In The News

This Berkeley home went for $1.5 million over asking price. Can you guess what the sale price was?

Take our quiz to see if you can price this modernized four-bedroom Craftsman in one of Berkeley’s most desirable neighborhoods

Annie Vainshtein | sfchronicle.com

The house: 5 The Uplands in the Claremont neighborhood of Berkeley

Let’s take a look at the property:

The basics:

  • Square footage: 3,657 sq feet
  • Lot size: 8,658 sq feet
  • Bed/bath: 4 / 4.5
  • Year built: 1911

What makes it unique:

Berkeley has long been a hot housing market, but in the last year, it has risen to startling highs, with home prices up 11% year-over-year. Realtors say the market is now in a hyper-accelerated state of competition, especially for homes listed in the $1.2 million to $2 million range. A few factors are at play: low supply of homes for sale in the city, low mortgage rates encouraging buyers, and wealth accumulation among higher income Bay Area residents, many of whom have decided to move to the East Bay in search of more outdoor space. Take this remodeled Craftsman home in Berkeley. It was wildly popular from the moment it was listed, driven in part by its “walkability,” said listing agent Julie Nachtwey. With more than 3,000 square feet of living space, this home has a large chef’s kitchen with a 13-foot marble island and versatile living rooms that double as family rooms with entertainment options. Former owners also remodeled the third floor attic to transform it into another living space. The home also includes a large outdoor space, with multiple patio/deck areas and a corner lot that’s just a few blocks away from the nearby Elmwood and Rockridge neighborhoods.

…and the sale price was:

View of a kitchen with the price of $4,250,000 overlaid on the image

After nine bids, and some all-cash offers, the home sold just 13 days after the property went on the market. The difference between list price and sale price has been on the rise in Berkeley, driven by aggressive pricing strategies and eager buyers. Last year, homes were selling for about 16% above list price on average, and now that’s risen to 28%. But this home — selling at $1.5 million over its list price — sold for 54% above asking price. That kind of sky-high price point is still a rarity for the city at large, where only 15 homes have sold for more than $4 million in the last year.