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Posted 07/16/2009 By Matt Stichnoth

SEMI-PANIC APPARENTLY BREAKING OUT AMONG O.C. HOMEBUYERS

If I didn’t know better, I’d say the Orange County, Calif., residential real estate market was turning positively bubbly:

Foreclosed house draws 135 offers

At the height of the boom, a Garden Grove home sold for $760,000.

So when the two-story house on Mary Hill Avenue went back on the market this year for just $386,100, offers came pouring in.

In three days, 135 buyers had entered bids. By the end of the week, a deal was signed for $501,000 — $115,000 over the asking price. (An Anaheim home made news recently after it got 63 offers.)

That many offers is an anomaly, said Carl Wawrina, sales manager for Empire Realty, Funding and Investments in Long Beach, which listed the Garden Grove property, a foreclosure being resold by a bank. Most of the repossessed homes Empire Realty lists get from one to 30 offers, he said.

Even 30 offers sounds like a lot. . . Of the 135 offers for the Garden Grove property, by the way, 25 were all cash—including the eventual buyer’s. . . .

11:18 AM

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