Months ago, Eric von Bluecher brought an offer for these properties and the owners were very eager to simplify their lives. They had been fielding calls from countless agents! After meeting with Eric, they received a higher offer from a different agent. Based on the terms, Eric predicted that it would not successfully close. Sure enough, after 60 days in escrow, the contract fell out.
The owners were hesitant to list the properties, thinking that it would be too much of a hassle. But after dealing directly with so many agents and having a contract cancelled, they turned to us for an exclusive listing. They were motivated to receive top dollar for the sale and, when all was said and done, wanted $3,000,000 in their pocket.
Most investors want to purchase either land or multifamily buildings, not both. The team fully marketed the listing to principals and agents. Also, Eric researched development parameters for the two vacant lots and knew he had to find an experienced developer familiar with Venice’s super strict building climate. Eric combed through years of owner/developer sales data and called hundreds of SoCal developers to find the right fit.
Eric successfully found a needle-in-a-haystack buyer who was experienced in Venice development and ready for a new project. The Sellers selected this Buyer because of his ability for a quick, all-cash close using 1031 exchange funds.
The properties were listed for $3,600,000 and sold for $3,300,000, which is 10% more than what the Sellers had hoped for. Even after paying listing commissions and closing costs, they netted more than $3,000,000.
This transaction truly showcases how the team offers above-and-beyond full-service representation for clients. We fully market listings, cooperate with outside agents and negotiate on behalf of our Sellers while searching for the most qualified Buyers to successfully close transactions.