Michelle Chiou Purchases Development Site From Michael Falas In Long Beach For $995000

This development site is located at 912 Maine Avenue in Long Beach. The asset was sold for a total price of $995,000, covering an area of 15,270 square feet, with a price per square foot of $65. The site is unentitled and considered a raw development site.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $995,000
• Buyer: Michelle Chiou
• Seller: Michael Falas
• Broker: Matthew Luchs - Zacuto Group
• Square Footage: 15,270
• Price Per Square Foot: $65
• Note from Broker: Unentitled, Raw Development Site; Multiple Offers Received; Sourced a Local, Motivated Buyer; No Price Re-Negotiation; Purchased Unentitled, Buyer to Entitle the Site Post-Closing; Buyer plans to build 10 Units and 2 ADUs; Short Due Diligence: 21 Days; Quick Close of Escrow: 7 Days; Negotiated Seller Carryback at 10% for 1-Year; Seller has direct Path to the deed in event of Buyer Default.

The key individuals involved in this transaction include the buyer, Michelle Chiou, who is expected to transform the site post-closing by developing ten units and two accessory dwelling units (ADUs). The seller, Michael Falas, successfully completed the sale with Matthew Luchs from Zacuto Group representing him. The negotiation terms included a seller carryback plan for one year, reflecting the seller's vested interest in the buyer's success.