Betting on a War

By Dave Fratello | June 9th, 2010
A couple of weeks back, a new price on 2708 Pacific was intended to generate a bidding war. (See "Get 'Er Done.")

It worked.

Next in line: 637 29th (4br/3ba, 3350 sq. ft.), a 1970 home that's had some remodeling work done, but still shows its age.

The home's very similar in size to Pacific, though in a superior location on one of the sleepy streets north of Valley. Its come-on price is the same as Pacific's: $1.399m.

The listing confidently predicts a bidding war, calling it the "best Manhattan Beach value" and stating, "multiple offers are expected."

Private notes go a bit further in detailing what's expected:
  • No offers accepted till June 13 (this Sunday), also the date of the first open house
  • Start with your "highest and best" offer
  • Deadline for offers June 19
So they're looking for a one-week-long bidding war.

Do you counter a bunch of "highest and best" offers? Sure, if the war's on. Why not?

Come to think of it, why doesn't every listing just "underprice" and see what happens?

First, let's see how this one pans out.

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