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« Another Ugly List | Main | Interlopers from the Peninsula » March 31, 2008It's a Whole Different Story in the East BayLuxury condos in Oakland sell at a discount The coordinators of Sunday's auction of 41 units at the new Eight Orchids condominium midrise in Oakland billed the event as a means of finding the actual market value for such homes. If true, the results may be bad news for developers and great for buyers. Among the dozen transactions recorded by The Chronicle, sales prices ranged between 25.3 and 34 percent off the original asking price. That's well below the 16.9 annual percent drop in median resale condo values or the 21.2 percent decline for all new homes in Alameda County, according to a February report from DataQuick Information Systems. "The market has definitely humbled us," said Stuart Gruendl, chief executive officer of project developer BayRock Residential of Oakland. "But at the same time, our heads are above water and the property is succeeding." Posted by Jeff Brooks on March 31, 2008 11:17 PM | Permalink TrackBackTrackBack URL for this entry: |