The Most Patient Listing in the History of Real Estate? … Maybe
HOUSTON – (Realty News Report) – It may be worthy of a Guinness World Record.
The deal wasn’t huge. The location was not sexy. And Lord knows, this was no quick flip.
But when it comes to patience in the real estate business, this land sale takes the cake.
After having a Pasadena tract of land listed for sale for 18 years, Marshall Clinkscales, executive vice president of Colliers International, finally sold 13.2 acres of land at the northwest corner of Red Bluff Road and Fairmont Parkway.
The lesson for younger brokers: never give up.
It all started In March of 2000, when Clinkscales took the listing to sell a pair of tracts – a total of 26.2 acres for land investors Adolph Susholtz and Max Friedman. The asking price was $4 per square foot. The first 13-acre parcel sold rather quickly. A retail center stands on that site today.
But the second 13-acre tract did not sell quite so fast. In fact, it took years. And years. And years. The economy went through several cycles of good times and bad.
Over the years, multifamily developers, convenience store operators and shopping center developers looked at the site, to name a few.
“On several occasions, we had the property under contract, but it did not close for various reasons,” Clinkscales says.
Over the years, the original owners passed away and their sons took over. Clinkscales, who had been working with a firm he owned, MSC Properties, joined Colliers and shut down MSC. But he kept the tough listing with him.
Finally, late last year, a would-be buyer appeared – Matt Fuqua, who was entertaining plans to develop the site. After some due diligence, the sale closed a few months ago.
“Eighteen years really does fly by if you are having fun,” Clinkscales says. “And there’s one last comment: the tract sold for more than $4 a foot.”