Doing a double take…
Lots of folks seem to be doing a double take on this listing in east El Cajon. Advertised as a two-bedroom, two-bath house for only $149,900, it is no wonder this property has been appearing on the daily stats board of most popular listings for over three weeks in a row. This house is located in the Woodcreek Estates which includes a gym, pool, jacuzzi, and clubhouse. Another Woodcreek Estates listing that catches your eye is a $158,000 three-bedroom, two-bathroom house just down the block. What’s the catch?
At first glance, these homes looks like amazing deals. The price makes any buyer do a double take, “Say what?!” Once you read the listing, though, you realize it is a land-lease property, meaning you don’t own the land (like a mobile home estate). And what’s the real asset you’re buying when you buy a house? The land it’s on!
If you were fooled by this listing, don’t worry, it got me too. I think they should add in the listing comments “GOTCHA!”
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