In the summer of 2008 Radford Investments negotiated and contracted for the sale of a historic mansion in Denver's Congress Park neighborhood. The property had been converted in to six separate rental units and was operating as an apartment building. Our initial strategy was to renovate the common areas and units and either rent the renovated units at a premium or sell as condominiums depending upon market conditions. After consulting with our architect, it was determined the only way to make the unit layouts desirable enough to sell in the competitive condo market in Congress Park was to do an addition off the back of the property. After a comprehensive review of the construction costs and the sales market for these types of units, we determined there was too much construction cost risk involved in the project given what the expected returns would be and terminated the contract. We believe it is very important to be able to walk away from a seemingly good deal.
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