We ran into a serious selling problem that required an outside Denver realtor to fix the problems. We build town home complexes in various cities and usually don’t have much problem moving the units at a rather tidy profit. We even survived the housing crisis relatively intact due to shrewd planning and a sense that the bottom was going to fall out of the market before it actually crashed. We cut back on our projects while our competitors rushed full speed ahead and ran into serious financial problems. What I’m trying to say is we’re pretty savvy about real estate.
A complex we put up in Denver gave us fits, however. There were unexpected cost overruns that delayed the completion of the project. That’s not usually a problem, but for some reason with this specific project it was the beginning of a list of problems and setbacks. By the time we finally were ready to put them on the market, we did expect them to move quickly. For some reason, they just sat on the market and we started losing a lot of money on taxes and costs. The person we hired to move the units wasn’t making it happen so we sought someone else.
I’m happy to say we contracted with a fantastic realtor who really understood the high end luxury housing market in Denver. Not only did he come up with a winning plan to move the units, he executed it himself and offloaded all of the units in a short amount of time. Moreover, he got us about one hundred dollars more a square foot than what we originally were willing to accept as a good deal. We just couldn’t believe our good fortune! We turned such a grand profit we’re building more in town and of course we’ll use our secret weapon to make the sale.