My wife and I are in a very unique real estate situation. We own nearly all of the historic district of a small Georgia town: Post Office, Cafe, Theater, Bank building, warehouse converted to office/residence, old cotton gin, warehouses on railsiding, vacant lots, all Victorian era brick structures. Most restored to near original.
We believe the value of the whole is greater than the sum of the parts but we will divide it if necessary. Because of family illness we must let it go.
Our town is located less than an hour from two relatively large cities (Savannah and Augusta) and we have listed it with agents in both cities in the past. However, it seems that they were reluctant to advertise as required and they said that the “uniqueness” was a drawback because it limited the pool of potential buyers. Is this true?
We suspect that the buyer of this type of property would most likely not be “local”. Are there “national” brokerages that may be able to handle the sale?
The uses of the properties are varied; commercial, residential, industrial. How does one market them?
The properties have very little debt against it so we are flexible with structuring owner financing. We just want it to live on!
We are both professionals, but not realtors, so we appreciate commissions and are willing to pay them.
Can anybody out there help us?!
:-?
Hello CharleyB,
I would tend to agree with your realtor. Although you might prefer to sell the properties as a block, you are going to have a hard time finding someone like you that loves the area as you do. I think it would be easier to find some to love the railsiding, someone else to love the cotton gin, etc. If you do find someone that would like to buy the entire section, he/she would probably only buy it at a deep discount. I find it analogous to someone buying a large company and then selling off the pieces for more money than they paid for the whole thing. Also, if one company or person bought the whole thing, they would have to have a plan for each individual part. It might be better for you to sell the areas that can make money for your purchaser and then donate the parts that would not be profitable to the city for a park. You will get at tax credit for the value of the property and get to see the land continue as it is.
Good luck in your sale.
Wilson
Just think we almost slept thru this one! This is a whole town appraised at almost 4 million dollars! that I am trying to aquire for 1.5 million! I guess this taught me a lesson in looking at all posts! check out this deal! at www.rockyfordinternational.net it is pretty cool!
I have read that EBAY is a good source for this type of property.
You get world wide exposure. Foreigners can gain citizenship if they buy a large US business.
Please verify all of this. There are investors that specilize in doing this.
Gino