Anyone out there looking for a negative cash flow investment?
The only way this Craigslist gem makes sense as an investment is if prices continue to go up. Even with the $50,000 price drop, which is a 15% decrease, this property still has no upside appreciation.
Also, the monthly nut on this "investment, including HOA, if financed at 100% would be approximately $1,400 per month. The current owner claims $900-$1,100 per month rent. Prices have a bit further to go before they become fairly valued.
I remember after the last local bust, the condos in this development sat vacant for years. Will that happen again this time around?
From the Craigslist posting:
Reduced for FAST Sale... 2 bed/2bath
Lakeview condo for sale, just 100 feet from the lake.
Located in the quiet and gated Hidden Lakes resort community next to Rio Bravo Country Club, the newly painted condo has a lovely fireplace, private rear porch, tall 9+ foot ceilings, and access to the community pool - just 100 yards away.
The lake is loaded loaded with large mouth bass and huge catfish. Walk out your front door and fish, or take a peaceful canoe ride and feed the ducks after a tough day at the office. Your canoe can be locked up at the lake, just 100 feet from the unit.
This location, the Rio Bravo NE area, is by far the most beautiful area in all Bakersfield. So many things to do in the immediate area; Lake Ming is 5 minutes away, as is the Kern River which has some of the best rapids for Kayaking, along with nice big trout for those who like to wet a line. http://www.isucceed.com/news/viewarticle.cfm?article_id=50076
Rio bravo country club is next door if you love to golf, along with a near by county course that is amazingly challenging. This area is now seeing a lot new growth, mostly home in the $500k - $1.5 million range. The real estate boom here will be great for propery value and lake frontage will always be in demand and will increase in value.
The views of the Sierra mountains are just out the back door. Lake views are out the front windows. 1 car detachd garage for parking your car, fishing rods, golf clubs, and bikes.
Great rental history if you want to buy it as an investment, or 1031 exchange. $950-$1100 per month and keeps rising because it's lakeview/lakefront.
Call Glenn at 805-236-0210 if you'd like to see it. Our tenant is relocating at the end of the month so it'll be vacant then.
We are already getting calls and appointments lined up, so call now. ps- realtors welcome at 3%.