People often ask us, “Why do you keep saying this is another bubble? All the real estate experts out there keep assuring us it isn’t.”
Puh-leeze, people! Do you really expect those so-called experts to understand the difference between national averages and Real Estate Where It’s Special? Of course not! Those silly “experts” think this isn’t a bubble because prices haven’t hit their pre-crash peaks. Except if you followed real estate in the Real Bay Area you’d know that they have and they do, every day. So let’s look at yet another “point of light” illuminating the real estate bubble that we damned well know is blowing up a little bigger every day in the RBA, Where It’s Special.
And even where it isn’t. Because today we’re looking at overbidding in Oakland. Thanks very much to Burbed reader Bob in Oakland for the find.
3239 MONTEREY Blvd
Oakland, CA 94602
4,971 Sq. Ft.
$169 / Sq. Ft.
Lot Size: 8,755 Sq. Ft.
On Redfin: 104 days
Property Type: Detached Single Family
Community: Alameda County
Large beautiful home with a fantastic view!
This home may be large and beautiful, but the agent thoughtfully kept things simple by not including any photos other than the one you see right here. Now if that isn’t proof of a real estate bubble, we don’t know what to tell you. This house is telling you, you want an almost 5,000 square foot house? Well you can bloody well submit your overbid and hope you get to see the inside, then!
Did we say overbid? More like over-overbid, because last week the price got cranked up from $550k to $840k despite There’s No Bubble Here.
And if you’re wondering how the heck there’s almost 5,000 sf of house in this modest façade, have a look at the satellite photo. Looks like the builder went deep. Real deep. Also there’s another floor under the driveway, which means you’d best check the drainage.
Bunus: That’s a freeway in the bottom right corner: Lucky number 13!