Superb remodel pushed this Berkeley home to sell for $4.25M, 55% over asking price
Think the housing market has slowed down? Think again.
A 1911 historic Craftsman home in Berkeley sold for $1.5 million over the asking price after being on the market just 10 days, according to Compass real estate company. The property, 5 The Uplands in the Claremont area of Berkeley, California, was listed at $2.75 million. It closed escrow on October 27 for $4.25 million, which is 55% over the listed price.
Eight of the nine offers on the property were above the asking price.
Adding momentum to the sale was a gorgeous remodel to the home that took five years to complete, as well as location, location, location, according to Julie Nachtwey of Compass, the listing agent.
“The home is located in a popular neighborhood on a large but busy corner lot, so we priced it strategically,” Nachtwey said in a statement. “However, the home had been remodeled over five years with impeccable attention to detail. The sellers really transformed the space for the way people live today.”
With the extensive renovations, the four-bedroom, five-bath, 3,657-square-foot home features a 13-foot marble kitchen island and a recessed hatch door in the kitchen floor that has stairs leading down to a large wine cellar and storage area. The third floor attic was developed into a fourth bedroom with a full bath and a family room. The work added about 581 square feet of living space to the original layout.
“The real story behind the story is this,” Nachtwey said in an email. “Our local real estate market is like an auction. The more hands that go up, the higher the bids. There are more expensive homes in the neighborhood, but in this case, it was about the willingness of the buyers to pay premium price for certain characteristics — walking distance to shops and dining, high-end remodeling with nothing to repair, historic neighborhood and lot with plenty of outdoor space.”
The home sits on .2 acres. It last sold in 2016 for $1.58 million, according to realtor.com
“In the East Bay, there’s simply more demand than houses available, so I’m not surprised that we got so many offers,” she said. “The home has lots of character, and the stunning interior remodeling was over the top. The owners are selling because they want to downsize, now that the youngest son left for college. They’re ready to travel and do other fun things.”
