What down Market? by Lorie O’Connor
So here we are, so many people talking about gloom and doom.
Well if its gloomy out there, lots of people don’t know about it.
In the last 3 months, Dan and I have either been involved in or have witnessed at least a dozen properties that are receiving multiple offers.
Yes, you heard me.
Now you might say that I’m just saying that to try and drum up more business. I’m not just saying that. Its so true and it is killing me.
Recently we listed a town home in South Redondo Beach, it was priced well and had 3 offers in the 3rd week and sold close to the asking price. Deal closed!
We also had a house in North Redondo in which we had a buyer who could not qualify for the loan (lousy credit) and so we canceled because we had a excellent back up offer. Deal closed!
Then we had a buyer for a home in Hermosa Beach that was listed a bit under market. It fetched 9 offers for nearly $200,000 over the asking price. We didn’t get that one!
Then there was a home in the tree section that was listed very attractively. it received 12 offers and sold for over $200,000 over asking.
Same story on a home in east Manhattan Beach and there are more stories like this one.
We had a client who was looking at a home in San Pedro. Before we wrote an offer, we made sure all his financial ducks were in a row. Just as we were ready to write, the listing agent called us to tell us they received a full price all cash offer and that they couldn’t wait for us. Shocking.
Units in San Diego….multiple offers.
House in Costa Mesa….multiple offers.
It is crazy out there and I think you should know especially when you ask if you can low ball a primo house in an A+ location. . It just ain’t happening no matter what the NEWS stations are saying. No the sky isn’t falling in the South Bay Area.
What you can get in today’s market is a well priced home compared to years ago.
Lorie O’Connor 7/22/08
Tags: hermosa beach, Manhattan Beach, Redondo Beach, south bay real estate
