Challenge
This trophy asset is located in the prime Tree Section of Manhattan Beach, walking distance to shops, restaurants, and the beach. The owner was looking to cash out, but the challenges brought on by COVID-19 caused loan terms to change dramatically, making it difficult for buyers to procure financing. Additionally, the escrow and lender were moving slower than usual as professionals adapted to working from home.

 

Strategy
By resourcing Matthews™ Integrated Real Estate Management System (IREMS), industry-leading marketing, and proprietary database, the team was able to create a competitive environment for the property and source a buyer. The buyer, a Manhattan Beach native, was motivated to expand his portfolio in the South Bay. Rather than requesting an extension to source new debt, the buyer closed all cash.

 

Results
Thanks to the diligent effort of the Matthews™ team, the property went under contract and closed during the COVID-19 pandemic with short due diligence as an all-cash transaction in a 30 day close of escrow. The seller was able to sell for market value and the buyer accomplished their goal of expanding their portfolio.