Bay Area Real Estate stats and numbers can be interpreted any number of ways.  As a Buyer or Seller,  geo- microtargeting is key.  Looking closely at the most recent sales in the specific neighborhood is the best way to determine the value of a home.

Buyers gain confidence determining “value” AFTER finding a home you can picture as theirs……. but don’t buy.   Once you learn what the new owners paid for it you’ll be ready to purchase your “dream home” at market value. 

ACTUAL 

In Oakland/Piedmont fewer homes are sold this year than last, but listings are down so inventory levels haven’t changed significantly in desirable neighborhoods.

In Rockridge, Crocker Highlands, Montclair, Oakmore & Temescal  well priced homes in all price ranges are getting multiple offers (and selling for over the asking price) IF the home is in great condition and priced well.  

10/4/07  Temescal, List Price $649K

3 BR/1Ba Craftsman Bungalow, 1300 sf

 Offer accepted in 8 days (>$700K)

9/15/07  Piedmont, List Price $7.8M

7 BR, 7++Ba Contemporary, 2 1/2 acres, pool & tennis courts

Offer accepted  in 7 days.

9/18/07   Upper Rockridge, List Price $1.049M

3 BR, 2 1/2 Ba, Contemporary built in 1998.  Offer accepted in 3 days!

10/5/07 Piedmont Ave Neighborhood $772K

3 BR, 2 BA Craftsman, 4100 sq ft lot sold in 8 days for $825K

Rockridge seems to be the area that attracts most first time buyers moving to the East Bay because of the variety of restaurants, shopping and the BART station just off College Ave an easy walk to the BART station. Many homes along “walk-to-BART” streets of Rockridge were built in the teens to the 30’s so there are California bungalows & Craftsman style. It’s not unusual to find a 2 BR, 1 Ba home in Rockridge with a converted garage for use as an office or studio. Natives NEVER refer to the Colllege Ave/BART area as lower Rockridge even though it is a tremendous contrast to Upper Rockridge.

Broadway Terrace is the major artery through Upper Rockridge and climbs the hills to streets lined with newer luxury homes, many with stunning views of SF and the Bay. The homes are much larger than the homes near College Ave and were built after 1992 because the 1991 Oakland fires consumed most of the homes in the area. Homes in Upper Rockridge have been built in the Mediterranean, French Provencal, Tuscany & English Tudor styles.

If Rockridge is your choice, be prepared to compete with other buyers and choose a Realtor that knows the area and is willing to spend the time to help you stay informed the moment a new home comes on the market. Just give me a call!

Piedmont

2 Br/ 1.5 Baths charming English cottage, 1700 sq ft interior space on a 3300 sq ft lot, 1 car garage in the center of Piedmont.

Rockridge

3 BR/ 1.5 Baths Craftsman 2 story home built in 1912, 1680 sq ft interior space no garage or offsteet parking, 10 minute walk to Rockridge BART on a 2220 sq ft lot.

Montclair Hills

4 BR/ 2.5 Bath 1973 Modern, level-in, terraced lot , master suite and 2 bedrooms on lower level, house 2760 lot 6018 sq ft

Crocker Highlands

4 BR /2.5 Baths 2 story Traditional built 1918 sq ft 2622, lot 5292 no garage or offstreet parking moldings, updated kitchen.

From a corporate relocation director, “……more corporate Relo’s to SF purchase a home in the East Bay because it’s the most affordable housing area in the Bay Area”. Many first time home buyers currently renting in SF discover the same. Once they cross the bridge the challenge is to figure out which neighborhood works best for them!

Oakland Neighborhoods is a map many prospective buyers find useful when first exploring the “inner” East Bay.

When I meet buyers at an Open House that want to know more about neighborhoods in Oakland & Piedmont I ask if commuting is a priority. Most are surprised & relieved to learn Rockridge isn’t the only option. There are many neighborhoods with excellent commutes to SF and other parts of the Bay Area that are more affordable.

Oakmore, Glenview & Montclair are all close to Park Blvd, which has a casual carpool stop at Park & Hampel. The transbay bus route stops on Park & has roomy seats and wifi. All three neighborhoods have a distinct flavor.

Most homes in Montclair were built in the late 40’s-60’s, Mid-century and Contemporary, hillside & woodsy, some have views.

Architectural style of homes built in Oakmore includes Mediterranean, Tudor and Mid-Century built from the 20’s through the 50’s on sidewalked streets. The Oakmore HOA includes 240 homes and was organized in the 20’s to represent the interests andneeds of Oakmore to the City of Oakland.

Glenview is considered a “walk to coffee” neighborhood because of cafe’s restaurants and retail located on Park between Wellington & Glenfield. Steets in Glenview are sprinkled with Craftsman style homes & vintage bungalows from the 1920’s and 1930’s. Many have been lovingly restored with great attention given to hardwood floors, gardens and landscaping, and updated, modern kitchens.

Seems like the best way to answer that one is to think in terms of a balanced market, where buyers and sellers are on equal footing. Ideally at the current rate of sales activity it would take 3-5 months for every available property to be sold. Buyers have more influence when the inventory is 5 months and higher, for sellers a number at 3 months or less tips the negotiating scales in their favor.

The past couple of years we’ve seen inventory levels in some Oakland neighborhoods like Rockridge between 1-2 months.

Looking at the last couple of months: in 94618 (Rockridge) 94611 (Montclair) 94610 (Crocker Highlands and Glenview)

Rockridge current listings 2-3 BR, 1-2 Ba = 10 sales & Pendings in July = 3 Aug=7

If sales continue at the same rate as in Aug, Inventory is at 1.3

July’s pace shows 3 months

The California Association of Realtors said sales of
existing homes in the state slumped 22.7 percent in July compared with
July 2006.

CAR said sales of existing homes in the state slumped 22.7 percent in July compared with
July 2006.

In Oakland neighborhoods in zip codes 94602, 94610, 94611, 94618, which includes Glenview, Oakmore, Montclair, Rockridge and  Piedmont Ave saw an increase in sales of single family homes in July 2007 compared to July 2006.

July 06, there were 81 sales

July 07, there were 93 sales

The condominum market shows 22 sales in July 06, compared to 21 in July 07

Home values in desirable neighborhoods in Oakland seem to be holding, but that’s not the case for Condos or homes in the < $600K range  in Oakland. The condo market seemed to appreciate beyond hyper-inflate over the last several years,

Condo owners who purchased in ‘05 or ‘06 were in competition with lots of other buyers many of whom are folks mortgage lenders now realize shouldn’t have approved.

Their mortgage payments have jumped and many can’t afford the monthly cost and want to sell now.  Some of the owners that purchased in ‘05 & ‘06 trying to sell may see the current value of their home decline as much as 12%. ….there’s just too many of them on the market.

Interesting is the lack of local Real Estate stats differentiating condos and single family homes.