The Story Behind the Sale - Civitas Avenue

The Story Behind the Sale of Civitas Avenue

Kelly was referred to me.  She was renting in Italian Village and loved the lifestyle there.  If you haven’t been to Italian Village lately you are really missing a growth and lifestyle spurt in the area.  Drive down North Fourth Street, where you see the iconic Wonder Bread sign, and you will get a glimpse of what I mean.  Along with many historic, renovated buildings, there are brand new apartments and condos.  Many of the historic buildings have been repurposed into everything from art studios to micro-breweries, to restaurant concepts (like Budd Dairy) and most are just a walk or bike ride away.

Condos and apartments have adapted as well.  Community gyms, pools, dog parks, rooftop bars, outdoor grilling areas and green spaces make them very livable with easy access to just about everything in the city.

Kelly had lived in the area for a few years and loved the lifestyle.  She decided now was the time to buy. In December of 2021 I helped her go into contract to build a condo in a 5-story building.  Since the building was already started the builder quoted 3 to 4 months to complete her unit.  After 30 years of representing clients building homes, I told her to take that timeframe with a grain of salt.  In the meantime, she worked with a lender and locked in a 3.75% 30-year fixed rate for 90 days with the understanding she could extend if needed.

We just closed in October of 2022.

Instead of a 3 to 4 month build time, it took 10 months.  When you have expectations to move in the spring, and then aren’t able to move until fall, navigating through the process was, needless to say, difficult.  Kelly’s job was getting more and more stressful, interest rates were steadily climbing to around 7% and her lease had changed to a more expensive month to month term.

Representing Kelly, I kept checking to make sure she was still committed and wanted to proceed. She kept her focus and remembered why she had committed in the first place.  She loved the area, wanted to invest there and had a tax abated property for the next 15 years.  She loved the condo amenities, loft feel, two car garage, heated open lanai overlooking a pool and green space.  My challenge was to get the best terms we could under the circumstances. The builder has an incentive to get the building done and sold so, although they had all kinds of excuses, most could not be avoided.  At the end of the day, we had to assess all parts of the transaction.  How was this wearing on Kelly mentally? How much would it cost? What about her lease?

This is where I come in and try to orchestrate how we make this work for everyone.

Kelly worked on the logistics of her lease and I was able to be the bad guy and work on the cost and quality aspects since I wanted to maintain her good relationship with the builder and the lender. Thankfully, everyone understood the situation and participated even though most issues were nobody’s fault.  No one could predict interest rates would go up to 7%.  No one could expect supply delays and labor shortages.  No one could foresee elevator issues that delayed the occupancy permit.  To help Kelly, the builder helped with her lease and credited some closing costs, the lender extended her rate and participated with Kelly in the cost of doing so.  In the end, Kelly is happy and she still has a good relationship with the builder, which is important for follow up. 

On any home purchase, have an experienced agent who works for you.  You never know when you might need a “conductor” to orchestrate the transaction or need a “bad guy” so that buyers and sellers can maintain a good working relationship. Kelly was such a trooper and I’m happy she is happy.