In this real estate market, patience may be more than just a virtue...it will actually save you money. Below are recent price reductions of some bay area homes:
1400 Westview Drive, Berkeley (Claremont Hills) There is a saying among Realtors that in this market it is better to be the 2nd or 3rd listing agent for sellers with unrealistic expectations of the market value of their property. Certainly, 1400 Westview Drive is such an example. Originally listed in October 2008 at $1,495,000, it is now (and three Realtors later) listed at $1,195,000. Since it was purchased in February of 2006 for $1,395,000 it is now a short sale and the price must be approved by the bank.
7080 Kenilworth Rd., Berkeley (Claremont Heights) Originally listed in January 2009 at $4,250,000, this 5,000 square foot contemporary styled house is now listed at $3,100,000.
7268 Buckingham Blvd., Oakland (Hiller Highlands) Originally listed at $996,000 in March 2008, this 3 bedroom, 2305 square foot house is now in foreclosure and listed at $752,400.