Inherited Property Real Estate Services – Case Study
Three Property Residential Portfolio – Delray Beach, Florida
This case consisted of a portfolio of three residential properties that was left in trust to two individual heirs, both of which were not local to the South Florida area. Quantum Realty Advisors, Inc. (“Quantum”) was referred to the heirs by the estate’s elder law attorney as well as a real estate attorney who assisted with the case. Quantum provided full service management and assisted the estate with the marketing & sale of all three properties.
At the commencement of this assignment, our team did a comprehensive assessment of the condition and marketability of all three properties. Each property was evaluated on an individual basis to determine its strengths and weaknesses how best to position the home to be sold for the maximum value possible. A written report of our findings was provided to the heirs along with a our opinion of value as well as recommendations on how best to proceed with the marketing and sale of the properties.
Prior to beginning any marketing efforts, our team coordinated cleaning and staging of the single family home as well as spoke with the individual tenants for the investment property in an effort to determine how best to show the property to prospective purchasers.
The three individual properties were located in the same Delray Beach neighborhood (Tropic Isle) and can be described as follows:
Waterfront Single Family Home
This property was the former primary residence of the decadent and was considered to be in fair condition for its age and use with some immediate maintenance needs. This three-bedroom / two-bathroom single family home consists of a total of 2,503 square feet and was originally constructed in 1969. Property features included a deep water dock with electric lift that could fit up to a 40 foot boat, outdoor pool, two car garage with circular driveway and
The Quantum team conducted a comprehensive marketing campaign using a variety of traditional and on-line marketing strategies and sold this property for $762,500 to an all cash purchaser.
Investment Property #1
This property was a duplex style property that was originally constructed in 1957 and was acquired for rental income purposes. This property was found to be in fair to average condition at time of assignment with both units being occupied by tenants on annual leases. Unit #1 consists of two-bedrooms and one bathroom for a total of 1,201 square feet with unit #2 also consisting of two-bedrooms and one-bathroom. However, unit #2 was slightly smaller at 1,022 square feet.
After arranging a schedule that was convenient with the existing tenants, the Quantum team put this property on the market.
Substantial activity was received immediately after marketing commenced and the property sold for $430,000 in just 16 days to an all cash purchaser.
Investment Property #2
This property was a tenant occupied townhome style unit that was originally constructed in 1987 and acquired for rental income purposes. The unit was considered to be in average condition for its age and use with minor maintenance needs. The property consists of two-bedrooms and two and one-half bathrooms and contained a total of 1,530 square feet. Features include a one-car garage and a large fenced large with outdoor patio area.
Quantum worked with the existing tenant during the lease period and once the property was fully vacant, the team was able to more aggressively market the home.
The property was for $264,000 in 20 days after the property was vacated by the tenant.
With both heirs not being local to these properties, Quantum acted as their full service property manager and made sure that each home was being well maintained by the estate vendors during the marketing and sale process.
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