Winner for 'Bet the House #1'

By Dave Fratello | February 24th, 2017

599 35th Street Manhattan Beach CAWith the sale of 599 35th in the Tree Section, we have our first winner in MB Confidential's "Bet the House" contest.

This stylish 3br remodel listed on Jan. 11 asking $2.495M.

Then, in our first "Bet the House" post, we asked you:

1. How many Days on Market will the listing rack up while listed for sale?

2. How many (if any) price cuts will be made before the home is sold (or goes off market)?

3. What will the home actually close for (sale price), if it sells?

In the end, 599 35th went into escrow at 13 DOM, and sold for $2.400M. It made no price cuts during its brief time on market.

Now, when it went into escrow, the agent used the "Active Under Contract" status instead of "Pending" status. This required us to clarify contest rules, and this became an important point in determining a winner.

We explained in our post "What the Heck is 'Active Under Contract?'" that DOM continue to toll with the use of this particular "in-escrow" status. However, for purposes of this contest, we are counting DOM only until the time that the seller accepts an offer, regardless of which status is used.

The listing stayed in "Active Under Contract" status till the end, and wound up with 43 DOM by the MLS count as a result. However, we go with 13 DOM for scoring purposes.

After tabulating results and applying our rules and scoring system, we found a winner.

While she wishes to remain anonymous, we can tell you that the winner's selections were:

1) 0-14 DOM

2) 0 price cuts

3) Sale price: $2,525,000

By our scoring system, this netted 5 points each on DOM and cuts, and 3 points on price for being within 4-7%, for a total of 13 points.

Another entry came much closer on price, estimating $2,395,000. However, that entrant estimated 30-60 DOM, worth 0 points under our scoring system, so the overall entry scored only 10 points.

The full range of sale prices suggested was $2.150M-$2.540M, with the majority at or above the final sale price of $2.400M. The winner was the only entrant selecting 0-14 DOM (her 5 points helped a lot), while most chose 15-30 or 30-60 DOM.

The winner will be notified shortly and will receive a $50 gift card to local restaurants.

We have 4 other "Bet the House" contests under way, while the contest is on a hiatus for now otherwise. We'll come back and announce results as they come in.

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