Tuesday, March 30, 2010
100% Waterfront Occupancy at 75% of the Value!
Attention, investment partners and homeowners looking for a big bargain!
BUY 75% interest for 100% occupancy of this 1960’s Northwest contemporary home with spacious 2323 sq ft, just 3 miles from the Seattle-Bremerton ferry dock!
Buyer is purchasing a 75% interest (fractional ownership) in the property. Fractional ownership terms: $250,000 represents a first lien 75% equity ownership position in the property! Seller maintains a 25% interest (equity ownership) in the property, but majority owner gets 100% of the occupancy and tax benefits of homeownership. Buyer to cash out seller's equity position in five years, through refinance or other pay-out; or buyer and seller to split profits 75/25 if sold within five years.
How does this work? 75% interest for the buyer is the larger share of a legal "tenancy in common" ownership. Tenancy in common is a form of concurrent ownership that can be created by deed, will, or operation of law. Several features distinguish it from joint tenancy: A tenant in common may have a larger share of property than the other tenants. The tenant is also free to dispose of his or her share without the restrictive conditions placed on a joint tenancy. Unlike joint tenancy, tenancy in common has no right of survivorship. Thus, no other tenant in common is entitled to receive a share of the property upon a tenant in common's death; instead, the property goes to the deceased's heirs.
Home boasts a main floor entry which leads into a dramatic great room with floor-to-ceiling windows, new hardwood flooring, refurbished kitchen cabinets, and vaulted ceiling atop heavy timber construction. Located off the main living area, the custom kitchen includes tiled counters, skylight, and JennAir cooktop range.
The main level has three carpeted bedrooms with good-sized closets. A separated full bath is located in the main hallway, with one room having a tub/shower combo and vanity, and the adjacent room with a toilet and vanity. The large master suite has a vaulted ceiling, double closets with louvered doors, and private bath, with two skylights, double vanity, vinyl flooring, and tiled shower and countertops.
The finished, daylight basement level of the house opens to a large family room with views of the water, a wood stove fireplace, and its own separate lower level entry from the yard or from the garage. An additional ¾ bath is located off the lower level bedroom. The lower level also has a built-in one-car carport and a one-car garage. The house has been well-maintained with new septic (2004), new roof (2006), and new oil furnace (2006). Now with new hardwood flooring, new dock, refurbished cabinets!! Potential renovations for additional equity might include bathroom and kitchen upgrades and adding a downstairs kitchen to create an ADU or MIL unit.
Current tax assessed value of this parcel is $378,000 (75% would be $283,500).
OPEN HOUSE THIS EASTER SUNDAY, 2-4 PM! Find out why Money magazine voted the Bremerton/Silverdale area among the top areas in which to invest in housing!!