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27 Offers !?!?!? Did We Time Warp To A Few Years Ago?

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Over the last week or so we saw several properties come on the market and either receive an obscene number of multiple offers on them or sell right away upon entering the market. Considering we are in a slower real estate market in terms of sales volume, it was strange to see this kind of market activity.  The kind of market activity that was reminiscent of just a couple years ago. It goes to show you that if you price something just right, there are alot of buyers out there waiting to pounce on it in this neigbhorhood. Buyers have had plenty of chances to see overpriced listing over the last 6 months. And when something enters the market with a reasonable price, it sticks out like a sore thumb.

Take 2360 Veteran Ave LA CA 90064 for example. This property was the most eye opening property of last week. This charming Spanish home, 3 + 1.75, aprox 1,609 sq ft on a 6,480 sq ft lot came on the market 8/21/09 with a price tag of $739,000. Even though it needed some work and was on a busier street, it was priced undervalue. The first open house on the weekend was wall to wall people and that continued on the brokers tour Tuesday. The home received ~27 offers and sold right away. We haven't seen a house receive that many offers in quite awhile. If anyone saw the house and wants to guess the sale price, post your guess in the comments section of this post.

The gorgeous contemporary house at 10701 Tennessee Ave LA CA 90064 also came on the market with an overwhelming response by potential buyers. The house had been completely remodeled from the ground up and was virtually a new construction home. Beautiful finishes, a spacious open floor plan with vaulted ceilings and a well thought out landscaping scheme, it was just what buyers were looking for in a lower price range. According to the MLS, the home is a 4 bedroom / 2.75 bath, 2,200 sq ft of living space on an oversized 9,060 sq ft lot. The home entered the market 8/11/09 with an asking price tag of $1,250,000 that was well received and elicited multiple offers. 

10357 Mississippi Ave LA CA 90025 barely made it out of the gate with only 3 days on the market before an accepted offer was reached. The house was listed 8/13/09 with an asking price tag of $1,095,000. According to the MLS, the Spanish home is a 3 bedroom / 3 bath, 2,000 sq ft of living space on a 6,000 sq ft lot. The previous purchase price of this home was $1,040,000 in 2002.

10624 Wellworth Ave LA CA 90024, situated just south of Wilshire, came on the market 8/16/09 with an asking price of $1,575,000. The sellers accepted an offer after 4 days on the market with a backup offer in place as well. The Spanish house didn't even make it to the broker tour. According to the MLS, the home is a 3 bedroom / 3 bath, 2,050 sq ft of living space on a 7,150 sq ft lot.

1057 Selby Ave LA CA 90024 in Little Holmby seems like it spent forever on the market compared to the rest of the homes on this page, receiving an accepted offer after 18 days on the market. The house was a move-in condition, totally remodeled home with a pool in the back. According to the MLS, the home is a 4 bedroom / 5 bath, 3,306 sq ft of living space on a 6,480 sq ft lot.

2106 Manning LA CA 90025 came on the market 8/14/09 with an asking price tag of $1,089,000 and received immediate positive response by buyers. While the property has not yet showed as pending in the MLS, the word on the street is there are multiple offers and its just a matter of time before one is accepted. If anyone has any more info, your always welcome to share. According to the MLS, the home is a 3 bedroom / 2 bath, 2,127 sq ft of living space on a 6,750 sq ft lot. The home has been mostly remodeled and is in move in type condition.

Since there was string of crazy multiple offer homes over the last week or so, I went a little deeper with my weekly market activity report. I will post my usual weekly activity chart later in the day or Friday for you to see the raw stats.