We hear story after story about how bad the real estate market is throughout the country and that there are no buyers; however, that is not the whole story in every zip code. For nice properties in high demand locations there are still homes that sell in days at well over asking price due to multiple buyers offering to purchase it. I was recently in one of these situations with a buyer client of mine, and they are not fun. It is simply a game of poker, and how high is one really willing to go. The trick is that you don't want to go so high in price that although you "win," long term you so overpaid that you really "lose." That said, when one wants a house they want a house; plus, the competition of it all influences the eventual price. Take the attached example of a stunningly redone mid-century modern home at the top of Beachwood Canyon under the world famous Hollywood sign. It went into escrow just 9 days after being listed, and just closed at a price $183,000 OVER asking price! That is just shy of 15% over asking price. It sure is a great looking property though.
3366 Deronda, Hollywood Hills
Sold for $1,258,000 (asking price $1,075,000) 3 Bed 2.5 Bath 1,921 Sq. Ft 7,550 Sq. Ft Lot
It will be interesting to see if this new mid-century modern home has a similar result.
It just goes to show that you have to be ready to strike when a special property hits the market, even in the current recovering real estate climate. If you would like to find a similar style home, please contact us anytime @ 310.600.9172 or email firstname.lastname@example.org. We can find them for you first, so you can be ready to act when you find the house you have been looking for.