JUSTIN ROSS REPRESENTS SELLER ON FOLLY ROAD PROPERTY, Lee & Associates
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JUSTIN ROSS REPRESENTS SELLER ON FOLLY ROAD PROPERTY

Overview

  • 1226 Folly Road, Charleston SC 29412
  • Retail/Office
  • ± 1,513 SF Total
  • ± .46 Acre Lot
  • Seller Representation
  • Sale Price: $365,000 ($241.25 PSF)

The Challenge

The primary challenge with selling this property was that 1170 Folly Road, which sat on the same size lot and was much more recently renovated, sold for significantly below our asking price in November of 2020. Additionally, 1226 Folly Road would require a significant investment in renovations to get the building to a workable condition.

Our Approach

We utilized our network to reach out to users with unique businesses that needed a unique space with a large lot such as motorcycle repair shops, salons, and flexible co-working spaces. We also effectively highlighted the property's strengths: in-place zoning, high traffic counts, lot size, and proximity to Wal Mart. Lastly, whiel the sale of 1170 Folly Road did work against us as far as a comparable price, it also meant that the only other commercial property on that stretch of Folly Road was now off the market, which created some leverage for us.

The Outcome

We rejected several other offers during the listing period, with the thought that the market for the property would increase after the winter once the COVID vaccine began getting distributed and the future became a little more clear. The end result was that our client sold her property for $65,000 more than a direct comp that was on the market at the same time by following our strategy. 

 

“I wanted to thank Justin Ross and the team at Lee & Associates Charleston for their great work selling our commercial property. They helped us position the property correctly in the market, executed an excellent marketing plan, and generated many showings.

Justin was highly communicative with us at all times during the listing period, contract negotiation, and after contract. In summary, their professionalism, friendliness, attention to detail and level of service exceeded all expectations. I can unequivocally recommend them for any of your real estate needs.”

- Katherine Bailey

 

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