‘Not For The Faint Of Coronary heart’; Bay Space Actual Property Market Heating Up To Pre-Pandemic Ranges – CBS San Francisco
SAN JOSE (CBS SF) – After a sleep as the San Francisco Bay Area was hit by the COVID-19 pandemic, home sales soared to feverish levels in less than two weeks as homes in San Jose and Oakland were sold, according to real estate guide Redfin.
The real estate resurgence has been slowly picking up for several months as COVID-19 restrictions have been eased, new cases have declined and the percentage of fully vaccinated residents has skyrocketed.
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The reopening of offices for employees who have been working remotely for more than a year. The restaurants are filling up again and there is a new atmosphere in the region.
Seasoned Oakland real estate agent Katy Polvorosa told the East Bay Times that not only are homes selling quickly, but businesses are closing after intense bidding wars for the properties.
“I’ve lost so many times,” Polvorosa told the newspaper. “It’s really not for the faint of heart right now.”
While home sales in San Francisco were slightly slower, other areas enjoyed the increase. Vallejo is one of these communities.
“Vallejo used to be an unknown gem. Now it’s a well known gem, ”said Jay Kobuvec.
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Once infamous for filing for bankruptcy, the city of 120,000 people and a median income of just over $ 30,000 a year has become a new base for home buyers during the pandemic.
“I’ve never seen anything like it. I can’t keep up with all of the buyers who come to me, ”said Tim Hiemstra, Napa River Realty owner and broker. “People get in and see it and the open space and the fact that they’re not limited to being in their Silicon Valley office in San Francisco.”
The City on the Bay, just 15 minutes from Napa Valley, currently has an average list price of $ 550,000 for a home with a yard. And that with a massive technical expansion of the nearby Mare Island and an available ferry service to the offices in San Francisco.
Fremont agent Sunil Sethi told the San Jose Mercury News he typically sees single-family homes moving within five days.
For example, in North Fremont, Sethi listed a four-bedroom home with room for in-laws and a landscaped yard for $ 1.88 million.
“The offers came and I said, ‘Wow,'” he told the newspaper.
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The first offer quickly came in at $ 200,000 on demand. Further, higher offers followed. A contract for $ 2.35 million was signed.