The owners of Caldecott Properties , Andy Read & Michelle Vasey, were nominated to be featured in th e-zine ProAgent...check it out: http://www.epaperflip.com/aglaia/viewer.aspx?docid=5f3a0073f5d746ee8c3dd129fbe3b496

Could this be a sign of better times ahead? The San Franscisco Chronicle has posted on their ‘On the Block’ segment that for the first time since October 2008, an Oakland condo has sold for more than $1 million dollars!

The Ellington, in the soon-to-be-bursting Jack London Square, sold one of its two penthouse suites for $1.1 million on January 5th, giving many hope that the long-awaited real estate turnaround is upon us. The other penthouse – priced at $1.5 million – is in escrow.

This is great news ~ here’s the original posting: http://www.sfgate.com/cgi-bin/blogs/ontheblock/detail?blogid=58&entry_id=55142

Yes, there are REO's available for purchase in Berkeley.  The inventory fluctuates, but as of 1/5/2010, there are ten current REO listings:

1.  1648 Curtis Street, 3/2, 1423 sq.ft, listed at $499,900

2.  1055 Amito Drive, 4/3, 4160 sq.ft, listed at $1,025,900

3.  827 Channing Way, 3/1, 1007 sq.ft, listed at $399,900

4.  1050 Creston Road, 4/3, 2953 sq.ft, listed at $950,000

5.  1239 MLK Way, 3/1, 1211 sq.ft, listed at $634,900

6.  452 Boynton Avenue, 4/2, 2301 sq.ft, listed at $859,000

7.  1687 Thousand Oaks Blvd, 3/2, 2244 sq.ft, listed at $859,900

8.  6946 Bristol Avenue, 4/4, 4120 sq.ft, listed at $999,900

9.  3227 Boise Street, 4/1, 1129 sq.ft, listed at $309,900

10. 1243 Ashby Avenue, 4/2, 1614 sq.ft, listed at $254,000

For more details about any of these listings, or to receive free automated emails with new REO listings in Berkeley, please email Andy Read at aread@caldecott.com or call him at 510.594.2400 x 222.

Yes, there are REO's in these cities, but not nearly as many as in other cities in Contra Costa and Alameda County. As of 12/2/2009, there are 10 active REO listiing in Moraga, Orinda and Lafayette, CA: RESIDENTIAL - Active ADDRESS Unit BR Bth Stat Date SqFt DOM LP $/SqFt SP $/SqFt 1727 SAINT ANDREWS DR 3 2 11/30/2009 1749 8 $499,950 $285.85 1003 Hawthorne 4 2 11/15/2009 1680 23 $404,900 $241.01 3223 Alta lane 3 2 11/26/2009 1410 153 $609,000 $431.91 651 MORAGA RD 15 3 2 11/5/2009 1394 33 $354,900 $254.59 19 CALVIN DR 4 2 11/15/2009 1642 92 $659,000 $401.34 2083 ASCOT DR 132 3 2 11/25/2009 1439 13 $299,900 $208.41 319 RHEEM BLVD 3 2 11/17/2009 1380 21 $689,900 $499.93 7 La Cintilla 5 4 11/18/2009 4106 110 $1,475,800 $359.43 73 BROOKWOOD RD UNIT 1 1 11/26/2009 673 33 $304,900 $453.05 855 MOUNTAIN VIEW DR 4 3 11/13/2009 2918 25 $839,000 $287.53 Total Listings Avg Avg Avg Avg Avg 10 51 $613,725 $342 For more information about these properties, or for a current list of REO listings, please contact Andy Read at Caldecott Properties: aread@caldecott.com, 510.594.2400 x 222.

Dear ActiveRain Member,

In response to requests from many of you for market data, I have prepared a comparison of residential real estate sales in Oakland for Q4 2006, Q4 2007 and Q4 2008.

 The numbers tell a very interesting story. 

 

OAKLAND RESIDENTIAL REAL ESTATE SALES Q4 2006
Detached Homes		Condos / Townhouses
# Sales	618		# Sales	139
Dollar Volume	$390,481,793		Dollar Volume	$63,581,313
Average Sales Price	$631,848		Average Sales Price	$457,420
Median Sales Price	$550,000		Median Sales Price	$425,000
OAKLAND RESIDENTIAL REAL ESTATE SALES Q4 2007
Detached Homes		Condos / Townhouses
# Sales	360		# Sales	110
Dollar Volume	$226,219,210		Dollar Volume	$47,740,090
Average Sales Price	$628,387		Average Sales Price	$434,001
Median Sales Price	$535,250		Median Sales Price	$385,000
OAKLAND RESIDENTIAL REAL ESTATE SALES Q4 2008
Detached Homes		Condos / Townhouses
# Sales	747		# Sales	113
Dollar Volume	$250,213,528		Dollar Volume	$39,185,495
Average Sales Price	$334,958		Average Sales Price	$346,774
Median Sales Price	$199,900		Median Sales Price	$307,000
Source: MAXEBRDI MLS data 2006-2008; data does not include "For Sale by Owner" and new
condominium / townhouse sales not entered into MLS.

 From Q4 2006 to Q4 2008 for detached homes, dollar volume was down 35.9%; average sales price was down 47.0% and median sales price was down 63.6%.

 What does this really mean?  Single family home values have not all depreciated 47%-64% (though property values in all Oakland zip codes are lower than they were in 2006).  The majority of home sales in Q4 2008 were bank owned ("REO") and short sales in neighborhoods with lower average property values attractive to investors, builders and first time home buyers.  In addition, fewer high-end properties sold as jumbo loans were virtually non existent; homebuyers didn't want to sell their existing homes in a declining market to up or down size; down payments were lost in the declining equities market; and the uncertainty that comes with and increased unemployment rate.

If we compare Q4 2006 with Q4 2008 for condos / townhouses homes, dollar volume is down 41.5%; average sales price is down 24.2% and median sales price is down 27.8%.

The two major factors for the decrease in sales and median prices were an increase in REO and short sales and a decrease in new construction sales that typically sell for more $/square foot.

Property values will not increase until we can greatly reduce the supply of properties in Oakland.  The best two ways to improve this: 1.) Don't sell your home unless you have to; and 2.) Buy something! 

Some help is on the way, but don't expect it to have a significant impact:

1.) $8,000 credit from the Federal Government for first-time homebuyers: http://federalhousingtaxcredit.com/

2.) $10,000 credit from the State of California for new construction: http://www.reuters.com/article/marketsNews/idUSN2035237520090220

We have not seen prices so attractive with interest rates so low for a very long time.  Now is the time to invest (more) in Oakland.

Please feel free to call if you'd like to find out what's happening in your neighborhood, or if you would like to learn more about attractive deals on the market.

Kind regards,

Andy Read

Caldecott Properties

5251 Broadway

Oakland, CA 94618

tel:   510.594.2400 x 222

fax:  510.594.2424

www.Caldecott.com

 

 

 

Yes.  Although there are significantly fewer than in other parts of Contra Costa or Alameda Counties, there are always a few REO listings available within these cities.

Here is a list as of 2/13/2009:

RESIDENTIAL - Active

RESIDENTIAL Summary Statistics
	High	Low	Average	Median
LP:	$889,900	$429,900	$665,205	$694,450
SP:	$0	$0	$0	$0

ADDRESS	City	BR	Bth	GarSp	SqFt	DOM	LP	$/SqFt	SP	$/SqFt
2026 ASCOT DR	MORAGA	3	2	0	1687	227	$429,900	$254.83
1424 CAMINO PERAL	MORAGA	3	2	2	1348	20	$472,530	$350.54
1003 HAWTHORNE DR	LAFAYETTE	4	2	0	1680	72	$589,900	$351.13
56 MINER RD	ORINDA	2	2	2	2165	205	$799,000	$369.05
12 CHARLES HILL CIR	ORINDA	4	2	2	2327	46	$810,000	$348.09
6 GLEN EAGLE	MORAGA	3	2	2	2725	53	$889,900	$326.57
Total Listings						Avg	Avg	Avg	Avg	Avg
6						103	$665,205	$333

If you would like to learn more about any of these, or if you would like to receive an automated email with all REO properties within particular zip codes or cities in Alameda or Contra Costa Counties (including Piedmont, Oakland, Berkeley, Emeryville, Kensington, Lafayette, Orinda, Moraga, Walnut Creek and Alameda), please contact me today.

Regards,

Andy Read

510.594.2400 x 222

aread@Caldecott.com

 

Oakland's historic Cathedral Building has been converted into full-floor luxury condos.  They were recently featured in the SF Chronicle:  http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/12/14/RETH14L1T9.DTL&hw=cathedral+building&sn=004&sc=827

This is a historic 1914 gothic revival skyscraper and was honored into the National Registry of Historic Places in 1979.  The building is similar to the Woolwoorth Building in Manhattan.

Prices start at $699,000 - details at www.Cathedral-Building.com.

The property is open Sundays, 1-4pm and by appointment.

 

Our office has the privilige of marketing many newly constructed and converted residential buildings in the East Bay.  Properties range from entry level homes in West Oakland's Dogtown Art District, to multi-million dollar penthouse lofts.  The majority of these projects are in Oakland (Uptown, Downtown, Jack London Square, Rockridge, West Oakland and Temescal) and Emeryville.  You can view details of our current projects, including the Cathedral Building, Lottie Lane, Pop Junction Lofts, Claremont Terrace Homes, here:  http://www.caldecott.com/?page=new_develop

Please call with any questions - we'd be happy to assist you with your search.