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218 Calle 6
Luquillo, PR 00773
$597,000
Conventional
Property
Bedroom
--
Bathroom
--
Property Type
Conventional
Square ft
3000
Property Description
BACK TO MARKET!! “Rainforest and Ocean View Oasis" Presenting a gated property with 2 existing units and the potential for 4, including a fully renovated 3180 sq ft main house with 2 units and a 1350 sq ft guest house in need of restoration, with 2 units. The place is absolutely move-in-ready (Turnkey). The property houses a successful Airbnb business called Lucky Luquillo LLC, fully compliant with local regulations. The income unit is fully mounted and stocked with 5-star amenities. Aside from short term rentals, sweeping 360° views make the property a perfect venue for small events like wedding showers, photo shoots, film and social media production, and pop-up meetings and performance events. The property, perched on a hilltop overlooking Luquillo Beach and Balneario Montserrate, offers a 1/3 acre outdoor space with ocean views out front, and sweeping views of the rolling hills El Yunque rainforest outback along with a lawn, fire pit, deck, and a 1000 sq ft uncovered patio. This gem features a rooftop with expansion potential for a third level or a panoramic 360° terrace. The property is 100% solar powered with a 21 panel leased solar system featuring a Tesla battery. The main house, boasting five bedrooms, three baths and equipped with eight (8) split air conditioners. All 50 windows and doors are new, complemented by high-quality storm shutters. A 600-gallon cistern on the roof, a three-quarter horsepower water pump, and a 50-gallon pressure tank ensure water reliability. Infiniti pool installation is made easy in our keyed area off the patio that is already finished and set up for that with both electrical and plumbing. Security is a priority with an ADT system, solar flood lights, and a 9-unit camera system covering the entire perimeter, with two secure garages and on-lot parking for 9 cars. All the improvements to the main house have already been made. The 3-story guesthouse needs rehab, but it’s a fabulous investment that will yield immediate returns with its two separate units that both have Ocean and rainforest views, and 360° views if you build a third unit one story up. This is property is conveniently located just 4 blocks away from the Blue Flag Beach El Balneario Montserrat, the Kioskos de Luquillo, the Fairfield hotel and casino by Marriott, and the Wyndham Grand Rio Mar Resort. Based on local comps, Pricelabs Dynamic Pricing platform currently estimates the annual rental revenue at $170,000 for this property. Explore the potential of this haven with fabulous views and endless possibilities! Seller financing available.
Property Information
Lot Size
-- square ft
Property Type
MultiFamily
Year Built
1990
MLS Number
PR9104130
Location
Address
218 CALLE 6
City
LUQUILLO
State
PR
Zip Code
00773
County
EAST PUERTO RICO
Listing
Provider
RE/MAX METRO, original listing
Name
RE/MAX METRO
Phone
(787) 314-1115
Office Name
RE/MAX METRO
Office Phone
(787) 314-1115
Agent Name
Evaristo Gonzalez Aponte

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.