The Thomas Duke Company has closed another transaction in Novi. The seller of this vacant 1.38-acre parcel on Grand River purchased the property back in 2006 and obtained site plan approval for an 8,000 square-foot medical facility. But when the market crashed in 2007, he couldn’t find a tenant or a buyer—despite the property’s excellent location.
Once the market began to rebound he waited patiently for the demand curve to meet his price. We advised the seller when to put the property back on the market and suggested an asking price. Less than 8 months later we closed with a cash buyer and quick terms.
So, is it location? Or is it timing? Both! We advised the seller on the “when” and “how much” questions that all owners ask themselves.
This situation typifies how we utilize every technical option available to us to carefully gauge market conditions and put our client’s interests first in every transaction.
If you’d like to hear firsthand about this transaction or how we can help you with your real estate location and timing, please call Steve Valli or Mark Szerlag at 248 476-3700