By Drew Burchette, August 7, 2019
In the spring of 2018, my clients Anne & Gurpreet sold their home in the Sabin neighborhood of NE Portland to move to Scottsdale, Arizona. They landed in their new home in June when the temperatures regularly sore into 100’s. Soon after I got a call that they were considering a property back in Portland that could double as a short-term rental investment and a summer home.
We explored several different options, but kept coming back around to a condo-townhome complex in the Mississippi District. The place has 15 units and there were a handful that had not sold after several months on the market. With a complex like this, it is always risky to be one of the first buyers in because you don’t know how the project is going to be received. They could all sell immediately or it could take a long time with multiple price reductions.
We watched this project waiting for an opportunity. The time came to offer in July of 2019. The prices had come down by $20k to $40k from the original offering and the sellers were ready to deal. They didn’t want to come down on price much more, as not to screw the folks who had already purchased, but there are other terms to play with. At the end of the day, we negotiated an enormous seller credit for buyer closing costs, new AC unit and a matching refrigerator + washer/dryer. Patience really paid off for the buyers and now they have some roots back in their favorite town.
Drew Burchette
Principal Broker | OR
I arrived in the real estate business over a decade ago and have since helped scores of people buy and sell their homes.
The groundswell that I created in my practice is rooted in the relationships that I have nurtured over the years. My style is educational, and I see myself as the coach and leader of your real estate transaction. My coaching is geared towards empowering you to make informed decisions that will lead to your best possible outcome. I excel at asking the questions that get to the heart of the matter which in turn enables a smooth sale process.
Away from the office I am passionate about so many things, but it all begins and ends with my family. My boys are both in elementary school and parenting is an ongoing challenge and joy for my wife and I. We love to travel around Oregon, the East Coast, Mexico and beyond. My passion for surfing, kiteboarding, and fishing help to keep me grounded in life.
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