28 Sep Off-Market Transaction Closed in Two Weeks – 1028 12th Street, 90403
All Cash for 24 GRM in Santa Monica
This off-market transaction was the perfect match of a Seller desiring a high price and a quick close with a Buyer who invests in a small geographic radius and buys only upside-potential buildings. The Seller’s family had owned the property for decades and, while it held great sentimental value, it was in dire need of repairs and renovations.
Prosser Stevens agent Eric M von Bluecher heard the Seller’s desire to simplify his portfolio without the typical hassles of seller credits and a long escrow. After presenting a strong proposal, the Seller compared with other brokers and was hesitant to embark on a potentially stressful journey of selling the property. With great expertise of the market and its investors, Eric selected a qualified Buyer who was willing to pay the price the Seller desired with a quick close, all cash and zero credits.
The Buyer is looking forward to great upside potential after completing the necessary renovations. While the sale GRM was considerably higher than the market average, the price per unit was 10% lower and the Buyer is confident that the ROI will quickly be a great asset.