The inventory is low and the demand is high, and that's what's creating this; it isn't really dependent on the interest rates going up or down like it would be in a normal, sane situation because the properties along the foothill are just really high in demand.
Indeed, Monrovia is a hot market with the median sales price of a home topping $1 million, per Redfin.
The $500,000 price is low for the area and the home has an 'open-concept floor plan.' The property is considered to have more value based on the land than the home itself.
Contacted by interested buyers just days after the damage, lowball offers ranged between $250,000-$300,000, illustrating the intense desire to acquire property in this high-demand area.
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