Slow Market? Not for this Property!

Even in a slow market, real estate is bought and sold every day of the week. Even Christmas Day.

Don’t believe me?

Check out 3253 Holmes Avenue South, a fourplex just east of Lake Calhoun that hit the market this morning (yes, Christmas Eve):

According to the listing agent, the property needs about $100k in various capital improvements, including new windows and boilers. But at $139k, it’s still a screaming bargain, given the proximity to Lake Calhoun, the assessed tax value (just under $500k), and potential upside.

The agent said there’s a line eight deep to see the property tomorrow (she’s in FL today, and can’t show it till then). She also said that she’s already received multiple offers, sight unseen — and I don’t doubt it.

Best guess is that it sells as soon as the bank contact is available, presumably Friday, for well over asking price.

P.S.: I’d love to have an investor for this, but I don’t, at least at the moment. If you see this post before 5 p.m. on Christmas day and are interested . . Call me! I’d be happy to show you the property, then head straight back to my office to write an offer.

Christmas Day update (4:14 p.m.): the listing agent called to say that my showing request today was declined, because the property was sold, apparently to a Buyer who has yet to see it.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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