02-15-2013 07:46 AM
This house in my neighborhood sold for $140k over asking. I think the buyer got desperate and over paid. What do you think?
02-15-2013 08:30 AM - edited 02-15-2013 09:02 AM
Wowzers. What a flip. $220K to $780K. Though in all fairness it looks run down on Google streetview (but $600K worth of rundown?). Must have required a ton of renovations. That yellow door is a bit wacky. I bet the flipper is drinking champaign with a steak dinner tonight.
I have looked at places in this area. Like a lot of Oakland, you really have to take it on a street by street basis. Some blocks are much nicer than others. Rotating around on streetview at this address you can see this particular street is not so nice.
On the whole, I would not live there myself. The number of times I was in that 'hood I viewed a lot of unemployed young men sitting on their porches...hoopdies parked or rolling around... sketchy characters on foot... there is no way I would feel comfortable walking around at night, let alone my 95lb GF.
But, you live there, what do you think? Would you feel safe walking around at night?
Yes, I think $800K is too much for this area. That is as much or even more than 2006 prices. Things sure are getting bubbly around here.
02-15-2013 08:33 AM - edited 02-15-2013 09:53 AM
I think it is good for the neighborhood....The terrible disruption, gloom and and doom of 2009 has been replaced by irrational exuberance. ....maybe people got sick and tired of being sick and tired...After the biggest real estate crash in history this was to be expected, and not unprecedented...similar to the late 70's, 80's and 90's booms... Will last till 2017 maybe....
02-15-2013 09:05 AM
Wowzers. What a flip. $220K to $780K. Though in all fairness it looks run down on Google streetview (but $600K worth of rundown?). Must have required a ton of renovations.
that $220k was not a regular sale. Not a foreclosure auction either. It does not necessarily establish a cost base for the seller.
02-15-2013 11:45 AM
They did a perfect job on the renovation and if the seller can afford it, then she got a very pretty house. It's probably the most expensive house on the block which is never the smartest buy investment-wise. Some things matter more than money.
02-15-2013 01:07 PM - edited 02-15-2013 01:08 PM
OMG, from the looks of it on street view, from now...wow. Great renovation, outside too. Inside, straigh walls and smooth ceilings, good contractors I feel.
02-15-2013 03:07 PM
The house is beautiful. The area is not so great, though it is getting better. $265/sqft is still very good by Bay Area standards.
You can get even cheaper than that in West and East O. But I wouldn't want to live there...
02-15-2013 03:54 PM
I agree 100% with bck - that concise analysis is spot on. Here is an article with some interesting charts re: the Berkeley market:
2 items are noteworthy:
- Charts breaking out sales prices between first half and second half of 2012 illustrate the market recovery underway.
- Despite that recovery, and contrary to a widely held perception on this forum, at least according to this data, prices remain below 2007 peaks.