Penthouse on Bluewaters Sold — A New Record
You've all written a lot asking me to give you a reason to celebrate with me. So be it. Here you go. Don't thank me.
Today I closed my largest flipping deal. Sold a penthouse on Bluewaters Island. 875 square meters. Five bedrooms. Two levels. A terrace with a pool. 90 million dirhams, or $25 million.
This is already the second penthouse I've sold on the island. At the beginning of last year, we sold the first one for 84 million dirhams. That was a record for the island. And after that deal, I had a strong desire to beat my own bar. In the spring, we bought the second penthouse. And... we did it again.
Ten days ago, the buyer sent me an uncompromising message: «The news says the real estate market has dropped 30%. I'll go through with the deal only if you give me a 30% discount.»
I spent an hour thinking about my negotiation strategy. Called my partner. During our conversation, he said something that really made me think: «Agreements are immune to circumstances.»
Everything clicked in my head. I called the buyer. We talked for forty minutes. I listened to him. Laid out my arguments. And the deal went through. On the original terms. With small additional bonuses within 3% of the amount. I was good in the negotiations. We agreed to insure the penthouse against any misfortunes. I'll describe all the details in my new book.
To those who gloated in the comments that my flipping project in Dubai had failed — you'll be disappointed.
In March, I sold my two-bedroom apartment on Bluewaters for 10.2 million dirhams. Sold a one-bedroom of my neighbor's to a regular client. And, the crown jewel of March — the penthouse.
So the earnings from these deals will be more than enough for my usual lifestyle, even if I don't sell a single apartment for a year. Even if I don't sell for two. But I don't really believe in that scenario.
Well, I'm off to the sauna with friends. Let's celebrate the deal. Thanks for the support, guys. And thank you to my beloved city for the incredible opportunities.
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