For decades, the 15 acres on Mill Street in Plymouth housed the Bathey Company, a manufacturer of automotive parts. When Bathey closed its doors in the late 80’s, its property fell into foreclosure and disrepair and was then demolished. This property changed hands many times and each new owner had an idea for its development. Sometimes their ideas didn’t suit the property, other times their ideas were poorly timed to cycles in the economy.
In 2013, we sold the land to a local investor, he consulted with us and we advised holding it until the residential market corrected. He was financially able and patient enough to wait. When the market corrected, the property’s value rose substantially and he knew the time was right to sell.
Calling on our extensive database and area experience, we marketed the property and brought the seller 5 full-price offers. He chose to sign an agreement with Pulte Homes to buy 10 of the 15 acres, leaving an additional 5 acres still for sale. The sale closed in May.
Land that was a community eyesore for almost 40 years will soon be the site of 78 luxury townhomes. This investor succeeded where others failed because of his ability to move with the market’s timing. Sell too quickly and you leave money and opportunity on the table. Wait too long and the market passes you by. Evaluating property values and marketability is our business.
