Sheila Sabine - C'est Le Buzz - What do you get for $1 Million?

 

What's going on in the East Bay market – what do you get for $1 million---

The typical Albany home (a two bedroom one bath bungalow with a small yard) is worth almost $1 million. The highest sales price in Albany this year which broke records was for over $2.4 million dollars with the average median sales price in 2017 being $983,000.

The median sales price in Berkeley is $1,160,000- for a typical 3 bedroom, one bath bungalow near Sacramento Street. The flatlands of  Berkeley are becoming more popular than the homes in the Hills. Proximity to amenities is a significant price driver. People want to be  close to transportation,  coffee shops, biking and walking. 

The median sales price in Piedmont is just under $2 million. The highest sale in Piedmont was in 2004 for $8.8 million. Many people are not moving because they cannot find a place to go and or they do not want to pay capital gains when they sell  because their homes have appreciated in much in value.

A lot of people are refinancing their homes so that they can remodel and stay in their homes the rest of their lives.They are even creating extra units for caregivers. There is also increasing popularity with the concept of sharing with other families.

The Oakland  market is flourishing. One of the most popular neighborhoods is Rockridge, near Rockridge BART.

The average price for a three bedroom, one bath in this area is $1.575 million.

Another big question in the marketplace is where is all this money coming from? 

Most people assume it's overseas buyers arriving with bags full of cash but the buyers are actually local people and local families – parents giving money to their children or young people in the tech industry who are making a lot of money.

The Bay Area is home to architectural diversity from mansions to bungalows to lofts and a trend towards modern/contemporary/minimalist. Overall the bay area continues to be a very exciting place to live. There is no indication that this market is going to slow down.

Reference: Alison Teeman, East Bay appraiser at Yovino-Young.

For more information, email Sheila at ssabine@grubbco.com