Challenge:
Our journey began with a property entrenched in challenges—a long-term owner, deferred maintenance, and a diverse tenant mix. The variable lease terms and blend of commercial and residential occupants made showcasing its live-work potential a daunting task.
Actions Taken:
Undeterred, we strategized extensively. Our arsenal included meticulous documentation, a captivating Matterport 3-D virtual tour, and breathtaking drone imagery. Crafting a compelling marketing package, we orchestrated two thoughtfully planned open houses, prioritizing minimal disruption for tenants. An initial call for offers set the stage for a streamlined process.
Results:
Our efforts yielded tremendous interest, drawing nearly 50 in-person tours and generating six offers that exceeded expectations by $107,000 above the asking price. Despite initial success, challenges emerged when the first buyer aggressively pursued a re-trade strategy, and the second buyer withdrew due to personal reasons intertwined with external conflicts.
Adapting swiftly, the seller engaged a third purchaser, marking a pivotal turn. Escrows were established to address structural concerns and other lingering issues. Facilitating owner financing for a portion, we navigated complexities, ensuring a successful and mutually beneficial closure—a testament to our commitment to overcoming hurdles and achieving success in even the most challenging landscapes.
