This estate featured of a portfolio of a three properties residential portfolio that was left in trust to two individual heirs, both of which were not local to the South Florida area. The properties included a personal residence and two separate rental investment properties.
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. Our findings were provided to the heirs along with an opinion of value for each property along recommendations on how best to proceed with the marketing process.
Waterfront 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 outdoor pool.
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.
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.
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.
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.
Do you have a property to sell?
If you have a property that you need to sell, now is the time to call Quantum Realty Advisors, Inc. for a free, 30-minute consultation to discuss your immediate needs and how we can help to address them.
On behalf of our clients and strategic partners, we have successfully sell over hundreds of residential and commercial properties in most major markets nationwide.
Our team has an extensive network of highly experienced partner brokers who can assist with all the local requirements, and we will personally be there for you every step of the way.
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