Practice of ‘egregious underpricing’ driving up East Bay home prices

1800 Sonoma Ave. in Berkeley: this house sold for $1,640,000 in September, $545,000 over the asking price. Photo: MLS

When prospective homebuyers Allyson and William Murphy found a Richmond home in their price range, they jumped on it, offering $95,000 above the asking price.

To the Murphys’ dismay, the sellers countered, asking for $800,000, a whopping $120,000 over the $680,000 listing price.

“I don’t know why they are listing them the way they are listing them,” Allyson said, referring to the huge gap between the asking and desired price.

The reason: listing a property for less than the seller really wants likely will create competition and drive up the price. It’s an established marketing strategy that has reached exaggerated levels in parts of the East Bay, to the point where there’s a term for it: egregious underpricing.

“A lot of listing agents will list the

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Numbers show home-buying frenzy in Pierce County

Buyers are snapping up Pierce County homes faster than in almost any other area in the country, according to real estate data firm Redfin.

Pierce County is tied with the Portland area for the third-fastest-moving housing market in the nation, according to Redfin. That’s a record fast turnover, according to Redfin data stretching back to 2012.

As of April, homes in the county, sellers found a buyer in a median of just 10 days — faster than since any other time in the past several years, Redfin data show.

“The market tends to accelerate through June so I wouldn’t be surprised if new records for speed and competition are reached in May and June given what we are seeing now,” said Nela Richardson, Redfin chief economist.

Denver-area buyers have homes under contract in just six days, while Seattle-area buyers — people who made an offer on homes in

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$13M Denver penthouse — atop city’s tallest residential building — on the market for first time

WHAT: 1133 14th Street #4400 is a three-bedroom, five-bathroom condo on the top two floors of the Four Seasons Hotel in downtown Denver.

PRICE: $13 million

SIZE: 6,786 square feet

1133 14th Street #4400
1133 14th Street #4400

LOCATION: The tallest residential building in Denver — and the city’s fourth tallest overall — the Four Seasons sits near the heart of downtown, across the street from the Denver Center for Performing Arts and one block from the 16th Street Mall and Larimer Square.

What You Need to Know About the State of Department Stores

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This video was recorded on May 16, 2017.

Vincent Shen: Welcome to Industry Focus, the podcast that dives into a different sector of the stock market every day. I’m your host, Vincent Shen. It’s Tuesday, May 16th, and I’m pleased to welcome senior contributor Adam Levine-Weinberg to the show. Adam,

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Stay Woke: Inside the Third-Wave Coffee Revolution

Not so long ago, New York City coffee was almost uniformly no-nonsense: commodity-grade brown stuff proudly purchased from the deli or diner, and consumed more for maintenance than pleasure. But in a shift that seemed to take place almost overnight (but in reality took a decade), specialty coffee shops have nearly saturated the city, spreading out into all five boroughs with single-origin espressos, $5-and-up filter brews, and poignant stories about the coffee farmers’ families. It’s a movement that’s been fueled by a worldwide rise in the popularity of top-tier coffee, coupled with our culture’s shift toward celebrating food and drinks (and pictures of ourselves enjoying them).

The “third wave” style of coffee sets out to encompass a higher echelon of importing, roasting, and brewing that focuses on retaining the specific terroir-driven flavors of each coffee. At its best, the approach boasts a more thoughtful, environmentally sustainable approach to sourcing coffee, and

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Two condo towers to rise across from Southdale, Galleria in Edina

Final plans are being made to build a pair of Art Deco-inspired condo towers across from the Galleria and Southdale shopping centers in Edina.

The proposal is being pitched as part of a massive redevelopment effort along a busy corridor at a time when the pipeline of for-sale condos is at an all-time low across the Twin Cities.

Edina-based Arcadia LLC, and Minneapolis-based Ryan Cos. are proceeding with plans for what they’re calling the Estelle Edina, a mixed-use development at the corner of France Avenue and 69th Street that would include the two towers, six brownstone-style condos, 12,000 square feet of retail and a signature restaurant at the corner of France and 69th.

“I grew up just a few blocks down on France Avenue and am excited about the vision that so many people have for this district,” said Arcadia President Luigi Bernardi, who grew up in the Cornelia

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Seattle area home-price hikes lead the US again; even century-old homes commanding top dollar

The Seattle area has notched its sixth straight month as the hottest real-estate market in the country, as prices climb even faster heading into the peak buying season.

The typical single-family house locally cost 12.2 percent more in February than a year ago, the biggest jump in three years, according to the monthly Case-Shiller housing-price index, released Tuesday.

Greater Seattle had the biggest price hike of any metro area in the country. Nationally, home prices jumped 5.8 percent, a 32-month high, and yet local home values grew more than twice as fast as that.

Fastest-rising home prices compared with a year ago

1. Seattle +12.2%

2. Portland +9.7%

3. Dallas +8.8%

4. Denver +8.5%

5. Boston +7.6%

Source: Case-Shiller home price index

From Tacoma to Snohomish County, home values are up big across all price points. But the

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Confederate flag finds fans in the North: report

The Confederate flag, that long contentious symbol thrust prominently into the news of late as New Orleans seeks to remove Confederate statues, is finding fans among Americans with little or no ties to the South, NPR reports.

The geography may be different, but the arguments are the same. Northerners who fly the Stars and Bars call it a symbol for states’ rights, a protest against federal over-reach and a shared nostalgia for days past.

Its opponents, however, point out that those “good old days” were built on a system of slavery that forever marks the flag a symbol of racism.

Nevertheless, Confederate flag sales are increasing on the other side of the Mason-Dixon line. Some attribute it to President Donald Trump’s popularity and a rise in nationalism across the country.

Read the NPR report here.

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