FOR $1 MILLION, you can buy a condominium with a view. You can live near a posh shopping mall. Upscale restaurants are around the corner. A top-notch performing arts center is across the street. BART is two or three blocks away.
Only in San Francisco, right? Nope, this is Walnut Creek, the East Bay’s urban suburb.
18 of the 23 condos costing $1 million or more have closed sales or are in contract for sale. About 60 percent of the 181 units have been sold.
For prices ranging from $1 million to $1.25 million, buyers can get a three-bedroom condo sized from
1,679 to 1,750 square feet. The smallest units have one bedroom and are priced from $475,000 to $595,000. In the middle are two-bedroom condos that cost $751,000 to $980,000.
Full Article – Walnut Creek Million Dollar Condos
5 responses so far ↓
1 Karen // Apr 3, 2008 at 7:24 pm
I like the idea of the Mercer. I would love to see something like that come to Oakley downtown. The Mercer is lovely, it is wise use of landspace and it offers an alternative to standard housing while increasing opportunity to live within walking distance of shopping and entertainment.
Inovative thinking Walnut Creek and Mercer!It is East Coast meets West Coast! All in the Beautiful East Bay!
2 Brad // Mar 25, 2009 at 7:59 pm
The Mercer is WAY overpriced following depreciation in the local market over the past 24 months. There’s only been 1 short sale in the Mercer, but one would expect more in the coming year. In addition, the HOA is facing a possible special assesment to deal with a cost over-run and reduced services.
3 Wing T. // May 29, 2009 at 8:16 pm
My realtor recently showed me a couple properties at the Mercer building in Walnut Creek. I like the location and design, and the finishes were ok, but the prices scared me. I think the owners are still clinging to the past, living in 2005. The two bedroom condos that I viewed were priced between 750-850K, comparable to a larger single family in the area.
After doing some research, I learned that condos in dense urban areas tend to appreciate well; whereas condos in the suburbs tend to appreciate much less and are more prone to devalue during an economic downturn. I decided to play it safe and focus on single family.
4 Dennis R Keller // Jul 16, 2009 at 6:53 pm
I tend to agree with Wing’s assessment of the market and relative values. I know for a fact that 30% of the units didn’t sell. They’re currently rented under short term leases, with the developer planning to re-enter the market early in 2010. If you’re waiting to buy, this may be your chance. I’m sure they’re planning to reduce prices given the housing and economic slump. This may be a wise business strategy also, given the projection that real estate appreciation will stay flat for some time to come.
5 Kim M. // Dec 28, 2009 at 9:58 pm
I’m interested in buying at the Mercer, but concerned because I’ve heard there’s a lawsuit between owners and the builder/development company. Does anyone know anything about this, and the basis for the suit?
Leave a Comment