The article discusses the sale of 864 Wood Street in West Oakland, which was listed at $849,000 and ultimately sold for $1,125,000. It highlights how this price point reflects a considerable jump from its listing, emphasizing the real estate market's competitiveness in the area. It compares the sale of 864 Wood with its sister home at 862 Wood, noting that its price per square foot surpassed expectations. The article suggests this trend might result in buyer's remorse for neighboring properties due to rapid appreciation.
"The nearly identical sister home to 862 Wood Street in the Lower Bottoms neighborhood of West Oakland, which was listed for $824,500 in April and sold for $1,025,000 last month, has just been listed as well."
"864 Wood, which measures an identical 2,245 square feet, has been listed at "$849,000" or $378 per foot."
"And as such, expect 864 Wood to sell for well 'over asking!' (or for a massive wave of buyer's remorse next door)."
"And indeed, the sale of 864 Wood Street closed escrow yesterday with a contract price of $1,125,000 or just over $500 per square foot, an engineered '33 percent over asking!' but a noteworthy 10 percent over the price at which its closest comp sold two months ago."
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