Comments on: Berkeley Home Sells For 40% Under Asking Price http://www.bayareahomegirl.com/?p=1674 Real estate stories in San Francisco's East Bay Thu, 09 Sep 2010 01:50:45 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Debtpocalypse http://www.bayareahomegirl.com/?p=1674&cpage=1#comment-415 Debtpocalypse Sun, 26 Apr 2009 09:51:18 +0000 http://www.bayareahomegirl.com/?p=1674#comment-415 776 Arlington now a six-figure listing @ $985K. That's 14% below December 2008 listing. Cutting the path for other 7-figure properties.... 412 Blair (quarter-acre in Piedmont... with publicity) is another one cutting price: http://www.redfin.com/CA/Piedmont/412-Blair-Ave-94611/home/1079760 Drop from $1.7m in March 2009 to current $1.35m = 20% reduction. That was quick. I liked this place, except that the children's rooms up the spiral staircase are distant from the master. This is the property to monitor for repricing +$1m Piedmont inventory. 776 Arlington now a six-figure listing @ $985K. That’s 14% below December 2008 listing.

Cutting the path for other 7-figure properties….

412 Blair (quarter-acre in Piedmont… with publicity) is another one cutting price:
http://www.redfin.com/CA/Piedmont/412-Blair-Ave-94611/home/1079760

Drop from $1.7m in March 2009 to current $1.35m = 20% reduction. That was quick. I liked this place, except that the children’s rooms up the spiral staircase are distant from the master. This is the property to monitor for repricing +$1m Piedmont inventory.

]]> By: Debtpocalypse http://www.bayareahomegirl.com/?p=1674&cpage=1#comment-234 Debtpocalypse Fri, 06 Feb 2009 01:33:53 +0000 http://www.bayareahomegirl.com/?p=1674#comment-234 I referenced the implied rich 7.8% CAGR for 776 Arlington in comment #1. Well, maybe they read your blog... 'cause they knocked $100,000 off their asking today: http://www.redfin.com/CA/BERKELEY/776-Arlington-Ave-94707/home/1545680 I might be interested in that property (uhh... at the right price): waiting just funded one of our son's eventual college educations. This is the dreadful logic of deflation: wait now, pay less tomorrow. The logic itself creates the diminished demand that makes the prophecy self-fulfilling... resulting in lower prices, and the apocalypse of debt. By the way, the new implied CAGR is now "only"~5.9%. Let's call it 6.0%. Still rich. The vast bulk of current listings between $1m and $1.5m have to drop askings down to 6-figures to have even half a chance of selling any time soon. I referenced the implied rich 7.8% CAGR for 776 Arlington in comment #1.

Well, maybe they read your blog… ’cause they knocked $100,000 off their asking today:
http://www.redfin.com/CA/BERKELEY/776-Arlington-Ave-94707/home/1545680

I might be interested in that property (uhh… at the right price): waiting just funded one of our son’s eventual college educations.

This is the dreadful logic of deflation: wait now, pay less tomorrow. The logic itself creates the diminished demand that makes the prophecy self-fulfilling… resulting in lower prices, and the apocalypse of debt.

By the way, the new implied CAGR is now “only”~5.9%. Let’s call it 6.0%.

Still rich.

The vast bulk of current listings between $1m and $1.5m have to drop askings down to 6-figures to have even half a chance of selling any time soon.

]]> By: Tracey Taylor http://www.bayareahomegirl.com/?p=1674&cpage=1#comment-227 Tracey Taylor Tue, 03 Feb 2009 17:15:14 +0000 http://www.bayareahomegirl.com/?p=1674#comment-227 This habit of brokers to relist their properties as new is becoming more widespread. I believe it's done so that their listings head to the top of the search pile again. Still, it's very irritating to market observers such as myself, and I can only believe it's annoying, and potentially misleading, for prospective homebuyers too. This habit of brokers to relist their properties as new is becoming more widespread. I believe it’s done so that their listings head to the top of the search pile again.

Still, it’s very irritating to market observers such as myself, and I can only believe it’s annoying, and potentially misleading, for prospective homebuyers too.

]]> By: Debtpocalypse http://www.bayareahomegirl.com/?p=1674&cpage=1#comment-226 Debtpocalypse Tue, 03 Feb 2009 17:10:30 +0000 http://www.bayareahomegirl.com/?p=1674#comment-226 For the record, a google cache shows the afore-referenced 125 Estates was on Redfin for 66 days on January 24, before it suddenly became "new" again this morning at the same $1.349m asking price.... http://www.redfin.com/CA/PIEDMONT/125-ESTATES-Dr-94611/home/648726 For the record, a google cache shows the afore-referenced 125 Estates was on Redfin for 66 days on January 24, before it suddenly became “new” again this morning at the same $1.349m asking price….
http://www.redfin.com/CA/PIEDMONT/125-ESTATES-Dr-94611/home/648726

]]> By: Debtpocalypse http://www.bayareahomegirl.com/?p=1674&cpage=1#comment-220 Debtpocalypse Fri, 30 Jan 2009 18:41:58 +0000 http://www.bayareahomegirl.com/?p=1674#comment-220 Zillow has its previous transaction in May 1989 for $414K. That was 19.5 years ago. The recent transaction of $1.1 million results in an implied compound annual growth rate of ~5%. A little rich for me, but far more sober than some CAGRs one can find in the hills. Take 776 Arlington, for example. http://www.redfin.com/CA/BERKELEY/776-Arlington-Ave-94707/home/1545680 The implied CAGR between current asking and prior transaction in 1993 is ~7.8%. Call it 7.5%... call it 8%. Either way, that's a rich rate of return. (Acknowledged: I am making assumptions about comparability, and ignoring add-ons and updates.) One more - 125 Estates in Piedmont http://www.redfin.com/CA/PIEDMONT/125-ESTATES-Dr-94611/home/648726 Seller - a licensed real estate agent - wants an annualized return of +8% for having lived in it a little more than five years. Before its recent price-cut, seller originally wanted +9%. P-lease.... Zillow has its previous transaction in May 1989 for $414K.

That was 19.5 years ago.

The recent transaction of $1.1 million results in an implied compound annual growth rate of ~5%.

A little rich for me, but far more sober than some CAGRs one can find in the hills.

Take 776 Arlington, for example.
http://www.redfin.com/CA/BERKELEY/776-Arlington-Ave-94707/home/1545680

The implied CAGR between current asking and prior transaction in 1993 is ~7.8%. Call it 7.5%… call it 8%. Either way, that’s a rich rate of return.

(Acknowledged: I am making assumptions about comparability, and ignoring add-ons and updates.)

One more – 125 Estates in Piedmont
http://www.redfin.com/CA/PIEDMONT/125-ESTATES-Dr-94611/home/648726

Seller – a licensed real estate agent – wants an annualized return of +8% for having lived in it a little more than five years. Before its recent price-cut, seller originally wanted +9%.

P-lease….

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