Profile picture for lmeskill

why has there been such acute fluctuation in projected values in Lakeshore, Montclair, Glenview

projections for 94610 were 5.5%  on 12-1, on 12-13  7.0%
 94611    " 3.6%    " ,     "    6.1%
*94602    "    4.3%   " ,    "     7.6%

Thanks,

Larry Meskill
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 13 2013 - Oakland
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (1)

Hi Larry,

Projections are just that projections. It is hard to really predict the future. There are trends in the market that lead to good estimates, but these do not always hold true.

What I find when you look only an an area code you don't always get an accurate reflection of the market. In the 94610 area code for example you have some wide fluctuations in terms of location and pricing. This area code includes Crocker Highlands, an area where average prices are on the higher end and the Lake Merritt area which has a mix of mostly condos and some single family homes. It also includes Haddon Hill and parts of what is called China Basin. The neighborhoods, size and condition of homes can vary very widely in these areas and the average increase in price may not reflect accurate what is seen in individual neighborhoods.

The same can be said for the 94611 area code which includes Piedmont Ave area and Montclair. Montclair is also a very diverse neighborhood and location in the neighborhood can have a significant impact on price.

The 94602 area code covers Glenview, Diamond, Oakmore and Lincoln Heights. Again these are very diverse neighborhoods and which neighborhood a home is located, along with where in the neighborhood is located will have an impact on value.

Different neighborhoods in these zip codes are more popular and tend to garner higher prices and thus will increase the average for the area code. The more recent trend seems to be a desire to be walking distance to amenities and public transportation. Schools that are located in the neighborhood also impact price.

For example Crocker Highlands is a long established neighborhood with easy access to amenities and public transportation. The local elementary and middle school are considered some of the best in Oakland Unified and for this reason this neighborhood tends to demand higher prices. If you look at a home around Lake Merritt that is next to a large apartment complex and is not located in the "desirable" school district, then the prices here will not be as high. Both are located in the 94610 area code, but very different price ranges. When you average the area code, you do not get a true sense of the localized market.

Basically looking at the average price ranges and predictions for a certain area code will give you a general sense of the market in the area, but because Oakland has a very diverse real estate market with many localized market areas, it is important to consider the differences in the market areas located within one zip code to obtain a more accurate picture of the real estate market.

Hope that helps to answer your questions!

Lisa Cartolano
Alain Pinel Realtors
Lic 01715440
www.ViewOaklandHomes.com
www.ViewOaklandHomesBlog.com
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 16 2013
 
Related Questions
rent to own options for 1st time home buyers
Profile picture for Michael Cubstead
Latest answer by Michael Cubstead
July 19 | 2 answers
why has there been such acute fluctuation in projected values in Lakeshore, Montclair, Glenview
Profile picture for Lisa Cartolano Ellen Diamond
Latest answer by Lisa Cartolano Ellen Diamond
December 16 2013 | 1 answers
Would like to buy a house and rent it,who do I need to contact?
Profile picture for Pacita Dimacali
Latest answer by Pacita Dimacali
June 14 2013 | 6 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 155 Saint James Dr, Piedmont, CA Home For Sale
    155 Saint James Dr, Piedmont, CA 94611

     For Sale: $1,449,000

    • Beds: 4
    • Sqft: 3387
    • Baths: 3.0
    • Lot: 6272
  2. 7075 Broadway Ter, Oakland, CA Home For Sale
    7075 Broadway Ter, Oakland, CA 94611

     For Sale: $1,425,000

    • Beds: 4
    • Sqft: 3410
    • Baths: 4.0
    • Lot: 11135
  3. 1911B 9th St, Berkeley, CA Home For Sale
    1911B 9th St, Berkeley, CA 94710

     For Sale: $779,000

    • Beds: --
    • Sqft: --
    • Baths: --
    • Lot: --