Berkeley Home Sells for $1 Million Over Asking After Getting 29 Offers

[mahatmakanejeeves]

Berkeley Home Sells for $1 Million Over Asking After Getting 29 Offers

By Betty YuMarch 31, 2021 at 12:25 am

BERKELEY (KPIX) — Bidding wars over homes in the East Bay are not unusual during the pandemic, when remote workers started to look for more space for their families. But selling a house for $1 million over asking was a first for listing agent Jill Carrigan with The Grubb Co.

The mid-century home located at the end of a quiet cul-de-sac near Grizzly Peak received 29 offers in 11 days, said Carrigan. ... It sold for $2.3 million – double the asking price. ... “The views are just fabulous,” said neighbor Linda Schwat.

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“It’s a great property, at a great time, and people loved it, and that’s kind of a general answer, but that’s the answer,” said East Bay The Grubb Co. realtor Michael Friedman. “I mean there wasn’t some secret sauce.”

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New data from Compass shows the median sales price in Alameda County is up 22% this year at $1.1 million, compared to the same period in 2020.

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[PoliticAverse]

1. "Berserkely". n/t

[AllaN01Bear]

2. and then they wonder why there are homeless in the area.

[northlake9]

3. Value

The price of a home is what someone will pay for it.

There is always one of these stories. The Real Estate Agents love the PR and are quick to promote the price. There is always need for more affordable housing. Right now the number of homes on the market is LOW. Basic supply and demand. In Berkley there is little space for new housing.

[louis-t]

4. Jeez, I thought $30,000 over was ridiculous.

That's what's happening around here.

[jimfields33]

6. I was going to say the same

30-50K over asking in central Florida. Of course our homes are still in the 250-310K range which would be a shoebox in California. Here it’s a 3 bedroom, 2 car garage stucco block home at 2200 square foot on a 3/4th acre. I wouldn’t live in Cali for anything unless prices on everything went down 85 percent. Lol.

[dixiegrrrrl]

9. We have a similar home in Ala.

Bought after we moved out of the Bay area during their last huge
housing boom.
Got 3x the house for 1/4 the SF price.
Ever so often I check the West Coast housing prices in disbelief.
Not even the 2008 bust slowed the prices out there, nor Covid
it seems.

[jimfields33]

10. That's awesome that you were able to buy a nice place in Alabama

I don’t know what it will take in California to reduce the costs. I’m not sure anything can be done short of government saying homes can’t be sold over such or such an amount. I’m sure that would be unpopular.

[dixiegrrrrl]

11. attacking money laundering would be a good start.

It's endemic everywhere, and part of the huge price increases.

[Mr.Bill]

5. It's going to be a real mess when

this bubble bursts.

[bamagal62]

7. It's happening here in Chicago, at least

In my neighborhood, in Evanston, and in the north shore. I have no idea if they are going for over asking, but they are only lasting on the market for about a week or so before they’re snapped up. My only guess is that people are leaving high rises in the city and opting for single family homes. But, it sure seems like a bubble to me.

[BigmanPigman]

8. A realtor was on the local news and he said that this bubble

is unrealistically high and not sustainable for much longer. He expects a correction soon. San Diego home sales has increased a lot during Covid.

[Juneboarder]

12. With every up, there's a down...

And with every down, there's an up. Things will correct themselves at some point in the future, but with that downturn, values will go back up beyond the last high. It's just the nature of "coastal" properties in CA.

[BigmanPigman]

13. Good, accurate summary.