I got news from my agent that although I submitted a very strong and well-qualified offer, the seller decided to go with a different offer. There's still a chance the deal may fall apart before closing, but in the meantime back to the search. 

To add insult to injury, the Fed raised interest rates so that will make mortgages a little less appealing. My main worry is that whoever outbid me is not a developer looking to tear down the building and put up some shitty condos. I did some digging around and there was a Victorian on the street 2 houses away. That house still comes up in Zillow, even though after contacting multiple realtors, no one could give me any info about it.

I then did a simple Google search and found a record of the transaction to some developer for $1. Shit. An old Victorian got sold for $1 and I didn't have a chance to bid on it. Sadly, that place was torn down. So strange that Zillow still shows the house as available and no one could give any info as to when or how the house was sold.

Also next door to the existing house is a new condo building also owned by the same developer, so my gut feeling is they are making their way down the street, ripping out history and replacing with their shoddy work. Even though I lost the offer I hope an individual bought the place and will fix it up.