Quarter 3 2023

From your friends at

Third Quarter 2023
East Bay Market Update

Happy Fall!

Summer is now behind us and it seems like the Bay Area has returned to its normal hustle and bustle.  We are seeing more cars on the road during rush hour and parents shuttling their kids to school and Autumn is starting to set in as we approach Halloween. The news of more companies requiring/ changing their in person/office protocols is welcomed and great for our downtowns and business districts. The pandemic has hit downtown Oakland and San Francisco especially hard, but the slow return of daily workers should help them re-shape themselves for the Post Pandemic era.

So far, September has not been the macro-economic beginning to the fall selling season we were hoping for: Interest rates just hit their highest point since 2000, stock markets are well down from summer, the oil price is climbing, federal student loan payments resume in October, and yet another threat of a federal government shutdown.

However, we are pleased to say that despite the difficulties in the economy, we have had some nice success stories helping homeowners and developers reposition their homes for optimal market reception/sale price in an increasingly fickle market to maximize their sale opportunity and transition to that next phase of their lives.  Local Home Buyers have really been gravitating towards homes that have both visual appeal and infrastructure updates, so investing in your home is still paying off in both the short and long run.  We can offer examples where multiple competing homes were on the market at the same time, and their selling prices along with the cost of the renovations to make the home attractive were far less than others that were attractive.

We are so proud to beautify the neighborhoods and are pleased to announce that we now have planted a total of 20 trees in the neighborhoods where we are preparing and listing properties to help beautify the landscape, and instill pride among the residents. This pride came beaming through as Andy was recently hosting an open house in the neighborhood on a sunny Sunday and as he was standing on the porch greeting visitors some bike riders passed by and said "Join the neighborhood!" to the people coming to check out the home. What a great and welcoming sentiment among strangers! 
                                            

High Interest Rates & Low Inventory

The Bay Area continues to be a seller's market with chronically low inventory and high desirability among buyers. The housing market is slowing but home prices are still going up.

In the inner East Bay corridor of Oakland and Berkeley, median home sales in the third quarter were down compared to last year this time, by 4% from $1.15 million to $1.1 million this quarter. Year over Year the number of home sales were down by 22% largely due to lack of listings over the summer. 

The average single-family home spent 27 days on the market before selling, and the average listing sold 8% above their list price in the third quarter. 

National Median Home Price Trends

The August 2023 US median house sales price ticked up slightly from July, and increased 3.7% from August 2022. The median sales price is the price which half the sales occurred for more and half for less.

“The surprisingly quick recovery [of the housing market] suggests that the residential real-estate downturn is turning out to be shorter and shallower than many housing economists expected after mortgage rates soared last year...There still aren’t enough homes for sale to meet demand.” The Wall Street Journal, “The Fall in Home Prices May Already Be Over,” 9/8/23

Mortgage Interest Rates 

In August, the average, weekly, 30-year mortgage rate, as published by FHLMC, ticked back up over 7%, and currently flirting with 8% a situation which continues to significantly impact housing affordability. Perhaps in response, the percentage of buyers paying all cash has generally been running at its highest national level in 8 years with 28%.

Financial Markets in 2023 were volatile compounding more uncertainty with the Feds decisions.  

Who's buying homes?

If you are curious, check out the Alameda Census Snapshot. 

SF Unemployment Rates

Unemployment Rates for San Francisco have been rising, creeping past 5%. This is is a pattern since Spring of this year. Adding the rising inflation costs and gas prices, it can begin a slippery slope for some who are out of work.

Link to Bay Area Market Reports in Flipbook

Is the San Francisco Bay Area 
Really In A "Doom Loop"?

As further context to the "doom-loop" stories recently dominating media coverage of the Bay Area, it is worth noting that the San Francisco and San Jose metro areas, which together contain the 6 inner-core Bay Area counties, rank at or near the top of U.S. metro-area rankings for educational attainment, household income, health and life expectancy, real estate values, venture capital received, patents held, population diversity, and world-class universities.
The Bay Area is also commonly featured on lists of the most beautiful metro areas in the world. Though San Francisco and the Bay Area clearly face some serious challenges - as indeed they have, in various forms, since Gold Rush days - a grim, downward spiral into socioeconomic catastrophe is neither inevitable nor, frankly, remotely likely.

Is the work-from-home fantasy over?

Two thirds of CEO's in a poll said working fully remote may be a thing of the past. While some workers may use 'WFH'  or 'Work Remotely' privilege as leverage, these CEO's will use bonuses and rewards to entice their workers to return to the office.  Calvey, M (San Francisco Business Times). We might be seeing more traffic in Downtown San Francisco soon.

UC Berkeley moves ahead with 1,400-bed student housing project

The UC Board of Regents signed off on more than $7 million in predevelopment funding for the project since they were short of student housing. This will replace an existing office building and surface parking lot at 2200 Bancroft Way in Berkeley, pictured here via Google Earth. This usually means more business to pop up around the students needs in the area.

East Bay Home Transitions

Our real estate and dedicated construction team had continued success this quarter helping several clients  successfully complete their preparation projects / sales along with purchases to transition into their next phase of life.  

We don't treat the home buying or selling process as a transaction, we provide all the support and value as we can to make it a smooth transaction as possible  our clients whether  buying or selling.

The trust and faith our clients have put in us continues to pay off. We know they had the benefit of our extensive experience and knowledge to help guide them to an informed decision whether for investment or for their primary residence.

Have any questions about the right house for you? Or looking for a strategy on how to get a home for the price you want?

Email Us with Questions

Just Listed

Lakeside Apartments District

1 Lakeside Drive, Unit 609

1 BD   1 BA   900 SF   $599,000

A rare condo w/ sweeping Lake Merritt views & a friendly doorman rises above Lakeside Drive on the 6th floor of the "The Essex," one of the most luxurious high-rises in downtown Oakland. Lakefront views abound in this just refreshed 1 bedroom+ den. A balcony & oversized windows nearly stretch from floor to ceiling provide a mesmerizing front row seat to the glistening lake & pool below. Laminate wood flooring provides fluidity throughout the main living & dining areas, while an updated open kitchen showcases seamless Quartz countertops, new designer-painted cabinets & SS appliances w/ gas range. The full bathroom – is also recently updated w/ new countertops, mirrors & lighting. The bedroom offers a closet organizer & new carpet underfoot. An in-unit stacked washer & dryer in a dedicated laundry closet complete the home. Assigned underground parking ensures that you never have to worry about parking your vehicle, & there's even the option to rent additional spaces if needed. Pet friendly (buyer to confirm specifics), the building amenities include: a pool, sauna, gym, clubhouse, business center, and the added peace of mind of a front desk and attendant who will receive your packages or even coordinate dry cleaning services. Carefree luxury living resides at The Essex. Open Sun.
SEE WEBSITE

Upper Dimond

3114 California Street

3 BD   2 BA   1234 SF   $799,000

Charming and updated 3 bed, 2 bath home in the desirable Upper Dimond with two driveways and large rear deck for entertaining. Thoughtfully executed with contemporary touches and modern appeal, this property holds tons of character from the impressively preserved hardwood floors to the elegant living room with a wood burning fireplace. Primary retreat with updated ensuite, updated hall bath and rear 3rd bedroom perfect for an office. Updated electrical panel, high efficiency furnace and ducting, dual paned windows, interior and exterior paint. 2020 added Air Conditioning, french drain and new sewer lateral. Attached garage with large storage room and second garage unit in the rear. 3 years new kitchen equipped with: stone counters, new cabinets, new stainless steel appliances and plumbing.
SEE WEBSITE 

Dogtown

1618 32nd Street

4 BD   3 1/2 BA   2811 SF   $1,595,000

Tribeca-West@Mandela. Manhattan living at the Emeryville / Oakland Border. 1st of 6 NEW homes in gated complex by acclaimed master builder Dogtown Development. Incredible design for inspiration everyday. Live in light, bright contemporary, creative space w/ 10-ft. ceilings, oversized dual pane windows, white oak flooring, efficient/quiet radiant floor heat, solar panels, EV charger, custom 8-ft. doors, designer Soho NY tile, Italian Abbey Wood cabinets, fireplace w/ remote, large bedrooms, abundant storage, 2-story wood feature wall, custom glass stair rail, Shou Sugi Ban siding treatment & more. WOW! Entertain on inviting & sunlit main living level w/ seamless connection to open kitchen, dining / living area & private terrace. Statement kitchen w/ dramatic quartz backsplash / island & commercial range. Hotel like primary bedroom w/ balcony, walk-in closet & designer bath. TOP OF THE WORLD open loft/office w/ wet bar opens to large balcony w/ peekaboo views of SF / Cranes. Flexible ground-floor ADU (permitted & separately metered) w/ bedroom, bath, kitchen, laundry, & private patio, offers flexibility for extended family, au pair, business address or even a renter for income. TRUE 2 car garage. 
SEE WEBSITE

Active Listings

Elmwood

2400 Dowling Place, Unit 3

2 BD   2 BA   1102 SF   $959,000

Live in Elmwood under $1m! Light & bright loft-style 2 story living meets Berkeley’s Elmwood Loft. Built in 2006 w/ a 2023 designer refresh, this move-in ready space spans 1,102 SF w/ 2 bedrooms & 1.5 baths. Thoughtful layout w/ 1 bedroom & full bath downstairs, & an open loft & 2nd bedroom upstairs w/ 1/2 bath & sliding door to balcony w/ Berkeley Hills views – perfect for a roommate setup or just for you. An open kitchen/living/dining concept w/ soaring ceilings & oversized windows beam in sunlight, complementing the industrial feel of the main level. In the kitchen, you’ll find all-new quartz countertops & stainless steel range, black cabinets & a dramatic quartz backsplash.

Lincoln Heights

2556 Rampart Street

2 BD   1 BA   1108 SF   $889,000

Charm & “good bones'' permeate throughout this cozy ALL LEVEL Lincoln Highlands home. Just 4 steps up & freshly painted. 2-bed, 1-bath retreat retains original flair w/ contemporary updates. Home was expanded during extensive renovation, distinguishing it from neighboring homes featuring mostly updated electrical, plumbing, & mechanical systems. Warm & inviting living room greets w/ built-in media cabinet/bookshelf. Dedicated dining room flows seamlessly to the remodeled kitchen w/ high-quality finishes, wall of built-in pantry cabinetry, built-in desk & seamless countertops.

Lincoln Heights

2634 Charleston Street

3 BD   2 BA   2556 SF   $1,299,000

Big views in sweet Lincoln Highlands / Oakland Hills! Recently refreshed home harmonizes contemporary details w/ mid-century/traditional architecture. Corner lot w/Southwest exposure bathed natural light throughout the day. Most rooms boast Bay views. Striking yet tasteful entry, formal dining & living room w/ hardwood floors. Large eat-in kitchen updated w/ chef in mind w/ Viking range & hood, recessed lighting, new pendant lights, under-cabinet lighting, modern cabinetry w/ designer paint, new tile backsplash & quartz countertops. 

Pending

Northwest Berkeley

1921 9th Street

4 BD   4 BA   2188 SF   $1,795,000

Contemporary living in West Berkeley! Last of 3 Brand New Homes conceived by renowned East Bay designer John Newton, featuring signature high ceilings, open floor plans, large windows, & abundant natural light over three stories. Open-concept living w/ a family room, dining room, kitchen w/ center island & balcony encourage togetherness. 4 bedrooms (including 1 on first level w/ full bath provides separation for home office or guest suite). 

Recent Closings

Upper Dimond

3923 Whittle Avenue

3 BD   2 BA   1768 SF   $1,500,000

Redwood Heights

3536 Monterey Boulevard

3BD   1BA   1700 SF   

Recently Purchased

Maxwell Park

5408 Hillen Drive

2 BD   1 BA   1126 SF   $725,000

Piedmont Avenue

651 Oakland Avenue, Unit 2G

1 BD   1 BA   624 SF   $435,000

Allendale

4178 Culver Street

2 BD   0 BA   1328 SF   $700,000

Outer Sunset

1519 47th Avenue

2 BD   1 BA   1,550 SF   $1,450,000

Leasing

In addition to our portfolio of sold listings, we help people both buy and even lease their rental homes / units in this market, and enable them to leverage our investment / construction experience and dedicated construction team to add value to our client's properties.

Rockridge

5467 Shafter Avenue

3 BD   2 BA   1563 SF   $5,195

Rockridge

5223 Lawton Avenue

2BD   1 BA     $3,995

Who do you know who is looking to Buy, Sell, 
or Lease their property? 

Please let them know about our extraordinary approach and expertise to help add value to their real estate investments and make good decisions. Many of our clients are repeat or referrals, know the difference and reap the benefits.

Let's Chat

Email: Andrew.Pitarre@compass.com
Phone: (415) 342-9950
1900 Mountain Blvd
Oakland, CA 94611
@EB_HomeTransitions

Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.