East Bay real estate is exciting but more than a little bit agitating at the moment. In neighborhoods with limited inventory, including Alameda, Piedmont, and many parts of Oakland and Berkeley, all-cash offers are common. And be prepared to drop all contingencies and bone up on your persuasive writing skills to seal the deal.
“I sold a Victorian fixer in the East End and had 10 offers, top three all cash,” said Alameda-based real estate agent Philip Kaake of Kaake Properties. “Listed for $529,000 and sold for $637,000, no contingencies. Interesting, I had a higher offer from some people who had to move money from China, but no love letter, and the sellers chose next highest (with a counter offer) because they had this beautiful love letter. It was a family home, so passing it on to the right people meant a lot to them.”
Condos are hot, too, with Oakland buyers looking to MacArthur BART and West Oakland for quick commutes to San Francisco.
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