Diversity of local real estate helps region weather slumps in market.
How’s the market?
Realtors are always asked this question and it’s impossible to answer in one sentence.
Oakland real estate covers a very wide area, from Berkeley to San Leandro and from Skyline Boulevard to the Bay.
Because of its size, the Oakland market 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 experience. They have spent upward of a half million dollars on their new homes. (more…)
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east bay real estate