Two houses are being listed across the street from each other on Boulevard Way in the Lakeshore area of Oakland.

The first is listed by Highland Partners and presents as an updated 3 bedroom, 2 bathroom house that is over 1900 sq ft. The house is listed at $799,000 (reduced from $849,000) and has been on the market now for 56 days without an offer.

Across the street is quite a different story: a duplex in good shape listed at $379,900 with two 2 bedroom, 1 bath units with garages. Each unit is over 1,000 sq ft. and are vacant. The house is a REO (real estate owned) property and took offers on December 7th after being listed for 10 days. According to a colleague in my office, who had a client who offered on the property, there were over 20 offers on the property and he never even received a response to his all cash offer at the asking price.

It just shows you there is a high level of pent-up demand for a deal in a good neighborhood. The house across the street clearly shows the value of the duplex to be twice of what it was listed for, and it will be interesting to see what the new owners paid for it once the house closes in January.

Stay tuned!