It's been a tough market for buyer's for quite a while but this last one just shows that it's becoming almost imposssible.
As it's always interesting to hear about other markets I thought I'd share my recent offer in Redondo Beach and just how absurd it's become.
I recently had a very qualified buyer put an over asking price offer on a nice (but nothing overly special) oceanview condo in Redondo Beach. The home was priced apppropriately and we can in $26K over the list price.
Not only did we not get a response but the listing agent informed me that she received 14 offers of which 7 were all cash!
There are loads of big money buyers in some nearby areas in which cash is not abnormal but this was a 2 bedroom condo priced at $1.0M so not exactly hedge fund or oil money. How can 7 buyers pay $1.0M cash????
I think we've officially gone off the rails in this market.