Fastest Close Possible Downtown

Posted by Dave Fratello on Wednesday, October 24th, 2012 at 3:57pm.

It's doubtful that the Guiness Book keeps track of such things, but a recent 4-day closing on a downtown MB property must be some kind of record.

We're looking at 326 13th, a half-lot*, dated quasi-duplex right in the thick of downtown. There ain't much to love about the property as-is except, perhaps, location.

This one popped up publicly on Oct. 9th, requested offers by Oct. 14th, and was in escrow (posted) on Oct. 17th.

The sale closed just 6 days later – 4 business days later – on Tuesday.

Granted, the terms of sale included no repairs. The buyer brought all cash. But still, a 4-day close is really quick.

Quick like an Olympic sprint. Or, if you prefer, a pit stop in a car race. (Pull the old names off title, put on the new names, a quick push, and zoom, you're on your way!)

List price was $869k, obviously a bit low. The overbid purchase price was $900k for this half lot. (Let's not forget its income potential in the near term.)

You may never have seen a listing or residential property in this area of downtwon, so let's get oriented.

Downtown, 13th St. is the block running from Highland east toward Valley. Shade hotel is at Valley. At Morningside each Tuesday, they block off 13th street for the Farmers' Market. Right at 13th/Morningside, you've got a big 3-story office building – neighbor to the subject here.

Betcha never noticed the crusty duplex here before, one door over.

The front of 326 13th looks out on a parking lot and the (cool) steps up to the new city police/fire complex.

So this half lot is – as we said – in the thick of downtown, but a fairly busy, and not so pristine, location. No views. Just city walkability.

We discussed this listing with clients, but it wasn't so inspiring. You'd want the other half lot behind it to really make something interesting.

But we'll guess, still, that someone nabbed this for development potential... another slice of this area downtown that will get a new look, an upgrade – all to the good for MB's core.


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* For some reason this property is also known as 324 13th. Also, lot size is 1350 sq. ft., a standard for a half lot in the MB Sand Section. Annoyingly, the listing agent failed to fill out this field, but we found the data elsewhere.
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