Piedmont Real Estate Update 2Q14--

Piedmont Real Estate Update, and Happy 4th!   Dear Maureen, Find thoughtful analysis on the Piedmont market, and local info on gardens, homes, renovation, community and more----

But First, 1119 Warfield Ave. Open just after the Parade--       If friends or colleagues are looking to simplify life, consider 1119 Warfield Avenue, Piedmont!     Architectural Details Abound     At the top of a knoll with a flat front yard, the home affords long views facing towards the south. Enjoy the barrel ceiling in the living room and other architectural details of this Mediterranean-style home-from coved ceilings, to crown molding, to ornate fireplace surround, to banks of windows that let in the East Bay's famous light.     When you're ready to entertain, the formal dining room beckons, but start with cocktails on the private front patio. The split-level layout works very well: a master suite and two bedrooms sharing a bath are a few steps up from the public rooms, while the rare family room and guest suite (plus interior access from the garage) are a few steps down. A total of four bedrooms and three baths!     The Perfect Location     A better more walkable Piedmont location would be hard to find. Just a block and a half from Wildwood Elementary,* with the middle school, high school and dog-friendly Piedmont Park on the other side of the football field, students can head out to school 10 minutes before classes start. Or walk with them and stop at Mulberry Market for a latte, on your way to the casual carpool or Wi-Fi-equipped express bus to San Francisco's Financial District.   Wildwood Elementary has recently completed a seismic update, and ranks 10 out of 10 on the state's API scores. The elementary school offers before- and after-school care run by the Recreation Department on-site-and summer camps are well-organized and easy to coordinate as well. Piedmont High School is rated #200 in the country in US News and World Report's 2014 survey of public schools last year (and by far the smallest of the very few Bay Area schools receiving the Gold ranking), and is just a few blocks from the home.    This summer, enjoy Piedmont Community Pool for long afternoons or swimming lessons.  See more on the pool here.    The Improvements     The current owners have made a number of improvements over the years, including the installation of Andersen dual-paned windows, seismic retrofit, sewer lateral replacement, Kohler low-flow toilet replacements, recent roof tune-up, and paint inside and out. Not one but two 40-gallon hot water heaters help ensure that showers never run cold (the plumbing lines are copper).     *Check PUSD for availability in the fall.     --4 bedrooms and 3 baths in 2148 sf (per assessor)  --4452 sf lot (per assessor)  --1-car garage (check for size)  --Seismic Retrofit  --200-amp electrical service --copper plumbing   Open Friday 12-1:30pm, Saturday & Sunday 2-4:30 pm  Broker's Tour (public welcome) Thursday AND Monday 10-1 pm   Offered at $1.195 million. I Know It's Not My Listing, But-- Let me mention one of my favorite homes in Inverness, coming on the market this weekend, and owned by Piedmonters and Kensingtonians.  125 Vision Rd. Is just a short distance from the tennis court, Inverness Yacht Club (shallow draft so we're talking kayaks and small boats here....), and downtown Inverness, including the very well reviewed Saltwater Oyster Depot. Newly high-end grocer Perry's Deli is a couple miles towards Olema (location of the Manka's team's new Sir and Star), and Pt. Reyes Station (think Osteria Stellina, the Dance Palace, Pt. Reyes Books, and Cowgirl Creamery). And Kehoe Beach in Pt. Reyes National Seashore, the best dog-walking beach on the Pacific Coast, is about 12 minutes away by car-I just got back from my hourlong Sunday constitutional there as I write this. See here for the view. Formerly owned by the Cheda Garage family, the house was the new new thing in 1957--it's one of only a few--I can't think of another--mid-century modern homes in town with a classic south-facing horseshoe shape. The large living room is bracketed by a classic fireplace, and the interior courtyard which draws plenty of light into the home. Totalling 3 bedrooms and 2.5 baths, with a large garage with interior access, it's set on a half-acre lot with heirloom apple orchard already in place--I've made "Apple Trees at Olema" apple jelly for the garden club's scholarship fundraiser with permission of the owners and poet-laureate Robert Hass.  And did I mention the steel-reinforced foundation that would have been de rigeur in 1957? And the new roof? And the dog- and toddler-friendly privacy fence? And AARP-certified level-living? And 1 hour 10 minutes from Piedmont?  Get into town before the Inverness Fair in early August! Open this weekend by appointment and next.  See 125Vision.com for more. $925,000.   Contact Melissa Lyckberg at Melissa.Lyckberg@sothebysrealty.com   The Piedmont Update Well, the strong market continued apace this quarter--in contrast to reports elsewhere, we had 63 sales this quarter, compared to 42 for 2Q13.  Average sales price was $1.903 million (usually I stick with median, but this quarter's number is skewed up by a few large sales.  Even so, the median was $1.743 million).   The average price per square foot was $661/sf (appropriately excluding several sales which show as $0 for privacy reasons....).  This compares with $600/sf for us at the top of the market, and about $635-$650/sf over the course of the past year.  So we seem to be at a new plateau about 10% above the previous market highs (though note that's 10% appreciation over 8 years.......). The average days on market was 16 (12 was the median).  For hotly contested properties, we're typically seeing sales on the Friday of the first week, unless the seller commits to a second open house weekend. Anticipate that the market will remain active as buyers try to get into the market before the beginning of school.  Sales tend to drop like a rock through August, however, and then pick up again for about 6-10 weeks after Labor Day, before the holiday lull sets in.   Yesterday's strong economic data may suggest that this unexpected window of unusually low interest rates is about to end--as rates climb, homes become marginally less affordable--the same buyer can no longer afford your home as their payment rises.   Be sure to contact me (Kennedy@MaureenKennedy.Net) for any additional insights on the Piedmont market, or if your friends, family, or colleagues want to buy or sell in the East Bay market.  I've closed nearly $25 million in real estate in the past year, ranging from the most expensive sale in Piedmont that was on the MLS to the least expensive home closed in Piedmont this year. Enjoy the long weekend!