It’s a funny phenomenon of Real Estate that people tend to think that a property has been sold once you get an offer accepted. Quite often a “SOLD” rider will go up on the sign as an agent rushes to proclaim their success in hopes of attracting attention as one who is able to get the job done.
I have never been one to assume the job is done until the keys have been handed to the buyer and the transaction has gone on record at the County Recorder, but news of progress often travels fast in a small town, which can lead to a phenomenon that could be referred to as “premature congratulations”. This has held true with my current listing of the Bayview Hotel, which is indeed under contract but is also amongst the more challenging transactions I have handled.
When you start with the dynamics of a large family with over two decades of memories, personal and financial interests, with multiple members providing their input it sets up as the backdrop a complex communication dynamic along with a logistical balancing act to clear out the considerable furnishings and other belongings in preparation for the property’s eventual transfer as part of a financial realignment.
Add to this the realities of an historic 145-year-old building, occupying close to 10,000 square feet including both lodging and restaurant facilities, where it has taken a small army of contractors and inspectors to assess what is needed to meet current standards and bring the venerable landmark back to its former glory. There was also research needed to confirm historic easements allowing vehicular access to the rear areas, needed to offset the prospect of a large portion of the front parking lot being taken through Eminent Domain, plus proper documentation of the related litigation against the RTC.
Along the way, we had to facilitate an unlawful detainer action through our property management and legal team to get a longtime occupant to vacate prior to Close of Escrow. This resulted in a judgment against the defendant who has filed two appeals to buy themselves more time, and we are hopeful that the current lockout date set for next week will hold.
My initial Agent Visual and General Inspection Disclosure took a full five pages of notes to chronicle the physical and historic elements of the building and the property, as well as the legal and logistical challenges involved. Over the course of the due diligence timeframe, this has grown considerably, supplemented by amended observations referencing a stack of additional disclosures, bids and reports to help ensure that every aspect of the property being transferred is correctly documented.
When people congratulate me on “selling” the Bayview, I respond with thanks for the recognition, but I am quick to point out that they might as well be congratulating me for entering the Big Sur Marathon. The real time for celebration will be when the job is done.
