Real Estate Prices Soaring; San Francisco Area Home Sells For $1.4 Million Over Asking Price

BERKELEY (CBS SF) — Even successful the San Francisco Bay Area’s rebounding existent property market, the caller merchantability of a four-bedroom Berkeley location was raising eyebrows.

The house, located connected a desirable country batch successful the Claremont neighborhood, was initially priced astatine $2.75 cardinal but sold for $4.25 cardinal — a whopping $1.4 cardinal implicit its listing.

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It is simply a motion of the times, according to existent property agents crossed the Bay Area. Since the marketplace awoke from its COVID slumber, prices of homes person soared and bidding wars person escalated from Marin County to the Silicon Valley.

“In the East Bay, there’s simply much request than houses available, truthful I’m not amazed that we got truthful galore offers,” said Compass Realty listing cause Julie Nachtwehy, who listed the Berkeley home.

“The location has tons of character, and the stunning interior remodeling was implicit the top,” she added. “The owners are selling due to the fact that they privation to downsize, present that the youngest lad near for college. They’re acceptable to question and bash different amusive things.”

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The owners bought the home, built successful 1911, for $1.58 cardinal successful 2016. They lone had it listed for 10 days during which a heated bidding warfare erupted among imaginable buyers.

According to CoreLogic, a existent property information tracking firm, the median terms for an existing single-family location successful the Bay Area roseate 12.8% successful August implicit past year.

Prices roseate by double-digits successful Alameda, Santa Clara and Solano counties.

Tina Hand, president of Bay East Association of Realtors, told the San Jose Mercury News that the marketplace has been peculiarly beardown for single-family homes with large yards.

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“People inactive privation that bigger location with the ample batch for kids to play in,” she said. “I spot that continuing done adjacent year.”