Wednesday, January 19, 2011
Make it your own home or investment property! Sought after 3 bedroom first floor condominium unit in Silver Spring!
New listing at University Towers (U,T,), a high rise condominium building in Silver Spring, MD. Actually University Towers consists of 2 high rise buildings and is just across the street from the Kemp Mill Estates Subdivision. From University Blvd. You turn onto Arcola Avenue and the buildings are on your left.
Fabulous location! Just down the street from a shopping center that has grocery stores,a pharmacy,banking,multiple dining offices and more. You are also near parks. If you work in DC or Virginia,the home is also very near I-495. If you don't have a car or your car is in the shop? There currently is a ride on bus stop on Arcola Avenue across from the condominium buildings,with one direction toward Wheaton Metro and the other direction toward Downtown Silver Spring.
This 3 bedroom,2 full baths with abalcony and parking spot is a Coldwell Banker
(MC7514066 )listing, and located on the first floor of the "1111 building" and the asking $85k. According to tax records, the unit is 1266 square feet. It is also a corner unit.
Amazingly, at this price the home is not currently listed as a short sale or a foreclosure. While it is a 1st floor unit,you are above ground level when you go out to the balcony. The hnit also comes with a parking spot and U.T. has an abundance of parking. If you enter the building from the Arcola Avenue side,there,once you get inside there are no steps. You go through the hallway and turn to your left. If you enter the building from the University Blvd side,you pass the 24 hour concierge and go up 2 steps before turning right and heading toward the unit.
Make no mistake,although the home is aggressively priced,you would need to do some work on the home immediately prior to move in,starting with the floors,
which need to be replaced. The home has original cabinets and counters that are not clean. I would suggest replacing the counters and look into the cost of upgrading the cabinets. The entire home needs Fresh coat of paint.
If you haven't been in a 3 bedroom condo unit at U.T., the master bedroom has 2 closets and a private full bath. There is a second full bath in the hall for the other 2 bedrooms and guests. Generous living room/dining room area. In the entry foyer is a huge walk in closet.
I would definately suggest bringing a contractor, if you aren't a contractor yourself to get his/her opinion on the work that needs to be done and a budget figure for the work. The last renovated 3 bdrm unit at U.T ( #305 ) sold for
$157,900 and there is currently one on the market (6th floor) asking around $150k, that is in good condition. So you might want to look at both homes to weigh the pros and cons of purchasing a home that needs to be fixed up and a home that is priced significnatly higher---but at what I believe is market price. If you can come out ahead financially fixing up the home instead of buying a fixed up home at a higher price,than this is a great opportunity. So look at the cost of renovating the unit and that you will need to pay the condo fee,currently at $1086/month while the work is going on. Perhaps you can try and negotiate with the seller about the condo fee because you can't move in,but don't be surprised if they say no because of the low list price. The only objection I see is if you don't wish to have a first floor home.
If you are an investor or thinking about buying an investment property,the last 3 bdm units at U.T. rented for $1800. If you buy this home with cash, you could probably have POSITIVE CASH FLOW (perhaps even w/ mortgage) within a few months of fixing up the home of about $700/month,based on the current rental market activity! I would guess based on the improvements the buyer of this home goes forward with and based on the contractor's schedule,the renovation could be a 4-8 week project. So you could move in as an owner rather quickly,considering the property condition.
From an investment point of view,factoring in the time for renovating,listing and then finding a renter for your home within a month of home being move in ready at $1800 (and you can try to get higher rate of course),you could have a POSITIVE CASH FLOW by the 5th to 6th month of your tenant renting.
While the condo fee is high, the condo fee does include utilities (excluding cable). U.T. is a full service building,currently with a 24 hour front desk,a party room,on site engineers. There is also a community pool.
If you/someone you know is interested in a fixer upper home or investment property,let's talk about the market. I am here to help 301-943-4370.
I always have time for your referrals.
Life is good!
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information deemed to be accurate but not guaranteed.