Brainstorm
Looking to see if I can find more than one way to skin a cat here.
Property is a 9 unit condo bldg. 4 Stories No parking and material condition of the property is good to fair. 1/3 of units updated balance fair to no change.Sq/footage living space is approx 7600 sq fr. All units pretty similar in size but diff levels in regards to condition.
Recent sale of a remodeled and upgraded unit was 4/2004 for 126,000. That are looking today for closer to 150 K for resale.
Add to this we are putting in new building next door and may be able to offer as incentive preconstruction pricing in the new bldg vis a vis a credit.
Magic number is approx 1mil for the bldg from a purchase stand point. or 131/ sq ft. Condo owners see the 126k sale on 4/2004 and feel todays price is 150K.
I have though of the following approaches:
a. all cash offer
b. Using 126k as benchmark offer 126 cash for those premium units plus 15 credit at closing to be applied to new construction pricing next door.
c. sliding scale say if 126 is premium then guy in basement is 115k etc.
Any other suggestions? we can provide favorable financing also. what I dont want to get into is so many choices that it becomes a mess and quagmire.
Any thoughts suggestions or ideas are welcome. Crtiques as well.
Thank you all for your time.
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