Fewer Reductions As Home Starting Prices Come In Lower
This may be all in my imagination, but I think there are fewer price reductions around now than six months ago in my patch of Berkeley and north Oakland.
This would seem to contradict the usual state of affairs in a housing crunch where burning and slashing is the norm. My theory is that real-estate agents are advising their clients to lower their expectations on their asking prices. This has — they hope — the effect of attracting more potential buyers, reducing the chances of having to initiate reductions — which never present well — and, if things go particularly well, provoking a bidding war.
Having said all that, I have unearthed a handful of price cuts this week:
2350 West Street: 3/1 with new doors, windows and carpet and refinished hardwood floors in central Berkeley. New price: $529,000.
6343 Skyline Boulevard: “Daring” luxury home (pictured above) with curved walls, steel-framed architecture and views. Reduced from $2,200,000 to $1,999,000 after 83 days on Redfin.
Also on Skyline Boulevard at 6013: “high drama” 4/3 house (pictured right) and adjacent lot with flagstone patios and views. Cut from $2,750,000 to $$2,495,000 after 37 days on Redfin.
5607 Merriewood: 2/2 home with “huge decks”, updated kitchen and baths and “great flow for entertaining” in Montclair. New price: $699,000.
Also on Merriewood at 5739, a 4/3 “beautifully maintained” home with level entry and views. Down to $1,275,000.
257 Hillcrest Road,: 3/3+, 4,000 sq ft home with au-pair studio and views in Berkeley’s Claremont neighborhood. Reduced from $1,579,000 to $1,499,000.
3701, 38th Avenue: “Earth friendly” (whatever that means) 1/1 cottage condo with new kitchen in the Laurel neighborhood of Oakland . Price down to $299,950.
