Broker Tracy Sichterman at Berkeley Hills Realty recently published some interesting analysis on the local high-end market.
On her Home Spun blog Sichterman writes about the results of some research she conducted into recent sales of $1 million-plus homes in Berkeley and Oakland.
Her conclusion? Cash rules — with nearly one in three homes in this bracket selling to an all-cash buyer. Many others had down payments that were greater than half the sale price.
Read the full analysis here.
That’s because people are just rolling their money from the sale of a old house into a new house. That is what I would expect.
No, most people’s homes have not appreciated a million dollars plus since they moved in. And the homes that have are likely in the $3M-plus bracket. It’s unlikely those folks are downgrading to $1M homes now.