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Initially planned to be the entrance to the several hundred acre Sunrise Valley Development, the 25 acre parcel became bank owned after the collapse of the housing market. Jon Walter at NAI received the assignment to assist with the disposition.
“Initially, the bank listed the property well above the market,” said Walter. “Even so, I took the responsibility to sell the property seriously. I took photos by helicopter to capture the parcel in a way aerial imagery couldn’t. Our marketing and GIS staff created a custom brochure for the property to provide the best possible presentation, and our office coordinator ensured the property was placed in every available marketing avenue possible. We sent the property to several thousand possible prospects. I called nearby property owners and dozens of developers who could be candidates for the parcel.”
Even with the right exposure, the property didn’t immediately sell. It wasn’t until the bank adjusted the price to the current market that the buyers who Jon contacted became interested enough to make the purchase. A few months and a couple offers later, the property sold. Walter reports that this type of marketing is typical of the services provided by NAI Utah Southern Region, having completed more than 200 Commercial, Land, and Investment transactions in 2011. Walter is a commercial real estate agent and partner at NAI Utah Southern Region.