Home > Uncategorized > It’s a Good Time to Buy a Property in South Florida

It’s a Good Time to Buy a Property in South Florida

Over the past several months, there have been some very attractive properties for sale in the South Florida area.

Here’s a few that I have recently been working on:

Property 1
Duplex Located in Delray Beach, FL
Estimated Value:  $120,000
Offer:  $64,000
Gross Income from Rents:  $1,450 per month ($17,400 per year)
Type of Financing: Cash Buyer
Type of Sale:  Short Sale which was approved and closed within 90-120 Days
Gross Cash on Cash Return:   27%
This home, a few years ago, had a mortgage in excess of $200,000
Condition of Home:  No initial work on property required

Property 2
Single Family Home Located in Delray Beach, FL
Estimated Value:  $60,000
Offer:  $35,000
Gross Income from Rents:  $800 per month ($9,600 per year)
Type of Financing:  Cash Buyer
Type of Sale:  Short Sale which has been approved (within 45-60 Days)
Gross Cash on Cash Return:  27%
Condition of Home:  Property could use cosmetic upgrades but it’s not "required"

Property 3 (available)
Single Family Home 
Estimated Value:  $124,000
Current Gross Income from Rents:  $1350 per month ($16,200 per year)
Type of Financing:  This property may be able to be financed
Type of Sale:  This is a short sale with has been previously approved by the Seller’s Lender
Projected Gross Cash on Cash Return:  13%
Condition of Property:  Property could use cosmetic upgrades but it’s not "required"

Propery 4 (available)
Single Family Home
Estimated Value:  $175,000
Price:  $170,000
This home has been pre-approved via a cooperative short sale from Bank of America.  It is located in Wellington, FL.  This home is located on a corner lot, has a small pool, 3 bedrooms, 2 baths and has a nice sized yard.  You may be able to rent this unit out and return around 10% (gross).  This home needs some cosmetic upgrades.

Prices, in some areas, continue to fall.  Please contact me, or your local Realtor/Realtor of choice, if you should have any questions regarding the home sale process.

Rick Schuster

Licensed Real Estate Broker – Jaycee Realty, Inc.
Licensed Title Insurance Agent – Home Guardian Title, Inc.
Licensed Mortgage Broker – Leading Edge Mortgage Corp
20283 State Road 7 – Ste 400
Boca Raton, FL 33498
561-206-2835 – via Google Voice
561-988-2546 -Fax

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Categories: Uncategorized
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