March 23, 2013

Flash sales: DOM <= 1

Want to look at Open Houses but inventory is too low? Here’s yet another reason why Bay Area Bubble 4.0 is in full swing for Spring: Flash sales. Redfin coined this term for a house that’s in contract within 24 hours of being listed.

They also made a list of how many flash sales there have been in the last five months in each of the markets they cover, and San Jose came in 15th out of 15 with 74 quickies. San Francisco didn’t even make the cut at all!  All-time flash sales champion? Phoenix, with 540.

130322-skyline-redfin8271 SKYLINE Cir
Oakland, CA 94605
Sold for $650,000

3 Beds
2.5 Baths
2,090 Sq. Ft.
$311 / Sq. Ft.
Built: 1998
Lot Size: 10,119 Sq. Ft.
Sold On: Dec 26, 2012
HOA Dues: $140/month
Style: Traditional
View: Bay, Greenbelt, Water
County: Alameda
Type: Detached
Stories: Split Level
Community: Skyline/Oakknoll
MLS#: 40598366

Amazing Oakland hills. 3/2.5 w/ extra office space. Incredible living space with 10ft ceilings, beautifully appointed thru/out. Chef’s kitchen with custom island, grnite, countertops, s. s. appliances. Electronic window coverings, deck with bridge views, gorgeous pergola/ backs to open space. Perfect!

This Skyline Circle home in Oakland was a Flash Sale and is featured on the Redfin Blog. It sold quick, and for list price. This is how we know Oakland, even in the hills, is not the Real Bay Area. Everyone knows Real Bay Area homes sell way over asking.  Also RBA homes don’t fester on the market for a year and a half until the Bubble finally blows up again.  The HOA dues are just the sickly sweet icing on the Not RBA cake.

130322-skyline-viewLocation: Oakland, CA
Listed By: Lynda Divito, Redfin
Listed: December 14, 2012
Pending: December 14, 2012
Closed: December 24, 2012
List Price: $650,000
Final Sale Price: $650,000

“This house never even hit the market! We had a brokers’ tour in the afternoon on the very same day the house was to hit the market. A broker came in with his buyers who offered all-cash at full list price and with the quick closing we had requested, making it an easy choice for my clients to accept their offer that same day.” - Lynda DiVito, San Francisco Bay Area Redfin Agent

Planning on visiting any Open Houses today? Let us know of any suitcases full of cash changing hands you see. This is also your Weekend Open Thread, so sky’s the limit!

Comments (3) -- Posted by: madhaus @ 5:06 am

3 Responses to “Flash sales: DOM <= 1”

  1. SEA Says:

    A secret housing society, where all the good properties are sold from one member to the other. You’d better know both the secret handshake and the special code words, otherwise you are left out.

  2. DonnieJ Says:

    This one has to get the recent Burbed award for “Best Appropriately priced home” I would actually pay $650 for this. Crap shacks in the flats of Fremont are going for $650 with multiple bids.
    Skyline is a nice area, and with no neighbors in your backyard, at $300 sq/ft. Seems like a steal. I bet if this went to a traditional bid, they would have got more than $650k. It seems this one worked out for the buyers. Nice too see? Or am I crazy this Saturday morning?

  3. Tom Paine Says:

    Donnie, you are not crazy. And there’s a reason to show up at a Broker’s tour…you sometimes get an early look and if your client can offer all cash and a quick close they might get a deal.


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