$100k or More Off Please: Oakland Price Reductions
In keeping with the downward price trend of the days, here is a sampling of price slashing of $100k or more about town. Some of the homes reduced in one fell swoop such as 1128 Chatham Rd. a 1920s Tudor in Central Oakland. Others have been reducing in increments since the fall such as 1137 34th St. (pictured right) a sprawling Victorian in West Oakland. All neighborhoods (below you’ll see West, Central, East and North Oakland represented) have been affected and all price ranges (in this post, listings are from a low of $345,000 in Maxwell Park to a high of $1,795,000 in Upper Rockridge) so there’s probably a $100k+ price reduction in your range and style if you look hard enough or at least, wait long enough.
100k Reduction 1128 Chatham Rd. Central Oakland/Park Blvd.
2bd/1ba 1196 SF
Was: $524,900 Now: $424,900
127k Reduction 2310 Mastlands Dr. Piedmont Pines
3bd/4ba 3100 SF
Was: $1,425,000 Now: $1,298,000
96k Reduction 2148 Mastlands Dr. Montclair
3bd/3.5ba 3444 SF
Was: $995,000 Now: $899,000
200k Reduction 108 Hermosa Upper Rockridge
4bd/3.5ba 3185 SF
Was: $1,995,000 Now: $1,795,000
308k Reduction 1137 34th St. West Oakland
5bd/1.5ba 2015 SF
Was: $628,000 Now: $320,000
100k Reduction 5427 Carlton Rockridge
3bd/2ba 1926 SF
Was: $949,000 Now: $849,000
120k Reduction 5236 Hillen Dr. Maxwell Park
2bd/1ba 1246 SF
Was: $465,000 Now: $345,000
SurveyKid said:
Using the language of Options–Vallejo and Oakland were the Call Options during the Bubble, and the City of SF was–and remains–the Underlying. The implied volatility of the Options was high, and so the Rate of Change experienced in place like OAK and Vallejo was high. Think leverage. Think: magnification.
Marginal OAK and Vallejo properties went up as much as 500%. In some cases, even more. When you see a property in a marginal neighborhood go from 100K to 500K or more, and then back–what that tells you is that everything Prime, everything that appears safe, like Marin, SF proper, and so on–is going to give back–eventually-100% of the price rise from the year 2000. Not every house. Not every micro-neighborhood. But, it’s telling you that the “risk” now favors the analysis that the plague which surrounds the entire B.A. will eventually visit itself upon “Prime.”
Trophy Victorians which sold for 900K in Noe Valley, and then were renovated with 500K of upgrades, and then were sold for 2.8 million will eventually transact for 1.4 million.
-The Kid
April 22, 2008 11:05 AM