12-Unit Building (Wrigleyville)
Best Approach to Maximizing Value in a Upward Trending Market : Asking Price vs. Call for Offer Deadline
Based on the strength of the multifamily market, Sheldon Good & Company implemented a "Call for Offers" deadline. The deadline was set 4-weeks following the sellers retention of Sheldon Good & Company.
The marketing efforts and the offer deadline resulted in 30 building tours and 15 offers. The building sold for $2.5 million (appraised at $1.8 million). The competitive bid approach maximized the assets value in the upward moving multifamily sector.
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