So, just guessing that it is listed for a reasonable figure, why would a listed property be "getting so many offers" at amounts below your cost? For some reason, I'm speculating, the people making the offers think you're motivated to accept the low offers. Are you behind on payments, and a NOD (notice of default) has been published? Have you or your wife recently filed for divorce? Did your wife or a close relative recently die? Is a major company laying off people in your area, or shutting down a plant? These are all signs that some investors look for to determine motivation. Since it's relatively easy to check public records and see how much you paid for the property, even investors don't often make offers on probate properties, or in divorce situations, below the amount owed on the property. (Now, if you have a HELOC or some property-related debt incurred after the initial mortgage, that might not show up, so people might think they're making offers at about the amount you owe, not realizing that you owe more than what's appearing.)
And that (just thinking out loud here) suggests to me that people making the offers may think your property is a candidate for a short sale.
Do you know (or does your agent know) who is making the offers? And has your agent asked the buyers (or the agents for the buyers) the reasons for the offers?
The only other thing I can think of--and don't laugh at this--is that a real estate "guru" put on a seminar in your area in the last week or two. They'll come into town, put on a 1 or 2 day seminar in front of hundreds (or thousands) of people and get them all energized. For a couple of weeks, you have hundreds of newbie real estate investors making dozens of offers. If that's the case, the activity will die down soon enough.
Hope that helps.
I am curious about your comment "below my cost". Do you think that someone would pay more than a property is worth? The worth of a property is determined by the laws of supply and demand, not the "cost", nor the amount you paid for it.
As noted by the previous poster, the fact that you are recieving numerous offers indicates that the marketing is working. Realtors are learning about the property, and their clients are making offers. The fact the price is lower than you expected is probably an indicator of the value the buyers are placing on your property.
Good luck! Happy New Year!