5 Units | Mar Vista | Record Sale
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The successful closing of this 5-unit multifamily property in Mar Vista, located at 4211 McLaughlin Ave.
Deal Story
We listed this property in mid-September for a repeat client of ours. Within 10 days of hitting the market, we generated six offers from qualified buyers. These buyers came from outside brokers as well as from our own clients, and they ranged from $1.55M on the low end to $1.7M on the high end. After the seller gave counter offers to the top buyers, one buyer emerged as the clear choice. This buyer, another client of ours, was coming out of a 1031 exchange, and he had a proven
After opening escrow, the buyer's inspector came back with his report estimating $50k - $75k in deferred maintenance on the sewer line, electrical systems, and other general repairs. The buyer wanted a large price reduction before removing his contingencies, but the seller had more leverage in this situation due to our marketing efforts generating 5 backup buyers.
In the end, we negotiated that the buyer would receive a $15,000 price reduction in exchange for removing all of his contingencies and releasing his nonrefundable deposit out of escrow. From then on, escrow went off without a hitch leading to our closing on November 28th, which was less than 75 days after we signed the listing agreement with the seller.
The successful closing of this 5-unit multifamily property in Mar Vista, located at 4211 McLaughlin Ave.
Deal Story
We listed this property in mid-September for a repeat client of ours. Within 10 days of hitting the market, we generated six offers from qualified buyers. These buyers came from outside brokers as well as from our own clients, and they ranged from $1.55M on the low end to $1.7M on the high end. After the seller gave counter offers to the top buyers, one buyer emerged as the clear choice. This buyer, another client of ours, was coming out of a 1031 exchange, and he had a proven
After opening escrow, the buyer's inspector came back with his report estimating $50k - $75k in deferred maintenance on the sewer line, electrical systems, and other general repairs. The buyer wanted a large price reduction before removing his contingencies, but the seller had more leverage in this situation due to our marketing efforts generating 5 backup buyers.
