Multiple Offers Again in Los Angeles Westside Market
May 13th, 2009 Categories: Cheviot Hills - Rancho Park, For Buyers, For Sellers, Marina Del Rey - Venice, Real Estate, Real Estate News
Homes aren’t selling? In the last 8 days, our office has been involved in 16 multiple offer situations. This is happening in all neighborhoods. For example the home in Marina Del Rey at 137 Roma Court had over 10 offers on it over the weekend- a fantastic buy at about 3900 sf, asking price $1.575M after a price reduction. Another home in Cheviot at 10311 Glenbarr, a charming Spanish with courtyard, beams & all, also went into multiples after a price reduction.
That seems to be the key- most of these homes with multiple offers had price reductions. They didn’t sit, wait and hope for the market to catch up. Instead, they saw that they were overpriced right away, took charge and caught up to where the market had shifted. Thus, they sold.
