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Old 01-25-2013, 09:17 AM
 
Location: Zurich, Switzerland
24,837 posts, read 31,240,971 times
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Quote:
Originally Posted by beb0p View Post

I never tell people if it's time to buy or not to buy - I'm not smart enough to time the market; but I think if it's something you really like and can see yourself living there for a long time and if the rent vs buy ratio works in favor of buy then I'd understand if you want to buy. The Uptown area is much more expensive than condos in other areas, seems to me that the upside of Uptown is already factored into the price. I don't know enough about Uptown to comment on the upside but someone really has to believe in that upside to justify paying the price being asked.
Great info.
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Old 01-25-2013, 11:12 AM
 
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i have not been able to find a 1 bedroom in that price range in san francisco that is not BMR/with income and occupancy requirements.
the uptown area has a lot going for it but i agree that $250,000 to $325,000 is more reasonable

Last edited by ssmaster; 01-25-2013 at 12:35 PM..
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Old 01-25-2013, 04:48 PM
 
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If you ever plan on getting married a one bedroom isn't going to cut it so at some point your going to have to sell or rent it out. Live a cheap as you can and save and invest. Build up the wealth. Then again realtors have to eat too so buy what you can afford.
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Old 01-26-2013, 12:49 AM
 
Location: Oakland, CA
16,771 posts, read 10,777,805 times
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Quote:
Originally Posted by DocGoldstein View Post
Horrible time to buy. Low inventory, artificially low rates are propping up prices. You're just asking to be upside down in Uptown Oakland by buying now. Decent 1 bedrooms sell for that price in S.F which is much more desirable than Oakland.
Where are these imaginary condos. More like 30% more, and HOAs fees that are 2x as expensive.

Quote:
Originally Posted by ssmaster View Post
i have not been able to find a 1 bedroom in that price range in san francisco that is not BMR/with income and occupancy requirements.
the uptown area has a lot going for it but i agree that $250,000 to $325,000 is more reasonable
I think Uptown Place has better finishes than Broadway Grand. And was priced a lot better, it is probably sold out by now. I went there in December in they only had 7 or 8 units left. Broadway Grand is way overpriced in my book, but the price isn't far off the rents for similar buildings in the neighborhood as well.

You'd want to do the math....but it might not be too off.

There are better newer buildings in the vicinity though. Some great smaller buildings right around there, but the prices seem to be going up in that section a bit.
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Old 01-26-2013, 09:42 AM
 
Location: Lafayette, CA
2,518 posts, read 1,631,800 times
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Quote:
Originally Posted by jade408 View Post
Where are these imaginary condos. More like 30% more, and HOAs fees that are 2x as expensive.
No, you're simply misinformed about San Francisco.

These are selling in the $460,000 range:
Just Sold: Baycrest Towers 1 Bed/1 Bath for $469,000 SF New Developments

Minus $20,000 with a broker coop, and you get down to $440,000. Also I'd take the S.F location, and Southbeach, over "Oakland/Uptown", 10 times out of 10.
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Old 01-26-2013, 10:30 AM
 
Location: Oakland, CA
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Quote:
Originally Posted by DocGoldstein View Post
No, you're simply misinformed about San Francisco.

These are selling in the $460,000 range:
Just Sold: Baycrest Towers 1 Bed/1 Bath for $469,000 SF New Developments

Minus $20,000 with a broker coop, and you get down to $440,000. Also I'd take the S.F location, and Southbeach, over "Oakland/Uptown", 10 times out of 10.
HOAs are $200 more than the comparables in Uptown. The $400K 1 bedrooms in Uptown are bigger units than your sample. The 1 bedrooms in uptown above $350k have views and are pretty rare. Not really comparable, that place is easily 100k more than the comparable Oakland spot. All in all, your "comparable" is 30% more after the price and the increase in HOAs.

There is the luxury building, the Ellington, that is around the same price of your building above. That one has way better views and better amenities.
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Old 01-26-2013, 10:35 AM
 
Location: Lafayette, CA
2,518 posts, read 1,631,800 times
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Quote:
Originally Posted by jade408 View Post
HOAs are $200 more than the comparables in Uptown. The $400K 1 bedrooms in Uptown are bigger units than your sample. The 1 bedrooms in uptown above $350k have views and are pretty rare. Not really comparable, that place is easily 100k more than the comparable Oakland spot. All in all, your "comparable" is 30% more after the price and the increase in HOAs.

There is the luxury building, the Ellington, that is around the same price of your building above. That one has way better views and better amenities.
The location is San Francisco (better than Oakland in the eyes of the market). More access to jobs, easier to sell, more attractions and sights (by far).

That easily erases that small 5% premium (it's certainly not 30% like you're exaggerating).

As an investment, and prospect for future value, the S.F condo has a much higher upside than the Oakland condo, and it's being proven in sales. The S.F building is pretty much sold out (very few units left). The Uptown condos are barely making any sales in this hot market. The market really does tell the truth.

In 10 years, the S.F condo may appreciate realistically another 35-50% in price. The Oakland condo may increase at most 10% (or even decrease depending on the neighborhood by that time).
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Old 01-26-2013, 10:42 AM
 
Location: Lafayette, CA
2,518 posts, read 1,631,800 times
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San Francisco, South Beach Neighborhood price per sqft (sold): $829
Oakland, Uptown Neighborhood price per soft (sold): $352

Which neighborhood are people more willing to pay for and will attract more money as an investment?

Like I said, Southbeach condos sell for nearly 300% per sqft more than their Uptown counterparts. Any imagined 30% premium that jade has dreamed up is easily erased when you keep that in mind.
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Old 01-26-2013, 11:21 AM
 
Location: Oakland, CA
16,771 posts, read 10,777,805 times
Reputation: 12163
Quote:
Originally Posted by DocGoldstein View Post
San Francisco, South Beach Neighborhood price per sqft (sold): $829
Oakland, Uptown Neighborhood price per soft (sold): $352

Which neighborhood are people more willing to pay for and will attract more money as an investment?

Like I said, Southbeach condos sell for nearly 300% per sqft more than their Uptown counterparts. Any imagined 30% premium that jade has dreamed up is easily erased when you keep that in mind.
I disagree with you. South Beach is in a bubble. Everyone is excited about the new Mission Bay complex etc. Prices are artificially high in my opinion. I think things will level out in SoBe and SOMA. They have been already. Similar condos to your sample were selling for $650k-700k a couple of years ago, now it is down to $470. I know a few people that did by at the top of the market in SoBe and SOMA, and they have declined in value 30%.

The Uptown condos that are priced well have appreciated over the past couple of years. And the prices right now are very much inline with the rents. A better value in my book. Those SoBe and SOMA condos on the other hand rent for much cheaper than they sell for.
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Old 01-26-2013, 11:26 AM
 
Location: Zurich, Switzerland
24,837 posts, read 31,240,971 times
Reputation: 10516
When I become less attached to my garden, pool and garage I plan on moving to Downtown Oakland. I dont know where yet tho.
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