Getting Excited about Real Estate

A few times every year, I come across a property that I find is listed way below the potential value of the property.  Sometimes these are properties that have been listed for a long time and the price is reduced and sometimes they are new listings that a motivated seller wants to get rid of quickly.  Last month I saw two properties that got me really excited.  One was a 10,000 SF industrial building on a major street in town that the price was reduced from an original price of $699,000 to $329,000.  The other was a commercial piece of property on US-31 that was reduced from $99,000 to $29,000 (with a house and storage building on it)!  I contacted all the people who had expressed interest in similar type properties to tell them about these great deals that I found.
The industrial property received two offers which are still being negotiated.  I told a client about the US-31 property and he got as enthusiastic about it as I was.  We are set to close on that one next week.  In times when it can be difficult to get a property sold or get to the closing table, it’s great to have some fun deals.  These are the ones that put a smile on my face, knowing my client has made a great investment.
Note: as I write this I’m watching an online auction of 11 acres of land with 430’ of frontage on Intermediate Lake in Bellaire.  So far it’s at $21,000!

-Dan Stiebel, CCIM

Dan Stiebel

Dan Stiebel

Associate Broker
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