Real Estate Prices Soaring; Berkeley Home Sells For $1.4 Million Over …

Real Estate Prices Soaring; Berkeley Home Sells For $1.4 Million Over …

BERKELEY (CBS SF) — already in the San Francisco Bay Area’s rebounding real estate market, the recent sale of a four-bedroom Berkeley home was raising eyebrows.

The house, located on a desirable corner lot in the Claremont neighborhood, was initially priced at $2.75 million but sold for $4.25 million — a whopping $1.4 million over its listing.

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It is a sign of the times, according to real estate agents across the Bay Area. Since the market awoke from its COVID slumber, prices of homes have soared and bidding wars have escalated from Marin County to the Silicon Valley.

“In the East Bay, there’s simply more need than houses obtainable, so I’m not surprised that we got so many offers,” said Compass Realty listing agent Julie Nachtwehy, who listed the Berkeley home.

“The home has lots of character, and the dramatically interior remodeling was over the top,” she additional. “The owners are selling because they want to downsize, now that the youngest son left for college. They’re ready to travel and do other fun things.”

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The owners bought the home, built in 1911, for $1.58 million in 2016. They only had it listed for 10 days during which a heated bidding war erupted among possible buyers.

According to CoreLogic, a real estate data tracking firm, the median price for an existing single-family home in the Bay Area rose 12.8% in August over last year.

Prices rose by double-digits in Alameda, Santa Clara and Solano counties.

Tina Hand, president of Bay East Association of Realtors, told the San Jose Mercury News that the market has been particularly strong for single-family homes with big yards.

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“People nevertheless want that bigger home with the large lot for kids to play in,” she said. “I see that continuing by next year.”

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