Foreclosure Investment

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Address: 1306 Thayer Avenue, Los Angeles
The House: 3-bedroom, 2 1/2 bath Authentic Spanish, 2,178 Square Feet
Special features: ‘It had the authentic arches, french doors out of the dining room, a great garden. Original for the most part, with a galley kitchen, a great balcony off the master bedroom,’ says listing agent Chad Lund.
Listing Price: $1.195 Million
Selling Price: $1.552 Million
Days On Market: 11 (listed on Feb. 5)
Number of Bids: 59 in seven days

Pricing Strategy: Chad Lund: ‘This was pretty much a one-of-a-kind property. We really sensed in January that a lot of buyers were coming out of the woodwork, and we’d seen some multiple offers in January. So we were in a unique position, with inventory low and this being a special property, so we priced it on the low side for multiple bids.’

What Lund expected: The house would sell in the high $1,300,000s, maybe $1.4 million.

What happened: 59 Bids in seven days. ‘Two were substantially higher, so we countered those two and basically just gave them one more chance to come back with best and final. Ironically, both of those bids were cash only.’

What he learned: ‘It’s a really special property, but it showed me that on the Westside, buyers were out in droves -- they’re back after sitting out last year. If they were anticipating depreciation, it didn’t happen.’

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