Back in March, I wrote a column about a mystery buyer wanting a partner-in-renovation to separate a double penthouse listing at The Claridge on Turtle Creek. Unit 18 A/B had been on the market for four years with three agents during which it had over $1 million in price reductions. That mystery buyer was me. I’d hoped to find someone interested in separating the units with each of us going our own renovation way – to no avail.
A few were interested in carving up the 5,311-square-foot unit, but they wanted so much space that it made the remaining B-unit unsalable – one wanting to leave me an oversized studio with only a half bath.
So I noodled and penciled for weeks and weeks trying to get someone to see the investment potential. I spoke with a banker to seek an investor or flipper. No dice. So I noodled and penciled some more. In the end, a deal was struck with the help of all parties, including the seller’s agent, Sharon Quist from Dave Perry-Miller Real Estate. We all found a way for me to buy the whole freaking thing. According to Quist, “I’ve never done a deal like this in 40 years.”