Wednesday, July 20, 2016

The Perfect Piedmont Brown Shingle--On the Market

The Perfect Piedmont Brown Shingle-- 

You know, I'm actually famous for doing two things (actually three things), and I'm doing them both this weekend at 217 Bonita Ave.  

The Chron did a story way back in 2007 on my innovative Renovator's Open House at 25 Mesa Ave.  An architect and contractor spent Saturday afternoon at the ready-for-renovation house fielding questions about options and opportunities, and talking about what they do.  Nothing like a renovator's open house to draw renovation-ready buyers in a targeted-like-a-laser fashion.
And then about 6 years ago, I started bringing central Piedmont homes to market during the Children's Support League Heart of the Home Tour.   If all those well-connected folks are coming through downtown, won't they make a slight detour to look at a house on the market? And then won't they do targeted word-of-mouth marketing on my clients' behalf while out and about that weekend?  So here we are, and I'm spending sixteen hours at the house this weekend!  

217 Bonita Avenue in Central Piedmont is fabulous, and on the market at $1.75 million.  
Teresa Baum and I were open today, and will be open Saturday 10-5 (from 2-5 pm visit with local architect Carolyn Van Lang and master builder Nick Ozier who will be at the house to discuss your ideas and plans), and Sunday 2-5 pm.

Built at Piedmont's Founding 

Filled with graceful proportions, classic details and great East Bay light, this central Piedmont "centennial" home was handcrafted in 1907. Invite guests into the foyer and through grand pocket doors into the dining room. The spacious living room overlooks the nearly 8000 square foot lot, with its long sight lines and central brick patio perfect for entertaining. Upstairs find three large bedrooms with coved ceilings--the large master suite includes a wonderful fireplace, two large closets, enclosed porch as well as Bay views. Downstairs is a rumpus room with walk-out access to the yard. There's plenty of storage in the lower level, and in the large redwood-timbered detached garage. 

 The Perfect Piedmont Location 

 Situated on one of Piedmont's best streets, the home is just a couple of blocks from recently rebuilt Havens Elementary (and its Schoolmates before- and after-school care), the middle and high schools, casual carpool to San Francisco, fast bus service to downtown Oakland or BART, and Mulberry Market at the center of town. Tot-friendly Dracena and Piedmont Parks are very closeby, as is the Mediterranean-style community center and Bushy Dell Canyon (off-leash for dogs). With plenty of staffed cross walks and child-friendly drivers, playdates and games of catch or Frisbee are easy to organize.


 Owned by the same family for nearly 60 years, 217 Bonita is ready for a refresh--and attractively priced! Put your own stamp on the home and grounds for the coming decades, all at once or over time. The pest bill is a measly $730.  The roof was recently replaced and seismic upgrades completed.  

So swing by sometime, and do your part for the campaign and talk it up to someone who should know over the weekend.  And see the lots of photos and more info.

The Market--

What to say?  I've already explained the why of our current market--all those well-heeled tech workers for whom Piedmont is now a very convenient bedroom community, plus low low interest rates (if you're planning a once-in-30-year purchase, how could buying at today's rates not be a good idea?), and a radically constrained supply.  But what's the what?

Hard to say, given that only 8 homes traded in 1Q16--1 in January and 7 in March.  The average $/sf is still in the $740-50/sf range, but that means nothing with such a small sample size.  The median days on market is 10.  The ratio of asking price to sales price is about 112%--but one home sold for 41% over asking.  How do we counsel our buyers?  

[By the way, 12 homes have sold thus far in April, with roughly the same ratio of asking to sales price, and median days on market.  But the price per square foot shot up to $800/sf, pulled up by two high-end homes that traded at over $1000/sf.  Remember--small n, and few conclusions can be drawn.]

And all the surrounding neighborhoods are seeing the same upward pressure.

Any interest in selling and helping to ease supply problems?  We're typically lucky enough to have a good amount of equity in our homes at this stage of life, so you might consider buying your "go-to" home now, potentially with a home equity loan on your current house, and then circling back to close your position later in the summer or fall.  I've got lots of info on the state props which allow you to take your tax bill to a new home once you hit 55.  And don't forget the federal capital gains exclusion.

We may not see prices like these for another decade!

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