Notes on a Purchase Contract Part I

*The best house I have seen the past two weeks on the Broker Caravan was 16104 Northfield Street in the Palisades with a list price of $2.875 million. The 2005 construction home has great curb appeal, a very functional floor plan and does an excellent job of capturing natural light. One of the only negative things about the home is the lack of back-yard space which could turn off a family with young children. I still expect this home to sell fairly fast above 2.75 million. The home is over 4,000 sq. ft. and boasts 5 bedrooms.

Runner-up: 1208 Pacific Street in South Santa Monica. The 3 bed/2 bath 1,660 sq. ft. home on a 7,200 lot commanded multiple offers and went into escrow within 6 days of being on the market. The list price was $1,429,000

*The mood of most sales agents has improved dramatically with sales activity picking up tremendously over the past two months. In February you would have thought the grim reaper was taking hold of most real estate offices but things have definitely changed with the arrival of the spring/summer selling season and more realistic seller’s. Quality homes that only require a conventional or FHA loan (homes under a million dollars) have been seeing multiple offers. I expect activity to stay strong through the rest of the summer selling season before fading again as October approaches.

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