Cambridge Condo Conversion Chronicle - Part 1

I am PUMPED!!! 

So a few weeks ago, I took a look at a three family home in Cambridge.¬† It was pretty good and it was fairly priced, but it needed a fair amount of work.¬† After only 12 days on the market, they dropped the price by $70k (I like to call this “chumming the water”).¬† Well this shark took the bait.

I put in the offer on Saturday morning, and after some clever and aggressive negotiating (if I do say so myself) I locked it up around 9:30 PM that night, before they could have their first open house since the price drop.  What a rush! Negotiating is definitely the best part of the job.  I like to compare it to two boxers facing off in the ring going toe to toe. 

So the place is far from mine yet, there’s still plenty of things that can go wrong, but I’ve decided to catalogue the process of a condo conversion on the blog for all to see.

So as of now, the offer has been made and accepted, my contingencies are in line (mortgage / pest / inspection),¬†and the unit is to be delivered vacant.¬†¬†Massachusetts can be a real pain in the butt to do a condo conversion.¬† They view it as a “kicking tenants out on the street to make money”, as opposed to “relocating tenants in order to beautify a property and raise surrounding property values.”¬† Neither view is right or wrong, but bottom line, if you’re in MA, get the property delivered vacant.

¬†I have already ordered the inspection it will be this Thursday, I will be getting the Contractor in at the same time to get a quote.¬† If I was a real pro, I would have already had my buyers lined up so I wouldn’t have to deal with any carrying costs.¬† But I’m an amateur, and I’d probably have to settle for wholesale prices to have buyers lined up by now.

Plenty more to come, here’s what could be my new baby as long as it doesn’t have any complications in the “birthing process”

One Response to “Cambridge Condo Conversion Chronicle - Part 1”

  1. Carnival of Real Estate Blogs » Pine Needle Lawn Says:

    [...] Jon Ernest at Spotlight Realty’s Blog is “PUMPED!!!”¬ He just negotiated a purchase agreement for a condo conversion he will be starting once the “normal” contigencies are satisfied.¬ This post is part 1 of a chronicle which will take us through the entire process. [...]

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