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August 2024 - Greater Bay Area - Market Update

August 2024 - Greater Bay Area - Market Update



August Market Update


As the summer season begins to wind down, the real estate market remains dynamic. August often signals a shift as families prepare for the school year, which can influence buying and selling patterns. This summer has been particularly intersting as many people are seeking travel experiences rather than spending money at home.


**Market Trends:**

Overall we are seeing a mixed residential market. For detached, vacant, single family properties, in a great location and in excellent condition it's a Seller's market. We are seeing multiple offers and contract prices over asking. For all other property types (condos, tenant occupied, multi-family, repairs needed) it's a Buyer's market. For these property types we are seeing price reductions and longer days on market.

**Interest Rates:**
Mortgage rates have improved in the last week. In some cases by over 1%. There is hope that they will fall further if the Fed decides to cut interest rates at their next meeting. Mortgage rates are volatile so ask your lender if it makes more sense to lock or float your rate.

**For Sellers:**
If you’re considering selling, now is a great time to get your property market-ready. With motivated buyers now active (including those that need to spend their CalHFA grants), presenting your home in the best possible light will lead to a quicker sale. Strategic list pricing is also key. Homes that appear over-priced will see longer days on market and price reductions.

**For Buyers:**
While competition remains, there’s still opportunity, especially if you’re flexible with your search criteria. Make sure you’re pre-approved and ready to move quickly when a property that is your 7 out of 10 comes along.

**Community Spotlight:**
This month, we’re shining a light on the local events highlighted below. These great events seek to strengthen the market and increase home ownership access. Please feel free to spread the word. We look forward to seeing you there!

As always, I’m here to help with any of your real estate needs. Whether you’re buying, selling, or just curious about the market, don’t hesitate to reach out.

Onward and Upward!

- Tia Hunnicutt, LIC #01840070



 
 
 

AD PRO’s Color Trend Report 2024

 

AD PRO surveyed leading designers on the colors currently drenching furniture and layouts—here’s what they said

READ ARTICLE
 
 

The Perfect Match: How the Aesthetics of Tennis Influence Design




The sport’s style dominated our living spaces long before it was called #tenniscore.
 
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Seven tips for choosing the right colors for your home


If you're thinking of selling and wondering how to maximize the value of your property quickly – and on a budget – you'll have to look very hard to find a better solution than repainting your home.

READ ARTICLE
 
 

San Francisco Market Data

 






1425 LAKESIDE DR 109
OAKLAND

2  bedrooms Separator2 bathroomsSeparator1,141 sqft

$674,000

Seize this rare opportunity to live around a lake with this well-maintained 2 BR, 2 BA condominium, situated in a classic mid-century modern building across the street from beautiful Lake Merritt. Located on the first floor, the 1200 sf unit features an open concept floor plan with an entire wall of sliding glass doors that provide a bright, sunny living space and a large outdoor patio adjacent to the pool. The two bedrooms are spacious: the primary bedroom features an ensuite bathroom, while the second bedroom includes a built-in Murphy bed for use as a guestroom, studio, or office. The larger main bathroom has a tub/shower and beautiful San Giorgio tile floor. The kitchen is equipped with a smooth glass top electric range for easy cleaning and extra counter space, a built-in microwave, dishwasher, and eating area. The spacious living and dining rooms, combined with the large patio space, are perfect for entertaining. Featuring include three large double-door closets, a pantry, a parking space in a secure garage, and a laundry room adjacent to the unit. Situated in the historic Lakeside District near the Chinatown, Jack London Square, the Grand Lake Farmers' Market, major theaters, Laney College, Whole Foods, cafes, bars, restaurants, gyms, and access to BART and freeways.

Request A Private Showing

 




2525 CHURCH ST
OAKLAND

2  bedrooms Separator1 bathroomSeparator861 sqft

$459,000

Discover this unique, two-bedroom, one-bathroom home with a massive backyard with new fencing that’s just waiting to be transformed into your very own urban oasis. This updated, hidden gem combines timeless charm with a thoroughly renovated kitchen with new countertops, new appliances, new flooring, and all of the amenities. Step inside and discover a unique blend of character and sophistication with the inviting floorplan which boasts stunning period details, custom built-ins, original hardwood floors, and abundant natural light. The updated bathroom features new fixtures, new tile, and new flooring. This lovely home is topped off with a new garage door and a new driveway. Commuting and running errands is made simple as the home is located in proximity to transit as well as schools and the shops and restaurants of the bustling Bancroft business district. Sewer compliant!! Open Saturday, 1 pm to 3 pm

Request A Private Showing




1432 12TH ST
OAKLAND

6  bedrooms Separator4 bathroomSeparator1,18 sqft

$939,000

This recently renovated, West Oakland duplex boasts a full three bedrooms and two baths in each unit. An outstanding opportunity for an owner occupant or for an investor offering spacious living quarters with a touch of old-world charm. Featuring original architectural details, ample natural light, new kitchens and bathrooms and a convenient location, this property is perfect for those seeking both character and modern comfort. Upgrades include: completely rebuilt front steps, new washer/dryer, new stove, refinished tub, new shower/tub tile, new light fixtures, new kitchen countertops, new dishwasher, new shower door installed, new dehumidifiers installed with continuous drainage to outside, new exterior foundation slab waterproofing added, installation of drought tolerant patio and trees), new steel privacy door/gate, new wooden gate. EV car charger and Sewer compliant! Offering memorandum available by request.

Request A Private Showing

 


5729 BUENA VISTA AVE
OAKLAND

1 bedroom Separator2 bathroomSeparator900 sqft

$1,050,000

This stunning 1+bed, 2 bath cottage in one of Oakland's most desirable neighborhoods is a serene retreat nestled in the beauty of the hills. Newly constructed in 2002, this architectural gem features exposed beam ceilings, abundant natural light, radiant, heated tile floors throughout, off-street parking, and an additional room and bathroom below with a separate entrance. Perfect for relaxation and for entertaining, the entryway features French doors which open into a private, sun-filled courtyard. Once inside, soak in the extraordinary design elements of this contemporary masterpiece. The gourmet kitchen features a clever use of space in order to offer plenty of cabinet space for even the most discerning chefs. A true oasis, the upstairs bathroom features marble tile throughout, updated fixtures, and radiant tile floors. The primary bedroom is endowed with impeccable natural wood design elements and lovely verdant views of downtown Oakland/San Francisco Bay. Find yourself in nature as directly outside of the bedroom a lovely yard reveals itself. Enjoy access to excellent public/private schools, and proximity to Claremont Country Club, Temescal Regional Recreation Area, and numerous other local and regional parks. Savor the Rockridge, Piedmont, and Elmwood nightlife/shopping.

Request A Private Showing

Fractional Ownership Opportunity

3028 Colby St Deal Highlights:

  • Cash generator with 6% CAP from day 1 with fully occupied student housing multifamily
  • Investor able to get 8% - 9% COC annually based on current rent data
  • With rent raise upside, investor able to have higher return and appreciation potential immediately without any effort of renovation
  • Contact Tia for details

 








 

 

Let‘s Connect

Contact Tia today to discuss all your real estate needs!