2007 N. 6th in Burbank is sold, we think.*

The serious fixer property that I listed in the Burbank hills sold in a last-minute bidding war on Wednesday.  I never thought it would happen.  It has been listed since November.  Although we had many all-cash offers from qualified buyers, we didn't get close to the price the sellers would accept until last week. 

Then, the activity got heated and there was a lot of drama. Potential buyers began to bid against each other in small increments.  Seventy emails were sent and received about the offers on Wednesday a.m. alone.  Old offers rose from the dead.  Some players withdrew their offers and left the playing field only to reinstate their offers later in the day.  Friendships and professional relationships were skewed (well, mine with some of the other agents).  Buyers were unhappy.  Sellers were unhappy.  There was weeping, wailing and gnashing of teeth (okay, I'm exaggerating).  But at the end of the day, it sold for a price acceptable to the sellers and buyer, and we all either drowned our sorrows or celebrated, or both.

*This is a probate and all heirs (there are several) need to okay this.  They probably will, but you never know.  Stay tuned.

Cutest house of the week, in Echo Park! But my clients didn't get it. Bah.

This is 1801 Bellevue in Echo Park and it's the cutest house I saw this week.  It's a rehab/flip, and it's adorable.  It has 3 beds, 2 baths, a den, a separate studio, and an oversize garage plus a front and back yard.  It also has been really well-staged, and I'm crazy about good staging.  I know that some people don't care for Echo Park, but this street feels really safe -- it's a cul-de-sac at both ends.  Recently, the community has attracted many buyers who like both the traditional family housing stock and the urban feel.  Plus, the city is re-doing Echo Park Lake.

Enough about how great this is.  Here's how our transaction went.  Or didn't go.  The house was listed at $499k. It received 10 offers right away.  One was from my very well-qualified buyers.  Unfortunately, the bidding went up to (and maybe passed) $550k and the sellers took another offer.  Damn. Damn. Damn.  My buyers are disappointed but will live to fight another day.  I'm disappointed, too -- this is something I would have bought if I were (much) younger and wanted the neighborhood!