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.