"This was being held by a family trust and the seller knew thishad the potential to be a condo conversion. With this type ofproduct, time is of the essence," says Neil Sherman, a senioradviser with Sperry Van Ness in Phoenix. He and colleague DougLazovick represented the seller, Stickman Properties LLC, indisposing of the 10525 W. Monterosa St. asset. Sperry Van Nessbroker Danny Lee handled talks for the buyer.
Sherman explains that, in addition to taking advantage of astrong market, the sellers didn't want something requiring quite asmuch hands-on management. "They're moving the proceeds intonon-multifamily product," he tells GlobeSt.com.
The winning contract was placed within four days of the listinghitting the market. The new owner is planning a condo conversion,according to the brokers.
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