The recent sale of 864 Wood Street in West Oakland highlights a significant upswing in property prices, closing at $1,125,000, which is 33% over the asking price. The home, which spans 2,245 square feet, was initially listed cheaper at $849,000 compared to its sister home at 862 Wood Street, which sold for $1,025,000 just a month prior. This trend indicates a strong buyer interest and increasing property values in the Lower Bottoms neighborhood of Oakland, with the market reacting positively despite the initially lower listing price.
"While the best comp for 864 Wood would seem to be 862 Wood, which sold for $457 per square foot, 864 Wood 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)."
"...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!'"
"...a noteworthy 10 percent over the price at which its closest comp sold two months ago."
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