Home > Blogs > California > Alameda County > Oakland > The Essex at Lake Merritt in Oakland -- short sales outnumber regular sales
119,996 views

Pacita Dimacali's Blog

By Pacita Dimacali | Agent in Alameda, CA

The Essex at Lake Merritt in Oakland -- short sales outnumber regular sales




People who have dreamed of having a lakefront condo property are going to keep a close eye on The Essex. If they're hoping to get a good deal, they must also be willing to wait. Note that short sales outnumber the regular sales and bank-owned properties.

Just days ago, I posted my newest short sale listing for sale at The Essex across Lake Merritt in Oakland CA. This is a 20-story building with 270 units.  We received multiple offers and the sellers were happy to accept the one they perceived as the best and highest offer.

See post: Panoramic View of Lake Merritt from the Essex

In case you want to see what amenities they offer, take a look at this visual tour I created that includes scenes from the pool, terrace, clubhouse, barbecue area, lobby, gym. Click on VISUAL TOUR

Because there was such a tremendous response, especially since this is a 2 bedroom/2 bath unit with direct views of the lake, it appears that there is quite a market for condos for sale at The Essex.

As of this writing, here's a summary of activity since January 1, 2010

ACTIVE LISTINGS

1   Studio (short sale)
3  1 Bedroom/1 Bath (1 short sale, 2 regular sales)
2   2 Bedrooms/2 Baths (1 short sale, 1 regular sale)

PENDING
1   Studio (short sale)
1   1 Bedroom/1 Bath (bank-owned)

PENDING SUBJECT TO LENDER APPROVAL (Short Sales)
4   1 Bedroom/1 Bath
3    2 Bedrooms/2 Baths (one of these is a penthouse with roof deck)


SOLD
1   Studio (short sale)
3   1 Bedroom/1 Bath (2 short sales)
3    2 Bedrooms/2 Baths (regular sales!)


Will there be more units for sale?  There is always a possibility. With 270 units at the building, these 23 units (sold/pending/active) constitute less than 10% of the units that have been marketed since January 1, 2010..


RELATED POST

The Essex: How many property owners are in distress?

POST
 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer