East Bay, CA Real Estate

How's the market?

     Realtors are always asked this question and it's impossible to answer in one scntence.

     Oakland real estate covers a very wide area, from Bcrkeley to San Leandro and from Skyline Boulevard to the Bay.

    Because of its size, the Oakland marketi s composed of many "mini markets,' each of which seems to have a life of its own.

    While this situation makes for a very interesting real estate career, it makes any blanket statement about "the market" inaccurate.

    For instance, one could ask 'how's the market' in the fire area, but even there we have great variety. Townhouses in Hiller Highlands seem to be sclling briskly, while some of thc really large detached homes in the Montclair / Rockridge areas are taking longer to sell.

    Creative elements

   Some builders added creative elements to their projects which have not resonated with potential buyers as was hoped. Unusual floor plans and elimination of yard space in favor of house space have revealed an unexpected traditional bias among buyers. While architects saw a chance to make an original statement with out-of-the ordinary materials, shapes, and flow of space, buyers are asking for hardwood floors, easy-to-navigate floor plans, and yards with grass for swing sets.

   Other builders seem to have captured an elusive something that's allowed their homes to sell immediately. Obviously we have a new market for Oakland, and it's still adjusting.

   On the other hand, the fire area has welcomed a number of buyers returning from Contra Costa. County who say they have found more interesting homes here want to be closer to jobs, like our climate better, and are tired of the suburban cxperience. They have spent upward of a half million dollars on their new homes.

    In other areas, multiple offers have appeared again. I was successful in helping an AT&T exccutive and his attorney wife relocate from LosAngeles, where their home was not selling, to Crocker Highlands where they had to compete with three other buyers for a very beautiful traditional home. They sincerely wished they had Oakland's realestate market down South!

             Multiple offers

    Which homes are inspiring multiple offers? In general the homes have exceptional character and architectural intercst. They tend to bce older and one-of-a-kind with great emotional appeal, especially to first-time buyers.

   For instance, the historic Fernwood district in Montclair has homes with the English country cottage look. Romantic-looking brick and stonework details, flower gardens, arched doors, beamed ceilings and interesting fireplaces are features which buyers find irresistible. Even though these homes are not large, and some have needed a good deal of some have needed a good deal of work, buyers are more than willing to compete for them.

   Redwood Heights is another neighborhood which has seen multiple offers lately. Again, charming homes with Tudor, English and Mediterranean flavor built in the 1930s and 1940s dominate the area. Some have expansive Bay views.  Prices range from the low $200,000s for a two-bedroom, one-bath home to the low $300,000s for an exceptionally large home.

   Another popular district is the Glenview. This area has older homes more typical of the majority of Oakland's architecture Bungalow-style homes, many with generous front porches, were built in the early 1900s in all price ranges,i n all areas of Oakland.

   Many people say these homes remind them of grandparents' homes in the Midwest and East. If homes have not been "remuddled"  and remain largely in their original condition with architecturally sensitive upgrades they can go in multiple offers.

    The Oakmore and Piedmont Avenue areas have also seen good demand lately, but fewer homes  have come on the market than in other areas.

    Statistically speaking, 28 percent of the sales in my office in the first quarter were multiple offer situations. The bulk of these sales were in the $200,000 to $400,000 range with sales generally slower in the highest price ranges.

    According to the California Association of Realtors, the Northern California market is healthier than Southern California's, and was even before their earthquake. Our economy is just diversified enough to avoid the boom and bust cycles of other areas.

   So the answer to "How's the market?" is complicated. People who hope to stay current and informed should consult a local realestale professional.

   Joan Dark is a Senior Sales Associate with Pacific Union Real Estate Brokerage in Montclair, 1900 Mountain Blvd., 94611. She can be reached at 339-6460.