Comments on: Home Prices Hold their Own as New Listings Flood the Market

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By: Toady

Toady — Thu, 02 Oct 2008 23:43:39 +0000

For a project like that, one has few options, and thus few opportunities to screw things up. So it’s no more ambitious than

1. Close escrow
2. Call contractor
3. Wait three weeks
4. Write a check
5. Move in

The rest of the house is in remarkably good condition for sitting on top of a 100-year-old brick foundation.

By: tracey.taylor

tracey.taylor — Thu, 02 Oct 2008 20:48:16 +0000

Toady: Congratulations. You are a braver person than me taking on what sounds like an ambitious project. But it sounds like you know what you are doing.

BB: Does this inspire you or scare you off even more?!

By: Toady

Toady — Thu, 02 Oct 2008 19:46:17 +0000

Prices throughout Berkeley have been surprisingly resilient, but there definitely are deals to be had if you can be flexible, use your imagination, and put in some leg work. We’re about to close on a nice big house with income units in Berkeley. After we put a new foundation under it, we’ll be out about $258/sf.

Good luck!

By: tracey.taylor

tracey.taylor — Wed, 01 Oct 2008 21:25:45 +0000

BB: I really don’t think there is cause to be frightened. If you do your homework there are good deals to be had in the Bay Area now, even in Berkeley.

This is particularly true if you are willing to put some TLC into your new home. Fixers are more competitively priced than ever at the moment.

Good luck with your search.

By: BB

BB — Wed, 01 Oct 2008 16:44:49 +0000

I’m a buyer, and I want prices to go down, but this is scary. In 6 months we are all going to be stunned at the price drops. I’m waiting 3-4 more years before buying, maybe…

By: tracey.taylor

tracey.taylor — Tue, 30 Sep 2008 23:43:58 +0000

BJ: If you are a regular reader, you’ll know that most of the time I write for and about prospective buyers. Then occasionally I remember that a lot of us are prospective sellers too, by definition, and that I should cater to them too!

I agree with you that it would be nice to see some softening of the market, and I think broadly speaking it is happening — even in Bay Area hot spots like Berkeley.

And, given the current news headlines, I believe you definitely should not “quit hoping”.

By: bj

bj — Tue, 30 Sep 2008 22:35:56 +0000

“It will be of some comfort to home sellers to know that, at least over the past month or so, prices are holding their own in the city.”

No comfort to home buyers! I hate to be the opportunistic type, but I keep hoping things will get more affordable in the inner Bay Area. Maybe someday or maybe I should quit hoping.