BTW, another property came on the market as an approved short sale that the same client liked. They wrote a very strong offer with 50% down and full underwriting approval on their loan for a $1M property. There are already mulitple offers in including one above asking price and all cash. The listing agent is a friend and showed me all the offers so I know it is not BS.
My client wants a primo property at a bargain basement price. He was expecting to buy a prime ocean view home from 600K all cash at the bottom and I tried to tell him that would never happen. For years I have been telling him and folks on this board that when we are at or near bottom competition will be steep. That the lower prices go the more buyers you will have to compete for the good ones. That time has arrived. Show me a great house in North County Coastal that is priced well in the current market and I’ll show you multiple offers.
FWIW-The $1M property I mentioned in the first paragraph is in Encinitas Ranch which has high HOA facilties with no ammenities and strict CCR’s. It also has high MR (about $4,000/year). That shoots down another BG theory.
