San Francisco Bay….from the walk-bike path along 94502 across from the Harbor Bay Biz Park. This was taken on a Sunday, close to the departure end of Oakland Airport. I rode my bike here and fell asleep on a bench while watching Southwest planes taking off.
Following up on last weeks commentary….I wonder if the lower end of the market is starting to feel the squeeze of the higher interests rates pushing prices down a bit? That market is more affected by rate increases.
When I was on tour this week, there were 17 Alameda properties….and 3 were repeats. That means that there was more new inventory, and the repeats were properties that had not sold in about about 1-3 weeks. Now in any other market that would not mean anything. But if properties aren’t selling quickly…the market has made a statement….these are overpriced, due to location or condition or both.
So what’s happening to the other end of the market? While there are not as many high end properties throughout Alameda, rates are not high enough to make the market re-think pricing. So that’s my take and I’ve been wrong before. We’ll see!
ALAMEDA REAL ESTATE THIS WEEK…
I closed a transaction last Friday at 1809 Versailles. I’d been working with the Buyers for just over a year. This house did not require any major work…just some finely tuned touches. It was 4 bedrooms, 3.5 baths, and had a huge family room with a kitchenette (no stove) that lead out to a nice sized yard for the kids. Ms. Buyer reminded me that although we looked and wrote a couple of offers in Alameda’s Gold Coast, they are first wanted something more like a Craftsman (a Tudor ended up working), no major work, and in a school district that they wanted.
The agent thought there might be 7 offers, but there turned out to be 11. And there were 2 backups behind my Buyers! This was a perfect home for this family. We even closed early despite the 4th of July holiday happening during the escrow. The agent and her Sellers did everything right…quality inspections, work done before it went on the market, verification in the form of receipts, and staging, excellent photos, and disclosures filled out before it went on the market. YAY!
Price? $1,160,000 on an 899K price. That was too low a listing price knowing what had recently closed. Still…
Broker Tour Tues 17 of which 3 were repeats. Oh, I got a late start and did most of the tour by car! Plus it felt like winter!
Highest and Lowest priced NEW listings this week.
Active and Pending inventory this week 65, 81
That’s a wrap! Carry on! Make it work! Need vendors? Give a call!