Last War of 2012

Posted by Dave Fratello on Friday, December 21st, 2012 at 4:30am.

This year, 2012, was the year of the return of the bidding war.

It looks like we can call 1201 Lynngrove (3br/2ba, 1975 sq. ft.) the last of 2012, unless some true shocker emerges in the next several days.

You know the drill by now, we suspect:
  • Attractive, turnkey property
  • High-demand market segment
  • Occupying the field alone
  • Priced reasonably
  • "Deadlines" announced for bids
  • Multiple offers
  • Sale over asking price
Check, check and... all those.

So bravo to the sellers here. They had something people wanted. (Check out our weekend review.)

They put it out at a very strange time of year with a demand for immediate offers that would have sounded utterly absurd 12 months ago. (A fair paraphrase would be: "We know it's mid-December, but get your offers in by Monday!")

And they got all they wanted, multiple strong offers and a plus-plus sale.

We need to look back systematically at the bidding wars of 2012 at some point, but here are some highlights that come quickly to mind from the year that was:

1805 John St. drew 20 bids in March 2012 for a prime, 5065 sq. ft. lot: $1.352m, after a start at $1.100m. (See our wrapup post here.)

2301 John drew 15 bids and closed for an astonishing $1.880m, after a start at $1.519m. (See "Close the Books on 2301 John.")

754 26th had at least 10 bids and closed for $1.475m, up from $1.299m. (See "Tree 'Rockets' Land.")

521 2nd drew several bids and sold in May for $1.370m, just above the $1.329m start. (Dave represented the buyers on this one.)

512 4th sure had the same profile as 521 2nd, but with 12+ offers in, later in this crazy season, it got bid way up from $1.369m to $1.625m.

Wow, here are 6 good examples, but we seem only to be scratching the surface. 

Why all the wars this year?

Low inventory, more "sensible" pricing in a year that had more frenzied demand and low inventory, and a psychology that really took hold by June or so... fill in your own explanation.

We'd say now, hey, in a normal year, we could all just pause and take a break for the holidays, contemplate the future, bide our time before the Next Great Thing hits.

But a mid-December listing just drew multiples.

Do you really think all will be calm around Martin Luther King day?
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