Golden Hills: Sold Over Asking Price with Multiple Offers

1811 Stanford Ave Redondo Beach Golden Hills

My listing at 1811 Stanford Ave in the Redondo Beach Golden Hills just closed escrow last week on March 3rd. I listed this totally remodeled Tall & Skinny SFR with neighborhood and mountain views for $899,000 and it sold for $986,000. We even had higher offers and I'll get to that in a second.

Because this was a relocation sale and my Seller clients wanted to get into escrow rather quickly, we listed it at a price point that would receive multiple offers quickly and opened escrow 7 days after the listing hit the market. There was a huge turnout at the public open houses over the weekend and some Buyers even came to my Broker's Open the previous Thursday. If this wasn't a relocation sale, we could have been in escrow in three or four days.

So what exactly is a "relocation sale".

Basically in this kind of transaction the relocation company acquires the property from the owner during the escrow period and becomes the seller of record to the ultimate buyer. A little bit of extra paperwork but nothing that is too onerous or time consuming. The reason that these sales are structured as such is so that the employer can provide some additional benefits to the employee as an incentive to move what is often a substantial distance, buy a new home, uproot their family etc.

I had advised any agents submitting offers that we needed there "best and final" right out of the gate and there would not be any counters from the relo company. So, of course, after I notified people that we had accepted an offer, a few came back above the accepted price (which I did not disclose at the time). I hear some variation of this often: the listing agent lets other agents know the offer requirements (not price) and none the less, people still do their own thing and are then surprised when they don't get the deal. In fact, I can think of a few times, including one Buyer deal I currently have in escrow, where I was able to get the property for my client simply because I listened and we followed directions. In this competitive market just make sure that you know what the Seller and their agent are looking for.

Demand remains strong for homes in the Golden Hills and pretty soon under $1M for a nice 3/2 may be a thing of the past if it isn't already. For some Buyers, the most north blocks of Harper, Goodman, and Stanford remain the desired location although I also see demand for anything on the Hermosa border or around Jefferson. Properties that are larger, have views, or other amenities will go very quickly if marketed and presented properly.