Financial guru Peter Lynch of Fidelity Magellan fame used to say that the way to pick a winning stock was to walk around your neighborhood stores and see what was selling. The same could be said for Berkeley/Oakland real estate. Amid the gloom of hard times and increasing foreclosures, there are some bright spots on the East Bay real estate horizon...signs of optimism among the “folks.”
There’s a certain energy on College Avenue outside my office that wasn’t there last year. Home buyers seem more ready to “buy” than to just get a “deal.” More houses in our area are getting multiple offers.
And lo and behold, recent stats are starting to signal a turn themselves. As Jim Cramer of “Mad Money” fame pointed out the other day on the Today Show, auto sales are up. The stock market is up. And just recently, starts of apartment complex building were up. Even the number of homes selling was up 4% over last year.
The best news is... housing puts people back to work. And that should be enough to bring some light in all our lives.
Happy Holidays. Happy New Year, one and all.