Buyers Bela and Lilebeth Bobis of Scottsdale, AZ beat threeother offers for the property at 1623 W. Missouri Ave. because theywere local and flush with funds through a 1031 exchange. "They werea known entity in the market and could get through the escrowperiod quickly," says Brian Smuckler of Marcus & Millichap RealEstate Investment Brokerage Co. in Phoenix, who represented buyerand seller, Christopher and Connie Burger of Bakersfield, CA.
Smuckler tells GlobeSt.com that the transaction disposes of theseller's last asset in the metro. "They'll probably concentrate onsomething out of state," he says.
Smuckler says the buyer got the exchange funds from a local salein late 2005. The Missouri Avenue replacement property was listedfor $1.67 million.
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