After considering all the options, and an understanding that the condominium market in this particular area had hit a standstill, we determined that it would be best for the seller to exchange into a larger property with a higher return on investment.
The strategy became to source a buyer that recognized the long-term value of acquiring a property at a premium, with a potentially very profitable exit strategy. The last step was to find an “upleg” suitable for our seller.
The property was proactively marketed to local buyers who also owned class-A properties in class-A locations. We also marketed nationally, through relationships and advertising, to ensure that we were comprehensive in getting the right eyes in front of this property.
How did we do? Here are the results:
- After two months of marketing, several offers had been received.
- Through screening, communications, and negotiations with all potential buyers, the final choice went to a wealthy businessman who paid all cash at one percent below asking price.
- After closing, and within the exchange period, we secured a 16-unit multifamily property in the class-A area of Westwood (which met our seller’s exact needs and goals).