Dancing With A Gorilla! The Piedmont Perspective, Vol 71, October 15, 2008
What’s New?
As Wall Street meets Main Street, the Piedmont residential housing market remains a very stable investment. Looking at 3rd quarter statistics for 2007, compared to the same quarter for 2008, the value of your home seems to be good and sound!
Last year, 23 homes sold in Piedmont between July 1 and September 30, 2007. The average list price was $1,797,217 and the average sales price was $1,772,304. Days on market (DOM) averaged 32 days. When I remove the $7, 600,000 sale on Sea View Avenue (which statiscally skews the numbers) the average list price adjusts to $1,522,272 and average sales price adjusts to $1,507,409. DOM remained virtually the same at 32 days.
Although only 13 homes sold during the same time period in Piedmont this year – here is the good news: the average sales price adjusted only 1.059% to $1,422,870 – AND the average price per square foot was actually UP from $597 a square foot last year, to $614 a square foot this year! DOM was cut almost in half! Houses sold on average, in 18 days in the 3rd quarter of this year, compared to 32 days on average for last year. While equity in most stocks has fallen dramatically over the last few weeks, Piedmont real estate seems to be holding its own! Isn’t it nice to hear good news for a change?
Did the real estate market stand still the last few weeks? Yes it did.
D0 we have market optimisim? Yes we do.
Here’s Why . . .
There are currently 23 Piedmont homes listed for sale on the MLS (Mulitple Listing Service) which represents a fair amount of inventory as we approach a late fall market and The GRUBB Co. is scheduled to bring on another seven homes in the next ten days – so stay tuned (I’ll be bringing you all the news)!
The least expensive listing is Tricia Swift’s 2bdrm/1bth sunny “starter” home at 102 Oakmont Avenue for $695,000 and the most expensive property is a 6bdrm/5bth rambling estate with a private tennis court on Tyson Circle for $7,000,000! Between these two extremes, lies a more traditional price point averaging $2,210,208.
Here’s even better news: sellers are paying attention - especially to terms! In a market where liquidity is scarce and loans are tougher to come by than they were in the not-too-distant past, CASH will play a more significant role than it has previously – and so will seller financing!
Finally, anyone with a home on the market in today’s climate is a bonafide seller! These aren’t people who are “testing” the waters. They represent motivated sellers who are often willing to negotiate. Don’t be shy! Sellers want and need to negotiate through the process. As your representative, it is my job to “frame” your offer in a way that respects the process and doesn’t polarize the seller. (It can be a delicate dance!) However, any offer can provide an opportunity for true negotiation to take place. This is a very healthy environment!
In spite of the uncertain economic landscape nationally, this may actually be the best time to purchase locally – but only if you are so inclined; YOU have to be comfortable on the dance floor before taking on the Tango!
What’s Coming?
Scott Hill brings 70 Somerset Road to market this weekend. This spacious 5bdrm/4++bth home is nestled high in the Piedmont hills, with magnificent South Bay views. This three level home includes a master suite, family room, office, wet bar, billiard room, bonus room, workout room and outdoor pool. Price: $1,995,000. Open Sunday 2- 4:30. www.grubbco.com
Anian Tunney brings 92 Oakmont Avenue in Piedmont to market this week. This wonderful Monterey Colonial features 3bdrms/2+bths and large rumpus room. Price: $1,185,000.
Open Sunday 2-4:30.
Karen Starr’s stunning 4+bdrm/3.5bth Mediterranean listing at 6265 Virgo Road in Montclair returns to the market and features elegant open spaces, pano San Francisco Bay views, screening room and a ZERO pest report. Price: $1,499,000. Open Sunday 2-4:30 www.grubbco.com
Matt Heafey has a new listing at 207 San Carlos Avenue in El Cerrito. This fabulous 3bdrm/3bth home offers many upgrades including luxurious master suite with Bay views, sunny eat-in kitchen with spacious family/media room and French doors that open on to an expansive deck, perfect for entertaining! Open Sunday 2-4:30. www.207sancarlos.com
This week’s tour provided one very nice surprise in the Upper Dimond district. Nesteled at the end of a wooded cul-de-sac the mid-century modern at 4406 Whittle Avenue was a lovely discovery. Featuring 3bdrms/2bths, inviting entryway, remodeled kitchen with breakfast room, bonus media/family room, 2-car garage and landscaped gardens complete with October pumpkins – this home was a visual treat. Price: 739,000.
The mid-century at 81 Calvert Court in Piedmont features 3bdrms/2bths, living room, family room and kitchen opening onto sunny side deck for al fresco dining. Price: $1,080,000.
What’s Pending?
What happened at 235 Mountain Avenue? This “contractor’s special” was listed at $2,150,000 and sold in 13 days for only $1,600,000. I am still a bit baffled by this surprising result. Are you?
The wonderful traditional on Domingo Avenue in the Elmwood District has also gone pending!
What’s Happening?
That’s really up to you! Here are some of my favorite Piedmont homes that are still available:
The stunning and spacious Connecticut Cape Cod Traditional at 334 Sheridan Avenue has been reduced to $4,950,000 and is absolutely beautiful! Offering three floors of meticulous luxury, this 5bdrm/4bth showpiece has it all (and then some). Shown by appointment only! www.grubbco.com
The all-level Contemporary at 43 Farragut Avenue is an open and elegant home, featuring large living and dining rooms, wide hallways, high ceilings and separate bedroom wing. Price: $2,550,000
“Potential” may be my favorite word when it comes to real estate and 44 Sierra Avenue has potential in spades . . . with grandly proportioned rooms and a great existing floor plan, this elegant, centrally located home awaits your vision. Price: $3,200,000. www.grubbco.com
The cozy 2bdrm/2bth home at 48 Crest Road is still available. This sophisticated home featuring 3 fireplaces, gourmet kitchen, great room and indoor/outdoor lifestyle lives like a vacation pied-a-terre. Perfect for the downsizing buyer, but also comes complete with Graff Architectural conceptual drawings for future expansion! Price$1,049,000 www.48crest.com
What’s Fun!
The daring Blue Angels were in town over the weekend for San Francisco’s Annual Fleet Week and once again, they put on a spectacular air show that had the hairs on the back of my neck on end! It’s impossible to feel anything but red, white and blue patriotism while watching the aeronautic capabilities of these remarkable machines and the pilots who fly them. Nerves of steel! (Kind of like watching the stock market right now – the death-defying spirals, the near misses, the dramatic climbs, and the dizzying speed!)
This year, I had the great fortune of “oohing” and “ah
hing” from a yacht on the Bay. I have admired the Blue Angels for years but was always relegated to the rooftops of San Francisco (not a bad view either). Having been spoiled with a front row seat now, I’m not sure I could watch the Blue Angels any other way from here on out (hint, hint).
Thank you Jamie and Gordon Miller and to Lisa Norris for hosting this memorable and fun afternoon! Can I book my spot for next year’s trip now?
If this event shows up again at next year’s tri-school event – sign up! It’s sure to sell out as it did this year.
The Piedmont Plug!
This week I am plugging you and your input. I want to thank the many readers (you know who you are) who took the time to write back with comments, guidance and suggestions the last few weeks (even the ones who corrected my spelling!).
Your contributions make for a more well-rounded and better informed dialogue. I suspect that we will continue to see more turbulence over the next several months as the wings are righted and I look forward to your insights as we go. (Already the market seems to be making a comeback as witnessed by the SURGE of late fall market activity!)
One woman I know described her stress as “dancing with a gorilla” – “You might think you are in charge, but let’s face it, if you’re dancing with a gorilla, chances are – you aren’t the one who’s leading . . . ” (love the visual).
While none of us likes the loss of control, anyone who knows me well, knows I love to dance (and anyone who’s seen my husband dance, knows the gorilla analogy isn’t far off). Sure, we may all need to learn a few new steps in this changing economy (I’m learning the salsa) but thankfully, we are still AT the dance and we are there together. Relative to other neighborhoods, our dancing shoes look pretty darn polished!
In the face of changes that may certainly be described as historically significant, I try to remind myself how lucky I am to have the good health of my family, a solid marriage and loving partnership, a secure roof over my head (except when it rains) a caring community and a profession about which I remain absolutely passionate (oh, and rhythm)!
If you know anyone who might benefit from my experience and consul, please pass along my name. I value your referrals.
Shall we dance?
THANKS FOR READING!
For more information about any of the properties or events listed above, please call me at (510) 339-0400 x264, or simply respond to this email. I’d love to share my real estate tips and my experience in the East Bay/Piedmont community with you!
Feel free to visit my website at JulieGardner.com for more information as well. Real Estate License #R01431765