Point is listed for $84,900. The foreclosee paid $225,000 for it a few years ago (1/3/2005), and Zillow.com estimates its current value to be $187,500 --- well over twice its current listing price.A property like this would be good for either an owner-occupant or an investor. For an owner-occupant who works in San Francisco, it is an easy commute – this condo, in the Westwood Village complex, is walking distance to the Pittsburg-Bay Point BART station, and with a total monthly payment of under $1,000 per month, including HOA, this is much cheaper than rent for a decent 2-bedroom unit anywhere in the Bay Area. Alternately, with very little cleaning and cosmetic updating, this unit could be ready to rent for $1,200 to $1,400 per month, delivering good cash flow for an investor.
The basics...
Address: 8 Lancaster Circle, Unit 220, Bay Point, CA 94565
Current Listing Price: $84,900
PREVIOUS Sale Price: $225,000 (1/3/2005)
Size: 2 Bedrooms, 1 Bathroom; 806 square feet
http://www.realtor.com/realestate/bay+point-ca-94565-1102551549/
