After letting a property sit vacant for over a year, the Las Vegas-based owner elected to appraise the property and market it in line with appraisals and the SVN’s opinion of values assessment. The owner utilized the services of SVN’s Desert Commercial Advisors office team, Justin Horwitz and Paul Borgesen III to dispose of the asset. The property sold over the original list price for $635,000.00.
This particular property was taken to market at $605,000 and received immediate interest from investors and users alike. After many tours and multiple offers, the successful bidder ultimately was able to acquire the property at $30,000 over the list price. The property was under contract after being on the market for only two weeks and required only a thirty-day escrow to close the transaction.
Horwitz and Borgesen III represented the seller, Robert Bigelow with Bigelow Arizona 7th Street, LLC out of Las Vegas, Nevada. The property is located at 2722 N. 7th St. in Phoenix. The buyer, 2722 Investors, LLC was represented by Merrill Miller of Merrill Miller Properties. Horwitz said, “This transaction is a great example of the type of velocity that this market is capable of when a property is priced right. It is also a true indicator that the SVN philosophy truly does deliver results.”
The new owner purchased this property primarily as an investment property with plans for modern upgrades to the building both inside and out. His vision for creative space will make a great office space for new tenants when the time is right. “When possible, market pricing combined with maximum exposure to brokers and investors alike will ultimately lead to more prospective buyers leading to higher prices and more attractive terms for the seller,” Horwitz stated this is an important factor during the marketing process that our SVN office thrives on.