It might look like such a deal online. But no, the ocean-view lot at 864 5th in the Hill Section will not be selling for less than $2M.
It's easy to understand any confusion that's out there. (It's out there. We get inquiries about it all the time.)
The property is listed online at $1.949M. It's now 6 weeks…
It might look like such a deal online. But no, the ocean-view lot at 864 5th in the Hill Section will not be selling for less than $2M.
It's easy to understand any confusion that's out there. (It's out there. We get inquiries about it all the time.)
The property is listed online at $1.949M. It's now 6 weeks into its run on the market – or so it would appear.
Hey, it's the holidays. Maybe make a run at this one and get a deal?
No no no.
The truth is, they've already had something of an auction for 864 5th. And while the first round of bidders may have begun by thinking they had some kind of steal-of-a-deal potential, the market found a new level for the property.
Bidders shot the value up to the mid-$2.6M range. Now there's an accepted offer.
So why is the listing still online, active, teasing that $1.9-ish price?
There is another step to the process. In the somewhat cumbersome probate court "confirmation" process, there needs to be a hearing to finalize the sale.
At that hearing, someone new can come along and bid more.
Specifically, the process calls for any new overbid to be at least 5% above the current deal price. That would be: $2,809,250.00. And it must be all cash, no contingencies, closing within 10 days of final acceptance. (So much for the average buyer.)
Often, these types of listings will change to show the new "overbid" price as the list price. Yes, it would also look very strange if a property that's been lingering on the market for 6 weeks suddenly jumped in price by $900K. But at least then the listing would accurately convey what it might take to buy this one.
They're still waiting to get a hearing date to "confirm" (or overbid) 864 5th, some time early in the New Year. We'll see where it settles out then.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of July 19th, 2024 at 4:35am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.