Raise the Price, Make the Deal

By Dave Fratello | February 28th, 2014

Are we in one of those markets now?

Twice recently we've seen listings raise their prices and make deals shortly thereafter.

First we saw this happen at 438 S. Meadows, a big Mediterranean (well, they say "Spanish") that sold this week for $2.595M.

This one listed in October 2013 for $2.500M and had a deal within about 6 weeks.

But that deal stayed in "backup offer" status for months, meaning the sellers were soliciting new offers just in case the first one didn't pan out.

Come February, the property officially came back on market. This is a solid, newer house, so we inferred that it was probably not a problem with the property, but with the buyers – perhaps a contingency for selling their own property did not pan out. (We've not tried to pry into the details, just offering an example here of the sorts of things that can happen.)

When 438 S. Meadows came back, it also jumped in price by $100K to $2.600M.

This time it lasted only one week, not six, and the sale closed quickly: Just 3 weeks after the offer had come in.

Did it sell because the price jumped? Why, no. But the boost didn't hurt, either.

Similarly, over in the easternmost part of the Hill Section, 1019 8th (3br/2ba, 1720 sq. ft.) listed nearly a month ago. For a 3br house on a 7200 sq. ft. lot west of the highway, they asked $1.749M.

Unlike every other house in Manhattan Beach – or so it seems – this one didn't sell within a week of listing.

Nope, the second week tolled, then the third, and here in the fourth, they raised the price.

On Thursday, the price jumped to $1.849M, a full $100K, just like the S. Meadows property.

On Friday, they had a deal.

Maybe it was that lucky 8?

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