The Distress Signals Are Clear: Proceed With Caution, Or Walk Away
Bay Area homes sales are the lowest in more than 20 years — fewer than 4,000 changed hands in January. In Alameda country just 780 homes sold last month, a 39% drop over the same period last year. (A mere seven were recorded as having sold last week in Berkeley bringing the January total to 31.) And the median price for a home in Alameda is down to $487,750 from $570,000.
And yesterday the New York Times reported on a new company in San Diego called You Walk Away which helps homeowners do just that when they face foreclosure.
Whether we are dealing with a lull caused by market turbulence or a rapidly declining state of affairs with no turnaround in sight, these facts and figures make it clear a cautious approach is in order, whether you are a buyer or a seller.
With that in mind I am setting a $1m limit on the new listings you might choose to visit this weekend. That figure is of course higher than the average price of a home in Berkeley (which currently stands at around $700,000), but in these uncertain times it is just as likely that the price will go down before finding a buyer, so in a spirit of optimism I give you the following:
Three new listings:
1171 Sutter Street: a 3/2 “romantic” Mediterranean with views but walkable to Solano Avenue. Price: $949,000.
2690 Pine Avenue (above left): One-level craftsman in The Elmwood which reader Kim believes is small for the price, and I hear it could do with some basic tidying up not to mention a makeover. Price: $899,000.
658 The Alameda: a 3/2 Dutch Colonial with views and separate office. (Busting the budget a tad) price: $1,175,000.
Two to revisit:
110 Brookside Drive (above right): This 3/2 Tudor-style home might be worth another look as its price has been cut twice from $1,095,000 to $949,000. (Why the listing only shows a photo of an exotic plant is beyond me.)
1452 Grizzly Peak Boulevard: 3/3 contemporary with views now being offered separately from its adjacent lot so newly priced at $990,000.
Three “Coming Soons”:
There’s a 2/2 one-level home in Rockridge for $799,000 through Coldwell Banker; a 6/4 “stately” remodeled home in Crocker Highlands for $1,395,000 through Grubb Company; and a “pristine” 2/1 Craftsman bungalow at 1541 Channing Way, also through Grubb.
