Declan Spring Navigates East Bay's Micro Markets as "The Family Realtor"

Written by:

Steve Marcinuk

Date:

20 Jun 2025

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“I wanted to be the family realtor, the person people reach out to as a resource for all kinds of real estate questions,” says Declan Spring, Co-founder of The Home Factor, a host of The Mostly Real Estate Podcast, with Declan Spring and a seasoned East Bay real estate professional with nearly two decades of experience.

As an Irish immigrant who arrived in the United States at age 20, Spring brings a unique perspective to his work. “I get to appreciate this country in ways that sometimes American-born people maybe have forgotten,” he reflects. “I still see it as a country of tremendous opportunity.”

The Immigrant’s Journey to Real Estate Success

Spring’s path to real estate success follows the classic immigrant narrative. “I worked my way up from being a busboy at Fisherman’s Wharf in San Francisco to eventually applying my craft,” he recalls. With a background in photography from his education in Ireland, he found his way into real estate through photography work for a residential real estate company and for CoStar as they built their commercial property database in the early 2000s.

These experiences gave Spring insight into the industry, prompting him to obtain his real estate license around 2003-2004. Ironically, he launched his full-time real estate career just as the market was heading into the Great Recession, timing that proved advantageous. “It turns out that down markets can make great careers,” he notes.

By the time the market began to recover around 2012-2013, Spring had accumulated valuable experience that positioned him to capitalize on improving conditions. Today, his approach to real estate is deeply rooted in community building and long-term relationships.

“I like to really touch lives and become part of the family,” he explains. “Now I’m at a point where I’m helping maybe a second generation of people from the same family. That’s my jam. That’s what makes me happiest in the world.”

The Fascinating Complexity of East Bay Micro Markets

Spring’s expertise centers on the East Bay region across from San Francisco, specifically Oakland, Berkeley, and the corridor of cities stretching north along Interstate 80 to Hercules. What makes this region particularly fascinating—and challenging—is the extreme localization of its real estate dynamics.

“We have micro markets that are really close,” Spring explains, drawing a parallel to the region’s famous micro climates. “You can cross the street in certain cities here, and you can have a drop in value, or an increase in value depending which side of the street you’re on. It’s incredibly complex. It’s very nuanced.”

Rather than specializing in a single neighborhood, Spring made a strategic decision to become an East Bay generalist. “I wanted to be a general East Bay specialist, where I know all of the various cities,” he says. This broader perspective allows him to observe how these micro markets interact with each other.

Berkeley stands as the most sought-after and stable market in the inner East Bay, commanding premium prices. This creates what Spring calls “spillover markets” in adjacent cities, where buyers who can’t afford Berkeley settle for nearby alternatives.

“When the market begins to get a little more tricky, and you might see a little drop in property value, which we’ve seen in the last two years, then you start to see problems in those other markets outside of Berkeley,” Spring explains. “Buyers are holding on for the hope that maybe Berkeley will drop to the point where they can afford it.”

Data-Driven Market Analysis

Spring takes a methodical, data-driven approach to tracking market dynamics, publishing weekly analyses through his Substack newsletter. His focus on active inventory reveals fascinating disparities between neighboring cities.

“Oakland right now has about 570 active single family home listings, whereas Berkeley right now probably has about 68,” Spring notes, highlighting the vast difference in inventory despite their proximity. “Richmond is somewhere in between, probably right now about 150 single family homes actively listed.”

Year-over-year comparisons reveal even more interesting patterns. Richmond’s active inventory has nearly doubled compared to the previous year, while Berkeley’s has remained stable. Oakland shows a more modest increase of about 30 units compared to the previous year.

Despite increased inventory in some areas, property values have remained remarkably resilient. “People were concerned that property value was really going to take a hit,” Spring says. “But it doesn’t appear to be showing up in the data. Property values are holding quite steady. And in fact, if anything, have gone up in Richmond on average over the last month, which is, to me, kind of spectacular.”

Local Buyers and Aggressive Investors

The East Bay market is primarily driven by local demand, with Spring noting that “about 60% on average of our East Bay buyers are already living in the East Bay.” The remaining buyers often come from other parts of the Bay Area, particularly San Francisco and the peninsula, seeking more affordable options.

Meanwhile, investor interest remains robust, particularly for value-add opportunities. “The investors that I meet most often are folks who want to find a value-price property that needs a little work,” Spring says. “They’re looking to just get it back on the market as quick as they can.”

These investors are aggressively seeking opportunities, with Spring receiving “four or five, maybe six, eight times a day” calls from investors seeking off-market properties. This persistent demand stems from the region’s chronic undersupply of housing.

“We’re hemmed in on the east by hills… And you go west, well, you can’t build west. You’re in the bay,” Spring explains. “And everywhere else is filled in, more or less. So we have a very tiny amount of new construction. There’s nowhere to put new construction.”

This geographical constraint creates a perpetual seller’s market in desirable areas like Berkeley. “If you’ve got a well-dressed property anywhere in Berkeley, single family home, and it’s relatively clean and nicely priced, you’re going to get five, six offers on that in two weekends of open houses,” Spring notes. “That’s just routine in Berkeley.”

The Strategic Underpricing That Confuses Outsiders

One of the most misunderstood aspects of the East Bay market, particularly in Berkeley, is the strategic underpricing of listings, a practice that has been standard since the dot-com era of the late 1990s.

“We have a system in Berkeley of listing property that is often not well understood by consumers,” Spring explains. “You saw it showing up during the pandemic when real estate became extraordinarily popular everywhere… property would sell over. Everyone’s talking about, ‘Oh, it sold 20% over, 30% over.’ That dynamic has existed in my local market year in, year out, even during the recession.”

What outsiders fail to understand, according to Spring, is that “property is priced 30% under, and it’s just a simple switch in your mind.” He elaborates: “A realtor listing a property that’s worth $1,500,000 is going to list that property at $1,100,000. That’s just the way it is.”

This pricing strategy creates a potential pitfall for investors trying to analyze the market without local expertise. “If you’re not bringing in the assistance of a local realtor as an investor… and you’re trying to analyze data on your own… you are missing out on strategy insight that can be a fatal flaw,” Spring warns.

The Irreplaceable Value of Local Knowledge

Spring’s insights underscore a fundamental truth about real estate investing: local knowledge is irreplaceable. The extreme localization of market dynamics in the East Bay, where property values can change dramatically from one street to the next, makes professional guidance essential.

“Interpreting the market in the East Bay requires seasoned expert help,” Spring emphasizes. “Investors beware.”

Yet with the right guidance, the East Bay continues to offer compelling opportunities. The region’s geographical constraints ensure persistent demand, while its relative affordability compared to other parts of the Bay Area maintains a steady flow of buyers.

For Spring, this complex, hyper-local market is the perfect environment for his community-focused approach to real estate, one where building relationships and providing expert guidance creates value that transcends individual transactions.

For investors and real estate professionals looking to understand the East Bay market, Spring’s weekly Substack newsletter offers detailed, data-driven insights into these fascinating micro markets.