Housing Advice - East Bay - Under $750k (Oakland, Hayward: real estate, 2014)

[jloaklife]

My husband and I bought a nice condo in Oakland in 2014 and now we amassed quite a bit of equity. We want to cash out for somewhere cheaper where we will have a very low mortgage and feel a little less strapped for money. We want to buy for under $750k (maybe up to $800k at the MOST or else its not worth it to sell and move).

More about us: My job is in Pleasanton and my husbands job is in downtown SF. However his job is in flux and right now he is negotiating to do more remote work (possibly going into SF 2-3x/week). My parents live in West Dublin. My husband insists on being within 2 miles of bart so he can bike to the bart station. We currently live in a 2bd 2ba and are fine with it. We have two parking spots and would strongly prefer to have a garage. 2bd required 1.5 bath prob negotiable but prefer 2. lt would be nice to have a modern place so we don't have to deal with all the things that go along with owning an old place.

Places we were considering:

1. Dublin or Pleasanton makes sense for us because it is near my job and if he leaves his job he could just get one close. Additionally, that would make it more feasible for us to maybe have a kid. We are currently on the fence due to the cost of childcare and the stress that would bring but this move would open us up more to the possibility. That being said, almost all the housing within two miles of Bart seems to be above the $750k mark. My husband refuses to go to Livermore because of the Bart situation. We saw one new housing development that had a model under $750k (https://www.redfin.com/CA/Dublin/Mad...home/144315021) Cons is that it seems too good to be true?

2. Since we really like being close to downtown Oakland and my commute is pretty short and so is hubby's we are still considering Oakland near the downtown. We have been getting advertisements for a place in West Oakland called Ice House with townhouses under $700k. Pros is proximity to Oakland downtown and Sf downtown and similar to our current commutes. Cons is far away from my parents, not good schools, Climate change related flooding in the future? and probable devastation if Hayward fault goes off? (also my husband is convinced at a minimum our garage will be broken into). I wanted a second opinion so I asked a friend of mine I figured would not overreact since she grew up in East Oakland and has some "rough" cousins who grew up in Deep East Oakland and she drove by it and was not into it. (https://www.redfin.com/CA/Oakland/Ic...home/145663707)


3. Same friend said she could recommend places for us to get a little bungalow in East Oakland since she knows all the intricacies of the neighborhoods. I haven't looked into East Oakland too much but I know it is not very close to Bart but it does seem to have some bus service into the city and would probably shorten my commute (albeit slightly). The pros is sounds like we might be able to find something cute and safe but not way overpriced. The cons is that its not that close to Oakland downtown and also not really close to my parents. Also, the earthquake thing.

Wanted to get some other folks thoughts on the situation. Am I missing something? Another alternative is just to sell and rent near my work where rents are kinda cheap and just wait it out but I'm concerned that we'll just waste rent and prices won't go down (and might go up). Also we have a dog and I'd love to get another. Renting with dogs can be difficult and psychologically we like owning at this point. Thoughts?

[likealady]

Maybe Fruitvale? I personally wouldn't sell right now unless I was leaving the area. Your property taxes will probably wind up being a lot more than what you're currently paying.

[Ruth4Truth]

Have you looked at the Richmond hills? Prices there are starting to explode, so you'd better make your move ASAP, if you think that could work for you as an option. Hayward hills/Castro Valley? Remember, the inner East Bay will be cooler than the other side of the hills. I mention that, because your hubs is the one who would be biking to BART. OK in the morning, but in the summer evenings, it would be hot much of the time, if out near your parents.

[jeopardyd]

Boulevard at Dublin is a good choice, it's very close to bart, your husband can just walk home.
Dublin seems to have so many new development, that housing price has largely stalled in the last couple of years.

[jloaklife]

Originally Posted by likealady

Maybe Fruitvale? I personally wouldn't sell right now unless I was leaving the area. Your property taxes will probably wind up being a lot more than what you're currently paying.

Thats part of why we are looking at properties around $750k or less that is roughly what we bought our place for. Also our HOA has shot up well over $500 a month (and our HOA seems obsessed with raising a little more every year even if expenses haven't changed). Definitely we don't want to trade in our place for something more expensive although if we bought a house without HOA it may come out about the same.

[jloaklife]

Originally Posted by Ruth4Truth

Have you looked at the Richmond hills? Prices there are starting to explode, so you'd better make your move ASAP, if you think that could work for you as an option. Hayward hills/Castro Valley? Remember, the inner East Bay will be cooler than the other side of the hills. I mention that, because your hubs is the one who would be biking to BART. OK in the morning, but in the summer evenings, it would be hot much of the time, if out near your parents.

I think Richmond hills would be too far since my job is in Pleasanton and I see myself being at this company a long time. (Although we went out to Point Richmond and really liked it. I bet the hills are great too).

As for Hayward Hills/Castro Valley we did consider that. We were thinking its kind of similar to East Oakland not the city and not that close/far from my parents but in the earthquake zone. Not sure if you guys agree.

As for the Bart thing...that is a good point. He might end up needing a shower which would tack on more time to the commute and also require a change of clothes in the bag (not good).

[jloaklife]

Originally Posted by jeopardyd

Boulevard at Dublin is a good choice, it's very close to bart, your husband can just walk home.
Dublin seems to have so many new development, that housing price has largely stalled in the last couple of years.

Do you know anyone who lives there? and if so, how they like it? Just curious since you seemed to know about the development.

[jloaklife]

Just a second question not sure if appropriate for the forum but if you were thinking of having kids would you prioritize a yard? or proximity to your job and parents (for backup child care)? I figure some of you folks have been parents and have some good advice on that.

[Oakformonday]

Originally Posted by jloaklife

Thats part of why we are looking at properties around $750k or less that is roughly what we bought our place for. Also our HOA has shot up well over $500 a month (and our HOA seems obsessed with raising a little more every year even if expenses haven't changed). Definitely we don't want to trade in our place for something more expensive although if we bought a house without HOA it may come out about the same.

Also consider property taxes will probably be lower outside Oakland (where they are pretty high for the region). I'd Google the tax rates in other cities you are looking into.

I am curious about a 2 bed, 2 bath in an older building selling for 750k in 2014? Since you amassed a lot of equity I am assuming your place is now worth 1 million or so??? I have been tracking real estate in downtown area of Oakland for 10 years and I don't recall any older building selling that high in 2014. Today - yes but not 4 years ago.

[jloaklife]

Originally Posted by Oakformonday

Also consider property taxes will probably be lower outside Oakland (where they are pretty high for the region). I'd Google the tax rates in other cities you are looking into.

I am curious about a 2 bed, 2 bath in an older building selling for 750k in 2014? Since you amassed a lot of equity I am assuming your place is now worth 1 million or so??? I have been tracking real estate in downtown area of Oakland for 10 years and I don't recall any older building selling that high in 2014. Today - yes but not 4 years ago.

Not an old building and not quite in downtown, sorry if I gave that impression. Its a nice unit and at the time it was a lot to pay for a condo