This is just getting ridiculous - Redondo market is officially crazy

Real Estate Agent with Vista Sotheby's International 01712785

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.

Comments (1)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Keith, I think many markets are absolutely bonkers.   Had a buyer last month beat out a cash buyer, but had to offer $107K more than list.   

Apr 27, 2022 09:27 AM