Valuation and Marketing for Bowdoin College
Valuation and Marketing for Bowdoin College
The Breckenridge Estate in York, Maine
PROPERTY LOCATION
- York, ME
PROPERTY SPECIFICS
- 23± acre estate on the York River
- Early 20th-century brick and stone manor house
- The property was once a summer home and then donated to Bowdoin College in the 1970's for use as a conference center.
THE PRINCIPALS
- Bowdoin College
THE ASSIGNMENT
- The property was donated to the College in the 1980s, with a reserved life estate for the donor to use the property for several weeks each summer. Upon the donor's death, the College made the decision to sell the property.
- The property first needed to be valued under several possible scenarios, including use as a conference center and alternative uses such as residential development and as a single estate.
WORK REQUIRED
- Highest and Best Use analysis using conceptual plans to determine development potential under various scenarios.
- Disposition strategy prepared. - Management of survey, building inspections, Phase 1 environmental assessment.
- Development of marketing strategies and materials for developers, conservation buyers, high-net individuals, and investors.
CHALLENGES OVERCOME
- Upon the College's decision to sell the property, the town attempted to designate the property as a historic landmark. The seller challenged this designation. Potential designation chilled marketing efforts as buyers were reluctant to bid on the property not knowing what the outcome might be and how this would affect the property's use.
THE OUTCOME
- LandVest generated interest from developers, conservation groups, and private buyers.
- Property sold at a record price (at the time) for an inland non-coastal property on a cash, non-contingent basis to private buyers who intended to use the property as a residential estate.
The Outcome
Property sold at a record price to private buyers who intended to use the property as a residential estate.
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