Berkeley-Oakland Real Estate

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Million Dollar Homes Heat Up in Berkeley/Oakland

Million Dollar Homes Heat Up in Berkeley/OaklandAfter a dead market for the past 5 years, the market for million dollar homes in the East Bay is showing signs of life after death.  And a healthy life at that.
 
Looking at Berkeley for instance - In the first three months of this year, the average home price over $1 million was $1.308M, with an average price/square foot of $438.  Fast forward to the past three months and the average sold price in Berkeley has risen to $1.372, or $504/sf.  On a price/sf basis, that translates to 15% above the prices of the first quarter and actually 13% above asking prices.  That trend seems to be establishing the average asking price for luxury homes in the East Bay now standing at $1.64M.  As for what that buys in Berkeley, typically it’s a classical, updated older home of 3,000 sf with a Bay view.

Oakland is following in the tracks of its little sister.  The average sold price for $1M+ homes in Oakland for the first three months was $1.393M, with an average $/sf of $385.  For the last three months, the average price in Oakland has declined a little but the $/sf is up to $431.  This indicates smaller homes selling in the million dollar range.  This is a 12% increase from the first of the year and 4 % above the asking price.  In Oakland, the average $1.3M home is larger (usually over 3,000 sf), newer (post 1991) and has a partial bay view for that price. 

The good news for this part of the market is that prices are likely to go up as more homes priced below $1M get bid up as in, “a rising tide lifts all boats.”

One of the beautiful $1M+ homes for sale in Berkeley

This home at 2850 Buena Vista in the Berkeley Hills has panoramic views from every room and is over 4,000 sf on a half acre lot.  It is priced at $1.895M. 

For a consultation on luxury homes in the East Bay, feel free to call me in my office: 510-847-2409.

Barbara Reynolds, your East Bay real estate specialist

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Comment balloon 3 commentsBarbara Reynolds • June 25 2012 12:36PM

Comments

We are seeing the same thing here in Southern California Orange County.

Posted by Elite Home Sales Team, A Tenacious and Skilled Real Estate Team (Elite Home Sales Team OC) almost 6 years ago

Hi Barbara, very interesting news for the luxury market.  Thanks for sharing and best of success to you this year!

Posted by Jordon Wheeler, J W Group Real Estate Sales and Service (The Jordon Wheeler Group) almost 6 years ago

The million dollar market seems to be making a comeback, even in different parts of the country. Luxury homes by http://www.lenihansothebysrealty.com have been increasing by the month. 

Posted by Anne over 5 years ago

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