We keep hearing from supposed real estate experts who want to assure would-be buyers that This Time It’s Different and There’s No Bubble Here. And we’ll be here to keep reminding everyone that in the Bay Area, Where It’s Special, There Most Certainly Is A Real Estate Bubble. There’s been one before and there’s one again right now. Today we have yet another in our continuing Exhibitions of Proof Beyond Ultimate Proof. Thanks very much to Burbed Reader Bob in Oakland for sending in this luscious listing!
719 MANDANA Blvd
Oakland, CA 94610
Sold for $720,000
1,155 Sq. Ft.
$623 / Sq. Ft.
Lot Size: 5,750 Sq. Ft.
Sold On: May 24, 2013
HOA Dues: $13/month
Community: Crocker Hghlands
Very charming craftsman bungalow with abundant period details. Just blocks from Peet’s, Trader Joes, Farmers Market, Arizmendi and the Transbay bus. Large terraced back yard ready for your creative touches.
Let’s listen in as Bob talks to himself, because nobody in their right mind would leave the Real Bay Area to visit Oakland.
This one just sold for more than at the peak of the last bubble: $720,000 this year, vs $677,000 in 2006.
The underwater seller sold it last year (3/23/12) for $465k.
Without any work having been done (at least, there was none mentioned in the listing), it listed on April 18 this year for $569k.
Redfin associate says ‘interior shows well, but could use some updates, especially the kitchen. Floors are a bit wonk.’
Went pending 11 days later, and sold for $720k. Whoever sold it last year got taken, big time.
No bubble here folks. Just move along. Nothing to see.
It’s a decent part of Oakland, but a reasonably busy street…
Although at these prices it looks like the Real Bay Area is visiting after all. And why not? This house is much closer to the Trestle Glen and Lakeshore neighborhoods than Crocker Highlands, but if it can go for 27% above asking in 11 days, why not choose a community 27% more impressive as well?
They’re on their way with the 27% busier street, now with more yellow on the map! Let’s see what your creative touches can do with that.