Albany, Emeryville, Berkeley, Pt Richmond?? (San Francisco, Oakland: mortgage, real estate, budget)

[gizmo980]

As many of you probably know, I currently live in San Francisco and work in Richmond... I LOVE being in the city, but the commute is already getting to me, so I'm considering a move later this year. I'd actually like to buy a place, but will possibly rent for a year-ish before taking that plunge. So even though I'm not quite ready to move yet, I am trying to do some research first (always the librarian, LOL). I toured some condos in Marina Bay (Richmond) last week, and they are verrrryyyy tempting!!

I've narrowed it down to the following cities thus far: Albany, Berkeley, Emeryville, Point Richmond/Marina, and possibly San Rafael since it's close to my usual work location. My first choice would be Berkeley, but I'm having a hard time finding anything less expensive than what I pay in SF. I briefly considered the El Sobrante & Pinole/Hercules area, but they are just too suburban & far from SF/Peninsula.

Here are the basic things I'd like to know about... TIA for any advice!

Weather - I prefer a cool climate like SF, and actually enjoy some heavy fog.

Safety - Not too concerned since I've lived & worked in plenty of bad neighborhoods, but I don't want anything TOO bad if I buy a place (for re-sale purposes). Also need to be able to walk my dog at night, since I often get home late.

Convenience - To San Francisco, BART, the Peninsula, and Richmond (both Pt Richmond & downtown); also local conveniences like grocery stores, shopping and entertainment.

Population - Prefer an ethnically diverse population, with more young single folks than families & children... bonus if they have a Reform Synagogue in town, but I can always keep going to my temple in SF.

Outdoor Stuff - Proximity to water/beaches is great, and a nearby dog park (or dog-friendly park) is a must... don't care much about biking or jogging, since my knees can't handle it. I love to hike on flat surfaces, though!

Cost - I can figure this out on my own, but would appreciate any words on it - both for renting and buying.

[gizmo980]

One more thing... is this a good time to buy? I keep hearing about this "real estate bust" and the prices do seem to be dropping, but I can't tell if it's the best time yet. Do you all think it'll get better or worse (for buyers) in the next year or two? And if I do buy a place, will I have trouble selling down the road?

And a few other random thoughts: I don't care about schools, since I have no children... and if I ever do, I'll probably move somewhere more affordable anyway. I also don't need to consider jobs, since I am gainfully & comfortably employed - by three cities, nonetheless. As for my budget, I'm trying to stay under $1600/mo for rent, and probably $300-400K for purchasing (1-2 bedroom condo/townhouse).

[sonarrat]

I am buying, specifically in Oakland. I feel like it's a good value now, and depending on what you pay for rent, you may find that you can buy a house in the Richmond hills for less than renting an apartment in Berkeley. I don't know how much the market is going to continue to decline, but I know that is a good long-term value.

[18Montclair]

I think this is a good time to buy. Prices in the middle and lower end markets are reeling which is great for buyers.Its a wonderful feeling to not arrive at home after work all frazzled because on top of being tired from work, you've sat in horrible traffic. I can totally relate to your decision to be closer to your job.I would say of all the places, Albany is a good fit. There's a lot of charm, its quite progressive. Berkeley without the naked people, Solano Av is really nice and there are stores and things to do. Plus its near BART and if you commute out to Pt Richmond, you'll rarely encounter any traffic.

[gizmo980]

Oh, but I like the naked Berkeley people! Seriously though, it sounds like Albany is a good possibility, based on what you & others have said on the forum... I know nothing about the town, so I kind of assumed it was either dangerous or too suburban/boring. I'm fine with a less urban setting, as long as it has some character & charm - which it sounds like Albany has. Maybe I'll do some house-hunting there, and will let you know what I think. Thanks to both of you for the advice!

Btw, are the prices in Albany reasonable compared to the other towns? I'd ideally like a 2-3 bedroom HOUSE (or townhouse), since my dog would love a real yard... but with my budget, I can only find condos in most of those areas. I guess one option is to rent a room, which would bring my mortgage payments down a bit - down payment isn't a problem, since I'll be able to get whatever is needed (within reason).

[sonarrat]

If you're buying but don't have the money now, get it now and expect to buy in August and move in sometime in November, because the bank will check to make sure it was in your possession for at least 60 days and in some cases 90.

[gizmo980]

Originally Posted by sonarrat

If you're buying but don't have the money now, get it now and expect to buy in August and move in sometime in November, because the bank will check to make sure it was in your possession for at least 60 days and in some cases 90.

What if the money is coming from an outside source? Should I try to get it transferred into my name? That might be difficult & risky, especially since I'm not so good at holding onto money. I may also be using a co-signer, so maybe that will change things... but thanks for the tip!

[artemis78]

If it's from an outside source and they have it in their bank account, you can get a letter stating it will be given (or at least, you could nine months ago--this may have tightened further, but I think this isn't an unusual scenario for first-time buyers).

Oh, and Albany *is* somewhat suburban/boring--you'll want to stay close to Solano if that's not your cup of tea. (A lot of people move there specifically to raise kids.) However, if you can find a nice house there, it's also probably a much more stable investment than some of the other Bay Area cities are right now--as long as people live in the Bay Area, there will be demand for areas with good schools that also have decent commutes, I think.

Since you don't anticipate needing the schools, though, you might also look at the edge of El Cerrito near Solano, which has a similar vibe and is less expensive (WCCUSD!). We know several people near El Cerrito Plaza who love it--they can walk to BART, walk to Solano, walk to the Kensington shops, etc. Plus, can't beat that commute to Richmond....

[sonarrat]

Originally Posted by gizmo980

What if the money is coming from an outside source? Should I try to get it transferred into my name? That might be difficult & risky, especially since I'm not so good at holding onto money. I may also be using a co-signer, so maybe that will change things... but thanks for the tip!

If the co-signer is also the person who'll be providing the funding, that's fine. Otherwise you should try and get it transferred into your name one way or another.

[gizmo980]

Sorry I turned this into a real estate lesson, but I really do appreciate the advice... I'm a total moron about this stuff, so it's been helpful! I'll talk with my sister & dad (my "official" experts) about everything, and will pass along what you've both said.

Artemis - when you say Solano, do you mean Solano Ave? El Cerrito certainly would be convenient to work, and I've seen lots of good deals there... do you know about the neighborhood east of San Pablo Ave, up in the hills? That seems like a nice place, and I've found many decently-priced listings up there. I do worry about getting caught in suburban hell (no offense - just not my thing), but I guess it's close enough to SF & Berkeley. Oh, and what's the weather like in Albany/El Cerrito? I'm familiar with Richmond's springtime weather now, but haven't yet spent a summer or winter there. Anyway, thanks again everyone!