Our dreams finally came true! After one year of waiting patiently, we finalized the purchase of our Italian acreage. Upon taking possession of the property, we renegotiated the current tenant agreement to give us complete control of the land (~12,000 SQM) until their contract expires. We inherited grateful, respectful and responsible tenants with the property and are working with them to bring the property up to a better living standard.
Our diligence, knowledge, connections within the community and well thought out bidding strategy helped us to immediately secure the property at a great price without a complicated bidding war.
Purchase Price
€100,000
Market Value
€175,000
ARV
€300,000
The Property
Solofra, AV ??
Single Family Residence
2 Bedrooms
1.5 Bathrooms
105 SQM
The Strategy
The Cortine property was no doubt avoided by potential buyers because of poor marketing, the existing tenancy agreement and a complicated purchase process involving over 7 different owners.
Our willingness to look past the pictures, work with existing tenants and commit to an arduous purchase process were extremely worthwhile.
Thus far, we have cleared about 25 years worth of weeds that accumulated from the abandoned parts of the acreage. The acreage had an overgrown olive grove with approximately 150 mature trees that we trimmed and maintained over the summer months, and later harvested the olives to make and sell olive oil. We are now in the process of adding another 300 olive trees to the property to increase our annual olive harvest yield.
At this point, we plan to extend the house creating two separate units that we can rent and we are looking at opportunities to expand the olive oil production through nearby land acquisitions.
The Location
The house is located in a quiet, historical part of Sant Andrea, steps away from our Francesco Guarini property. The views of the valley from the terrace are truly breathtaking.
The town of Solofra is located in the valley of Campania, and only 30 minutes away from both the start of both the Amafli and Cilento Coast.
Services Provided
- Property Scouting
- Negotiations
- Property Maintenance
- Development
- Grant Applications
- Full Renovation
- Project Management
- House Styling & Furnishing
