827 E. Edgeware Rd. Offer
I found an interesting fourplex in Echo Park / Angelino Heights just off Sunset. Listing price was 890K, in great shape, two vacant units, and the other units were renting for slightly under market at about $1450. A great recipe for a buy and hold deal with about 8% net cash return.
We put in an offer for my clients and soon learned that an all-cash offer was accepted that same day for close to $1M.
Why buy all cash in a loose money economy? Because interest rates are so low, all the competition is certainly driving prices up. Why not save your cash for a period with higher interest rates when cash speaks louder and you can get better deals?
The answer is simple: Echo Park and Silver Lake real estate is hot right now. This is L.A., after all, and money follows the next big thing.