Record Breaking Multifamily Sale in North Hollywood
DEAL STORY
Initially, the seller expressed a willingness to sell off-market without granting exclusive representation. However, we emphasized the benefits of exclusive listing, backed by
our experience representing numerous sellers. Exclusive representation maximizes results in a sale, contrary to the belief that having multiple agents brings more buyers. We explained that an exclusive listing enables us to expose the property to our extensive network of over 20,000 investors and brokers, along with the wider online audience, resulting in greater exposure and a higher chance of multiple offers and competitive bidding.
Eventually, the sellers agreed to an exclusive listing after unsuccessful off-market attempts. They chose our team based on our impressive track record in the San Fernando Valley, which we demonstrated by presenting them with a list of properties we had represented in the area.
Listing the property in early May 2022, we swiftly generated three offers from qualified buyers. After negotiating with the buyers, the winning offer stood out with the best price and terms. Escrow was opened just two weeks after signing the listing agreement, highlighting the effectiveness of an exclusive listing. Despite months of lackluster results in the off-market phase, we successfully generated multiple offers and opened escrow at a record-breaking price within a short period.
While the escrow process was mostly smooth, a minor hurdle arose when the buyer received the inspection report, revealing long-standing deferred maintenance issues. To address this, we negotiated a reasonable credit to the purchase price in exchange for the buyer waiving contingencies, making the escrow deposit nonrefundable. With this resolved, we smoothly proceeded to the successful close of escrow.
Record Sale in North Hollywood
For LA rent-controlled apartment buildings (built before October 1978) in the 91606 zip code of North Hollywood, this sale has cemented itself in the all-time record books according to CoStar’s property sale records. At $344,167 per Unit and $390.47 per SqFt, this sale has become the #1 and #6 highest sales ever achieved, respectively.
