In today’s market, some sales are moving so fast that even an experienced broker like Dave Tesch is surprised.
The owner of two brick, ranch-style apartment buildings in Mt. Clemens had been talking with Dave about listing her property for three years. He advised renovating kitchens, bathrooms, and flooring to add value to the 12 one-bedroom units and bring the below-market rents up to par.
She took Dave’s advice. Almost immediately the apartments were commanding higher rents. Even so, by the end of August, the owner was ready to be out of the multi-family apartment business and spending winters in Florida. She called Dave.
He listed the property on September 11. Within a week, Dave had six offers for the seller. She called for a best and final offer and chose the buyer with an attractive land contract, a strong down payment, and a short inspection period. By September 23, the property was under contract. Ten days later it was sold.
Start to finish in 22 days. The sale earned the seller $48,600 per unit—more than 98 percent of her asking price—well before her departure for Florida. By comparison, four years ago Dave sold a similar multi-family property in Mt. Clemens for $34,000 per unit. That sale took 7 months.
Dave can’t promise every multi-family property will sell in record time for a record price. But with demand through the roof and supply low, there might not be a better time to try!
