Written by: Johanna De La Fuente

A spur of bidding wars has occurred as luxury home properties are in high demand. Within days of a listing going live, there are multiple offers and deals made immediately. Offers are even coming in over the asking price. The Los Angeles areas, such as Brentwood, Beverly Hills, and Bel Air, have incited numerous bidding wars on luxury properties, as prices are rising, and investors are returning to the market. Even homes in need of renovation are in demand, in hopes to flip and resell for a higher price. (See WSJ “Big Homes are Back in Business“)

Throughout the U.S., prices for residential properties over $1 million, have risen 7.2 percent. Bidders are acting quickly, minimizing listing times. Luxury properties no longer linger in the market as they did two years ago. There is no time for hesitation to submit an offer. The need to act quickly is not just because of high demand but also due to low inventory, as there are less sellers listing their homes.

Eklipse Real Estate is taking part in the luxury bid war with its new listing posted this week! The luxury property is located at 536 Dalehurst Ave, in  the beautiful area of Little Holmby. It is a 4 bedroom, 4.5 bathroom home, priced at $3,495,000. Check out the pictures online at www.536Dalehurst.com. Phillip Braunstein is the listing agent.