This Pasadena Murano Village townhome just closed. And this is how it went:
My client purchased this newly constructed Pasadena townhome in 2003 for $597,000. She lived there for several years, but a job opportunity moved her to another state. Not sure if she would be moving back to California, she kept this Murano Village townhome for several years as a rental. The tenants moved out earlier this year, and she spruced up the unit. We had the professional photos, the unit virtually staged and our marketing plan in place.
A unique feature of Murano Village is the stream that runs through the courtyard of this twelve unit complex. When you open the dining room window of my client’s townhome you can hear the sound of running water. I listed the townhome as “coming soon” which provides up to three weeks of free marketing days. A week before we were to go live in the multiple listing service (MLS) I checked the unit to make sure everything was good to go. When I walked through the gated complex, I was horrified to find the stream drained.
My client knew nothing about this, the management company was a little vague as it was being handled by board members. I know several of the owners in this complex and was finally able to find out the problem. The stream was leaking and there was no plan in place to resolve this issue. So here we were the week before Thanksgiving with the problem of the leaking stream and no solution. My client pushed and pushed and notified the board members that their indecision was impacting her sale and the value of everyone’s unit.
At the end of the month the unit owners will be voting on a special assessment. The first option is to fill the stream with landscape for $3,100 (per unit). The second option is to repair the stream for $4,600. As we closed ahead of the board meeting the vote goes to the new buyer. My client closed this townhome for $980,000 to a cash buyer.