Home Prices To Bottom Out By Late 2009 But Some Can’t Wait
Not surprisingly, many homes that go up for sale in Berkeley are taking longer to find buyers and selling for under original asking prices. My guess is that only homeowners with little choice in the matter are choosing to put their houses on the market now.
For all of those out there, whether seller or prospective buyer, reader David flags up this recent prediction: “Credit Suisse agrees that we’re about 2/3 to 3/4 of the way through the price declines nationwide, and the bottom will be here around late 2009-early 2011.”
His advice to buyers: “Rent for a year or two, decide on [the] ‘hood, and buy at the bottom.”
The lists below show home sales in Berkeley for September 7 and August 31.
1708 Oregon Street (pictured right), a 3/2, 1,841 sq ft home, was on the market for $559,000 in February. At the time I described is as being one the best value homes for sale given that its price per square foot was a minimalist $304. Nevertheless, it took more than six months to sell and then went for 8% under asking at $515,000.
2436 Stuart Street, a 3/2 brown-shingle between Telegraph and College, appeared on the MLS in April last year, priced $859,999. It was back on in December, a short sale, priced $667,000 — a 22% price plunge in 8 months. At that point reader Tunguska, who had visited the house both times it hit the market, reported that “There is a horrible slope towards the NE corner, no driveway, and it was a rental property at the time so the condition was poor. I saw it again after “renovation”, not much improvement, just some new tile.” It sold this week for $555,000, a whopping 35% drop in 15 months.
