We almost can’t keep up with some of the brisk sales we’re seeing. 3130 Pacific is “pending”, after 7 days in MLS. Remember 3100 Pacific (next door), the $15,000,000 home that never made it to MLS, received two offers and is sold.
A quick explanation of “pending”. In MLS, and real estate in general, there are four steps to tracking the sale with MLS data. First a property is “active”, meaning on the market and very much for sale. Then, if/when an offer is accepted and there are contingencies (loan, inspections, appraisal, etc.) the property will be listed as “active contingent”. Once contingencies have been removed a property will be listed as “pending”, and this usually means it’s as good as sold, but not quite there. Then, of course, it is “sold” (no explanation needed).
With a property like this that basically goes from “active” to “pending” (skipping “active contingent”), it could mean any number of things, but generally there were no contingencies, meaning the buyers are comfortable with the home just the way it is, and nothing else is really negotiable. It is also a pretty good bet that the sale will be a cash sale. Not always, but basically obtaining financing is not a problem.
So, it’s a good day for everyone involved with the two newest homes on Pacific that have sold in practically the blink of an eye.