Oakland: Waiting for the Phone to Ring

A few weeks ago, I wrote about 5923 Colby, a really nice 3 bedroom 1 bath craftsman in the Rockridge area. It was listed for $799,000, and surprised me a bit when it closed for $1,000,000 after a multi-person bidding war.

Last week, 6020 Auburn hit the market with an asking price of $975,000. Same neighborhood, similar style of house and an extra bath. It is not nearly as nice as Colby in terms of layout, condition or yard, but it is still a decent house in a great area and it seemed like a no-brainer that it would sell right away.

Well, the deadline for offers came and went yesterday with apparently no takers. The listing and the house’s website have been quietly revised to omit any reference to the offer deadline and new open houses have been scheduled.

Is this a sign of a weakening market, a listing that was priced too high or a time line that was too aggressive? Only time will tell, I guess.

–photo credit: reesie via Flickr