This property, which we represented the seller, at 2890 Monterey Road, San Marino was listed at 1,850,000. The property has 4BR, 3BA 3,208 sqft on a 13,909 sqft lot. We received five offers on the property, four at asking price or above, with the accepted offer being over 100,000 over asking.
This property, which we represented the successful buyer, at 843 Santa Anita, San Marino, is listed at 1,288,000. The property features 3BR, 2BA, 2,430 sqft on a large 16,016 sqft lot. This property received 27 offers, 20 over asking with many of them 200k over asking.
Although these properties do not represent the majority, it does show that if the house is priced right, and has desirable characteristics, buyers are still willing to pay well above asking price. When involved in multiple offers, it is tremendously important that you are represented by a knowledgeable, experienced and respected agent. As in many cases, the offer that is accepted isn't the highest offer. Sellers and their agents take into account many factors that as a whole represent the overall strength of the offer that will attribute to a successful and smooth completion of escrow.
A combination of factors are influencing the strong market in San Marino but I will focus on two main factors: the public schools system and the weak US dollar. With its #1 API ranking in the state, the San Marino Public School system plays a tremendous role in the strength of the housing market. Having grown up in San Marino, and matriculated from K thru 12 in the San Marino School system, I have many childhood friends who are now moving back to San Marino for its school system. Their reasoning is simple, by using public schools, their children can receive the same quality education as private schools, while saving hundreds of thousands of dollars. A friend named Charles, who went to private school in Pasadena, said he calculated that he would save 400,000 in tuition fees by sending his kids to San Marino Schools, so the premium placed on the property he is interested in San Marino, 200k above the home he is interested in Sierra Madre, is well worth it by Charles’ reasoning. The second factor is the weakness in the US dollar. We are seeing a surge of foreign buyers who are buying for investments, secondary residences and primary residences. Whereas in the past, foreign buyers where mainly from Asian, with the current strength of the euro, we are experiencing a surge of European buyers. These buyers are often all cash buyers, or take small loans, so the crunch in the lending market tends not to affect them.
For a link to school data: including demographics, enrollment and graduation stats, please visit the links section of our website.
