606 Esplanade number 3, in South Redondo Beach, is a bank owned property that is attracting buyers like bees to honey. Listed for sale with Remax's Marquee Partners in Santa Monica, this two bedroom, ocean view townhome is on the market for the extremely attractive price of $655,000. And although the unit is dated and time-capsuled to the year it was built,1990, they have received 12 offers in the last 24 hours.
What this tells us about the market- there are at least 12 active buyers who are looking for a South Redondo beach townhome in the $700,000 price range
- As a Bank Owned home, a percentage of the 12 offers are hoping for a significant deal. With 12 offers, we can only assume that the final price will be easily driven up into the $700,000's. Still a good deal considering this home's location and views.
- 11 buyers will still be looking for a new home by week's end
Even in the best of times, we can't remember a time when there 12 quality offers on a home (and counting.) Yes, we too had an offer to contribute, but our client decided that he didn't have much appetite for this home at a $700,000 plus number.
I'm not sure if I should interpret this home's activity as a sign the the market is turning the corner, or that there's been pent-up demand for a townhome deal below PCH in Redondo Beach. But I can assume that there's probably another 10 buyers, like ours, who decided that they didn't want to jump into uber competitive rounds of negotiations.
Was this the listing agents strategy?
Sorry, I don't know this agent beyond a couple of brief phone calls. What we do know is that the home was priced well below market, hence the 12 offers. Listing below market is always a gamble because you never know if your pricing will generate the number of offers you need to push the price back up into normal zone. For this property, by either luck or skill, the agent has priced it perfectly. The final number the home sells for will be a nice surprise for everyone.
