Why did a 1,306-square-foot, two-bedroom Craftsman in Oakland, Calif.’s trendy Rockridge neighborhood draw six offers and sell for $865,000, while a 1,744-square-foot, three-bedroom home next door, listed for $910,000, was recently taken off the market?
The San Francisco Chronicle’s Carolyn Said consulted with local agents and came up with the following explanations: Although both homes had “character and charm,” the Craftsman had an updated kitchen and bathroom, the yard had been “hardscaped” to make the most of the small lot, and — perhaps most importantly — the $719,000 asking price created the perception of a bargain.
One agent who’s listed a nearby three-bedroom for $749,000 said recent increases in inventory mean buyers “who hang in there are having more of a selection, especially at higher price points.” Source: sfgate.com.
