They say all real estate is local but that fact can be applied in different ways.
There may be a downturn in property prices nationally, for instance, but high-end homes seem to be immune to it – whether in Mill Valley, Manhattan or Seattle, according to a recent New York Times article.
Similarly, one can talk about differences at a “micro” local level. Within Berkeley, homes on certain desirable streets continue to sell for up to 40% above asking price while in other, less popular areas of the city, owners are resorting to price cuts.
Market snapshots of neighboring cities also highlight local differences. Just look at the number of foreclosures in Oakland compared to Berkeley in the tables below for an idea of the state of play.
Source: www.realestate.yahoo.com
United States
Canada