After his recent record-breaking sale, Adam Reid thought surely the price-per-door for a multi-family property in his team’s region couldn’t go any higher. Then it did, and he was the broker, again.
The owners of a 5-unit building on Pardo in Garden City originally contacted Adam about selling their property in 2015. In conversation with him, they decided first to upgrade the units in order to achieve a higher selling price. Five years later, they called again. Freshly renovated, the building was ready for the market.
Tapping the Thomas Duke Company’s unique database and the network of investors who trust his team, Adam immediately identified qualified buyers looking for a building of that size in that locale. Days after listing, he put it under contract.
Then COVID-19 roared into the region. The state was put under lockdown and banks ceased lending. The buyer was forced to terminate his contract.
When the lockdown eased and markets began to regain momentum, Adam again put the property under contract. This time the sale closed in short order. And Adam saw that his sale had once again set a new record for multi-family units in eastern Wayne County—$58,000 per unit.
Though the times are uncertain, there are a few certainties. One is that we are completing transactions at record high values. Interest rates are historically low, and buyers are taking advantage of the opportunity. So should you. Call Adam Reid at the Thomas Duke Company today: 248-476-3700.
