Tomorrow marks two years that have passed since the tragic Marco Polo fire. Last year I wrote an article about the real estate sales in the building a year after the fire. At that time, there were only 2 cash sales that took place. Fast forward to today and sales have increased over 500% with 11 transactions taking place.
Marco Polo Sales 2 Years After Fire and Years Prior to Fire
Increase in Sales and Loans Now Possible
Although sales aren't back to where they were prior (north of 20 deals per year), this was a healthy increase in transactions. Our office was able to successfully auction one off through Harcourts Auctions. Another driving factor was Territorial Savings started lending in the building. 4 of the 11 transactions got financing and the other 7 were cash buyers.
The Rebound has Already Taken Place
As I predicted last year, the building would ultimately rebound as lenders start to lend and Buyers come back into the marketplace. If you're thinking about buying or selling at The Marco Polo Apartments, feel free to contact me for more information.