As Bay Area home prices continued to break records, Abio Properties co-founder Linnette Edwards helped explain the red-hot real estate trend to the San Francisco Chronicle and KRON4 News.
Reporters sought Linnette’s expertise after a new industry report showed that the median Bay Area home price rose to $735,000 in June, up 7.5 percent from the same time last year.
In Alameda County, the median home price jumped 10 percent to $770,000, from last June to this June. In Contra Costa County, the median rose 7.2 percent to $580,000, according to CoreLogic analytics.
The San Francisco Chronicle reported:
“Alameda County posted the largest month-to-month [May 2017-June 2017] rise in prices, 5.9 percent. Some homes in the popular areas of Oakland and Berkeley are selling for 60 percent more than the asking price and approaching San Francisco on a price-per-square-foot basis, saidLinnette Edwards, associate broker with Abio Properties. ‘I’ve never seen anything close to this pricing and this kind of fervor,’ she said. A home on Beverly Place in North Berkeley that was listed at $799,000 just sold for $1,333,000 cash with no contingencies, she said.”
Because of low inventory, buyers literally are flocking to strategically-priced properties, especially in Oakland and Berkeley. Homes are being priced to grab attention, and then agents are flooded with more offers than even they expected, way over asking, with fewer contingencies and lots of cash.
An Abio listing at 6021 Valley View Rd., Oakland – a 692 sq ft. cottage in Oakland’s Montclair hills priced at $495,000 – recently attracted 60-80 groups at each open house. The property received an extraordinary 23 offers in July. Now it is pending at more than 40 percent over the listing price.
Another Abio listing at 1012 Harvard Rd., Oakland attracted 11 offers. It was listed at $1.09 million and is selling for $1.65 million.
As Linnette told Maureen Kelly of KRON4 News, “This is the hottest I’ve seen it in the 15 years I’ve been in the industry.”
Some homes in the most desirable parts of Alameda County are selling for more than $1,000 per square foot, inching up toward San Francisco’s infamous home pricing.
Linnette added, “It’s not always like that, so don’t freak out. It’s okay.” She urged buyers to not give up. Keep house hunting. Instead of rushing to the most popular open houses with everyone else, work with your trusted Realtor to find properties that are flying under the radar.
Do you have a great story about your experiences in this zealous real estate market? Share it in our comments section below.
For 35+ years, Patty Rogers of Abio Properties has been previewing and matching stylish homes to satisfied Bay Area homebuyers and breaking sales records with her listings. She is known for finding and selling unique homes with a "Modicum of Charm" and is a shrewd negotiator who understands how to successfully orchestrate deals.