Multiples on Marine

Posted by Dave Fratello on Friday, March 9th, 2012 at 5:57am.

Remember all those months we spent recently wringing our hands and griping about lack of inventory?

MBC is a blog about the local real estate market. But what was there to write about?

Dave, the MBC author, is an agent representing buyers in this market. But what was there to buy?

This Spring is finally starting to see the hoped-for rush of inventory.

But now there's a new problem: Multiple offers. 

You can't always get what they're offering. Too many others are jumping in at the same time.

704 Marine (3br/3ba, 2025 sq. ft.) is a case in point.

This may be a surprise at first. Marine? Multiple offers?

Turns out, this stretch of Marine isn't quite like the Marine you're thinking of. It's got traffic, but not like the area just to the west. Location just didn't seem like a turnoff as might have been expected.

Indeed, dig deeper, and this particular area seems to have a real sense of neighborhood, with regular block parties, Halloween activities and an overall camaraderie that you don't just find everywhere. A location plus – on Marine.

No doubt, the home itself needs work. It's a late-1940s original with some updates from, perhaps, the 1970s. But, as we said this past weekend, "It retains its classic old-MB feel while offering just enough space for a small family to spread out." That, plus a deck, patio and yard that, taken together, offer just enough outdoor living.

At 704 Marine, they knew there would be lots of interest. In a nod to fairness, the sellers requested bids in sealed envelopes to be opened all at once, about 5 days into the listing. There were several bids. (Disclosure: Dave had clients in the mix.) There were counter-offers. Ultimately, the sellers accepted one offer over asking price.

Now, this is not the norm everywhere – not hardly. But offer something special, in a price range where there are lots of buyers searching, and who knows the response? At 704 Marine, they dealt calmly with a minor frenzy.
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