bidding war

There's something about being west of Highland.

Even if you're on Highland, apparently.

We say so because the newest closed sale to cause foreheads around MB to be slapped is going to be 232 30th Place (3br/3ba, 1375 sq. ft., on a half lot).

They didn't pitch this little former duplex as a dream house back in early May when they put it on the market. No, it was the "[b]est value in the sand section."

Maybe at $1.250M, the start price.

But then came the bum rush. Multiple offers again. "Must have" echoing among the masses gathered to spend, spend, spend.

Closed sale price: $1.361M, or +$111K (+9%) over asking.

Of course the buyer paid all cash. Doesn't everyone?

As we noted in our review around Mothers' Day:

[It] feels like a

Ready for another shocking overbid? Or maybe we don't get "shocked" anymore?

725 12th (3br/2ba, 1325 sq. ft.) is a nearly perfect little beach cottage inside, in a location that affords a quick walk to downtown, church and elementary school.

We said in our review:

It's a great example of the most you can do to a little 1950s cottage. Wide open, high ceilings in the great room, a modern kitchen – with marble, not granite – and attractive baths.

Those "must have" qualities sparked a bidding war when the home came out in April at $1.399M. Multiple multiples again.

What would happen?

First, look back. The same property had traded in very nice condition in 2008 at $1.187M, after a start at $1.400 and 100+ DOM.

But that was 5 years

It was almost 2 months ago that one of the more amazing Spring bidding wars broke out.

That was at 1312 Walnut (3br/3ba, 2100 sq. ft.) a remodeled (and added-onto) 1950s cottage in a nice location on a corner near the elementary school.

This one launched at $1.599M, which seemed clearly to be pushing the limit for the property.

But no.

After multiple-multiple bidders came in, it went 10% higher.

The newly closed sale price: $1.760M.

We had said shortly after the deal posted: "[T]he sale price here will simply shock you when it closes. Imagine what's the most you'd think it could go for. Then add. Then a little more. Wow."

We can still say that pretty comfortably about $1.760M, but word is they had an even higher bid in place at one

They've just closed an above-asking deal at 2417 Crest (3br/4ba, 2300 sq. ft.), a rear-unit TH with great ocean views.

This is a bigger-than-standard TH at 2300 sq. ft., and they sought a bigger-than-standard $1,090/PSF when they first put a sticker on the home.

But those views, and the distinctive stlying, brought many suitors. And when that happens, prices jump.

In this case, from $2.499M to $2.575M, with an enhanced PPSF of $1,123/PSF.

This home, a 2002 build, got a thorough re-do with panache in 2009, and it's got several signature elements that stick with you.

Two unique features jump out: The long (14' long) built-in, modern dining table stretching from the kitchen – a bold statement that defines the home as an entertaining space.

Is the frenzied real estate atmosphere we're seeing almost everywhere today inflating a new bubble?

We liked seeing that Redfin, a consumer-friendly real estate firm if there is one, took on that question with some nerdy – but accessible – analysis. (Click here for Redfin's report.)

Redfin's conclusion: Mostly no bubble, but maybe a "mini-bubble" in some markets. Otherwise, the elements that overinflated the last bubble are absent.

Instead, Redfin sees a more classic supply/demand imbalance driving prices up. They don't see the same kinds of off-kilter factors breaking home values away from fundamentals as we saw last round. They even summarize their take in this handy chart:

So buyers are more real, credit is reasonable or tight – if cheap

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Buy it or rent it? That's a conventional question.

Sometimes a property is offered both ways, and the consumer can make the choice.

Take 3521 Walnut (5br/4ba, 3250 sq. ft.), which sold for $1.435M just 14 months ago, and hit the market this year with big ambitions: a 30% markup to $1.850M.

It's down a little now to $1.769M, but they've got a backup plan. It's for rent at $7K/mo. (See the rental listing here.)

That poses a straightforward choice: Do you want to park at least $350K in a down payment and

• Attractive, turnkey property
• High-demand market segment
• Occupying the field alone
• Priced reasonably
• "Deadlines" announced for bids
• Multiple offers
• Sale over asking price