BERKELEY (KPIX) — Bidding wars over homes in the East Bay are not unusual during the pandemic, when remote workers started to look for more space for their families. But selling a house for $1 million over asking was a first for Grubb Co. listing agent Jill Carrigan.
The mid-century home located at the end of a quiet cul-de-sac near Grizzly Peak received 29 offers in 11 days, said Carrigan.
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 location, location, location, so I’m not surprised,” she said.
The Harvard Circle home near UC Berkeley features 3 bedrooms and 2 bathrooms, across more than 2,400 square feet.
“It’s a great property, at a great time, and people loved it, and that’s kind of a general answer, but that’s the answer,” said East Bay The Grubb Co. realtor Michael Friedman. “I mean there wasn’t some secret sauce.”
Friedman said right now homes at every price point are selling.
“A lot of buyers are really concerned about taking some kind of control in their life, and ‘do we need more room for the kids? Do I need a Zoom room, do I need a yard?'” said Friedman. “Interest rates are really low, but they’re starting to creep up. That’s another motivator.”
New data from Compass shows the median sales price in Alameda County is up 22% this year at $1.1 million, compared to the same period in 2020.
It boils down to supply and demand, added Friedman.
“I can understand why the market is still booming, despite the pandemic,” said Schwat.
The Grubb Co. says homes in Berkeley typically sit on the market for less than two weeks, so it’s a tough time to be a buyer with so much competition.