Off-Market Condo in Ironwood. Owner wants out. ~15% below market

[Travis Moe]

Hi, BP!

I am not selling this property. I am not invested in this property. It belongs to an acquaintance. 

She just moved into a new house and is preparing to sell her condo. She began the process of getting a designer to help her update the place so it would fetch top dollar. However, she just sold another house of hers months ago and is just sorta meh about the idea of handling all the facets of an update and sale process. She mentioned she just wants to sell the place and be done with it. 

I offered to post the property to BP in case any of you fine folk want to take a look at it. It's probably best as a property for your own use. Or, for you agents out there, a property for a client who isn't necessarily a hard-core investor but is still looking for a deal. 

She's owned it since 2005 and has done some updates - including travertine tile in the bathrooms and brand new redwood decking on the two balconies. She's also updated the front courtyard with private spa/hot tub and both full bathrooms. 

She says if she can get $253,000 for it she'll be happy. I'd buy it and move my family in just for the school district, but I need 3 beds minimum for my tribe.

I estimate it's value at $290,000 - $310,000. Average of similar sales in the area is $335,000 - but this one needs an updated kitchen to command those valuations.

• Ironwood Country Club (high end community in South Palm Desert, CA up in the foot hills)
• End unit. Nobody above or below.
• Move-in ready. Probably needs a new stove/oven, microwave, and dishwasher.
• Owner can be 100% moved out in 2 weeks max. 
• 2 car garage. W/D hookups are in the garage. 
• Up-mountain views from upstairs windows and both balconies
• A/C is 3-4 years old
• Nearest community pool is across the drive way. 
• Steps to the tennis courts and recreation center
• HOA is $570/m and includes internet, cable TV with HBO, pool service on the private spa (!), water, and trash.

She has kept it very clean and well serviced. She has excellent taste, and always planned to update it but now just sorta wants to put that energy into her new house (which is only about 2 miles away). 

She's not likely to entertain low-ball offers. There's not a lot, if any, rehab to be done - so this isn't a great candidate for flip, BRRRR, or wholesale. However, it would make a good seasonal rental (31 day leases or greater), winter home, or primary residence at this price.

Rents are probably in the area of $2,200/m on LT leases. It's tricky because the seasonal rentals skew the rents up. This might fetch $3,000 - $3,500/m on the seasonal side. STRs are not an option in this community.

Again, I don't represent the seller and I'm not making anything on the deal. I'm just offering a conduit here. If you're interested, let me know and I can provide the seller's contact info.

Pictures and comps here:

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https://drive.google.com/file/d/1veo4aXnrwLyMSCaIbs9_0NljKzHSNq64/view?usp=sharing