It says 1,115,000 not 1.5 . Not atypical especially that area and Lamorinda .
FredMay 15, 2022 - 10:48 AM - 10:48 AM
El Cerrito is closer to Berkeley and Richmond
CynMay 15, 2022 - 1:11 PM - 1:11 PM
@Fred
……and in my opinion, it’s a city to avoid. In my younger days, I worked in El Cerrito and got my wallet stolen. All the money I had in the world was in that wallet. I had to call home and ask my mom to send me some money until payday. I cannot believe someone paid that kind of money for that zip code.
RicardohMay 15, 2022 - 11:11 AM - 11:11 AM
More property tax for the state.
T-rexMay 15, 2022 - 11:39 AM - 11:39 AM
Must be nice.
Lamorinda LarryMay 15, 2022 - 1:11 PM - 1:11 PM
Hard to imagine what motivates one to $2.2mn+ for an unremarkable house in a class B (really B-minus) community in a bottom tier public school district. Numerous properties with similar specs have traded in solid class B communities like Albany, Kensington and North Berkeley and a few others even lower-end class A communities like Orinda and Moraga.
Different strokes for different folks, I suppose; that’s what makes a market!
Well FolksMay 16, 2022 - 8:54 AM - 8:54 AM
Lomarinda Larry
Doubt you have ever lived in Lomarinda but……El Cerrito High School ranks right up there with Acalanes, Miramonte, Campolindo etc. People will pay for a school. I went to Acalanes and El Cerrito High was always represented in any and all academic competitions and was up there with the rest of us in skills and abilities
And El Cerrito is a very nice place. Lots o quaint neighborhoods, cute parks, educated population and spectacular views of the bay from the homes in the hills
All Orinda and Moraga has is a boring community with nothing to offer but a bunch of self entitled spoiled brats
To Do ListMay 16, 2022 - 10:37 AM - 10:37 AM
Local students call it Boraga.
AnonymousMay 16, 2022 - 11:42 AM - 11:42 AM
@Well Folks El Cerrito High may have been a good school when you were in high school, but if you believe the data on greatschools.org, that is not the case today. On greatschools, El Cerrito High rates a 5 overall, while all the high schools in Lamorinda rate a 10. And the best elementary school in El Cerrito rates lower than the lowest rated elementary school in Lamorinda.
The homes in the El Cerrito hills with a view are always sought-after, as people are willing to pay top dollar for that view. But when you get down close to San Pablo Ave, it’s like an entirely different city.
CountryGalMay 15, 2022 - 12:38 PM - 12:38 PM
That house is ugly.
No character whatsoever.
What’s the appeal with modern looking houses?!
This state is a dump and I don’t know why anyone would want to invest in real estate here….
Since it was an all cash offer, we all know who bought this house….
Hint– The person who bought it won’t be living in it.
babytruckMay 15, 2022 - 12:55 PM - 12:55 PM
I’m sorry you’re unable to buy a house in Contra Costa. Bummer.
Lamorinda LarryMay 15, 2022 - 1:12 PM - 1:12 PM
Perhaps it will be redeveloped into a multi-family building. That would make the economics a bit more rational.
Maybe that BLM lady bought it. She seems to be in need of shedding excess cash.
Winnie The PoohMay 15, 2022 - 6:01 PM - 6:01 PM
@babytruck
What in that sentence makes you think that CountryGal can’t buy a home in Contra Costa County?
Before the pandemic some Asians bought the house down the street from us for 1.2 million, in CONCORD and guess what, they don’t live there, they rent out the house! So you’re most likely right CountryGal, whoever bought it most likely won’t live in it.
Well FolksMay 16, 2022 - 8:57 AM - 8:57 AM
Sorry CountryGal but you know nothing about architecture. Mid-Century modern is fascinating. Much more going for it than the beige cookie cutter boring homes Seeno or Lennar crank out all over central or east county.
I grew up in an Eichler in Lafayette and it was fabulous with all the windows and natural light. All the Seeno & other big developer homes as the ones with zero charater.
KTMay 15, 2022 - 1:24 PM - 1:24 PM
ALL CASH. Most likely foreign investors. Happened back in 2008 and it’s happening again. They’ll probably rent it out.
DawgMay 15, 2022 - 2:24 PM - 2:24 PM
It’s most likely Chinese investors, they have been buying an awful lot of American real estate.
RicardohMay 15, 2022 - 3:39 PM - 3:39 PM
Foreign investors are raising housing prices all over the state and beyond. It should be outlawed.
Badge1104May 15, 2022 - 8:00 PM - 8:00 PM
And if we all remember regarding the 2008 comment the market soon crashed after that and real estate stayed in the tank for 4 or 5 years. Frankly I think we’re headed for the same now. It happens every 8 to 12 years! And people will always deny that it will happen and it always does, then it always comes back. But now the housing market is a bubble. Get ready
Living in ClaycordMay 15, 2022 - 1:44 PM - 1:44 PM
It’s probably money laundering. Over the last 10 years Russians have been buying multi-million dollar properties in Florida for more than double the asking. Now the foreign “investors” are moving to CA because they can spend even more money.
Lamorinda LarryMay 15, 2022 - 2:15 PM - 2:15 PM
@Living in Concord – Money launderers aim higher than El Cerrito.
Well FolksMay 16, 2022 - 9:00 AM - 9:00 AM
So wrong Lomarinda Larry. The Russian mafia likes to hide. They own most real estate in Sacramento and also a huge hunk of Folsom.
Hate to break it to you but plenty of wealthy people do not want to live in dull lifeless Lomarinda. I could hardly wait to get out of there and go to where the real life was
AnonymousMay 16, 2022 - 11:59 AM - 11:59 AM
Florida has that homestead law that protects your primary residence from creditors. The law favors a large investment in one’s primary residence and has fueled the sale of high-end homes in Miami. It provides a way to park a large sum of money and not have to fear a forced sale by creditors. California offers minimal protection.
WC ResidentMay 15, 2022 - 2:47 PM - 2:47 PM
@Ricardoh and others talking about the state – In California 100% of the property tax revenue stays within the county. The state is not involved other that imposing restrictions on the counties on how much tax they are allowed to charge.
@CountryGal – you are correct in that at present this area is a poor investment. Genuine investors are seeking properties at or under market value with the intention of holding onto the properties for a long time. Recently this area seems driven by speculation. In my immediate neighborhood there were about 20 home sales in March/April. Nearly all of them sold in less than 7 days and for 40% over asking. That’s insane speculation with the hope of flipping in less than a year.
As for the house in El Cerrito. It’s on a 4,700 square foot lot. I don’t think there’s any room for a second dwelling or even an ADU. Someone with way too much money really wants to live in a nearly 60 year old house with an overgrown front yard and a bare dirt back yard.
CcMay 15, 2022 - 2:49 PM - 2:49 PM
Cash? I bet the new owner doesn’t even live in the US, leaving hardworking local families without the possibility of buying where they work and worship, and continue making decisions like buying groceries and other essentials or paying rent and avoid being homeless.
No ExcusesMay 15, 2022 - 3:19 PM - 3:19 PM
Mid Century… and oh so Feng Shui. Very appealing for some of those EB5-Visa-big-dollar-citizenship-buyers from China… And we keep right on selling the land from under our feet. Go to China and try to buy land>LOLOLOL
People from China are desperate to escape the CCP. Things are getting worse over there and dictator Xi aka: Fat Panda control your every move. Anyone with money are escaping. There are more than 4 Million millionaires residing in China and at least half want out.
No ExcusesMay 15, 2022 - 11:48 PM - 11:48 PM
Yes, Chris. I don’t doubt that. And to think, just 30 years ago, the families of many of those millionaires were very likely wading through rice paddies to make a living and dining on rice, onions and fish guts. And “now” they want out.
AnonMay 16, 2022 - 7:49 AM - 7:49 AM
Yes, but they come over here……only consume CCP media and never integrate (like when you go somewhere on a vacation), BUT then they vote here for all of the CCP communist/socialist ways. FACT.
1
Original GMay 15, 2022 - 4:38 PM - 4:38 PM
Posted March 4, 2022
“A 15% property tax on foreign home buyers in the Canadian city of Vancouver has taken effect in an effort to create more affordable housing.
The tax is aimed at preventing foreign investors, many from mainland China, from driving up costs in Canada’s most expensive property market.”
bbc 2016 https://tinyurl.com/yjn3447p
15% tax drove foreign home buyers south to Seattle and CA.
‘Institutional Investors in California Housing Markets’ https://tinyurl.com/37f7k5ma
‘Are foreign investors driving up real estate in your California neighborhood?’
“The percentage of California single-family homes bought in all-cash transactions has climbed in the past decade from 10 to 25 percent—and many of those are investors from Asia. That means a quarter of California’s extremely tight housing inventory is unlikely to go to moderate-income families who need a mortgage to buy a home.” ….
See how many all-cash home sales happened in your neighborhood
Shows all-cash home sales for each zip code in California from 2005 to 2017.
cal matters 2020 https://tinyurl.com/2p87xks4
Why would DEMs bite hand that signs campaign contribution checks? ?
31 comments
It says 1,115,000 not 1.5 . Not atypical especially that area and Lamorinda .
El Cerrito is closer to Berkeley and Richmond
@Fred
……and in my opinion, it’s a city to avoid. In my younger days, I worked in El Cerrito and got my wallet stolen. All the money I had in the world was in that wallet. I had to call home and ask my mom to send me some money until payday. I cannot believe someone paid that kind of money for that zip code.
More property tax for the state.
Must be nice.
Hard to imagine what motivates one to $2.2mn+ for an unremarkable house in a class B (really B-minus) community in a bottom tier public school district. Numerous properties with similar specs have traded in solid class B communities like Albany, Kensington and North Berkeley and a few others even lower-end class A communities like Orinda and Moraga.
Different strokes for different folks, I suppose; that’s what makes a market!
Lomarinda Larry
Doubt you have ever lived in Lomarinda but……El Cerrito High School ranks right up there with Acalanes, Miramonte, Campolindo etc. People will pay for a school. I went to Acalanes and El Cerrito High was always represented in any and all academic competitions and was up there with the rest of us in skills and abilities
And El Cerrito is a very nice place. Lots o quaint neighborhoods, cute parks, educated population and spectacular views of the bay from the homes in the hills
All Orinda and Moraga has is a boring community with nothing to offer but a bunch of self entitled spoiled brats
Local students call it Boraga.
@Well Folks El Cerrito High may have been a good school when you were in high school, but if you believe the data on greatschools.org, that is not the case today. On greatschools, El Cerrito High rates a 5 overall, while all the high schools in Lamorinda rate a 10. And the best elementary school in El Cerrito rates lower than the lowest rated elementary school in Lamorinda.
The homes in the El Cerrito hills with a view are always sought-after, as people are willing to pay top dollar for that view. But when you get down close to San Pablo Ave, it’s like an entirely different city.
That house is ugly.
No character whatsoever.
What’s the appeal with modern looking houses?!
This state is a dump and I don’t know why anyone would want to invest in real estate here….
Since it was an all cash offer, we all know who bought this house….
Hint– The person who bought it won’t be living in it.
I’m sorry you’re unable to buy a house in Contra Costa. Bummer.
Perhaps it will be redeveloped into a multi-family building. That would make the economics a bit more rational.
Maybe that BLM lady bought it. She seems to be in need of shedding excess cash.
@babytruck
What in that sentence makes you think that CountryGal can’t buy a home in Contra Costa County?
Before the pandemic some Asians bought the house down the street from us for 1.2 million, in CONCORD and guess what, they don’t live there, they rent out the house! So you’re most likely right CountryGal, whoever bought it most likely won’t live in it.
Sorry CountryGal but you know nothing about architecture. Mid-Century modern is fascinating. Much more going for it than the beige cookie cutter boring homes Seeno or Lennar crank out all over central or east county.
I grew up in an Eichler in Lafayette and it was fabulous with all the windows and natural light. All the Seeno & other big developer homes as the ones with zero charater.
ALL CASH. Most likely foreign investors. Happened back in 2008 and it’s happening again. They’ll probably rent it out.
It’s most likely Chinese investors, they have been buying an awful lot of American real estate.
Foreign investors are raising housing prices all over the state and beyond. It should be outlawed.
And if we all remember regarding the 2008 comment the market soon crashed after that and real estate stayed in the tank for 4 or 5 years. Frankly I think we’re headed for the same now. It happens every 8 to 12 years! And people will always deny that it will happen and it always does, then it always comes back. But now the housing market is a bubble. Get ready
It’s probably money laundering. Over the last 10 years Russians have been buying multi-million dollar properties in Florida for more than double the asking. Now the foreign “investors” are moving to CA because they can spend even more money.
@Living in Concord – Money launderers aim higher than El Cerrito.
So wrong Lomarinda Larry. The Russian mafia likes to hide. They own most real estate in Sacramento and also a huge hunk of Folsom.
Hate to break it to you but plenty of wealthy people do not want to live in dull lifeless Lomarinda. I could hardly wait to get out of there and go to where the real life was
Florida has that homestead law that protects your primary residence from creditors. The law favors a large investment in one’s primary residence and has fueled the sale of high-end homes in Miami. It provides a way to park a large sum of money and not have to fear a forced sale by creditors. California offers minimal protection.
@Ricardoh and others talking about the state – In California 100% of the property tax revenue stays within the county. The state is not involved other that imposing restrictions on the counties on how much tax they are allowed to charge.
@CountryGal – you are correct in that at present this area is a poor investment. Genuine investors are seeking properties at or under market value with the intention of holding onto the properties for a long time. Recently this area seems driven by speculation. In my immediate neighborhood there were about 20 home sales in March/April. Nearly all of them sold in less than 7 days and for 40% over asking. That’s insane speculation with the hope of flipping in less than a year.
As for the house in El Cerrito. It’s on a 4,700 square foot lot. I don’t think there’s any room for a second dwelling or even an ADU. Someone with way too much money really wants to live in a nearly 60 year old house with an overgrown front yard and a bare dirt back yard.
Cash? I bet the new owner doesn’t even live in the US, leaving hardworking local families without the possibility of buying where they work and worship, and continue making decisions like buying groceries and other essentials or paying rent and avoid being homeless.
Mid Century… and oh so Feng Shui. Very appealing for some of those EB5-Visa-big-dollar-citizenship-buyers from China… And we keep right on selling the land from under our feet. Go to China and try to buy land>LOLOLOL
People from China are desperate to escape the CCP. Things are getting worse over there and dictator Xi aka: Fat Panda control your every move. Anyone with money are escaping. There are more than 4 Million millionaires residing in China and at least half want out.
Yes, Chris. I don’t doubt that. And to think, just 30 years ago, the families of many of those millionaires were very likely wading through rice paddies to make a living and dining on rice, onions and fish guts. And “now” they want out.
Yes, but they come over here……only consume CCP media and never integrate (like when you go somewhere on a vacation), BUT then they vote here for all of the CCP communist/socialist ways. FACT.
Posted March 4, 2022
“A 15% property tax on foreign home buyers in the Canadian city of Vancouver has taken effect in an effort to create more affordable housing.
The tax is aimed at preventing foreign investors, many from mainland China, from driving up costs in Canada’s most expensive property market.”
bbc 2016 https://tinyurl.com/yjn3447p
15% tax drove foreign home buyers south to Seattle and CA.
‘Institutional Investors in California Housing Markets’
https://tinyurl.com/37f7k5ma
‘Are foreign investors driving up real estate in your California neighborhood?’
“The percentage of California single-family homes bought in all-cash transactions has climbed in the past decade from 10 to 25 percent—and many of those are investors from Asia. That means a quarter of California’s extremely tight housing inventory is unlikely to go to moderate-income families who need a mortgage to buy a home.” ….
See how many all-cash home sales happened in your neighborhood
Shows all-cash home sales for each zip code in California from 2005 to 2017.
cal matters 2020 https://tinyurl.com/2p87xks4
Why would DEMs bite hand that signs campaign contribution checks? ?
‘Real estate players back Newsom in recall election’
https://tinyurl.com/2p8mfpd4
Not too far from drug central. There is a sucker born every minute.
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