We would call this rare sale a “missed” opportunity but as it was never really available, it’s hard to claim it was missed.

The home was only on the market for a day and that wasn’t really even the case as they already had an accepted offer.  The listing agent represented both the buyer and seller.

This was a really unusual situation now matter how you approach it.  The home was a foreclosure which just doesn’t happen in Hermosa Beach (with values seemingly never ceasing their upward trajectory).  The former owner had apparently been continually breaking in and renting it out to short term renters.   Eventually the bank put it in lockdown with metal doors and windows eliminating access.  The home hit the market with few photos and steel barriers to keep out the prior owner.  That said we had the chance to view it the one day it was on the market and it was a STEAL at the list price of $1,499,000.  

We had interested clients but were notified that it had already been sold to a neighbor.  Not that anything was done improperly but the buyer was represented by the foreclosure listing agent so doesn’t appear anyone had an actual chance to bid on it or get a higher price.  It sold at $1,475,000 which, in our opinion is dramatically below the market value.