Montclair: Is This The New Hot Spot For Savvy Bay Area Buyers?
The reason I ask is that two of my faithful readers have decided to focus on this Oakland “village” in their search for a new home.
That wouldn’t be enough to constitute a trend, of course, except that both these punters are extremely well-versed in Bay Area real estate. They have been keeping their eye on market conditions for some time, tracking inventory, watching prices and analyzing industry data. They are taking their time—no rash decision-making for them. And their expertise has been much appreciated in the Comments section of this blog. So I think when they both reach the same conclusion on the appeal of Montclair, it’s worth sitting up and taking notice.
This is what SurveyKid had to say:
The transaction price per square foot in Montclair has fallen to the low $300s. The asking prices are of course still higher. By late this year, and early next, that will regularly fall below $300/sq ft. We’ve decided on Montclair, barring other opportunities. We intend to buy in 2009.
And here’s David Gordon:
I also like Montclair a lot and am considering a purchase there late late this year (as there may potentially be more supply by end of this year than in 09, as I and some others believe) or in 09 as well. “Deals” are really starting to creep up into the better neighborhoods in Oakland whereas up until recently they have mostly been in less desirable neighborhoods.
There’s a lot to like about Montclair as I have mentioned before, including its Sunday Farmers’ Market (pictured below). The only reason I decided against it for my house purchase was that homes there tend to score low on the walkability factor (and you know how important that is to me). (Also in my three years of living in Berkeley I have become attached to my neighborhood, as you do.)
But I’m going to keep a closer eye on Montclair from now on. Here’s the Montclair Village website. (And if anyone out there has some interesting insights about Montclair to share with us all, don’t hesitate to join the conversation in the Comments section.)
Here are three new listings that may be for you (if you’re not beaten to them by my two Montclair-focused readers of course):
42 Wood Court: a 5/2.5 mid-century modern (you find lots of these swell domiciles in Montclair) on the market for the first time since it was built; comes with Bay views, gardens and large patios on 1/3 acre. Price: $1,800,000.
2578 Scout Road: this house doesn’t exist yet, but once it’s built it promises to be a 5/4, 3,365 sq ft home for the peculiar price of $1,199,888 ($357/sq ft).
Valley View Road: Bank owned 3/2.5 home with decks front and back providing views, some recent upgrades and two fireplaces. Price: $649,000 ($415/sq ft).
David said:
It’s interesting that Montclair, while a pretty nice (low crime, good schools, etc) neighborhood by most measures, is suffering more than, say Crocker. More bank-owned and clearly distressed sales.
My only guess is that younger families, desperate for decent schools, and priced out of Crocker/Rockridge, had to subprime&stretch it to fit in Montclair (always priced lower than crocker/rockridge due to commuting issues–it can take 15 minutes just to get from your switchback to a main road) and they’re now suffering.
Just remember when you’re buying in Montclair, that it’s always been priced less than Rockridge and Crocker, and always will be, due to location/commute. At least until the hills slide down and flatten out.
April 30, 2008 11:20 AM
gfw said:
I grew up near Montclair, and it’s a great place to grow up! Went to Corpus Christi School, which is at the end of Estates Drive (and technically in Piedmont).
April 30, 2008 1:15 PM
San Mateo Home Sellers in Trouble said:
Montclair is sort of like the poor man’s Piedmont. It’s pretty nice, though.
April 30, 2008 7:12 PM
tracey.taylor said:
San Mateo: I know what you mean about Montclair v Piedmont. It think that there is that general perception about it.
But I have to say I disagree with that view. I would rather live in Montclair than Piedmont any day — even if I could afford the latter.
Piedmont is very predictable and homogeneous. Attractive and dripping in wealth and all the advantages that brings (underground electric and phone cables for instance), but bland. And the big no-no in my view is there is no heart to Piedmont — no stores and coffee shops, restaurants and useful retailers. (I don’t think you can count Piedmont Avenue — great though it is — because it’s not in Piedmont.)
Montclair, on the other hand, has a proper town center (they prefer the term “village”) and a definite sense of community. It also has much more interesting — if less swanky — homes.
April 30, 2008 8:26 PM
david gordon said:
I think Montclair has also suffered more because it is a larger area than, say, Crocker or Rockridge, and thus has more of a supply issue to flush out. Yeah, those switchbacks can be a real pain if you are way up the hill. Ideally I would like to be really close to the Village, or further north closer to Hwys 24 and 13 near the Berkeley border, which is really close to BART and College Ave.
I can’t provide statistics, but at least anecdotally speaking, in recent years I have heard of many former SF’ers who moved to Montclair and the surrounding Oakland Hills as they became priced out of the city. Who knows how many that really tallied.
But the stats do reveal that many nice Montclair properties are already selling at 20-30% discounts off prices paid in 03-06.
April 30, 2008 8:38 PM
david gordon said:
Tracey – great assessment of Montclair vs Piedmont. From what I have seen I agree with you wholeheartedly.
April 30, 2008 8:58 PM
David said:
I have a feeling from having lived in Upper Rockridge and spending time in Montclair that there is less family/old money in Montclair. That’s why I have the feeling that there are more people who “stretched” to get into homes there, and we’re seeing the results of that (home prices like you point out have dropped quite a bit more in Montclair, compared to Crocker/Rockridge/Piedmont). I can’t remember the last foreclosure I saw in Piedmont, and I’ve seen all of two on the Rockridge border, and two in Crocker, but I can think of a half-dozen right now in Montclair I’ve seen just in the past few months.
April 30, 2008 9:20 PM