Opportunities and Challenges for Downtown Oakland

[ssmaster]

The broadway grand in oakland has 2 bedroom condos asking $890,000.
Downtown oakland is safe for a dense urban area in the Bay Area. It has a growing dining and entertainment scene and 12 - 15 minute Bart ride to financial district.
But the another important factor is that 1 bedrooms in sf average $3000 and 2 bedrooms $4000

[CirclingLogan]

LOL a 2bedroom in that building is not worth $900k.

You can buy a 3 bedroom house in Grand Lake or Lake Shore for that amount or less.

[ssmaster]

I agree but I also think $4000 in rent for a 2 bedroom is too much and the mortgage on this is about that much.There are 20 +photos for the listing most are photos of ozuma,pican ,duende,flora,mua and Starbucks. The restaurants and the 12 minute Bart ride to financial district seem to be the selling point like in rockridge.mod cut

[04kL4nD]

I've been inside several of those units and the layouts are super weird. I'm sure somebody will buy it, but we weren't at all interested in any of those when we looked.

[CirclingLogan]

Originally Posted by ssmaster

I agree but I also think $4000 in rent for a 2 bedroom is too much and the mortgage on this is about that much.There are 20 +photos for the listing most are photos of ozuma,pican ,duende,flora,mua and Starbucks. The restaurants and the 12 minute Bart ride to financial district seem to be the selling point like in rockridge.mod cut

If one wants to be on BART, I'd wait it out for a 2 bedroom house in Rockridge for the same price or Temescal for $200k less. I live in Uptown and it's got lots of perks, but it's far from a complete neighborhood. In ten years, maybe. I'd love to invest in the neighborhood by buying something, but I can't imagine those weirdly designed condos ever being worth more than $900k. I imagine they might even go down in value if significantly more housing is built in the area with better design. If one of those Victorians in the area came on the market, that's something to snatch up!

[jade408]

I remember when Broadway Grand first opened (before they went rental), I went on a tour open house. Every single person in the group I was on was snickering and saying "these layouts are illogical, no one will ever buy these."

It was hilarious, the units were universally panned. Hopefully on the next phase they create better layouts. They are so overpriced for average finishes and poor design.

[04kL4nD]

The worst one was the 3BR, IIRC. You had to go down like a half a flight of stairs from the entry way to go to the master BR. LOL