SOLD for $1.6 Million
Another amazing deal just closed, in this case we represented the seller and maximized his profit by selling way above appraisal value! How did we sell above appraisal? My seller purchased this house for less than half the price, went to the city to get all the right certificates and licenses and transformed the house into a short-term rental property. For over a year he managed and operated it as an Airbnb income producing property and got amazing 5-Star reviews from over 150 guests. Then, we sold it as a BUSINESS and not just as a piece of real estate. When you sell a business and you have a proven income and bank statements, investors are buying it based on the ROI (Return on Investment) and the real estate appraised value is irrelevant. Also, the comps are irrelevant because this is a money-making machine rather than a regular house on the market. This was successfully done by marketing the property well and of course the seller did an amazing job showing very high income from previous year.