Is it Easy Money?
Selling any real estate might seem easy money to anyone that is not in the business but each transaction can be a challenge and a learning experience. One of my new agents said to me this morning – “I just want one deal to go easy!” Very rarely does this happen and deals seem to be harder to close now more than at any time in my career.
How is Value Defined?
In the sale of commercial buildings, as this one at Atlee Station was, the purchase is usually purely a business decision. Does the property perform in a way or have income that supports a certain price? The answer to that is generally how value is defined. In this case, the building was older and had not been updated since it was new but we had a purchaser who saw the underlying value in the property. The seller had the building built for himself and it created a nice income stream over the years – but the building clearly needed a complete overhaul.
The buyer has done an amazing job of transforming what was once a rundown commercial space into a fantastic looking multi-tenant property on a prime corner close to 295. The money that was spent, and I’m sure it was considerable, has really made this property stand out as a showcase for what can be done with older properties.