Berkeley Homes Without Instant Appeal Linger, Lose Value
The highest priced home to be sold in Berkeley in the week ending July 20 was a 4-bedroom on Shasta Road in the north of the city which went for $1,450,000, while the lowest price paid was $225,000 for a 2-bedroom condo on Parker Street.
Which tells you little except that there is diversity to be had in Berkeley. But that you knew already.
The story of the week is of houses that took a long time to sell and then had to do so with a price reduction. Sign of the times for homes without instant sex appeal, I guess.
2742 Prince Street took a long time to sell — this 3/2 Craftsman on a nice street in The Elmwood went on the market in September last year priced $1,150,000. It sold for 22% less at $900,000. It last sold in 2004 for $560,000.
927 Euclid Avenue in north Berkeley also sat on the MLS for some months. It was on the market at the beginning of the year for $1,075,000, had a cut to $1,050,000, found and lost a buyer, and finally sold for $1,020,000.
797 San Diego Road made it into a list of BIG homes (3,000+ sq ft) for sale I compiled back in March. This 4/4, 3,500 sq ft Mediterranean close to John Hinkel Park in north Berkeley was priced at $1,289,000 (an attractive 368/sq ft). It sold for a little less at $1,250,000.
Finally, just to buck the trend, there’s 3020 Wheeler Street, a 3/1 home in central Berkeley, which was on the market in April for $499,000 ($374/sq ft) and just sold for 3% more at $512,500. I trust it was worth the wait.
Suzanne said:
What’s the rest of the story on Prince St? In that neighborhood, it must have had serious issues to go for that price. And it wasn’t on the market publicly all that time.
July 25, 2008 10:11 AM
c said:
It was a 1700sf bungalow with a funky remodel (attic bedroom w/no bath & awkward stairs). At $1.15M, they were asking ~$680/sf — outrageous, even for that neighborhood.
July 25, 2008 12:00 PM
Suzanne said:
Sure it’s outrageous, but apparently it’s the going rate. Several houses within blocks of Prince have recently sold at 6-700/sf. Not that price/sf seems to mean a whole lot, really.
July 25, 2008 3:49 PM
Tracey Taylor said:
Suzanne: Thanks for raising that question. I too wondered why Prince had languished for so long. I’m glad C was able to supply a reason. Doesn’t sound like a home with much appeal.
July 25, 2008 7:16 PM
Bob Zeeler said:
The property at 2512 Parker Street is not a condo. It is a regular single family residence home. It was a gift from an x-husband to the current owner. The x-husband had purchased the home in the early 90’s for just under $200,000. The house is currently worth around $600,000. It would be worth more, but it is not in very good condition.
July 28, 2008 10:20 AM
tracey.taylor said:
Bob Zeeler: Thank you for the correction and the skinny on 2512 Parker Street. That’s the sort of inside information we love on this blog!
July 28, 2008 1:07 PM
pop said:
One other comment on the Prince street home – for the last month it has been undergoing foundation-level work. Didn’t read the disclosures so don’t know if foundation and shear-wall work were specifically called for – perhaps the new owners just want to be safe, or perhaps the work is required after the remodel to be within codes. But guessing that these are costly repairs, the previous prices didn’t leave headroom for them.
On a more subjective note and in line with c’s comment above, the home felt small and less well laid-out in comparison to other comps in the area going for ~$525/sf (Woolsey, Alcatraz).
July 28, 2008 2:18 PM