The house on 1604 Victoria Pointe Ln sold for 829,000 this past august. It's back on the market for $819,000. It's currently rented until July of next year. That's why it's been on the market for 70 days.
In the past 18 months, really well done houses in the area usually move under 30 days.
Examples:
- 1789 Victoria pointe Cr Sold for $865,000 in 27 Days (Same Model)
- 1568 Victoria Isle Way sold for $920,000 in 10 Days (Possibly the Same model, not confirmed)
- 1526 Victoria Isle Way sold for 995,000 in 17 Days
- 1409 Victoria Isle Ln sold for 1,045,000 in 26 Days
The first one 1789 Victoria pointe Cr is the same model as the subject property. I believe 1568 is, but I couldn't confirm it. Being conservative we took off 40K on the price as the resale value. But if it's really well done, you should be able to match that. 1568 I believe is a similar model as well, but I couldn't confirm that. Even so, I have more sales with similar model properties that have sold for 820k or more, if you want more information on these, let me know and I'll send it to you.
Already spoke to the agent with the other property in the area least at $869,000. Informed me that she should have it sold within the next week or so. It has been on the market for 20 days. (She may have been giving her self more praise in order to get business, so take that with a grain of salt).
Now for the Math.
I should have mentioned this, but I adjusted for 2.5% for the agents commission. The person who I originally made out the sheet for was a licensed agent, and saved on half of the commission price. That being said, I'll list the property for free for you, so you only have to pay out 2.5% commission to the buying agent. As long as you answer all of the phone calls of course. That brings the agents commission to $20,625 from $50,000.
I accounted for 4 Months in Holding costs. The place is clean. No Major issues at all. But it does need some major updating if you want to get the top dollar. Even so, I accounted for 3 Months to upgrade, 1 month to sell. I can't account for your interest rate, so I'll leave it where it is. At 4 months, it will be in the $14,000 range.
I'm not sure how you're getting your financing, but I'm going to include closing costs with a typical mortgage. Average rate for a standard mortgage is about 1,800, not including title insurance, discount points, etc. etc. I'm going to round it out to 3000, and multiply it by 3 and 4, (For the sake of time. Numbers will be off). That's 9,000 upon purchase, and and 12,000 upon sale.
I re-did the numbers including the closing costs. You're still at a $70,000 Profit. More if you can get it for 865K like the 1789 Property. Then You're back to around 90-100k. At your numbers with 2%, That's going to be 60k Profit, and 80-90k if you sell it for the higher prices.
Here's the sheet: New Sheet [edit: sheet is missing some of your numbers when I looked at the post again. about 10k off I believe. adjust accordingly]
Message me and let me know what you think!
Thank you for your interest!
