They are not developing it themselves, just flipping the design. Boo!
This can be done by us. Itās easier or at least less expensive to get a plan approved than really developing it.
If I have enough funds, I might start flipping plans to builders
Encouraging newsā¦
2750 26th Ave Oakland - JUST SOLD
Posted by Hiroko Tsumori on Friday, March 3rd, 2017 at 10:11am.
Congratulations to my seller who received nine offers and 15 percent over asking price!
This cozy Oakland home with 2 bedrooms/1 bathroom with den upstairs, and extra bonus room with a bathroom downstairs had so much to offer. I had many buyers visiting during heavy rainy February. Whether rain or shine, the Oakland real estate market is so hot!
Can oak town make it for real this time? It has the tendency to self destruct.
That is the $64,000 question that nobody can answer. At least developers are willing to bet on Oakland. You have that Brooklyn Basin project breaking ground and according to the SF Biz Journal something large is being planned for West Oakland (where you are at). Oakland is a work in progress.
Brooklyn Basin is on the other side of freeway, it is kind of disconnected from the rest of Oakland. Itās like Jack London Square. Jack London Square is nice, but how much impact did it have on downtown? They are almost like a separate city. The first building of Brooklyn Basin is a rental apartment. If itās for sale, could be a ground floor opportunity to buy the 1st batch of units. The developer is smart to keep the 1st building as rental.
Whatās the plan in West Oakland? There isnāt any large piece of vacant land.
Itās vacant guys.
Looks real fancy. How much rent?
Too East Oakland for my tasteā¦
Yup, too east for me too.
It might be overdone for the area but I still think you can up to $2000/unit.
How about this townhouse? 2/1.5/1000 close to the Oakland zoo asking for 250K. Not sure how realistic that price is. But rent estimate is $2400/mo and PITI is $1700. So cashflow is very positive.
What assumptions for PITI, mainly down payment, interest rate (I hope fixed mortgage?). It has $304 HOA too. Rent, I guess it will be between $2000 to $2200 (I really do not know anything about oakland). I saw furnished 1BD is $1500 and furnished 2BD is $2500 within 0.5 mile from this home location.
When I key in $2000, the cap rate works out 6.03% with 7% property manager and 3% maintenance and 1.25% property tax, HOA 304.
However, the home was sold 2013 for 180k, now listed 250k, the appreciation rate is 8.5% range.
The PITI number I got straight from Redfin, which includes the HOA.
For folks allergic to condos (cough @sfdragonboy cough) this SFH is nearby. 2/2/950 asking for 410K. A lot higher price but rent is only slightly higher at $2600. Cashflow is barely positive but still positive nonetheless.
I see 104th street is more traffic road, but 10401 Shaw street is excellent ROI. How are the crime rate statistics of these places?
Itās back!!! Will someone just buy the freaking house???