overbids

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

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

The last great housing bubble inflated in Manhattan Beach in the early part of the last decade.

Roughly speaking, things got interesting in 2002-03, eye-opening in 2004, head-smacking in 2005 and bonkers in 2006-07, before things got wobbly and we saw some deflation.

Now that the market is rebounding, and occasionally shocking observers, the question becomes: Can you now get a bubble-era price on resale in 2013?

There's more evidence emerging that the answer is "yes."

Here are some recent sales (including new escrows) on properties with a prior trade in an earlier 2000s bubble year.

721 36th (5br/5ba, 3450 sq. ft.) is a smartly built, spacious Cape Cod that was new just a few years back – perhaps defining the tail end of the last building

It's a theme we keep checking in on, because the results are so interesting: What couldn't sell before, does sell now.

And in two very recent cases, listings that ran quite a while in 2012 sold quickly in 2013 with $200K overbids.

In fact, the stories of these two recent sales have almost everything in common.

1125 3rd (4br/4ba, 3900 sq. ft.) is a newer (2005), custom-built home built on a steep hillside. In our review in February, we summarized: "Suffice to say it's an unusual home, but that they've done a lot to try to echo a conventional home despite the quirks – like countless stairs inside and out that move you into the home, around the home, and among the various tiers of outdoor spaces."

This home was offered on and off over nearly 7 months

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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