"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. While the best comp for 864 Wood Street would seem to be 862 Wood, which sold for $457 per square foot, 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."
Two nearly identical homes at 862 and 864 Wood Street in the Lower Bottoms neighborhood each measure 2,245 square feet. 862 Wood Street was listed at $824,500 in April and sold for $1,025,000, equating to $457 per square foot. 864 Wood Street was listed at $849,000, or $378 per square foot. 864 Wood Street closed escrow at $1,125,000, or just over $500 per square foot. The sale of 864 represents 33 percent over asking and roughly 10 percent more than the recent sale of its closest comparable property, signaling rapid price escalation.
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