My post on Oct 29 described three Piedmont Homes listed for sale.   A week later, the major fixer priced at $699K received more than 10 offers and sold for $900K.   The new owners have their work cut out for them.  The home needs to be ”stripped to the studs” in a couple of rooms, new electrical, plumbing structural and dry rot repairs.   After the repairs are completed the home will once again be a gem among many others in this lovely Piedmont neighborhood.

A small three bedroom Piedmont home needing some structural improvements and demolition of a non-conforming addition listed at $795K on Nov 14 and changed to Pending eleven days later.  The house sold for $810K on December 10, 2008.

On December 5th a four Bedroom/three Bath, 3,140 sq ft home listed for $1,950,000.  An offer was accepted within five days, closing to be December 30th.  Stay posted for the Sold price.

In Piedmont, Rockridge & Montclair there are lots of opportunities to enjoy the Holiday season that don’t cost anything. 

On Wednesday, December 3rd at 7:15 pm, the annual Holiday Tree Lighting Ceremony at the Piedmont Community Center.

The Holiday Stroll in Montclair Village is on Thursday December 4th at 6 pm.  Entertainment to be the Girl’s Choir, California Revels, Pacific Boy’s Choir & the Piedmont High School Jazz Band.  Santa arrives at 6:20 !

If you enjoy holiday light displays, visit Picardy Drive in Maxwell Park and also 56th, 57th and 58th between Brann & MacArthur. 

Don’t miss the elaborate outdoor creche and light display at the Mormon Temple on Lincoln Ave.

Happy Holidays! 

The Headline on the front page of the Sunday Chron on Nov 9 was an attention grabber. I checked to see how my zip code fared, since it is one of three that are shared by both Oakland and Piedmont and some Real Estate data sources combine both cities.   The article suggests the Median Price per square foot is a more useful metric because Median Price “….. can be skewed by the number of homes that change hands at the high or low ends of the market.”   Which also means an area where most of the homes sold are in a similar price range (Rockridge) there will be less change in the Median Price per square foot than an area with a huge spread between the low and high end. (Piedmont)  The data used in the Chronicle article was provided by Data Quick.  The chart below is data found on Multiple Listing Service with the percentage change in Median Price and Median Price/square foot Piedmont, Rockridge, Montclair & Crocker/Lakeshore.

When I used the tool on SF Gate to view “Home Prices Per Square Foot”  the numbers were off quite a  bit from MLS.  It appears Data Quick lumped together the 94611, 94618 and 94610 zip codes in Piedmont & Oakland.  However, MLS data trends were similar to Data quick. 

The new Haven’s Elementary School will be a beautiful architectural enhancement to Highland Ave and also  provide seismic safety & accessibility improvements for students.

After thorough review of needed building requirements, the PUSD  is moving forward with a design and proposal by developer Mark Becker, Former Board Member Jim Nybakken and President of Webcor Builders, Andy Ball to replace Havens Elementary School. If all goes according to the proposed timetable, the work will begin immediately after the finish of the current school year (June 2009) and be completed in time for the start of school in August. 2010.

June Monach, President of the Piedmont Board of Education says “…….a recommendation for an interim housing plan for Havens students is in the works so they will be safely away from new construction.  The goal is to stay within budget, minimize disruption of learning and keep the school together.”  Ms Monach noted, “…..the character of the design for the new Havens is inspired by the Ellen Driscoll Theatre” (building on left in the image below)

Aerial view of the new Haven’s School Campus including a new playfield!

Click on PUSD Bond Program for more information about the design and construction effort that will strengthen and improve the seismic safety of school facilities on five Piedmont school campuses.

The red bar in the chart below  shows the number of homes changed to Pending status in Piedmont, 94610, 94611 and 94618 in Oakland in the month of October.  The blue bar on the chart shows the number of  homes “Active” on Nov 1.   While one month is a brief time period to measure absorption rate, the result shows neighborhoods in 94610 (Crocker Highlands & Lakeshore) and 94611 (Montclair & Piedmont Ave area) are moving through existing inventory a bit quicker

 Simply stated, there is about 3 months of inventory available in Lakeshore & Crocker Highlands,  3.6 months in Monctlcair & Piedmont Ave, 4.6 months in Piedmont and 5.5 in Rockridge.    For now  it seems areas with a lower  Median Price are selling inventory at a faster clip…not always the case.

Visitors to Open House at www.1915Cortereal.com are drawn because of the homes’ unique location on a cul-de-sac.  It’s just a short walk following the sidewalk  on Cortereal through the walkway/tunnel at the “bowl-end” of the street to the top of La Salle Ave in the heart of Montclair Village!

Since the desirability of “walk to coffee/walk to transportation” locations is increasing with younger buyers as well as empty-nesters I compared the Walk Score & price for a few homes in Piedmont as well as the Rockridge & Montclair (94611) neighborhoods of Oakland. 

www.WalkScore.com  “……..calculates the walkability of an address by locating nearby stores, restaurants, schools, parks, etc. Walk Score measures how easy it is to live a car-lite lifestyle—not how pretty the area is for walking.”    While Walk Score doesn’t calculate factors such as; weather, street lighting, access to public transit or topography (hills) it’s a useful tool you can consult as easily as google maps when you’re checking out homes for sale in neighborhoods that may not be familiar.

I just had a call from a prospective buyer currently living in SF with his wife and infant child interested in buying a home in Piedmont, CA.  He’s looking for a 3 BR home for under $ 1 M.   Six homes with 3 BR’s are currently available.  Descriptions/photos for a few of them:

 The $699K home is a major fixer but also an opportunity to transform a 1917 architecturally classic home in a $Million-plus neighborhood. 

 Priced at $1.08 M is a functional split-level located above Highland Ave which will shine  after cosmetic updating. 

$1.69 M, 3,400 sq ft Ranch on a 11,000 sq ft lot with 3 1/2 Baths on the “Estates” side of Piedmont.

For buyers that have been holding off, now is a great time to find your dream home!

The total number of homes sold in Piedmont CA for the most recent 12 months is off 18% from last year,  however Median Price in Piedmont is about 28% higher than in Oct 2007.  

 The Piedmont Real Estate Market is holding well through the “adjustment” period effecting other areas in Northern California.

There’s been a sprinkling of foreclosed homes for sale in some of the nicest neighborhoods in Oakland; Rockridge, Glenview, Crocker Highlands, Oakmore & Montclair. 

Today, an “REO” came on the market in Piedmont priced at $850,000.  It sold for $1,070,00 in 2006, described as a 1950 “contemporary”  Four Bedrooms, two on each level, carpeted floors, no garage on a narrow span of Scenic by Blair. 

Newsworthy, but probably not a trend in Piedmont or in Oakland Hills areas considered an easy commute to San Francisco.

Both “Fixers in Piedmont” in my  recent post accepted offers and changed to “Pending” status the week of Sept 21, 2008.  Though distinctly different price ranges, both were well priced since they received offers in less than two weeks.  The $795K Piedmont Home received 13 offers, evidence there are many Buyers for homes in Piedmont. 

The absorption rate in Piedmont in September 2008 is 7 weeks.   (Number of weeks it takes to sell the current inventory at the present rate of sales).  Ten homes Sold in September.  Current inventory is 29. (including seven Pending listings) 

 Also SOLD in September was a 10,000 sq ft home for $5,950,000 and a 5,700 sq ft home for $4,225,000.  

A strong Sellers market.  Check back to see if the trend in Piedmont continues.