M Shapiro Real Estate Group| Commercial Real Estate, Nationwide Property Management Services, Farmington Hills, MI

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PROPERTY COMPLETION AND DEVELOPMENT

Many lenders are dealing with properties at various stages of construction. M. Shapiro is staffed and ready to assist in the completion of any residential, office, commercial, or industrial project.

We are experts not only in design-build, construction, and tenant improvements to existing structures, but also have experience in several specialized areas, such as private sewage treatment plants and community water systems.

We also have extensive experience in conversions: cost-effective reconfigurations of building plans or projects that result in more marketable properties with higher value.

The M. Shapiro Advantage | Expertise in project completion results in greater proceeds

A lender had an unfinished condominium development along with some vacant land. They estimated they could sell the property "as is" for $800,000. They turned to the team at M. Shapiro for assistance. After careful analysis, we estimated that if the lender completed the development, net proceeds of the sale would be $1.2 million.  When the development was closed out, the lender had realized a 50% return of their investment and recognized a recovery on their books.

We completed the development for the lender, including:

  • modifying 6 completed condominium units to improve their marketability
  • finishing construction of an additional 6 units
  • completing work required by the township, such as ADA compliance features, water and sewer system easements, landscaping to prevent soil erosion, etc.
  • organizing and stabilizing the owners' association
  • improving the landscaping to make the property more attractive for sale
  • preparing the residual vacant land for future development and sale

In addition we conducted a successful marketing program that included negotiations, sales, and closing for the units.