Piedmont Schools rank above excellent in California’s API tests. 

Data from San Francisco Chronicle Data Center, May 21 2009.

List below has details for homes in Piedmont, Rockridge, Montclair & Crocker/Lakeshore which Sold or went Pending April 1-12, 2009.*

* Single Family, >$500K

If you’re buying or selling in Piedmont, Rockridge, Montclair or Crocker/Lakeshore and curious about the effect of Foreclosures and Short Sales you hear  everyday in the media, the chart below paints the picture.  Shown are the number of REO’s *, Short Sales and Non-Distressed Sales of single family homes in Piedmont and in Oakland neighborhoods of Rockridge (94618), Montclair (94611) and Crocker/Lakeshore (94610) on April 5, 2009.

*”Real Estate Owned”/Bank-Owned

Clients have asked, “Are there many homes for sale?”  In other words, what’s the selection like compared to the last couple of years?  Chart below illustrates home inventory in Rockridge, Montclair & Crocker/Lakeshore at the end of the first quarter, each year. 

  Question remains…what is the “mix” of available homes for sale?  Look for an update on my blog in the next couple of days for the number of REO’s, Short Sales and Non-distress sales in each area

Twelve new listings this week in Oakland neighborhoods, fourteen in Berkeley and two in Piedmont.   Data is for single family homes priced >$450,000. 

Eight homes in Montclair. Rockridge & Crocker/Lakeshore closed escrow this week.  All sold for over the asking price, even the home on Swainland which had been on the market 240 days went Pending just a few days after reducing the price from $1,370,000.  Swainland last sold in Feb 2006 for $1,210,000.

Don’t be mislead by the prior sales info now included in the Chronicle’s list of “Homes Sold”  Today’s Real Estate section listed a  2 BR home in Piedmont which sold for $910K in August 2005 sold on Jan 30 2009 for $730K. 

The 20% decline in value is very likely due to a purchase where the buyers chose not to perform inspections prior to removing contingencies.  Unfortunate that the home went to Foreclosure. 

Another Piedmont home sufffered an even worse economic consequence when it sold in August 2008 for $660K.  The owner purchased the home in July 2005 for $840K.  I spoke with the owner last summer and she told me she was highly motivated to purchase the home in 2005 when the market was HOT so her daughter could complete her education at Piedmont High School.  The owner also told me the Realtor that “represented” her when she purchased the home was someone in her church from the Peninsula….not from Piedmont or Alameda County.  Unfortunately, that Realtor advised her to purchase the home with no inspection contingency. 

An inspection last year by a prospective buyer revealed >$100K of structural repairs which were not disclosed to her three years earlier.  The home did not go to Foreclosure, nor was it a short sale.   She suffered a $180,000 loss to her equity and did not receive foregiveness on her mortgage.  If this situation happened just a few months later she would likely have been able to work with the bank for a loan modification or short sale. 

Hopefully this type of misfortune will be avoided in the future.   

BUYER’S NOTE:  Work with a professional local Realtor, ask for references and check them! 

Article in the San Franciso Chronicle yesterday explaining the proposed Ammendment by Jackie Speiers to allow the majority of Bay Area homeowners in need of mortgage assistance to qualify for President Obama’s Economic Stimulus Plan.  

Arn Cendella, Coldwell Banker/Menlo Park provides a useful guide writen by Diane Tuman at Zillow.

Media reports on the Real Estate market in California indicate most home sales this year have been Bank-owned or Short Sale properties in the lower price range. 

I was curious to see if there’s a correlation between the Median Price and Absorption Rate in the last 30 days in our local market.  I looked at the data in Rockridge, Montclair, Crocker/Lakeshore & Piedmont and didn’t see a relationship in these areas.  That tells me most properties in our area are being purchased by folks who are buying a home, not by investors.

Chart below is the companion to my previous post which differentiates Average Sale Price for REO (Foreclosures), Short Sales & Non-distress (Conventional) homes.  The trend is what would be expected, except in Piedmont.  It seems the higher Avg Price per Sq Ft in Piedmont for REO’s is probably because one of the (only) two Foreclosures in Piedmont was <1400 sq ft.  Square Footage numbers always skew high for small homes.