March 26, 2008

Oakland Price Reduction Hop About Town

While price reductions in Oakland are certainly concentrated and most dramatic in bank-owned properties and fixers (as in 2918 Magnolia St. below), price cuts are hitting all types of properties across the board and may be sweeping or incremental. Today I’ve featured an SFR craftsman converted to condos; a bank-owned fixer; an SFR that can be easily used as a duplex and two contemporary condos, one on the Lake and one on Jack London square.

Photo Credit: “Jump” by val-j on stock xchange

661 43rd St., Temescal/N. Oakland, Condo conversion
2bd/1ba 1100 SF
List Price: $399,950 Reduced from: $429,000

2918 Magnolia St., West Oakland
2bd/1ba 1024 SF
List Price: $169,900
Reduced from: $289,900
Previous Sale: $475,841 in Nov 2006

2225 13th Ave., New Chinatown/San Antonio (Central-East Oakland)
6bd/2ba 24oo SF,
List Price: $598,000
Reduced from: $679,000
Previous Sale: $160,000 Jan 1997

This property is right around the corner from me. While listed as an SFR, it appears to be renovated and marketed as a duplex. Due to historically low prices in this district and depending upon the extent of the updates, somebody could get a really good deal on this property.

1 Lakeside Dr. #1107 Lake Merritt, Condo
1bd/1ba 833 SF
List Price: $395,000
Reduced from: $429,000
Previous High Sale: $804,000 December 2004 (I don’t understand this; perhaps a typo? Even at the height of the bubble this seems way too high.)

201 4th St. #512, Jack London Square, Condo
1bd/1.5ba 1071 SF
List Price: $499,000
Reduced from: $515,000