June 9, 2008
Berkeley Homes That Struggle To Find Buyers
There are the homes that people fall over themselves to snag, and there are those that just won’t budge and require some revisionist thinking on the pricing front.
I found five Berkeley houses with price reductions today, and it’s not always the first one they’ve had either:
2371 Virginia Street # 1: (pictured right) 1/1 1920s condo three blocks from the north gate of the UC Berkeley campus with private deck — down to $475,000.
2817 Woolsey Street #A: 2/1 condo in the Claremont. Reduced from $550,000 to $520,000.
2300 Prince Street: “mirror image” 1-bed and 2-bed duplex “ideal for TIC” with private patio and gardens. Down from $849,000 to $824,000.
960 Keeler Avenue: 3/2.5 traditional home with separate unit and bay views. Reduced a second time from original $1,100,000 to $985,000.
257 Hillcrest Road,: 3/3+, 4,000 sq ft home with au-pair studio and views in Berkeley’s Claremont neighborhood. Reduced for the second time from original $1,579,000 to $1,399,000
Leigh said:
Has any one figured out a formula for the sitters versus the sellers? And 1306 Milvia will be which? Guesses?
Leigh
June 10, 2008 5:47 PM
optionarm said:
1946 Marin asking price back at $799.
June 11, 2008 9:57 AM
JustLookingThanks said:
>Has any one figured out a formula for the sitters versus the sellers? And 1306 Milvia will be which? Guesses?
Same as it ever was: Location^3+Condition-Price.
Haven’t seen Milvia, but L is high. P seems to be as well. Can’t speak to C. My guess: Goes for close to offering in the next week (depending on C). Of course, my opinion is worthless since I haven’t seen it.
June 12, 2008 6:54 AM
Tracey Taylor said:
Leigh: Thanks for the question. It goes to the heart of the whole real estate business. And I have to say I agree with JustLookingThanks. A house in a good location will always find it relatively easy to find buyers, even in a downturn.
June 12, 2008 9:25 AM