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-Update- Multiple Offers On Little Holmby Fixers

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Here is an update to last weeks post of Little Holmby fixer opportunities. You can read my previous post here. Two of the three properties have since entered escrow and judging by the activity, the third should follow shortly. The first one to enter escrow was 711 S Beverly Glen, LA CA 90024,  a 4 bedroom / 3.5 bath, 4,924 sq ft of living space on a 16,425 sq ft lot. And according to the listing office the home had 12 offers on it, with 2 currently in backup position. This property was an absolute gem that exuded Spanish character. I was not suprised to see the amount of interest in this property for the asking price of $2,325,000.

The Spanish house to the left at 709 Thayer Ave., LA CA 90024 also had multiple offers on it and entered escrow on the same day as 711 Beverly Glen. The home was listed on 11/6/08 for $2,195,000 and after about a month it all the sudden got some attention and received the multiples.  According to the MLS, the home is a 4 bedroom / 3.5 bath, 3,248 sq ft of living space on a 7,927 sq ft lot. 

Anonymous said...
December 19, 2008 at 1:13 PM  

wow 12 offers. thats crazy that there is that many offers in this market. must of been a nice house or fixer like you said, scott.

Anonymous said...
December 19, 2008 at 5:40 PM  

there are a lot of people with a lot of money out there. until they all buy (looks like they are active NOW!), the prices will hold up.

Anonymous said...
December 19, 2008 at 9:09 PM  

The Getty was the seller. They had planned on rehabing for their new director moving here from overseas.
But, with mold issue, they couldn't finish on time so put on market "as is". And, they did exactly the right thing in this market. While many listing languish as unrealistic sellers overprice and maybe slowly over time price lower to an unresponsive market, the Getty came in low and let multiple bidders force the price up to the market clearing level. They wanted to sell, priced accordingly and didn't wait to see if anyone was dumb enough to overpay at a too high starting price. Motivated seller vs the many wishful/hopeful sellers out there.

December 19, 2008 at 10:29 PM  

Anon 909pm

Thanks for the info! Yes the Getty was definitely not interested in having a property sit on the market forever and chase the market down with a high listing price. They energy priced the home and got the reaction they wanted, a quick sale.

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