North Park Home Receives More Than 80 Offers - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

North Park Home Receives More Than 80 Offers

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So much for that sluggish and slow real estate market. San Diego housing experts say we could be reaching a turning point. One home for sale has received 81 offers, and counting.

Thirty-two years in the real estate business, and broker Donna Sanfilippo has never seen anything like this.

"We've had 81 offers as of today," Donna said.

The house was listed just 10 days ago. One of the 81 offers was submitted by Manuela Schuksz. She says she'd like to buy the charming home for her parents. Then we told her about the 81-buyer bidding war she just stepped into.

"I think that's craziness, but I guess people are out there buying," she said.

According to the San Diego Association of Realtors, three years ago more than 20,000 homes were on the market, but inventory has dwindled in recent months to 13,800 homes.

"If it's time for you to buy and you're ready, it's one of the best times to buy in years in San Diego, and we have to remember, this is San Diego," SDSU finance professor Leonard Baron said.

We asked Baron how one property could receive 81 offers.

"If you have that many offers it's obviously priced way too low," he answered.

The foreclosure price was set by the bank at $175,000. During our News 8 shoot alone, three more potential buyers showed up at the house including Maria Mariscal, who thought she was shopping for an investment property in a slow market.

"I'm surprised, I'm shocked," she said.

Numerous realtors who showed up at the property say this is what you get when you combine dropping interest rates and prices.

All 81 of the people who want to call this house their home will get a chance to make a highest and best offer, hoping to get the house into escrow in the next week.

Realtors expect that the North Park home will eventually sell in the mid-$200,000 range.

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