Over the past thirteen months only twenty (20) of the 157 condos in the new Eight Orchids development in Oakland have sold. But on Sunday that number tripled in a matter of hours as 41 units “successfully” went to auction.
One of the early single-bedroom condos sold for $316,000, up from a starting bid of $245,000 but well below the original $435,888 asking price. The auction for a three-bedroom, three-bathroom town home started at $475,000, stalled around $528,000 and then quickly ran up to $534,000….That was nearly 34 percent off the list price of $805,888.
The big question, will the extra 41 units now in contract create the momentum needed to move the remaining 96 units at prices closer to list (you know, what those early twenty buyers paid), or has it simply exposed the “new new” market price for all of the units in the building (and perhaps even beyond)?
∙ Luxury condos in Oakland sell at a discount [SFGate]
∙ JustQuotes: Might It Draw Demand From Way Over In San Francisco? [SocketSite]