Evanisko Realty’s Marketing Methodology Closes Another Deal
This announcement is an account of the general transactional process including Evanisko Realty’s marketing methodology associated with the site leading to its final sale.
Upon gaining the listing assignment, Evanisko authored and filed a master entitlement application with the City of Cudahy articulating a use scenario which included all desired CUP mechanisms and density bonus menu items that would enable the eventual production of 50 attached for sale townhome condominiums to the general configuration shown. Thank you to Ziese Architecture for the site plan assist.
The City’s response letter included commentary generally affirmative and proactive in nature.
The site was also contaminated and would require eventual removal and disposal of soils above residential screening levels for various metals. Evanisko procured several informal bids for this remediation work though formal work plans were not in place. Thank you to CalEnviro, HMC, Stantec, and Ami Adini for your time in helping us understand and articulate environmental implications.
Evanisko’s goal with filing a development review and producing multiple remediation bids was to build credibility in a development typology that would substantiate the listing price for the land.
It was determined after substantial marketing efforts that the townhome concept was perceived as viable by homebuilders. However, to transact with both entitlement and remediation variables not quantified formally proved challenging as it would require a complex transactional arrangement deemed un-justifiable when measured against the cost of time required to effectuate such structured sale arrangements.
Armed with this clarity, we were able to advise our seller with confidence of the price reduction that would be required to transact the property quickly without entitlement. Shortly upon adjusting the price by a proactive amount, the phones began to ring profusely, and the property sold un-entitled to a local affordable housing developer.
