Can You Buy A Whisper Rock Lot That Is Not For Sale?
What is a buyer to do when they are looking for Whisper Rock lots for sale and the one they want to buy isn’t for sale? There is a saying in sales – everything is for sale if the price is right. Does that apply to real estate? We believe it often does. We’ve recently had two transactions on properties that were “not for sale.” The most recent one was a lot in North Scottsdale’s\ Whisper Rock Estates community. Our clients were looking for a very specific type of lot where they could build a custom home that would allow them to realize the full potential of the new lifestyle they were seeking. The only challenge was that of the 17 lots currently on the market in the community, none checked all of the boxes for this buyer.
With a clear vision and very specific criteria from our Whisper Rock lot buyer, we knew we needed to dig deep to find just the right property. After searching lots for sale and visits to a few with disappointing results, we knew we needed to expand our efforts in a more creative way to find our client what they wanted. While there were no lots on the market, there was one Whisper Rock lot that had not been built on, that met our client’s requirements.
Is Your Lot For Sale?
The challenge for us became helping the potential seller understand the market. They had purchased the lot in 2001 for $901,000 when lots in the area were priced extremely high, and a little more than a decade ago there were some dramatic changes to the real estate market that caused the price of raw land in Scottsdale to drop precipitously. We spent time educating the Whisper Rock lot owner about market conditions today. We were not helped by the fact that there are several lots in the community priced at or above their listing price, but when you look into the history of those, they have been listed at that price since 2008. The reality of the lot market in the community was that the last time any lot sold for even close to the price the owner had paid was in 2007.
It took over a year of communicating and negotiating with the owner and an agent they ultimately hired, but we were able to reach a price for the Whisper Rock lot that worked for both parties. Our client practiced patience and took the time they needed to allow the seller to feel comfortable with their decision to sell. Slightly over a year from the day we sent that FedEx letter, we closed on the lot and our buyer is working with architects, builders and engineers to build the home of their dreams.
What Can We Find For You?
We have used this process to allow home buyers to find the perfect home as well. It takes time, diligence and a willingness to think outside the box to put a deal together that works for everyone. One of the valuable lessons is don’t assume a property is not for sale just because it is not listed on the MLS.
If you aren’t finding what you are looking for on the market, give us a call. What you want may not be listed for sale, but it doesn’t mean it can’t be purchased.