We're trying to sell an unfinished building. What advice do you have?

Question

We bought a condemned in-town house, gutted it, and restored it to the point where all the prep work is done. New doors, new windows, 6 steel I-beams in cellar, new reinforced construction. Present condition is an empty 1500 sq ft building which could be two townhouse apartments, containing only subflooring and stud walls. (No insulation, no wiring, no plumbing) Any thoughts on how to attract the next best owner? It is zoned commercial and residential.

Answer 1

Get a good realtor that specializes in commercial property. Don't expect to do well. There is still too much money that needs to be put into the property to make it functional. Best of luck to you--

Answer 2

In land sales we have 3 types of buyers:

the 20 year buyers who pay by the acre

the 5 year buyers who see the profit potential

the 1 year buyers who put in the utilities and roads.

We don't see that in "unfinished buildings".  What we see are:

the first person who ran out of money

the sharks who feed off the people who ran out of money.

You are looking at a pool of sharks.  They don't pay well.  If you could just get the building finished, you get all your money back and make a profit.  I'm sure you can't do that or  you wouldn't have written.

I already lived thru what you are doing. I was in your shoes.  Maybe you will get luckier than i did.   Just dump it and do better next time.  Get cash.  No promises of future profits.

Answer 3

Clearly you're not looking at the end user, so market to investors.  Make sure you market that the property can be developed into two residential units...this might excite some rehabbers.

Answer 4

Hire a great Realtor with commercial lofts experience. Interview a couple and don't take the one that says your place is worth the highest. If you contact me I can pre interview for you and refer to you the ones I think you should talk to. This will save you hours of work. <<<<or>>>>>put it on craigslist through Postlets.com ( its free) it allows for several pictures and as much info as you want. It looks so pro you will love it.