Sunset is desirable due to its exclusivity, excellent views, and short walk to downtown. It's a coveted location.
Listed in March of last year at $5MM, the seller was confident in their asking price. They held firm, refreshing the listing on a weekly schedule. Summer turned to fall, and like a Tasselled Wobbegong, they waited for the right buyer. Four months later, it sold for $4.8MM ($707/F.SQFT) or 4% below asking.
The property gained $2MM over eight years of ownership, with minimal additional capital expenditure, for a cash on cash return of 1.7x and 7.1% iRR.
Photos and Listing Details
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
Ready to buy or sell? Schedule an appointment or call 303.746.6896.
You can also like our Facebook page or follow us on Twitter.
As always, your referrals are deeply appreciated.
--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
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