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Unbelievable Waterfront Bargain!

Blog by Patricia Houlihan - Personal Real Estate Corporation | June 21st, 2012

For the second time in a year, I have sellers who are listing their house at far below what I am recommending..... In this case they are dropping their price by $300,000 to make this home one that I would like to buy myself-to live in-as it is much better than my house and even at the current price, prior to the $300k price reduction, is good value.

It is on my street, in a better location, with attached parking (so no getting wet going from car to house-and you are no longer allowed to build attached parking on Panorama if you don't have it), it has a dock (my house can never have a dock and the Port has not been approving new docks for the past few years so appraisers are apparently saying docks now add about $300k in value to a property)...the house is also 3000 sq ft ish (5 bed and 5 bath) which is 1200 sq feet bigger than my house and much bigger than you can build on a standard lot on Panorama....it also has a detached suite (very easy to rent and would likely cover about $200k of monthly mortgage payments with the rent).

The reason I keep mentioning how much better it is than my house is that my house cost me $1.85 AND I have put close to $200,000 into it since I bought it.....this house should be worth $1.85 plus additional amount for the extra 1200 sq feet; another $300k for the dock and whatever a 3 car garage is worth on a street where you cannot build a garage...do the math.....we also just sold the house 2 doors down, which does not have attached parking, is a smaller house and is now being gutted by the new owners, for $2.075.....

At under $2 million, most of the waterfront homes on south facing Panorama are good value but this one is the best value I have seen here in 17 years-it is now listed at $1.7 million....this is a CRAZY price so if you know anyone who may want to upgrade to waterfront or buy an investment property, pls let me know asap.  Address is 2860 Panorama Drive-the quiet end of the street. See attached brochure for more information and call or email me to view.