635 San Juan Ave, Los Angeles

The LAAA Team of Marcus & Millichap is proud to announce the successful sale of this opportunity to build 2 units or homes at 635 San Juan Avenue in Venice, California. Just one half mile from the world famous Venice Beach, this ideally located lot offers a total of 5,222 square feet of land (0.12 acres), and the RD1.5 zoning allows for 2 units or homes to be developed.

This was our 4th successful bankruptcy sale this year where we were hired by the foreclosing bank, and we have one more currently in escrow.

One major issue we had when marketing this listing was overcoming the fact that this land is governed by the Coastal Commission which is notoriously difficult for developers to work with. Because of this, a large portion of the local developers would not touch this deal which made this a tougher land listing to sell. However, with our extensive database of developers and brokers who work with developers, we were still able to produce multiple offers, and we got it sold just under our list price within 30 days of signing the listing agreement with the bank.

Initially, the winning buyer was going to close in 30 days with a hard money loan, however the buyer decided to close all cash because he was going to have all the cash needed to close but only if we were able to delay the close of escrow by two months. Of course, the seller was not initially happy about delaying the close of escrow, but we were able to negotiate that the buyer had to release a very large deposit out of escrow to the seller in order to "buy" the extra time to close. After a couple back and forths, we were able to get the buyer to release more than $200,000 nonrefundable to the seller in order to get the extra time to close. By negotiating this more than 10% deposit to be released, we were able to give the seller a true sense of security that this deal would close and they allowed the 2 month extension which helped get the deal the buyer wanted. This was yet another example where we saved a deal from relying on our vast experience of 300 closed deals which gave us the negotiations skills needed to get this deal done. Both buyer and seller are very pleased with the result and so are we!

If you are interested in other development opportunities, our team currently has more than $40M of development inventory. Please give us a call or email to learn more about all of our land listings.

Closing