“People are not surprised when a home goes $1 million over,” said Josh Dickinson, the founder of real estate agency Zip Code East Bay. “When my clients see a house for $1.9 million they’re almost conditioned to think it’ll go over $3 million in Piedmont or North Berkeley.”
Dickinson said one of the bids on the Berkeley home included free one-week stays at an Airbnb in Tuscany for the next 10 years.
Dickinson has also seen plenty of offers over the years that include stock options from major tech companies and a few that have included a glut of airline miles.
When looking at Redfin data, the Bay Area actually had fewer homes sell for more than $800,000 over asking from May 1, 2020, to April 30, 2021, than from May 1, 2018, to April 30, 2019, but the concentration of these types of sales looks very different across the Bay Area. In the 2018-2019 data, 20 homes in San Francisco and 19 homes in Palo Alto sold for more than $800,000 over asking, whereas in the 2020-2021, data only 10 S.F. homes and five Palo Alto homes experienced this type of sale. Meanwhile, Oakland and Berkeley, which had just one and five high overbids respectively in the 2018-2019 data, each had 12 sales with a closing price that was at least $800,000 more than its list price in 2020-2021.
That means the bargain area is now the 101-corridor?
I doubt you ever lived there… why do you think it sucks? I was born in raised in Berkeley when it was the most desirable place to live in the BA.
There are fantastic homes in Berkeley, Piedmont Orinda Lafayette Alamo Danville Pleasanton. Convenient to escape the bay. Commute to SF is convenient on Bart. Commute to SV can be a pain.
The Schools in Orinda/Laffayete, San Ramon, Danaville, San Ramon, Dublin, Pleasanton, Fremont/Ardenwood, Walnut Creek are already better than most of SF and Peninsula.
It is more of shifting of dual income families. Rents in SF and Peninsula will continue to decrease.
Even in Millbrae most of schools are now in 6/7 rankings.
my blood pressure rises just by driving over the bridge.
