SELLING A KETCHUP POPSICLE
Took 'em a few tries, but the 68-unit double courtyard apartment buildings at 7107 to 7129 S Bennett were finally snapped up by a private investor for $400k (well over the asking price of $335k). Building Equity RE's Dan Rosenberg and Peter Lynn were the sixth team of brokers to try their hands at selling the structures, which had been slated for redevelopment as condos and vacated 10 years ago. Quite a sad story: they'd been bank-owned by a failed bank and many potential buyers thought they would be better off tearing down and starting over on the buildings. But a happy ending: as Dan and Peter lowered the prices of the units, they saw more and more potential buyers come forward. Pricing was crucial in getting the buildings off the books, but the deal is no stea l, Peter tells us—the new owner will pay at least $2M to renovate and lease up the dilapidated units.