It’s a tricky market

July 24, 2010 at 2:07 pm Leave a comment

Wednesday, I wrote an offer on a low-end 2-bedroom condo in Santa Monica.  It received eight offers and my client didn’t receive a counter-offer.  What does this tell you about the market?   It’s strange:  on one hand, the amount of property on the market has risen by roughly 50 percent in the last six months.  Every day brings another batch of price reductions.  And yet…some properties get multiple offers and are on the market less than two weeks.   The moral is that every property is different, and that every property has to be evaluated carefully by Buyers and Sellers to determine what the market value is.   A Buyer can’t assume that offering 5 percent below asking price will be successful; a Seller can’t assume that their property has all the features that induced multiple Buyers to make offers on the property two blocks over.

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Entry filed under: Market Conditions, Santa Monica real estate, Santa Monica realtor, Tips.

Q3 2008 versus Q3 2009 Westside statistics New Condo listing: 2 bed, 1 bath $449,000

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