On the Road: Oakland

Last week, we checked out an open house for clients in Adams Point, Oakland. Adams Point is located on the northern shore of Lake Merritt, directly adjacent to Downtown Oakland and the Grand Lake District. The neighborhood is home to a number of great walks, and there are plenty of hills to exercise your dog – if you’re a dog person. Our clients fell in love with this penthouse with spectacular views and high-quality upgrades..

We teamed up with Christine, an Oakland specialized agent, to bring this one home. We were blown away when we received 20 offers with a final selling price 150% over the listing price. Million-dollar views are what made this two-bedroom condo worth fighting over.

One important note: The market is dry in terms of housing inventory right now. It is very much a seller's market. If you're considering selling, let us help!

Chic vs. Geek: Selling Up

Is it better to do a renovation or a full remodel?

CHIC (PEARL)

You’d be surprised how much you can change the look, feel, and value of a home with a “simple” makeover. Fresh paint in the foyer, a new backsplash in the kitchen, and a new wood stain on your cabinets will help you get a big return on your investment.

GEEK (KEVIN)

When it comes to home improvement, I’d almost always take the cheaper option. But depending on the existing bones, a new floor plan and a more open concept could increase the value of the home by leaps and bounds over a new paint job.

Number Talk: Market Dynamics

It feels like the market is heating up again. I recently worked with a fellow agent on a single-family listing in the Cuesta Park neighborhood of Mountain View. The home listed at $1.87M. Yesterday, on the offer date, we had 21 bids with the highest at $2.22M. As you’d expect, the seller accepted without contingencies. but we were all shocked by the competition.

Ever since September 2018, the market has seemed to slow, so why the sudden jump with this property? Well, there are a couple of factors at play here. First, if you look at the graph below, supply is very low compared to one year ago. When there is an extreme imbalance of supply and demand, you naturally see price hikes.

The second factor is seasonality. Late winter/early spring is generally a great time for sellers, as buyers start to look for houses after the holidays and before the spring break. And with inventory so low right now, it’s like a perfect storm!

Please contact us if you want to know the inventory level in your neighborhood or a particular city that piques your interest.

– The Geek

On the Road: Oregon

We made a trek up to Oregon last week and connected with experienced real estate pros who gave us the inside scoop! A hassle-free life, less congestion, and yes, lower home prices make Oregon a popular 2nd choice for Californians considering a change of pace.

Did you know 57% of current Oregon residents moved here from other states, most often from Washington and California. According to a recent study by the Oregon Office of Economic Analysis, almost 1 in 5 Oregon residents was born in California – 18% of the population, compared to 43% who were born locally.

Eugene and Bend are among the best places in Oregon for families, with high-quality parks and schools, safe neighborhoods, and great access to recreation.

Portland is an obvious choice if you’re looking for city life. But unlike most cities, Portland runs at a slower pace and takes pride in its willingness to ignore what’s trendy elsewhere to carve out its own niche.

If you, your family, or friends are thinking of escaping the high cost of living and commotion in California, we have a team of real estate agents in every corner of Oregon ready to help you.

Living in Silicon Valley

What can you expect, the good, the bad, and the offbeat?

CHIC SAYS:

My favorite part of Silicon Valley is diversity! As someone who came here from a foreign country, it’s comforting to know that there are so many others in the same boat – but not literally! ;) Diversity also means amazing food and holiday affairs. There are many authentic foods festivals all year round, including Vietnamese, Cambodian, Thai, Japanese, Chinese, Indian, German, French, Italian, Russian... you get the idea. Here’s Metro’s list of some of the best Silicon Valley restaurants of 2019.

Among the things I’m not so fond of, the cost of living is number one. It is by far the most expensive place to live in the U.S., and goods and services are about 30% more expensive than the national average. That’s not to mention a median home price of about $1M.

And for the offbeat, I think of Silicon Valley fashion – company logo hoodies and t-shirts, jeans, and sneakers for both men and women. I’m not sure if this is a long-term trend, but it’s a little too casual for my taste.

GEEK SAYS:

Yes, Silicon Valley has a higher cost of living than just about anywhere else on the planet, but that also comes with more high paying jobs in engineering, high-tech, and emerging industries. It comes with sunshine and great weather all year. And it comes with good people, excellent schools, and a spirit of innovation.

As a wine lover and self-professed camping expert (I have every piece of gear you can imagine) I love how close we are to Wine Country AND the natural beauty of the Sierra Nevada mountains, Yosemite, and Lake Tahoe. Oh, I forgot about the beaches, just a short drive “over the hill”.

Just like everyone else, I get frustrated by a lack of public transportation, traffic nightmares, and long commutes. And the growing housing shortage is something that affects us all. There’s not much you and me can do about it until the folks in charge make some changes. But that’s another story altogether.