It is simply incredible how ice-cold the Berkeley market has gone. Nothing appears to be moving. During the past two years, new houses would go "Under Contract" and "and "Contingent" and "Pending" almost as soon as they were listed.
If you cruise movoto or redfin or pacunion or urbanbay, nothing $800,000 is moving.
It just sits week after week after week.
The hills are dotted with construction sites: contractors turned late-stage-flippers, I would guess.
Banks are going to own some of these before all is said & done....
Okay. So, I knew 1185 Glen had been on the market forever. Here's an article on refin from back in October 2007 that shows its original asking of $1,750,000. http://sfbay.redfin.com/blog/2007/10/berkeley_picking_a_place_near_a_park.html
So, 1185 Glen appears to be pre-foreclosure. Evidently, the extended effort to sell this place was to cover payment. Now, it's borrower's moment to surrender the keys.
I haven't seen this place, but it looks like a McMansion - who builds a McMansion in the Berkeley Hills (apparently, without a view, no less) expecting it to sell for $1.5m?
This is the rare pre-foreclosure in the hills. I visited one sometime last year along Grizzly Peak. Those are the only two I know of so far.
= For sale 
= Sold
7 comments:
$849000 NEW PRICE Architect Designed Gem in Heart of Historic North Berkeley
1505 Le Roy Avenue, Berkeley
Offered at: $799,000
http://sfbay.craigslist.org/eby/rfs/644916247.html
It is simply incredible how ice-cold the Berkeley market has gone. Nothing appears to be moving. During the past two years, new houses would go "Under Contract" and "and "Contingent" and "Pending" almost as soon as they were listed.
If you cruise movoto or redfin or pacunion or urbanbay, nothing $800,000 is moving.
It just sits week after week after week.
The hills are dotted with construction sites: contractors turned late-stage-flippers, I would guess.
Banks are going to own some of these before all is said & done....
Asking on 6981 Bristol has been trimmed (again...) to $1,155,000 from $1,195,000.
http://sfbay.craigslist.org/eby/rfs/652800606.html
That's a start....
Still not a wholelotta reality being recognized by the "my house is worth +$1 million" crowd still dominating Berkeley Hills sales.
C'mon, sheeple.... simple fact of the matter is, there just ain't the credit available to support that asking.
Or put another way: lenders suddenly woke up to the fact that a million dollars is a lot of money.
Six-figure askings are going to come into vogue again....
Thanks for maintaining your site,
Debtpocalypse
Got a new one for ya.
1185 Glen Avenue
It's been listed forever - if you google it, you'll find $1,599,000.
They pulled it from the market for a bit, and have now relisted it as a "new listing" for $1,549,000.
http://www.pacunion.com/341238
Okay. So, I knew 1185 Glen had been on the market forever. Here's an article on refin from back in October 2007 that shows its original asking of $1,750,000.
http://sfbay.redfin.com/blog/2007/10/berkeley_picking_a_place_near_a_park.html
Thanks debtpocalypse, you are a treasure :-).
Kim
My, oh my.
http://sfbay.craigslist.org/eby/rfs/682513145.html
So, 1185 Glen appears to be pre-foreclosure. Evidently, the extended effort to sell this place was to cover payment. Now, it's borrower's moment to surrender the keys.
I haven't seen this place, but it looks like a McMansion - who builds a McMansion in the Berkeley Hills (apparently, without a view, no less) expecting it to sell for $1.5m?
This is the rare pre-foreclosure in the hills. I visited one sometime last year along Grizzly Peak. Those are the only two I know of so far.
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