As The Rich Flee The Hills, A $1m Price Cut Begins To Seem Normal

Although on the surface there doesn’t seem to be much movement in the housing market in my patch, I admit my perspective is skewed as most of the time I am focusing on a pretty small geographical area in my personal hunt for a new home.

Casting the net a little wider, I notice some interesting going-ons.

For example, there has been a noticeable reluctance at the top end of the market to snap up a clutch of “super-league” homes in the Oakland hills. The stunning-looking 7/8 modern estate that is Rockingham Court, which went on the market last June at $6,388,000, has had a $1m price cut to $5,388,000 — which still makes it the most expensive home for sale in Berkeley and Oakland.

The $4.5m 1920s home at 2 Westminster Drive — which my sons covet principally because it has an elevator in the three-car garage — has failed to find a buyer after 142 days on Redfin.

And there are 15 other $2m+ homes currently listed for sale in Oakland and Piedmont.

Could it be that the wealthy crowd fear they’ve reached the high point with the value of their homes and are abandoning ship?

Meanwhile, if cool contemporary design is your thing, check out 365 61st Street, a modest house which has been given a meticulous makeover that makes use of every square inch of space (note the elegant wine storage under the stairs). The realtor describes it as “Dwell magazine inside a traditional Craftsman”. It reminds me more of the decor you see on interiors blogs such as SFGirlByBay. It could be yours for $949,000.

Finally, if it’s perfect piece of (unmodernized) architectural history you’re after, go visit 2601 Derby Street in Berkeley (above) which is back on the market having failed to sell for either its asking price of $1,595,000 or its reduced price of $1,395,000 last fall. It will be open on February 17 priced $1,395,000. It’s a gem — with an original scullery if you please — but daunting for those who like their mod-cons.