It’s Still Possible to Overprice in a Hot Market

Selling

The past year-plus has seen Manhattan Beach home prices rise meteorically, with individual listings often far surpassing professional agents’ expectations. Our jaws have dropped more than once.

But that does not mean that absolutely every house sells “over asking with multiple offers.”

A recent listing has shown sellers can still overshoot the rising market and get stuck.

2904 Alma (3br/4ba, 2417 sqft.) is a 2001-built TH that came out in September last year.

It should have found a seam amid the limited inventory of ocean-view homes right then, during the second-busiest time of year for local home sales. (Post-Labor Day).

But it began at $3.136M, which backed off some buyers.

This was a whole different look & feel from when the same home was on the market in 2019, and eventually sold for $2.375M. That figure seemed “low” at the time for a sizable unit with views both to the south and north.

There were some upgrades made since then, especially in the kitchen, but the property no longer seemed like a screaming deal. Maybe the opposite.

So it got stuck. The sellers moved out and the home was shown vacant. It sat through the holidays, and finally made a deal in early January.

Now it has sold for $2.887M, shedding $249K and 8% from the asking price.

So, want to try and overshoot the market with an ambitious start price? Be ready to give it some time, and be flexible when the market says “naaaaah, we were thinking lower.”