Multiple Offers Sweep Santa Monica, Beverly Hills, Westwood, Hollywood Hills…
March 17th, 2008 Categories: Bel Air - Holmby Hills, Beverly Hills - BHPO, Brentwood, Cheviot Hills - Rancho Park, Culver City, For Buyers, For Sellers, Hollywood Hills, Malibu, Marina Del Rey - Venice, Pacific Palisades, Santa Monica, Sherman Oaks - Studio City, West Hollywood, Westwood - Century City
Per our last posting, there are plenty of reports from reputable sources and sensationalistic news articles that can argue the ups and downs of our Los Angeles Westside real estate market all day long.
We could argue for the stability of our unique market and likewise we could tell you it’s all going to hell in a hand basket. You’ve heard it all before.
What we’d rather do is to give you a small sample of what’s actually happening behind closed doors (as the seller reviews with his/her agent, the spread of offers to purchase their home).  As they say, “show me the money” and in our market, there seems to be lots of it flying around. Yes, still.
Observed Multiple Offers on Hot Properties in the last 14 days:
1211 Sierra Alta, Hollywood Hills - $2,595,000 (2 offers 1st day on market!)
866 Stanford, Santa Monica - $2,075,000
2337 Camden, Westwood - $1,095,000 (13 offers!)
1173 South Point View, Carthay Circle - $1,379,000
710 Kingman, Santa Monica - $2,000,000 (5 offers!)
Great investment opportunities under $500,000 are sold quickly in multiple offers:
1702 South Sycamore,  2030 Curson, 1839 Alsace, & 1800 Bronson
Remember that this is just one small slice of the action per one agent’s travels in just a few days. Are there more examples like the above? You bet.
Do you care?
Yes! If you are thinking of selling and you have ascertained that this market is not a good seller’s market.  Keep in mind that it’s all relative - if you compare today’s seller’s market to the height of action in 2005/2006 where things were really extremely out of whack and abnormal, then your assumptions could be supported. Compare today’s market to that of a “normal and healthy” real estate market andyou’ll see that this is still a fabulous, not just good but fabulous time to sell! Just be sure to work with great real estate agents who understand how to market your property to sell immediately.
Yes! If you are thinking of buying and you’ve been convinced to ”wait it out.” This tidbit ought to enlighten you to what’s actually going on with prices of good homes in great neighborhoods…such as ours. If you wait, you may miss out on a chance to own your dream home in a market where the majority of competing home-buyers are sitting out the game while the game keeps on keeping on.
Bottom line in real estate sales:
Where there is a will, there IS a way…and it’s all negotiable! Â
I have been seeing the same things in Northern VA. What a great idea to actually show it.
Another few to add to the list:
House in Cheviot Hills, 3 bedrooms/2 baths, listed at $1,195,000. Over 200 people at their first Sunday open house. Immediately had multiple offers for over asking.
Tear-down in Brentwood Park, lot is over 24,000 sq ft, listed at just under $5,500,000. Multiple offers immediately, just went into escrow today.