OAKLAND, Calif. (KTVU) - The real estate market is hot across the Bay Area - but sky-high prices - well-over the asking price - are becoming increasingly common in parts of Oakland.
Inventory is tight and Oakland open houses get crowded as prospective homebuyers parade from one home to the next.
Teri Carlisle with Pacific Union and Christie's International Real Estate tells KTVU "I have been in the Oakland real estate community for 28 years and have experienced many markets – this 2017 market is like no other I have experienced – the energy is dynamic with a renewed sense of urgency."
Prospective buyers are looking for walkable neighborhoods and are willing to shell out the cash to get there. The Glenview neighborhood - which has restaurants along nearby Park Blvd. - is drawing a lot of interest. Just this month a home at 1488 Excelsior Avenue was listed for $759,000 sold and for $1,045,000. Another home in the Glenview area at 22 Veteran Way just closed for $900,000 after being listed for $625,000.
John Karnay, CFO/Broker with The GRUBB. Co. tells KTVU it's an interesting phenomenon where the walkability store has become really important to buyers. Karnay has noticed a trend of more buyers opting out of traditional residential areas to find homes in more hip/commercial areas. He says it's the simple case of too many people chasing too few of prospective homes.
Right after Super Bowl weekend is when the spring real estate market generally kicks into high gear. Karnay says that's not the case this year due to the consistent storms. He knows a number of buyers who are planning to list their homes but have put their plans on hold. "To paint the exterior or do some outdoor repairs before listing." He says that's because turnkey homes are very important to buyers in the Bay Area market.
As for the homes going for well-over asking price - Karnay says real estate agents will often price a home lower to entice a bidding war.