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