Random thoughts on art, technology, stuff, and occasionally Real Estate: March 2010

To everything there is a season.....Or "Do you remember the first time?"

Real estate is cyclical, and if you have been in the real estate business for any length of time, you come to realize you have a ringside seat for viewing some amazing financial trends.

I remember one of the sales we made at the very beginning of the most recent (and now dearly departed) boom.

It was a sweet little home at the foot of the hill, delightfully decorated by the owner, who was a professional artist.  This was 2002.  My partner, Bob and I listed it for $249,500; and a buyer's broker waltzed in the door with an offer of $295,000. 

Overbidding the asking price had not yet become commonplace in our neighborhood, and I was floored.  It seemed strange, creepy, and off-balance.

To everything there is a season

Then 2002 turned into 2003, then 2004, and 2004 turned into 2005, and frenzied overbidding with multiple offers became commonplace.

As the summer of 2006 rolled into fall, we started to hear rumours of collapsing lenders, but the experts assured us that everything was fine, we were just heading in for a soft landing.

In 2007, many homes in my neighborhood were still selling in the $700s.  Today, I see some of those homes listed as short sales.  Checking some of the others on Zillow, I see average prices in the mid or low 400s.

Please don't misunderstand!!  I am not bemoaning the course of the last few years! 

But I ~am~ reminiscing about particular homes we sold during those years.  And that sweet little house, owned by the artist, the house that seemed to be the start of the boom in my practice, came to mind.

Incidentally Zillow now gives that little house a Zestimate of $438,000, so the buyer who made that original overbid -- he did OK.

So, Listing Agents:  Do you remember the first time one of your listings received multiple offers?  The first time one of your listings sold above asking price?  What were your thoughts back then?

Buyer's Agents:  Do you remember the first time you wrote an offer above asking price?  The first time you represented a buyer in competing multiple offers?  What were your thoughts back then?

I'd enjoy hearing stories from others of their first "boom" sale.

 

 

 

 

Cheryl Johnson // Bob Tayor Properties, Inc.

 




Bob Taylor Properties, is a progressive, independent, full service real estate brokerage located in Northeast Los Angeles. We have a small staff of experienced, veteran real estate agents who love what they do and work tirelessly for their clients.

 

We are experts at selling residential, multi-unit residential and commercial properties. We are highly experienced with residential and commercial leasing. We know the Los Angeles City Rent Stablization Ordinance.

 

We know and appreciate all types of Los Angeles architecture and design from Historic Homes to Ultra Modern Lofts.

 

We would love to help you buy or lease a home anywhere in the Greater Los Angeles area, or to sell or lease the home you already own.

 

Call us today at 323-257-1080.



 

* Starter Homes
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Our highly skilled and experienced staff serves all of Southern California and handles all types of property.

 



 

The Bob Taylor Properties Network of informative blogs and websites

Bob-Taylor.com Our original website

BobTaylorProperties.com Featuring a live MLS feed with lots of listings!

EclecticAngelino.com A headline newsfeed from around Northeast L.A.

WeMarketRealEstate.com Our intensive marketing strategies

RealEstateHomeBuyersGuide.com Information for home buyers

HomesForLeaseToday.com Live MLS feed of homes and apartments offered for lease

LALeasingService.com Our leasing services for property owners

 

 

 





 

 

Bob Taylor Properties, Inc.

323-257-1080
5526 North Figueroa Street
Los Angeles, CA 90042
DRE License # 01304057

 

 

 

 





 

Comment balloon 10 commentsCheryl Johnson • March 28 2010 04:52PM
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