California

[MossRoad]

...

Till things settle... I have deep roots in Oakland CA...as 5 generations of my family have called Oakland home...

BAH! Sentimentality! :laughing:

 

[ultrarunner]

BAH! Sentimentality! :laughing:

I remember the boarded up houses walking to school in the 70's that the city was selling for $1 if you moved in for 5 years and made $5k in improvements... paint and a roof would pretty much cover it...

I remember those $1 homes that are now selling for 350k and up.

I'm no fortune teller but experience has repeatedly shown California always comes back stronger...

 

[dragoneggs]

There really is no place quite as stunning and beautiful was Western Was looking out over the Sound with the Olympics in the background....

Shhh... Naw it ain't nice at all. From my deck and where I'm sitting now.

 

[California]

I remember the boarded up houses walking to school in the 70's that the city was selling for $1 if you moved in for 5 years and made $5k in improvements... paint and a roof would pretty much cover it...

I remember those $1 homes that are now selling for 350k and up.

I'm no fortune teller but experience has repeatedly shown California always comes back stronger...

Yep. First house we bought over in the state capital was a small decent duplex in an older 'white flight' neighborhood. This means as the elderly population in the neighborhood died off the absentee heirs rented to whoever because near nobody would buy there. I think the Black Panthers shooting a cop in a siege of their site gave the whole neighborhood a bad name, but that had been the only scary incident in the neighborhood's history. Population was mostly elderly white owners, maybe 10% younger, qualified black owners, 10% poorer black and white renters.

Anyhow we were poor. We applied our life savings of $1,000 and a month's sweat equity to qualify for a FHA 3% down loan, and bought it for $15,000.

We made the right choice, rent from the other side of the duplex covered all our housing cost and that was the beginning of 40 years putting part of our paychecks into accumulating savings and investments.

And the neighborhood wasn't scary. Our black and white new neighbors who owned, stopped by to say our purchase was a good sign the decline of property values had turned around and now their property values would hopefully turn up.

Ok, we bought it for $15,000 during a time that was tense nationally, but not in our little neighborhood. I see that duplex is presently on the market, listed at $298,000. Zillow's rough estimate of value based on comparables is $387,000.

Yes, California seems to come back.

 

[houstonscott]

Yep. First house we bought over in the state capital was a small decent duplex in an older 'white flight' neighborhood. This means as the elderly population in the neighborhood died off the absentee heirs rented to whoever because near nobody would buy there. I think the Black Panthers shooting a cop in a siege of their site gave the whole neighborhood a bad name, but that had been the only scary incident in the neighborhood's history. Population was mostly elderly white owners, maybe 10% younger, qualified black owners, 10% poorer black and white renters. Anyhow we were poor. We applied our life savings of $1,000 and a month's sweat equity to qualify for a FHA 3% down loan, and bought it for $15,000. We made the right choice, rent from the other side of the duplex covered all our housing cost and that was the beginning of 40 years putting part of our paychecks into accumulating savings and investments. And the neighborhood wasn't scary. Our black and white new neighbors who owned, stopped by to say our purchase was a good sign the decline of property values had turned around and now their property values would hopefully turn up. Ok, we bought it for $15,000 during a time that was tense nationally, but not in our little neighborhood. I see that duplex is presently on the market, listed at $298,000. Zillow's rough estimate of value based on comparables is $387,000. Yes, California seems to come back.

yeah, got to remember a $350k home in Oakland looks like a shack. Not sure why anyone would live like that...at that price, I wouldn't live in Oakland at any price, I would walk or crawl out of there if I had too. Crazy. HS.

 

[California]

yeah, got to remember a $350k home in Oakland looks like a shack. Not sure why anyone would live like that... Crazy. .

I suspect the poor suckers living in those now, are the tech employees in San Francisco who don't earn enough to live in San Francisco.

 

[houstonscott]

I suspect the poor suckers living in those now, are the tech employees in San Francisco who don't earn enough to live in San Francisco.

A $850k apartment in SF is a dive, you'ed bump into yourself it's so small. No thanks. HS

 

[cqaigy2]

Shhh... Naw it ain't nice at all. From my deck and where I'm sitting now.

View attachment 477398

View attachment 477399

Just so you know, those photo's are of the two "sunny" days of the year.

 

[dragoneggs]

yeah, got to remember a $350k home in Oakland looks like a shack. Not sure why anyone would live like that...at that price, I wouldn't live in Oakland at any price, I would walk or crawl out of there if I had too. Crazy. HS.

I hear you but some folks are tied by their family, job, etc. Easy to say, 'just leave'. Not so easily done for everyone. Some don't have the genes, means, or greens to relocate.
Others... believe it or not, may like what you don't.

 

[ultrarunner]

Population is growing and homes have more than doubled in value... so the demand can't be disputed.

I've never lived anywhere in the city with bad neighbors... didn't matter what race... most are simply doing the best they can for their families... and most were homeowners.

Not that it really matters but here are two examples of East Oakland homes to illustrate the market...

The first is a 1100 square feet 1922 Craftsman Bungalow on a 5,000 lot that sold for 350k

The second is a 1550 square feet 1960 home on 1/2 acre that sold for 600k