353–355 Manton Ave: Sold on a Tight Timeline
TL;DR
This multifamily property at 353–355 Manton Avenue was successfully sold in 21 days despite a challenging end-of-year market and a failed first contract due to financing. With limited time to complete a 1031 exchange, strong marketing, open houses, and experienced negotiation helped secure the best possible price and a successful closing.
The Situation
The seller of 353–355 Manton Avenue needed to sell quickly in order to complete a 1031 exchange, which comes with strict deadlines. Timing was especially challenging because the property was listed toward the end of the year, when the real estate market tends to slow down and buyer activity decreases.
To make matters more complicated, the first buyer was unable to qualify for financing, which put additional pressure on the timeline and required a quick pivot to find another qualified buyer.
The Strategy
The property successfully closed in just 21 days, allowing the seller to complete their 1031 exchange on time. Despite financing challenges and the slower end-of-year market, the home sold for the best possible price, and the seller was extremely satisfied with the outcome.
Frequently Asked Questions
Q: What is a 1031 exchange in real estate?
A: A 1031 exchange allows real estate investors to defer capital gains taxes when they sell an investment property and reinvest the proceeds into another qualifying property. Because the IRS sets strict timelines, completing the sale within the required period is critical.
Q: How can sellers move quickly when they have a 1031 exchange deadline?
A: Preparation and strong marketing are key. Pricing correctly, creating strong exposure, and working with an experienced real estate professional can help attract serious buyers quickly. If you’re planning a sale tied to a 1031 exchange, you can explore more real estate opportunities and resources on my website.
Q: What happens if the first buyer cannot qualify for financing?
A: If a buyer cannot obtain financing, the contract may fall through. At that point, it becomes important to quickly return the property to the market and continue attracting qualified buyers to avoid losing valuable time.
Q: Is it harder to sell a property at the end of the year?
A: In many markets, buyer activity slows during the holiday season and winter months. However, strong marketing, proper pricing, and continued exposure can still generate serious interest. If you’re considering selling during the winter season, you can review available homes and market insights on my website.
Q: Can investment properties still sell quickly in a slower market?
A: Yes. Investment properties often attract buyers looking for long-term opportunities, especially when they are priced correctly and marketed effectively. Even during slower seasons, the right strategy can connect the property with the right buyer.
By Alex Parmenidez, Broker Associate | Coldwell Banker Realty
Alex Parmenidez | Broker Associate Licensed in RI, CT, & MA | Coldwell Banker Realty
196 Waterman St, Providence, RI 02906
C: (401) 426-4825 | O: (401) 351-2017
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