Each house once listed in our portfolio and successful sold by us has its own story. Have a look at the sale of an apartment building in Karlín, which is mainly supported by Dušan Kniha from the Engel & Völkers Prague Commercial team.
I regularly contact the owners of apartment buildings in the locality of Karlín in Prague, which I am in charge of, among other locations. I was in contact with the owner at the beginning of the year, she never considered selling her house or buying another property. Neither before she was contacted by my colleagues, nor in July 2020. Everything changed 3 months after our last contact in November 2020, at that time according to her, sales had been still out of the question. Once the owner learned of the successful sale of another house in the same location through Engel & Völkers, she contacted us herself. We determined market price of the property and then agreed to cooperate with the sale of a house with an ambitious purchase price of 70 million CZK. The amount was 10% higher than our market estimation, because we wanted to fulfill the vision of the owner and get a lucrative amount of money for her.
We noticed a huge interest in the house from our clients. It was a maintained apartment building with a usable area of 790 m2 in the lucrative location of Karlín. The house includes 16 residential units and is completely rented out, in addition there is a potential to increase rental income. Through teamwork, we carried out 10 viewings in two weeks and subsequently received 3 letters of intent from serious buyers, who confirmed price of 70 million CZK, which is corresponding to the purchase price in contract. These interested parties had the opportunity to increase their offer and thus have a chance for them to become the new owners.
Just before Christmas a reservation contract with a 5% higher final purchase price of 73 million CZK was signed. Thanks to the strong teamwork, the whole process took only one month from the property listing to signing the contract. The new owners are the co-owners of the family company, who usually buy an apartment building almost every two years and then increase the value of their property by renting housing units. "It was a very interesting experience to be on both sides, to combine the interests of both the owner and the buyers, and to achieve a win-win-win result," says Dušan Kniha about the successful transaction.
For further information please contact dusan.kniha@engelvoelkers.com
Opening hours
Monday - Friday
8:30 AM - 5:30 PM
