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Money Saving Tips :: Oakland Condos
Oakland Condos: A Guide to Condos in Oakland, CA
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Just a few miles north of San Francisco, Oakland condos are quickly becoming a hot commodity. Thanks to high rents in nearby San Francisco, working professionals have made Oakland one of the best cities for apartment investing in the country.
Combine that high rental demand with falling housing prices and Oakland condos are a great investment opportunity for the aspiring landlord. If you're considering purchasing a condominium in the Oakland area, keep reading for a full overview of the market and Oakland itself.
The Oakland 10K Housing Initiative
The Oakland 10K Housing Initiative is a city-directed program to attract 10,000 new residents to the downtown core of Oakland. It's also great news for those looking to purchase Oakland condos.
The initiative was launched in 1999 with a goal of building or encouraging the development of over 6,000 housing units. Since its launch, Oakland has seen 95 new condominium developments with over 10,000 units either completed or starting construction.
That influx of new condos means a savvy investor can grab a cheap pre-construction unit in a prime location that's ready to rent and start generating income.
Oakland Housing Market and Median Prices
The median price for one-bedroom Oakland condos is currently hovering just over the $300,000 mark and while that's down from the last year, the area is holding up well in the face of the California market's recent downturn.
Two bedroom condos in Oakland are boasting a median sales price of $328,000, 3 bedroom condos and houses are going for $425,000 and 4 bedroom units and homes are selling for a median price of $416,000.
Property Taxes in Oakland
The property tax in Oakland wavers between 1.2297 and 1.3875% of the assessed value, depending on the property type and exact location. The real estate transfer tax is 1.61% of the sales price.
Condo Developments in Oakland
As mentioned earlier, there are close to a thousand new condominium developments either up or going up in the Oakland area. While it's not possible to list them all, two of the most popular Oakland condos include the Waterlink at Pier 27 development and the building being developed at 200 Second Street.
Waterlink at Pier 27 features waterfront property and close access to the San Francisco bridge, making it a great choice for commuters. Units start at the $390,000 mark.
Meanwhile, 200 Second Street is a modern, but private 74-unit building is within sight of San Francisco, walking distance to commuter ferries and located close to the waterfront, making it a desirable and affordable location for Oakland condos.
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HomePropertyTips.com :: Oakland Condos