638 Minna Street 12 Pending

 

Update 9-12-2015:  Our listing at 638 Minna #12 received an excellent offer and closed escrow for $1,125,000 after having been listed for $899,000.  That’s 25% over the asking price!

Our tri-level loft at 638 Minna Street #12 received a stunning offer before officially hitting the market.  This beautiful loft is in escrow and pending close, meaning there are no contingencies.  638 Minna Street #12 is a two bedroom, 2.5 bathroom tri-level loft with hardwood floors, high end finishes, extraordinary details, private storage and parking.  It was listed for $899,000.  If you are interested in what it sells for please let me know.  Tri-Level lofts are in high demand.

The importance of contingencies hinges on the Earnest Deposit paid by the buyer.  These are the monies, usually 3% of the purchase price, deposited in escrow which officially opens escrow.  This is the sum referred to by the purchase contract in the section on Liquidated Damages which discusses what happens if the buyer removes all contingencies and then still does not close the deal ending in their purchase of the property.  It can get complicated, but essentially when there are no contingencies the buyer’s earnest deposit is at risk of being lost to the seller.

Never remove contingencies unless you are absolutely sure you will be able to fulfill the contract.  I’m not an attorney, I refer legal questions to excellent local attorneys, but this will give you a framework for understanding the importance of contingencies.  If you have questions I would love to help you find answers! Let’s Talk!

Tri-Level Loft

Tri-Level lofts are sought after because they usually have a second bedroom that allows for more privacy than what is possible with a one bedroom loft.  The bedroom in a one bedroom loft refers to the mezzanine area which typically is not enclosed and provides no privacy if someone is on the main level.  While both one and two bedroom lofts offer a luxury of space and a modern feel that owners truly enjoy, it is the level of privacy that makes them less desirable for many buyers.