BERKELEY (CBS SF) – Even in the rebounding San Francisco Bay Area real estate market, the recent sale of a four-bedroom Berkeley home caused a stir.
The home, which sits on a coveted corner lot in the Claremont neighborhood, was originally $ 2.75 million but sold for $ 4.25 million – a whopping $ 1.4 million above its listing.
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It’s a sign of the times, so do real estate agents across the Bay Area. Since the market awoke from its COVID slumber, home prices have skyrocketed and bidding wars have escalated from Marin County to Silicon Valley.
“There is simply more demand in the East Bay than available homes, so I’m not surprised we received so many offers,” said Julie Nachtwehy, the Compass Realty estate agent who listed the Berkeley home.
“The house has a lot of character and the stunning interior makeover was overdone,” she added. “The owners are selling because they want to downsize after the youngest son leaves 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 kept it listed for 10 days during which a heated bidding war broke out among potential buyers.
Real estate data tracking company CoreLogic said the average price of an existing single-family home in the Bay Area rose 12.8% in August year over year.
In the districts of Alameda, Santa Clara and Solano, prices rose in double digits.
Tina Hand, president of the Bay East Association of Realtors, told the San Jose Mercury News that the market for single-family homes with large gardens is particularly strong.
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“People still want this bigger home with the big lot for kids to play with,” she said. “I see that this will continue until next year.”