Case Study – Mt Baker Apartments
Key Deal Points
- 1501 & 1505 31st Ave S
- 5 Units
- Sale Price: $1.7M
- Brought Multiple Offers in a Stagnant Market
- Replacement Buyer Sourced within 48 hours
For more information regarding this case study, please contact:
Candice Chevaillier, CCIM
Principal
D (206) 773-2694
cchevaillier@lee-associates.com
Dea Sumantri
Vice President
D (206) 773-2680
dsumantri@lee-associates.com
Daniel Lim
Senior Vice President
D (206) 773-2692
dlim@lee-associates.com
Challenge
Long-time owners of a well-maintained property in Mt. Baker were transitioning into a new lifestyle which required a change in their investment strategy. Selling their property was key to this transition and maximizing their proceeds was crucial to achieving their goal. The Multifamily Team successfully identified a buyer who valued both the financial return and the unique location overlooking Downtown Seattle and the Sound. However, just five days before closing, with all contingencies waived and signings scheduled, the buyer unexpectedly walked away from the deal, leaving behind their earnest money and a shocked Seller. With the transaction unraveling, the team needed to act quickly to salvage the sale.
Action
During the marketing process the Multifamily Team strategically curated a competitive bidding environment by eliminating unqualified buyers and presenting the strongest offers. Anticipating potential deal risks when going under contract with the first buyer, they had maintained communication with the second-highest bidder, a group that was in the process of selling another property and was eager to exchange into local asset. Within 48 hours of the first buyer rescinding their offer and forfeiting their $32,500 in earnest money, the team brought in a full-price offer with nearly identical terms and placed the property back under contract before the first buyer’s earnest money had transferred into the Seller’s account. The Team’s proactive approach ensured a seamless transition for the Sellers.
Result
Despite the initial setback, the Multifamily Team successfully pivoted and secured a new contract with minimal delay. By leveraging their expertise and maintaining proactive communication, they guided the new buyers through the intricacies of the asset ensuring a smooth closing process. In the end, the Sellers not only achieved their lifestyle goals but also netted proceeds all in above their asking price, setting themselves up for a successful future.
"We were extremely pleased with Daniel and the Lee Team. They demonstrated professionalism, responsiveness, and a proactive approach throughout the process. When our initial contract fell through, they swiftly secured a qualified second buyer and expertly guided the transaction to a successful closing."
- Greg & Rick