BERKELEY (KPIX) – Bidding wars for homes in the East Bay are not unusual during the pandemic, when remote workers have started looking for more space for their families. But selling a home for $ 1 million on demand was a first for listing agent Jill Carrigan with The Grubb Co.
The mid-century house at the end of a quiet cul-de-sac near Grizzly Peak received 29 offers in 11 days, Carrigan said.
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It sold for $ 2.3 million, double the asking price.
“The views are just fabulous,” said neighbor Linda Schwat.
Elaine Parker has lived in the neighborhood for nearly 50 years.
“It’s the location, the location, the location, so I’m not surprised,” she said.
The Harvard Circle home near UC Berkeley features 3 bedrooms and 2 bathrooms, over 2,400 square feet.
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“This is a great property, at a great time, and people loved it, and that’s kind of a general response, but it’s the response,” said Michael Friedman, East Bay Realtor The Grubb Co. “I mean there was no secret sauce.”
Friedman said that right now homes at all prices are selling.
“A lot of buyers are really concerned about taking some sort of control over their lives, and ‘do we need more room for the kids? Do I need a Zoom room, do I need a yard? Friedman said. “Interest rates are really low, but they’re starting to go up. This is another motivating factor.
New data from Compass shows the median selling price in Alameda County is up 22% this year to $ 1.1 million, compared to the same period in 2020.
It comes down to supply and demand, Friedman added.
“I can understand why the market is still booming, despite the pandemic,” Schwat said.
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The Grubb Co. says homes in Berkeley typically stay on the market for less than two weeks, so it’s hard to be a buyer with so much competition.