Just Sold: 5551 Konya Dr Torrance 90503

If you are a buyer looking for a SFR in Torrance 90503, you may have heard how competitive things are. But no matter your level of preparation, be prepared to be surprised if you wind up making an offer on any new on the market listing.

I can tell you that seeing multiple offers in the dozens or more is not unusual. Nor are overbids in the tens of thousands of dollars. Some properties are even selling $100K or more over the MLS list price.

So what’s driving this?

Well other than the record low mortgage interest rates, absence of listings, crushing buyer demand and tons of cash on hand from a runaway stock market, well really not much.

Buyers seem to have discovered that Torrance is one of the few remaining desirable neighborhoods where you can get a nice SFR for under $1M. Well until recently that is.

With great schools and proximity to jobs, many homes in Torrance sell - even at the recent prices, for substantially less than the same property in the Beach Cities. And if you are in the western border neighborhoods, you are buying at a discount to what the same house would cost on the other side of Prospect Ave in South Redondo Beach. Sounds pretty good, right?

5551 Konya Dr

I represented the buyers of this 4 bedroom 1856 Sq Ft SFR that sits on an over 9,000 Sq Ft park like lot. The house had been in the same family for 60 years, I think they were the original owners. It was sold by a trustee of the estate and was in need of updates to put it mildly, Either a lot or a few depending on where you would want to go with things. Here’s the back story.

We had first looked at and put an offer in on a smaller house literally across the street. Put in an offer as in one of 17. That property was fully remodeled and gorgeous although smaller than 5551. It got bid up over $200K from the list price.

Meanwhile, while we were in the throes of negotiating and waiting, 5551 came on the market. As tight as things are, I got my clients out to see it the first day. They arrived late and we had already missed our 15 minute slot but I was able to convince the other agents waiting in the street that the listing agent told me everyone should just wait their turn. Sorry other agents, I made it up.

In any case, my clients weren’t initially that into it because compared to the designer done house across the street it really paled.

Anyway, it didn’t really matter because within 2 days 5551 was in escrow. And we came in second in the bidding for the other home.

A few days later, 5551 fell out of escrow and we jumped on it. That included me going there while the listing agent was having a sewer line video done and chatting with her for an hour to sell myself and my clients.

And we also offered great terms like 21 day close and short contingency periods.

The final sales price of 5551 Konya was $1.3M.

Here’s some pictures of the house “virtually staged”.