Miracle? Yep I think so. Investment property miracle is what it really turned out to be. If it wasn’t a real estate miracle it was sure a great deal on a sweet little investment property. 57% of asking price is great in my eyes!
Last week I found a sweet little investment condo for a client of mine. This guy had his eye on a newer condo complex in Parker Colorado for over a year. Last year 1 & 2 bedroom properties were selling for between $90,000 and $110,000 in this complex. Just a little too much to cash flow so we kept watching the prices fall through the summer.
When I called him last week we ran over and looked at 6-8 of the available units and were searching for the best deal. Anyway we ended up finding a 2 bedroom, 1 bath unit without a garage that the bank had begun to make repairs on but had not finished. It came with all the appliances, AC and a nice main level patio which gave the unit double entry access. Perfect for a roomate situation if needed.
The bank was asking $95,000 which we knew was high in any market. He offered them $55,000 and they took the deal straight up. No counter no nothing. We were shocked to say the least. I’ve helped clients get great deals before and been amazed by some of them but this was an all time record.
“That was 57% of asking price!”
I’ll take two please!