BERKELEY (CBS SF) – Even in the booming San Francisco Bay Area real estate market, the recent sale of a four-bedroom home in Berkeley raised eyebrows.
The house, located on a sought-after corner lot in the Claremont neighborhood, was initially priced at $ 2.75 million but sold for $ 4.25 million, an additional $ 1.4 million as its registration.
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It’s a sign of the times, according to Bay Area Realtors. Since the market woke up from its COVID slumber, house prices have skyrocketed and bidding wars have escalated from Marin County to Silicon Valley.
“In the East Bay there is simply more demand than there are homes available, so I’m not surprised we got so many offers,” said Julie Nachtwehy, listing agent for Compass Realty, who listed the Berkeley house.
“The house has a lot of character and the superb interior remodeling was top notch,” she added. “The owners are selling because they want to downsize now that the youngest son has left for college. They are ready to travel and do other fun things.
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The owners bought the house, built in 1911, for $ 1.58 million in 2016. They only put it up for sale for 10 days, during which a bidding war broke out between potential buyers.
According to CoreLogic, a real estate data tracking company, the median price of an existing single-family home in the Bay Area increased 12.8% in August from a year ago.
Prices increased by double digits in Alameda, Santa Clara and Solano counties.
Tina Hand, President of the Bay East Association of Realtors, told the San Jose Mercury News that the market has been particularly strong for single family homes with large yards.
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“People always want this bigger house with the big lot for the kids to play,” she said. “I see this will continue until next year.”