This transaction is an excellent example of why sellers need a knowledgeable and aggressive agent who can handle a transaction when things get tough. This property was a condominium on Ridgeley Drive in the Museo Lofts that would normally sell quickly – ideal location in Miracle Mile, modern loft-style penthouse unit, recently built in 2009, and more. After putting in significant work to prepare the property for listing, the property hit the market in early July, just as interest rates spiked. What was once a sellers’ market quickly became a market in which buyers were reluctant to pull the trigger due to higher cost of borrowing. With some patience, aggressive marketing, and relationship-building with local buyers’ agents, we were ultimately able to secure a buyer for the property. With a smooth escrow process, we were able to close escrow less than thirty days later. Our clients, having already purchased their up-leg replacement property, can now move on with a significant return on their investment and no longer carrying two mortgages.
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