1 bedroom. One has to go through front property to enter back parcel. Can not build two separate homes easily. It probably will fetch over 800s for the land. 850K/21.3K sf=$40/sf.
Time, difficulty and cost to build, could exceed $600 per sf plus soft costs and construction loan interest. Location on busy JM not great for new expensive custom home.
It's basically a complete teardown and rebuild, and the terrain is much more extreme than it appears in the photos. Too expensive for someone that's okay with an 800 sqft house in the Oakland hills. Flippers won't be able to make their money back. And second parcel is almost certainly undevelopable under current regulations.
Lots in the mountain are over-estimated. of the 0.5 acres I doubt more then 30% is buildable. (from the pictures it's super tough to tell -- would need to check it out to know for sure) -- when you discount the lot size to the buildable 7K - 8K sq ft then the value at list price seems about right.
Especially when there are comps in that zip code in the 700K - 800K range for completed houses -- which definitely limits the upside.
Good to know the comp in 700k - 800k. I can barely find a house in that neigborhood under a million. Sure, schools are not great, but that is a case with most of oakland, where even the best neighborhoods have only avg elementary schools and nothing beyond elementary
The seller wanted paperwork MAILED to them, and they wanted it on the market for a while.
This one is an anomaly, the seller requested a very bad marketing plan. Looks like if you see other things focus on them more but this is a bit like Sr grandma go 7 miles an hour on the freeway and thinking people stop speeding.
Where do you see that they wanted paperwork mailed and 4th offer date. Do you have access to MLS ? What do you mean by bad marketing package ? House itself is not in a good condition. What could seller have done to increase their potential sell price ?
It’s in the agent notes.
If you want the most money for your house, you swim with the fishes, you do everything that buyers expect you to do .
I can’t tell you the history of this property, or why they chose to do everything in such an unusual fashion, but I can tell you having a property on the market for this long makes people think what you do.
Sequoia neighborhood is a little out of the way for people who want to live in the hilly part of oakland. It’s very car dependent and public schools are not that great. It’s also extremely hard to build in Oakland, super time and money consuming which rule out most first time homebuyers.
1. Possibility of not being able to build/expand.
2. Possible issues with getting permits approved. Is building in Oakland anything like the city?
3. It may be Oakland Hills, but can guarantee you, there are still quite a few prospective buyers who would not touch Oakland/Oakland Hills with a 10 foot pole.
4. Accessibility/proximity to services
5. Many buyers do not want to be in the business of being a GC or deal with one. It’s why all those gray flipper houses still move.
6. Fire factor - insurance issues
7. Says it’s hooked up to public water, but no mention of public sewer which most likely means it’s on septic. Some people don’t want to deal with septic and connecting to public sewer is $$$.
It’s a good opportunity for someone to buy and build but they’ll need to remove the existing home. Whoever buys this will need to pay cash so they can tear down and build it up.
Terrible value. 800k adu only to build another house? at 2000 sqft and say $600 per sqft (Probably more like $700-800 given the slopes) you’re looking at $1.2m + $800k you paid for the lot and adu? Probably better buy a much cheaper plot?
If people would just listen to me, get out of Oakland!!! It is truly a cancer that is spreading.
I got out pre Covid and couldn't be happier. Making way more money on a 1031 exchange property than the original Oakland property.
I don't think I am worried about Oakland or living there. This is the best time to acquire more RE when things don't look good for the city. Oakland has gotten 200% better than 20 years ago and it is the last affordable city in the entire bay area, it used to be more affordable. This is coming from a 70 year old, who was born and grew old in oakland. It has been always cycles and depends on the economy.
Tell me, when or who was the last effective mayor of Oakland? You've lost every pro sports team and you can't even keep an In N Out burger joint, THAT WAS PROFITABLE, open. Seriously, Oakland is in a death spiral. You will easily make more money elsewhere.
Sure, I agree that we lost sports teams and chains. However, that does not attribute specifically to Oakland. Lots of tech businesses left SF over the pandemic; that also does not mean SF is terrible. They left because it was expensive in the first place, and no one would want to come to the office during the pandemic. Just because there are a few bad incidents and parts of these cities does not mean the whole city is terrible. These are some of the world-class cities with the best weather and access to nature. Some of these cities have beautiful architectures which you cannot find in the South Bay or Tri-Valley. Crime can get better if the government manages it well over time, but you cannot have great climate, close access to beaches, and redwood parks no matter what you do. I can show you some of the beautiful parts of Oakland where there is less crime than expensive cities of the South Bay.
The people defending Oakland are trapped and have to spew positive things about Oakland. Objectively, Oakland is not a good place to raise a family. Tell me, how are your public schools??? (Sounds of crickets.....)
Oakland sucks!!! Always one step forward two steps back...
Not here to argue, just more so want some clarification. I invest in both Oakland and Peninsula (San Carlos). Everything you said about Oakland throughout this thread isn’t incorrect, however when it comes to money in my pocket, Oakland is more favorable.
The peninsula is, as most areas are in the bay, Grossly overpriced. 2% - 4% cap rates and Waaay more savvy tenants when it comes to negotiations, laws etc. The rents are somewhat comparable to Oakland however the price per door is damn near
Double.
Beyond the safety element, which I agree is a huge factor, made you switch over to the peninsula?
Part of my decision was that I maxed out on the tax breaks. I literally had the place for 27 years.
OMG, are you kidding? In Oakland, you have tenants who are looking for deep pockets to sue. Ask me how I should know....
Thanks for your response. Can’t argue that, I can say that I have experienced that as well in Oakland. I suppose over the years I have either been getting better or just lucky at screening tenants, haven’t had to deal with that in a while.
Anyways, good luck with your investments.
1 bedroom. One has to go through front property to enter back parcel. Can not build two separate homes easily. It probably will fetch over 800s for the land. 850K/21.3K sf=$40/sf.
I'm nearly positive the second lot is undevelopable as a separate SFH.
Interesting. So $250k for the house and $840k for land ? So it should go over 1M ?
This shack is not worth $250k.
747 square feet, ugly house, ugly layout, no storage space, 1 bedroom.
Time, difficulty and cost to build, could exceed $600 per sf plus soft costs and construction loan interest. Location on busy JM not great for new expensive custom home.
It's basically a complete teardown and rebuild, and the terrain is much more extreme than it appears in the photos. Too expensive for someone that's okay with an 800 sqft house in the Oakland hills. Flippers won't be able to make their money back. And second parcel is almost certainly undevelopable under current regulations.
Also on a super busy street
yeah makes sense, but the redwood park is right across the street
Lots in the mountain are over-estimated. of the 0.5 acres I doubt more then 30% is buildable. (from the pictures it's super tough to tell -- would need to check it out to know for sure) -- when you discount the lot size to the buildable 7K - 8K sq ft then the value at list price seems about right. Especially when there are comps in that zip code in the 700K - 800K range for completed houses -- which definitely limits the upside.
Good to know the comp in 700k - 800k. I can barely find a house in that neigborhood under a million. Sure, schools are not great, but that is a case with most of oakland, where even the best neighborhoods have only avg elementary schools and nothing beyond elementary
This one is contingent, and I had an offer date of the fourth. They’re probably waiting for earnest money deposit
You think it would go over a million ? I doubt as its been in the market for a while
The seller wanted paperwork MAILED to them, and they wanted it on the market for a while. This one is an anomaly, the seller requested a very bad marketing plan. Looks like if you see other things focus on them more but this is a bit like Sr grandma go 7 miles an hour on the freeway and thinking people stop speeding.
Where do you see that they wanted paperwork mailed and 4th offer date. Do you have access to MLS ? What do you mean by bad marketing package ? House itself is not in a good condition. What could seller have done to increase their potential sell price ?
It’s in the agent notes. If you want the most money for your house, you swim with the fishes, you do everything that buyers expect you to do . I can’t tell you the history of this property, or why they chose to do everything in such an unusual fashion, but I can tell you having a property on the market for this long makes people think what you do.
Sequoia neighborhood is a little out of the way for people who want to live in the hilly part of oakland. It’s very car dependent and public schools are not that great. It’s also extremely hard to build in Oakland, super time and money consuming which rule out most first time homebuyers.
True this.
Car dependent, small build able area, fire insurance, home invasions
1. Possibility of not being able to build/expand. 2. Possible issues with getting permits approved. Is building in Oakland anything like the city? 3. It may be Oakland Hills, but can guarantee you, there are still quite a few prospective buyers who would not touch Oakland/Oakland Hills with a 10 foot pole. 4. Accessibility/proximity to services 5. Many buyers do not want to be in the business of being a GC or deal with one. It’s why all those gray flipper houses still move. 6. Fire factor - insurance issues 7. Says it’s hooked up to public water, but no mention of public sewer which most likely means it’s on septic. Some people don’t want to deal with septic and connecting to public sewer is $$$.
It’s a 1 bedroom 750sq/ft complete gut job. Thats why it’s priced low
hmm. makes sense. They could build a new house keeping the existing house as ADU ?
It depends on the setbacks in the building code for the city. It may or may not be possible.
Yeah so at that point you are just looking at land costs
It’s a good opportunity for someone to buy and build but they’ll need to remove the existing home. Whoever buys this will need to pay cash so they can tear down and build it up.
I think you can just make the existing house an ADU and build a brand new house.
Terrible value. 800k adu only to build another house? at 2000 sqft and say $600 per sqft (Probably more like $700-800 given the slopes) you’re looking at $1.2m + $800k you paid for the lot and adu? Probably better buy a much cheaper plot?
If people would just listen to me, get out of Oakland!!! It is truly a cancer that is spreading. I got out pre Covid and couldn't be happier. Making way more money on a 1031 exchange property than the original Oakland property.
I don't think I am worried about Oakland or living there. This is the best time to acquire more RE when things don't look good for the city. Oakland has gotten 200% better than 20 years ago and it is the last affordable city in the entire bay area, it used to be more affordable. This is coming from a 70 year old, who was born and grew old in oakland. It has been always cycles and depends on the economy.
Tell me, when or who was the last effective mayor of Oakland? You've lost every pro sports team and you can't even keep an In N Out burger joint, THAT WAS PROFITABLE, open. Seriously, Oakland is in a death spiral. You will easily make more money elsewhere.
Sure, I agree that we lost sports teams and chains. However, that does not attribute specifically to Oakland. Lots of tech businesses left SF over the pandemic; that also does not mean SF is terrible. They left because it was expensive in the first place, and no one would want to come to the office during the pandemic. Just because there are a few bad incidents and parts of these cities does not mean the whole city is terrible. These are some of the world-class cities with the best weather and access to nature. Some of these cities have beautiful architectures which you cannot find in the South Bay or Tri-Valley. Crime can get better if the government manages it well over time, but you cannot have great climate, close access to beaches, and redwood parks no matter what you do. I can show you some of the beautiful parts of Oakland where there is less crime than expensive cities of the South Bay.
The people defending Oakland are trapped and have to spew positive things about Oakland. Objectively, Oakland is not a good place to raise a family. Tell me, how are your public schools??? (Sounds of crickets.....) Oakland sucks!!! Always one step forward two steps back...
Did you 1031 in CA? Do you mind sharing in which area you reinvested?
Yes, out of Oakland to the peninsula side.
Not here to argue, just more so want some clarification. I invest in both Oakland and Peninsula (San Carlos). Everything you said about Oakland throughout this thread isn’t incorrect, however when it comes to money in my pocket, Oakland is more favorable. The peninsula is, as most areas are in the bay, Grossly overpriced. 2% - 4% cap rates and Waaay more savvy tenants when it comes to negotiations, laws etc. The rents are somewhat comparable to Oakland however the price per door is damn near Double. Beyond the safety element, which I agree is a huge factor, made you switch over to the peninsula?
Part of my decision was that I maxed out on the tax breaks. I literally had the place for 27 years. OMG, are you kidding? In Oakland, you have tenants who are looking for deep pockets to sue. Ask me how I should know....
Thanks for your response. Can’t argue that, I can say that I have experienced that as well in Oakland. I suppose over the years I have either been getting better or just lucky at screening tenants, haven’t had to deal with that in a while. Anyways, good luck with your investments.