I wanted to respond to the last comment / post by anonymous. You ask why it would take so long to get an offer for Sobu. Have you ever sold a home? We have been assembled or "on the market" for two weeks. If we were selling a $250,000 home in Bartow county it would probably take more than two weeks to get an offer - much less a $27 million dollar piece of real estate. I chuckle at the fact that "so long" for you is 2 weeks. We need to be realistic and understand that this may take some time. There are several factors involved in buying a large piece of real estate. I will give some examples:
1. Engineering will have to check out the building
2. They have to get the money together
3. They have to figure out home much they can earn when they convert to rentals
4. Make sure the zoning fits their parameters
5. CPA's will have to get involved
and much more.
They will do all of these things before they "put in an offer". This is not like your R.E. agent finding you a home, putting in a contract, and having the home inspection done, and closing in 30 days.
Just to Clarify.
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I wholeheartedly agree. This offer could take a little while, much less selling the building if this offer doesn't come through. Also, the "offer" will probably have "due diligence" requirements attached to it, which means they could pull out later if they find out things that would inhibit them from utilizing the site for what they wanted.
Look at our individual housing search: Many of us, if we're smart, put in an offer for an older home contingent on a building inspection right? Or get the building inspected first. If you find out the floor is falling in, or the roof needs repair, you lower your initial offer or go for another property. Take those simple variables for a single family home and multiply it by 1000 for a project this size. Any sophisticated developer will have pre-conditions before closing. And when it comes to 27 million dollar projects, there aren't any dumb buyers. Just remember: This thing isn't over until the property has officially "closed" and we have the money in our checking account!
Also, many of us know that it's become more difficult to get financing for homes than it was five years ago. Think about how difficult it is to get financing for a $27 million project! The offer may be subject to getting financing (I don't really know if that's common or not but it does happen when buying single family homes). This will take some time and we'll be EXTREMELY fortunate if someone buys all our contracts and closes in the next month or so. It's not likely to happen, though.
A lot of people had a reticence to sign that pushed this whole process out another 5 months or so. I remember that there were 20 or so who hadn't signed as of November, so we can't just blame the last few holdouts. It took MANY of us a long time to get our act together.
And we've finally pulled this thing together and now the real marketing starts. One thing is for sure... we'll never get more for our individual unit that we will get in an assemblage. We all need to be confident of that and be flexible, and this thing will get done!!
What will be developed across the street? Who are the developers? Where cn we obtain information about the development? Thanks...
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