Upper Laurel

[sonarrat]

I'm staying on the table. But it has been almost two months and there are a few other interesting options on the market now..

[Ultrarunner]

Depending on how flexible you are... you can hold firm and on the appraisal contingency and thank everyone for their efforts... this might be enough to get things moving in your favor.

The downside is... there is the possibility that someone else will buy the home.

[sonarrat]

I saw another house today that was three times the size, on three times the lot, for the same price, lower down in the Fruitvale. On the down side, almost everything has been torn out, even the kitchen sink.. which is why it's priced so low. But there's a lot of value there. It's going to make it very hard to keep waiting for this cramped little bungalow.

[Tallysmom]

Originally Posted by sonarrat

I saw another house today that was three times the size, on three times the lot, for the same price, lower down in the Fruitvale. On the down side, almost everything has been torn out, even the kitchen sink.. which is why it's priced so low. But there's a lot of value there. It's going to make it very hard to keep waiting for this cramped little bungalow.

Let me say this -- we bought our house in 1987, as a starter home... and we're still here.

And it's getting tinier! It's the opposite of the TARDIS! LOL Bigger and you get to redo it -- sounds good to me...

[barryhussein]

Hey 'Rat,
Following your house hunt in Oakland is quite interesting. Could you please give us some numbers to put with these properties you are describing? Upper Laurel is pretty cool. My friend had a SF view from his balcony. He did have the car break in problems in front of his home and at the Fruitvale BART. Nothing real serious, though. He eventually moved to the Mission and was paying 1700 per month for a one bedroom, where he was afraid to go out at night. That was about 10 years ago.

[sonarrat]

Originally Posted by barryhussein

Hey 'Rat,
Following your house hunt in Oakland is quite interesting. Could you please give us some numbers to put with these properties you are describing? Upper Laurel is pretty cool. My friend had a SF view from his balcony. He did have the car break in problems in front of his home and at the Fruitvale BART. Nothing real serious, though. He eventually moved to the Mission and was paying 1700 per month for a one bedroom, where he was afraid to go out at night. That was about 10 years ago.

The house I was looking at to begin with was 4016 Masterson, which is in the Upper Laurel, for $199,500. I ruled it out for reasons that had nothing to do with the property. I went on to a house under MacArthur, but still in the Laurel, for about the same price. That was the one that appraised low. The one I have my eye on now is close to Int'l and 55th Ave and is listed under $190K. I have an apartment on the peninsula currently which is costing me $1075 a month.. if this works out I'll be paying roughly that, but I'll have a house that could rent for over $3000.

[barryhussein]

Thanks for the info. It might be even more interesting if you could tell us what these homes were selling for at the peak of the boom. Good Luck! Sounds like the appraisers are playing hardball--maybe they don't want to go to jail.

[sonarrat]

Originally Posted by barryhussein

Thanks for the info. It might be even more interesting if you could tell us what these homes were selling for at the peak of the boom. Good Luck! Sounds like the appraisers are playing hardball--maybe they don't want to go to jail.

Oh I don't mind telling you that. 4016 Masterson St sold for $365,000. The house I want to buy in the Laurel sold for $300,000. The big one - which is in the Melrose - sold for $491,000 in early 2006, then $589,000 five months later.

[sonarrat]

Financing fell through. Not because I couldn't qualify - but because the house was determined to be insufficient collateral. So I stay on the peninsula for now, which is not so bad.. maybe by the time the market settles down I'll be able to afford something in San Bruno or Millbrae.

[motoproponent]

I just bought my first house. It's in the Laurel and I must say I'm digging the hood so far. I'm three blocks away from the Farmer Joes. It was tough to find a place to buy as I had a really cool and affordable apartment in Lake Merrit. (Lake View Penthouse with a private roof deck on two sides of the apartment for 1260 a month) I knew I couldn't find a place with the same amenities as my old neighborhood, it's tough to find a place mere blocks from a district like the Grand Lake Theater Area and not pay through the nose. But I found the Laurel to be a close second. (At least in My price range)