Commercial & Residential
Our Client Inherited Multiple Properties: Maximizing their Value, Despite the Challenges
Peter Covo, Partner
An individual inherited multiple properties from his grandfather. The grandfather purchased various properties throughout his life – commercial and residential – across several communities in Massachusetts. While there were homes or buildings on some properties, others were vacant lots.
While inheriting properties may initially sound quite appealing, the reality was that each property had its challenges. The benefit of real estate expertise was essential, or the inheritance was going to lead to a series of headaches.
A referral from a law school colleague led to my assisting and advising this client, one property at a time.
Initially, the inheritance of these properties was a bit overwhelming for our client and understandably so. We agreed to work on each property’s unique situation; seeking input from developers and industry experts and consulting with each town’s planning and zoning boards to determine feasible options.
Below is a list of the challenges across the properties:
- Encroachment from neighboring properties
- Unmarketable properties
- Property abutting or situated on protected wetlands
- Property with high water tables
- Non-conforming properties
- Lots with no street frontage
Peter Covo, leader of the Real Estate Practice at WCN, worked diligently to develop a phased plan to help the client enter into agreements to potentially sell all the inherited properties, thereby maximizing his return. With the above listed challenges, being creative and resourceful were paramount to Peter’s efforts to do his best to serve the client and make the best out of a challenging situation.
Leveraging his extensive real estate knowledge and experience, Peter evaluated and researched each property to develop a plan.
Below is a summary of the outcomes maximizing each property’s value and relieving the client’s stress:
- Given his experience in the self-storage business, Peter confirmed that one property could be marketed and developed as a site for a self-storage business. Our client is pleased to have been able to avoid settling for a low offer from a neighboring business owner. Multiple buyers were interested in the property. Due diligence is now underway, and the sale of the property will then close upon its completion.
- Another property that the client inherited consisted of two adjacent vacant lots. Negotiations are complete to sell the property to a developer.
- For yet another unusual residential property, WCN’s real estate expertise and experience has resulted in neighbors amicably agreeing to remove physical structures that encroached on the property lines, avoiding any potential adverse possession claims.
For challenging real estate situations or straight forward real estate closings, our real estate attorneys at Wilchins Cosentino & Novins are knowledgeable and resourceful to provide you with exceptional service and exceptional value.