March 6, 2008
The Magnificent Seven: New Listings In Berkeley
There are seven spanking new listings to report in Berkeley today.
They range from a bank-owned 4/2 home for $429,000 in west Berkeley to a grand 5/4 villa in the Claremont neighborhood for $3,650,000. Something for everyone?
2340 8th Street: a 4/2 bank-owned house with good sized yard described as a fixer. Price: $429,000 ($359 sq/ft).
998 Virginia Street (@ 9th) is a 3/2 bungalow with detached studio, hardwood floors and a spacious yard (the lot is 5,500 sq ft). The photos (kitchen above right) show a reasonably good-looking home so maybe it’s the location that puts the price at $549,000 ($434/sq ft).
1560 Dwight Way: a 3/1 home in move-in condition with separate garage close to central Berkeley. Price: $649,000 ($726/sq ft).
1782 Rose Street: a 2/1 Mediterranean near Gourmet Ghetto with third bedroom off master. Price: $769,000 ($634/sq ft).
2931 Linden Avenue: 3/2.5 Craftsman in “pristine” condition in The Elmwood with original architectural details and updated kitchen (above left) and baths. Price: $1,095,000 ($620/sq ft).
250 The Uplands: a 4/5.5, 5,438 sq ft “Italianate” villa on private gated half an acre with library, Bay views and separate guest suit as well as a BAHA Preservation Award. Price: $3,650,000 (671/sq ft).
On price per square foot, which is one determinant of value, you would pick 8th Street, but of course I know you will all be rushing to put your best bids on that Italianate estate.
SurveyKid said:
Let the liquidation phase begin.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1539107
We are now set-up to make a significant new low, later this Summer, in pricing. Supply is on the way. And, credit is tightening further. (FED lowers rates but mortgage rates are going up, not down.)
Renters–who would like to be buyers–are now winning again. The dollars renters use to pay rent are depreciating in value, while, real estate prices fall. We’re now very much on the dark side of the bubble, so everything that was true before is now false. It’s all running in reverse.
After the low in August, we will get a bounce. It’s possible a buyer could find a true bargain later this Summer.
But if one wants to have a platter of bargains, from which to choose, it will be Summer of 2009 that will bring the deepest low in pricing.
March 9, 2008 11:47 AM
tracey.taylor said:
SurveyKid: You appear to be so confident in your predictions. I admire that. The real-estate world is full of contradictory messages, in good times and bad. Keep up the good work!
March 10, 2008 12:11 PM