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Wed Mar 31, 2021, 04:51 PM

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

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

By Betty YuMarch 31, 2021 at 12:25 am

BERKELEY (KPIX) ó 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 Ė double the asking price. ... ďThe views are just fabulous,Ē said neighbor Linda Schwat.

{snip}

ďItís a great property, at a great time, and people loved it, and thatís kind of a general answer, but thatís the answer,Ē said East Bay The Grubb Co. realtor Michael Friedman. ďI mean there wasnít some secret sauce.Ē

{snip}

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.

{snip}

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Arrow 13 replies Author Time Post
Reply Berkeley Home Sells for $1 Million Over Asking After Getting 29 Offers (Original post)
mahatmakanejeeves Mar 31 OP
PoliticAverse Mar 31 #1
AllaN01Bear Mar 31 #2
northlake9 Mar 31 #3
louis-t Mar 31 #4
jimfields33 Mar 31 #6
dixiegrrrrl Mar 31 #9
jimfields33 Mar 31 #10
dixiegrrrrl Mar 31 #11
Mr.Bill Mar 31 #5
bamagal62 Mar 31 #7
BigmanPigman Mar 31 #8
Juneboarder Apr 1 #12
BigmanPigman Apr 1 #13

Response to mahatmakanejeeves (Original post)

Wed Mar 31, 2021, 05:03 PM

1. "Berserkely". n/t

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Response to mahatmakanejeeves (Original post)

Wed Mar 31, 2021, 05:03 PM

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

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Response to mahatmakanejeeves (Original post)

Wed Mar 31, 2021, 05:03 PM

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.

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Response to mahatmakanejeeves (Original post)

Wed Mar 31, 2021, 05:03 PM

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

That's what's happening around here.

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Response to louis-t (Reply #4)

Wed Mar 31, 2021, 05:33 PM

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 itís a 3 bedroom, 2 car garage stucco block home at 2200 square foot on a 3/4th acre. I wouldnít live in Cali for anything unless prices on everything went down 85 percent. Lol.

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Response to jimfields33 (Reply #6)

Wed Mar 31, 2021, 07:03 PM

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.

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Response to dixiegrrrrl (Reply #9)

Wed Mar 31, 2021, 09:16 PM

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

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

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Response to jimfields33 (Reply #10)

Wed Mar 31, 2021, 09:33 PM

11. attacking money laundering would be a good start.



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

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Response to mahatmakanejeeves (Original post)

Wed Mar 31, 2021, 05:29 PM

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

this bubble bursts.

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Response to mahatmakanejeeves (Original post)

Wed Mar 31, 2021, 05:58 PM

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 theyíre 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.

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Response to mahatmakanejeeves (Original post)

Wed Mar 31, 2021, 06:26 PM

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.

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Response to BigmanPigman (Reply #8)

Thu Apr 1, 2021, 01:59 PM

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.

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Response to Juneboarder (Reply #12)

Thu Apr 1, 2021, 05:17 PM

13. Good, accurate summary.

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