Challenge

This property was part of another 1031 tax-deferred exchange I helped my client purchase in July 2022. This was a very interesting time in the market as interest rates had begun to rise but Seller’s price expectations had not begun to fall.

Action

We identified Mission Valley as a market we wanted to focus on with the new SDSU West campus going up across the freeway. We submit 7 offers on different properties including 5924 Caminitoo Deporte, however, could not come to an agreement with the Seller on price. Our 45 day window to identify our replacement property had only just begun though so time was on our side. We really liked this property and saw the long-term value in it so each week I would check in with the Seller’s agent to see if the Seller was ready to negotiate.

Result

This property was originally listed for $745,000, stuck to our guns with our initial offer of $650,000 and after four weeks of following up were able to finally receive an accepted offer.