GCV Blog

2013 Greenridge Eichler home sales in review

2013 was without a doubt a rebound year when it comes to real estate in the East Bay, and the Greenridge Eichler community of Castro Valley saw some significant growth when it comes to closed sales prices. 

The first sold property was 5817 Badger Court, which was actually listed in November of 2012, ratified in December, and closed on January 31st of 2013.  5817 Badger Court was listed for $600,000, received 8 offers on its offer date, and closed for $640,058.  Even though Badger was listed in November of 2012, it’s an excellent example and precursor to the significant growth and continued popularity of Eichler homes in Greenridge that we were going to see in 2013. 

It wasn’t until July 18th that we’d see our next Eichler listing in Greenridge at 5305 Greenridge, which was actually 8 months from when 5817 Badger Court was listed.  During that time, a lot had happened to Bay Area Real Estate as a whole with prices increasing everywhere, and especially in San Francisco, the Peninsula, and Western South Bay.  In fact, a lot of these areas actually saw growth beyond the boom of 2005 to 2007 with signs of continuing growth into 2014.   Because of this, I believe areas like Castro Valley benefit from the ripple effect of buyers being forced out of those areas and finding areas like Greenridge to be relatively “affordable” by Bay Area standards.  Add the Eichler phenomenon to the equation, and you have solid market growth like we saw in 2013, and proven with the sale of 5305 Greenridge, which was listed for $750,000 or 25% more than the previous Eichler in the neighborhood.  It too received multiple offers, and sold for $769,000 or $139,000 more than the previous sale.  5305 Greenridge was the first sale in the neighborhood of over $750,000 in almost 5 years, and set the standard for the next few listings to come.

Selling like buying can be contagious, and it seemed like there was a new listing coming on the market every other week during the summer.  The next listing to the neighborhood was 5953 Highwood, which was listed on August 8th for $775,000, and literally sold after the first open house for $774,000.  This was by design and what the seller preferred.  They had a price in mind that they wanted to achieve because they were in contract with another home back East.  They also preferred not to have multiple open houses, and the buyer was generous enough to include a rent-back per gratis, which added value and enabled the seller to move on their schedule.  5953 Highwood is an excellent example of the fact that every home has a reason for selling, and a seller always has a choice in how they want to sell their home.  This is also a great example that being prepared as a buyer can behoove you in a situation like this. 

It was only 2 weeks later that 5695 Greenridge came on the market and listed for $700,000.  I know a lot of neighbors were understandably concerned about the price because we had just seen the last 2 homes sell for $769k and $774k, however there’s a lot that needs to be considered when pricing a home.  For example, the condition of the property (regardless of it being an Eichler or not) will always make a difference in pricing.  5695 Greenridge was in wonderfully original condition, but it did have some flaws that the seller disclosed because they did the proper inspections before going to market, and the price took that into consideration.  5695 Greenridge still had multiple offers and sold for $710,000 with the new owners knowing they were going to need to do a little work.  However, this also gives a buyer the opportunity to improve the property to their own personal tastes.

The next property to come on the market was 5394 Greenridge, which was listed on September 17th for $698,000 and sold for $741,000 on October 25th.  Like a lot of homes that come on the market it needed a little TLC, but it also had a lot going for it like a wonderful view and large lot.  Even with the home needing some TLC, it too received multiple offers and sold for over asking. 

Speaking of condition, there is currently another Eichler home that’s pending at 5345 Crown Court.  I visited this home multiple times, and I can honestly say that it needs significant work inside and out.  5345 Crown Court is also a short sale, and requires lender approval on everything including price, which is why escrow takes a lot longer than your typical transaction. However, even being a short sale and needing everything, it looks as if it’s going to sell for over 600K!  I’m not the listing agent, but I do know that the lender wasn’t going to accept anything less than $590,000, and the odds are likely that they have a higher offer because they received 8 offers!  5345 Crown Court is a great example of homes in the area being desirable regardless of condition, as long as the price is right.

Finally, 2013 ended on an incredibly strong note with the sale of 18407 Cotton Court.  18407 Cotton Court was listed on October 30th for $800,000, and received 8 offers on its offer date 2 weeks later.  I can honestly say that this was the most popular listing I’ve ever had, and was very happy to see how many people want to be a part of Greenridge.  Cotton Court closed on December 13th for $835,000, which was the highest sale in the neighborhood in 7 years!

In summary, we had 6 listings and 6 closings in the calendar year with closed sales prices ranging from $640,000 to $835,000.  To put it in perspective, the highest sales price in 2012 was $615,000 or $25,000 less than the lowest sale of 2013 and $220,000 less than the highest.  This is good news for those who are considering selling or hoping to refinance, and possibly concerning for those buying.  However, even though prices are increasing, interest rates are still historically low, which will help both current home owners wanting to refinance and potential buyers with their purchase. Even with prices increasing, I still believe Castro Valley is one of the best values in the entire Bay Area.

Address       

Listing Date

Closed Date

Offer Price

Closed Price

5817 Badger Court

Nov 7, 2012

Jan 31, 2013

$600,000

$640,058

5305 Greenridge

July 18, 2013

Aug 28, 2013

$750,000

$769,000

5953 Highwood

Aug 8, 2013

Sep 13, 2013

$775,000

$774,000

5695 Greenridge

Aug 22, 2013

Oct 4, 2013

$700,000

$710,000

5394 Greenridge

Sep 17, 2013

Oct 25, 2013

$698,000

$741,000

18407 Cotton Court

Oct 30, 2013

Dec 11, 2013

$800,000

$835,000

5345 Crown Court

Sep 4, 2013

TBD

$590,000

TBD

In my professional opinion, I believe 2014 is going to be similar to 2013.  We should probably expect 5 to 7 listings with significant interest from buyers when a property comes available.  I don’t expect the market to see the increase we saw in 2013, but I do expect sales to remain strong and solid. 

I want to thank everyone who took the time to read this report and let you know that it’s a pleasure to be your Realtor, friend, and neighbor of the Greenridge Eichler community.   Please feel free to call or email with any questions including refinancing, and all the best in 2014!!

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The Greenridge Eichler Community website is generously underwritten by your neighbor & local Realtor:
Thomas Westfall
Cal BRE license # 01833889
+1.415.889.7608 (m)
ThomasWestfall@apr.com