Comments on: Is Piedmont (the city) an Island? Musings and Price Reductions

By: Alison

Alison — Tue, 25 Mar 2008 17:43:39 +0000

Hi Corrie, here are some of my previous posts on the frequent confusion of Piedmont the City and Oakland:

http://sfbay.redfin.com/blog/2007/12/a_piedmont_property_puzzle.html

http://sfbay.redfin.com/blog/2008/01/is_that_your_final_answer.html

By: Alison

Alison — Tue, 25 Mar 2008 17:38:00 +0000

Thanks Corrie. Yes, of course you are right; that’s why its school district is totally different from Oakland’s. Even though I know that (that’s why the title says “Piedmont (the city)”) I slipped up when I said “Piedmont has some of the most beautiful homes in Oakland.” Since Piedmont the city depends on Oakland for shopping, grocery stores, etc., and since it’s literally surrounded by Oakland, it’s easy for me (and others!) to blend it into Oakland. But I will be more vigilant! Thanks for the reminder.

By: corrie

corrie — Tue, 25 Mar 2008 06:11:52 +0000

Hi,

FYI, Piedmont is not a neighborhood in Oakland. Piedmont is a separate city with its own tax base, police department, school district, etc.

By: Alison

Alison — Mon, 24 Mar 2008 23:24:49 +0000

Hi Treeman: thanks for your comment. Yes, the listing prices above are reduced from their original list prices; however price reductions are different from sales prices. While the reductions may seem significant, the list prices are not yet below the previous sales prices (for which data is listed). This is unlike other areas in the Bay Area. Today I did a search for Piedmont sales in the past 6 months; I found 12 homes that listed sales history prior to the most recent sale. Of those 12, 11 were above their previous sales’ price. There do not appear to be many short sales and foreclosures in Piedmont, (for now), so in this way, Piedmont does seem like an island. People may not be getting the mammoth appreciation rates they were getting 1-5 years ago, but they are getting appreciation significantly above the rest of the US nonetheless. But hey, things could change. That’s why I said it will be interesting to see what happens. Here is a list of homes sold in the past 6 months (n.b.: this is only a list of homes that have listed sales history; so it’s possible that there are Piedmont homes out there that are short sales..I just could not find any listed in the past 6 months, save 211 Crocker Ave.)

1116 Ranleigh Sold for $785,000; Prior sale was $695,000
199 SAINT JAMES DR Sold for $1,920,000; Prior sale was $742,000
101 LEXFORD RD Sold for $1,749,000; Prior sale was $1,250,000
101 LAKE AVE Sold for $1,280,000; Prior sale was $660,000
305 BLAIR AVE Sold for $2,528,000; Prior sale was $785,000
237 GREENBANK AVE Sold for $725,000; Prior sale was $450000
139 ARBOR DR Sold for $1,350,000; Prior sale was $772,000
218 LINDA AVE Sold for $1,080,000; Prior sale was $406,000
1057 HARVARD RD Sold for $880,000; Prior sale was $332,000
7 HUNTLEIGH RD Sold for $2,100,000; Prior sale was $1,733,000
54 SAINT JAMES PL Sold for $1,750,000; Prior sale was $1,260,000
211 CROCKER AVE Sold for $2,200,000; Prior sale was $2,350,000

By: Treeman

Treeman — Mon, 24 Mar 2008 17:08:10 +0000

The list of homes are not supporting evidence of Piedmont being on an island. Each of these homes have had significant price declines, with one home being on the market for a long time (ironically the cheapest home). This entry does not make any sense.

I’m always amazed when people say that certain areas are impervious to the economic realities of the rest of the country. Piedmont, just like Rockridge, and even San Francisco (yes, even the desirable neighborhoods) will see price declines. You’ve proven that with the list of 4 homes you showed.