Oakland Property Market and Real Estate Guide
(Oakland, California - CA, USA)
Oakland isn't nearly as well-known as its neighbor, San Francisco
, but it is still one of the top ten biggest cities in California. It has a dense urban center, built up around a saltwater lake.
Properties and rentals in Oakland are more affordable than those in San Francisco, and residents enjoy the charming old town and a tighter neighborhood environment, with more corner shops and locally owned businesses. Although properties are still expensive by national standards, this is the least expensive place to buy or rent in the Bay Area.
The global recession took its toll on California, but Oakland fared well largely because it had suffered more than its neighbors earlier in the century. That said, homes in Oakland have been marked down by as much as 50 percent in the last two years. Local commuters like to point out that it is faster to get to San Francisco city center from Oakland than from most neighborhoods in central San Francisco itself!
Renting Serviced Apartments
Oakland has quite a few serviced apartments, many of which are used by corporate business travelers. This city has a strong industrial base, and in the past it was a predominantly working-class community. Today's residents and visitors are more diverse, and short-stay apartments have followed suit.
These units typically offer more space and higher quality facilities when compared to hotels in the same price range. They are more expensive than unfurnished apartments, but this makes sense for visitors who aren't staying in Oakland long enough to buy furniture. Most serviced apartments are sited right on the bay and within easy reach of the Alameda Naval Complex.
Buying Apartments and Houses
The most affordable properties, whether for sale or for rent, are also near the naval base. Moving east toward Redwood Regional Park, prices quickly double. Farther up the mountain, average property prices level out at mid six-figure sums. This area is home to young professionals carving out new markets in San Francisco.
Homes are expected to gain 20 percent or more in the next two to five years, especially at the higher end. For the buyer, closing costs in Oakland are relatively low by international standards, though they are slightly above the international average. Expect to pay 1.6 percent of the sale price on a modestly priced house.
Real Estate Agents
Finding a real estate agent you can count on is important, as neighborhood dynamics vary dramatically between the bay and the mountains. The most qualified agencies may not be those who have been here the longest, as the atmosphere in Oakland has changed dramatically in the last 10 to 20 years.
Check out the following Oakland realtors and real estate agents:
Address: 2 Tunnel Road, Berkeley, California CA, 94705, USA
Tel: +1 510 273 9318
Barbara Reynolds works specifically with Oakland and Berkeley and is in the top two percent of Prudential real estate agents nationwide.
Address: 2000 Powell Street, Emeryville, California CA, 94608, USA
Tel: +1 510 735 2631
Zip Realty operates in the East Bay area and maintains a comprehensive online portfolio of properties in Oakland.
Prudential CA Realty
Address: 3320 Grand Avenue, Oakland, California CA, 94610, USA
Tel: +1 510 418 9443
Realtor Ernest Villafranca is affiliated with Prudential, but he's also well-connected with the local property market.