March Madness not only for College Basketball
As many of you know, this time of year is includes Daylight savings, St. Patrick’s Day, and the NCAA tournament (March Madness), but this term also is indicative of the way the real estate market has been the last 6 weeks in both Manhattan and Hermosa Beach. The emergence of “Off Market” transactions have been something of a phenomenon. You could argue that the off market deals are the “trendy” way to do business. To back this statement up, there are some compelling statistics. As of today, there are currently 91 active listings in all of Manhattan Beach
(SFR and Townhomes) and 86 in Backup/Pending position. This is a staggering statistic and doesn’t even include any off market deals that have transpired. Inventory is low and weak in quality. Properties which posses some sort of premium ie, location, size, style, view, price, have been gobbled up with multiple offers. Only one offer wins, thus all the rest are still looking for that “right” home. Insert “Off Market” deals and a whole new way of satisfying your buyers. Just over the weekend there were five “Off Market” deals done! This is not just a Buyer’s market anymore!