In a real estate market accustomed to excesses, the figure was described by the
Los Angeles Times
as
"absurdity" .
.
Last April in South Pasadena, Los Angeles County, a home listed for $1.2 million sold… for double the price, or $2.5 million.
What was shocking in itself was not the price, but the overbidding around this property, without ostentatious luxury, consisting of three bedrooms and a single bathroom, with a somewhat dated kitchen.
According to the real estate agent, 400 people came to see the property, 60 made an offer – most of them in cash -, 8 offered more than 2 million, and the winner took the bet with an offer at 2, 5000000.
The case was closed in a week.
A very good deal for the owner, who had acquired this property in 1983 for… 155,000 dollars.
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If it marks a kind of new level, this example is however far from being an isolated case in a heated Southern Californian real estate market...
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