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Old 02-11-2013, 03:45 PM
 
28,115 posts, read 63,720,668 times
Reputation: 23268

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Quote:
Originally Posted by 18Montclair View Post
Well, admittedly he almost had me on this point until I did further research and discovered that every downtown neighborhood doubled its average price year-over-year

Produce & Waterfront +110.9%
San Pablo Gateway(Uptown) +109.7%
Oakland Av/Harrison St +107.4%
Downtown +105.4%

Incredible.
I was in the process of doing a refi on my home...

The appraiser was from out of the area and was coming in very low...

After about 3 weeks of me sending him comps to support the value I needed to get a 60% loan to value... he said he had never seen anything like it... in the last 30 to 60 days home sale prices up about 30%

There was nothing to compare when I first checked back in September...
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Old 02-11-2013, 03:54 PM
 
Location: Los Altos Hills, CA
36,666 posts, read 67,596,324 times
Reputation: 21255
Quote:
Originally Posted by Ultrarunner View Post
I was in the process of doing a refi on my home...

The appraiser was from out of the area and was coming in very low...

After about 3 weeks of me sending him comps to support the value I needed to get a 60% loan to value... he said he had never seen anything like it... in the last 30 to 60 days home sale prices up about 30%

There was nothing to compare when I first checked back in September...
Yes, the term "skyrocketing" really is not inappropriate at this time when describing the state of home value appreciation in Oakland at this time.

Not really indicative of a city on a downward spiral.
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Old 02-11-2013, 04:00 PM
 
28,115 posts, read 63,720,668 times
Reputation: 23268
If I didn't live in Oakland... some of the comments would make me think the city was full of empty lots and boarded up buildings...

I've been to Detroit and I know what it is to see block after block of derelict property...

Even in East Oakland, there is a huge in-fill retail project going in at Foothill Square.
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Old 02-11-2013, 04:06 PM
 
Location: SF Bay Area
18,983 posts, read 32,693,561 times
Reputation: 13646
Quote:
Originally Posted by Ultrarunner View Post
If I didn't live in Oakland... some of the comments would make me think the city was full of empty lots and boarded up buildings...

I've been to Detroit and I know what it is to see block after block of derelict property...

Even in East Oakland, there is a huge in-fill retail project going in at Foothill Square.
I don't think there is any city like that in CA. I've always wanted to go to Detroit because I'm fascinated by how much of the city has been abandoned, you just don't see that anywhere in Ca anymore though. The more ghetto/run-down neighborhoods just seem to get re-populated with immigrants or something and not really abandoned .
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Old 02-11-2013, 04:53 PM
 
3,098 posts, read 3,789,000 times
Reputation: 2580
Quote:
Originally Posted by Nineties Flava View Post
@ Ultrarunner/18Montclair/Sav858/Senno etc, why do y'all continue to entertain a troll who has obviously never spent a day of his life in Oakland? Who cares what this troll has to say about a city that is far too black for his liking? The Detroit and Mogadishu comparisons make it obvious what his real beef with Oakland is. It's not your job to correct the bigotry of a scared suburbanite.
you do have a point it is obvious that the diversity of oakland is a problem for some but some people may come to this site really looking for information about oakland (this forum is a red hot mess but it could happen)
i don't want someone missing out on the burgeoning dining entertainment and art scene .
mod cut

Last edited by Sam I Am; 02-11-2013 at 06:36 PM.. Reason: off topic
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Old 02-11-2013, 06:07 PM
 
Location: Los Altos Hills, CA
36,666 posts, read 67,596,324 times
Reputation: 21255
Yawns...a city that is on a downward spiral isnt seeing a 100% jump in downtown home prices over the course of a single year. People are flocking to downtown Oakland in droves, contrary to the neurotic rantings of anyone in C-D. lol
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Old 02-11-2013, 06:30 PM
 
Location: NoVA
28 posts, read 41,646 times
Reputation: 80
Quote:
Originally Posted by Nineties Flava View Post
@ Ultrarunner/18Montclair/Sav858/Senno etc, why do y'all continue to entertain a troll who has obviously never spent a day of his life in Oakland? Who cares what this troll has to say about a city that is far too black for his liking? The Detroit and Mogadishu comparisons make it obvious what his real beef with Oakland is. It's not your job to correct the bigotry of a scared suburbanite.
Nineties, I just had to post because you caught the same thing I did. I know I’m a newbie here but I was scratching my head about these never-ending back and forths about Oakland. The same thing over and over again? I thought it was maybe boredom on the part of these new posters but the fact that Mogadishu and Detroit have been thrown around in several of these threads by several different posters makes it pretty easy to read between the lines.

I’m really glad that a pp here posted that picture because it clarifies it for me. Three elderly African-American gentlemen shooting the breeze? Seriously? You post that in a thread about Oakland being dangerous? That screams scary and dangerous to you? They look about my dad’s age. He’s in his seventies. Very scary! Now I know why these threads are never-ending. Thank you for clarifying that for me!
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Old 02-12-2013, 10:26 AM
 
3,475 posts, read 5,274,572 times
Reputation: 3216
Quote:
Originally Posted by DocGoldstein View Post
How are those conditions different from any city in the Bay Area?

The median sold price in HP/Bayview in S.F is up 51% YOY, and sales are up 33% YOY as well. Anything that is listed at 5-10% within comps goes pending in a few days. Better numbers than places in Oakland like Temescal, Rockridge, and even Montclair. That's sizzling.

Oakland's local market may be heating up, but using The Ellington as one of your main support points isn't exactly convincing. 134 units in 4 years is a super slow sales pace.
I know people at the Ellington so have been watching condo sales there. Yes, 134 units in 4 years is slow as an average, but you have to look at each of the years to see the trend. When they started selling, the pace was moderate, then it was dead, and in the past 6 to 8 months has been sizzling. Those 134 units didn't all sell at an even pace. So looking at the 4-year average doesn't show you how the market is right now. Right now, it's hot. We'll see where it goes.
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Old 02-12-2013, 10:32 AM
 
3,475 posts, read 5,274,572 times
Reputation: 3216
Quote:
Originally Posted by 18Montclair View Post
So this takes us back to the first post in this thread. How can Oakland be as bad as the news media reports it to be when the average sale price of a housing unit in Downtown has doubled in the past 12-month period?
Well, in the Bay Area, whether or not an area is cheap or expensive has only limited correlation to its safety. We have friends in the Mission District living in a $1.4 million 2 BR condo, and there are really scary people walking the streets at night. When they visit us in Emeryville, they're afraid to park their car outside, even though our street is basically a quiet, new, urban office park. They somehow perceive the area as more dangerous because it is less expensive or somewhat near Oakland. But their much more expensive area is much more run down and scary. It's still a matter of perception, and prices don't reflect the safety of an area that much.
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Old 02-12-2013, 10:36 AM
 
Location: Lafayette, CA
2,518 posts, read 4,013,973 times
Reputation: 624
Quote:
Originally Posted by tstieber View Post
I know people at the Ellington so have been watching condo sales there. Yes, 134 units in 4 years is slow as an average, but you have to look at each of the years to see the trend. When they started selling, the pace was moderate, then it was dead, and in the past 6 to 8 months has been sizzling. Those 134 units didn't all sell at an even pace. So looking at the 4-year average doesn't show you how the market is right now. Right now, it's hot. We'll see where it goes.
I'm not saying the market isn't heated right now, but it's not an Oakland exclusive is my point. The demand has simply been multiplied everywhere because of unusually low inventory. Any investor will tell you this right now. Bay View/Hunter's Point and many neighborhoods not seen as "desirable" places have seen huge increases in median sold prices, but it doesn't mean that those areas are suddenly gentrifying and becoming nicer places to live. Same goes with West Oakland, Oakland Downtown, etc. Quite simply, everyone is paying much more for housing everywhere, which explains why prices are up, not because "Oakland downtown" has suddenly become more desirable to people.
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