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Old 08-27-2017, 10:31 AM
 
27,752 posts, read 58,165,131 times
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Another gem of east Oakland a block from 106th ave is the Dunsmuir House which hosts many events...

This one is coming up in two weeks.

Gallery
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Old 08-27-2017, 10:36 AM
 
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I've driven along E-14th/International Blvd a long time ago and walked around and never felt unsafe, but this was during the day.

I'd say there are a lot more hairier areas in the San Fran Bay than East Oakland, like Bayview Hunters Point for one.
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Old 08-27-2017, 10:37 AM
 
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Quote:
Originally Posted by Oakformonday View Post
Right. I told people to buy if they had the money back then. I would of picked up a few condos in my hood sub 100k that now sell for 400k+. Back to this area, you aren't going to see the same thing again. That was a once in a life time opportunity.
Agree... panic ensued and folks were not walking away but running away from homes...

East Oakland was hit really hard... 20 years of price appreciation simply wiped out.

I stayed the course and on the flip side... rentals only experienced a little dip but came back stronger.

Had a family member through marriage that owned 4 homes... lost them all except a condo in Castro Valley... his wife didn't like Castro Valley so they did a short sale...

Last week after trying for years they bought a 45 year old mobile home because they were tired of having to move as the places they rented were being sold.
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Old 08-27-2017, 10:53 AM
 
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Quote:
Originally Posted by Ultrarunner View Post
Agree... panic ensued and folks were not walking away but running away from homes...

East Oakland was hit really hard... 20 years of price appreciation simply wiped out.

I stayed the course and on the flip side... rentals only experienced a little dip but came back stronger.

Had a family member through marriage that owned 4 homes... lost them all except a condo in Castro Valley... his wife didn't like Castro Valley so they did a short sale...

Last week after trying for years they bought a 45 year old mobile home because they were tired of having to move as the places they rented were being sold.
I'm also aware of the misery that ensued due to the housing crash. I know someone that was foreclosed on Christmas day. Her husband left her and she couldn't afford the mortgage on her own. The next owner paid 125k and today it is worth almost 600k. If one could wait it out then all is fine but many could not or simply could not afford the mortgage. No doc loans ruined many lives. Luckily Congress fixed this but I have seen hints that the current administration wants to undue some or all of the protections.
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Old 08-27-2017, 11:13 AM
 
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I had a chance to buy a 1920s house on Kingsley Circle, just north of 51st st in 2009...50k. Just too scary crime wise. OTOH, I just zillowed my ex girlfriends 1924, 906 sf on a 4400 sf lot adjacent to MLK Junior high in Berkeley...now above a million for the first time, and would be worth more without the house or her. So land is over 200 PSF in 94703....below Shattuck. It was assessed at 170k in 1987, when her uncle left it to her.
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Old 08-27-2017, 11:44 AM
 
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Quote:
Originally Posted by Oakformonday View Post
I'm also aware of the misery that ensued due to the housing crash. I know someone that was foreclosed on Christmas day. Her husband left her and she couldn't afford the mortgage on her own. The next owner paid 125k and today it is worth almost 600k. If one could wait it out then all is fine but many could not or simply could not afford the mortgage. No doc loans ruined many lives. Luckily Congress fixed this but I have seen hints that the current administration wants to undue some or all of the protections.
Important to note that not all were forced out... know a lot that simply decided they could rent for less than half the cost of owning.

Two families that previously rented from me bought... one in 2006 and the other in 2007... one across the street and the other several blocks away...

Both great families and I was happy for them realizing their dream of home ownership...

Family one was paying $1250 a month for a 2 bedroom 1920's bungalow home... they bought almost the identical home across the street... their monthly housing cost went from $1250 to $3100 but they were owners... when the market tanked they were still paying $3100 and couldn't refi as the value dropped... they bought with 3% down and a one year teaser rate mortgage.

In 2009 they saw my tenants were leaving and asked it I would rent them there old house again... of course... so after paying nearly 130k in monthly housing costs they walked literally across the street and I am still charging them $1375 rent...

The other family took on a fixer... they did a great job... new roof, refinished the hardwood... new windows, gas fireplace, electrical... the place was looking sharp and they had spent 50k on a home equity loan to make improvements... they owed 500k and the after the crash the bank sold the home for 165k...

They also ended up divorced in big part because of the house... even cashed in retirement and paid penalties...

I don't know who's fault it is... but they were both very hard working and super nice families... one from Mexico and one from the Philippines...

My point is they both had the same jobs and even better income... it was the prospect of paying on a 500k loan on a home that had fallen in value to 165k...

That home recently sold for 580k... basically untouched as all had been done with the 50k of home improvements... the foreclosure buyer cleared several hundred thousand dollars!!!

As pointed out... my sister-in-laws college roommate bought a home in 2012... decided she was not cut out to be a homeowner and sold it 18-20 months later... paid off all her student debt, car loan and put money in the bank... in 2014... NOW SHE IS AGAIN LOOKING regretting selling in 2014 because the home has gone up another 200k over the last 3 years... I see her ripe for losing... buying when prices are high...

All the homes in my example are East Oakland below 580...
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Old 08-27-2017, 12:27 PM
 
Location: State of Transition
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Quote:
Originally Posted by Ultrarunner View Post
Agree... panic ensued and folks were not walking away but running away from homes...

East Oakland was hit really hard... 20 years of price appreciation simply wiped out.

I stayed the course and on the flip side... rentals only experienced a little dip but came back stronger.

Had a family member through marriage that owned 4 homes... lost them all except a condo in Castro Valley... his wife didn't like Castro Valley so they did a short sale...

Last week after trying for years they bought a 45 year old mobile home because they were tired of having to move as the places they rented were being sold.
There was a huge effect on the rental market, though, that made renting more difficult for "traditional" renters (singles, young couples), because suddenly, they were competing for rentals with entire families. The sudden surge in demand for rentals after the bank loan scam eventually pushed rental rates higher, as well.
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Old 08-27-2017, 12:28 PM
 
Location: State of Transition
90,658 posts, read 86,805,427 times
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Quote:
Originally Posted by Ultrarunner View Post
Another gem of east Oakland a block from 106th ave is the Dunsmuir House which hosts many events...

This one is coming up in two weeks.

Gallery
Wrong link? I'm not getting a house photo, when I click on this.

This is a really fun thread, btw. Such a welcome respite from the usual bickering.
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Old 08-27-2017, 12:52 PM
 
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There was a small window, when the renters felt pretty smart, but they just get creamed in the long run. People, who think they are entitled to live and retire in the place they were born are in denial. Nevada isn't that bad.
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Old 08-27-2017, 01:06 PM
 
Location: State of Transition
90,658 posts, read 86,805,427 times
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Quote:
Originally Posted by Hal Roach View Post
There was a small window, when the renters felt pretty smart, but they just get creamed in the long run. People, who think they are entitled to live and retire in the place they were born are in denial. Nevada isn't that bad.
You're comparing the desert to the NorCal coastal and Bay environment? Surely, you jest...
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