Current Events Part 1

My Century Heights listing/escrow has officially closed. The hardship wasn't finding a taker (a buyer was attached instantaneously, ergo the low blog profile), but rather traversing escrow, financing shortfalls, and the cockamamie rest. The escrow lasted nearly four months. Few escrows exceed three months because most appraisals, integral to the loan process, have a 90 day shelf life.

This transaction was only the second I've done, wherein I never clapped eyes on the reciprocal agent. We communicated by phone and e-mail, and fax. The buyer's agent never met the seller either. Personally I prefer meeting everyone, and a little civilizing face time for all.

I assume when one is buying new homes, buyer and builder seldom meet. I've never been involved in a "new-home" sale, only "existing-home" sales. As an aside, the media typically portrays a drop in new home starts as a real estate industry negative, partially as a barometer of consumer confidence. I think it's real estate homeostasis, at times bad for the homebuyer, governing or limiting inventory.

Amongst the quick-moving, our Hillcrest listing is unsurprisingly already in escrow, accepting an early pitch.
Whilst some inventories are growing, the number of quality offerings--like the number of top-notch backstops in baseball--seems fixed, regardless of expansion, er market conditions. As I've opined before, the number of quality offerings seems even to be dipping as some enfranchised, potential sellers (those most likely to own good product), abort (such is the case for my Craftsman duplex on 40th Pl.) or postpone listings.

To Be Continued.....
Reminder, I've an open tomorrow at 2361 W. 20th St. from 2 - 5 pm.