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(p.s our budget is 450,000 max, but preferably 400,000, so it feels a little frustrating to have an o.k. budget and still feel like we can't afford a decent house.)
No, it's definitely NOT going up. Granted, it may not go down as much as I would like, but I've been watching prices for months and they're definitely going down, just really slowly.
Alameda is not any further away from Oakland than San Leandro, though being an island does help with crime aspect. (admittedly why we don't want to buy in San Leandro - we are currently in a decent area but not sure about the direction the city government is taking things.) The new development was voted down recently and as far as I can tell is not a 100% sure thing.
Also, prices in Alameda in 2001-02 were not that high- were drastically low in fact if I look at price histories.
Perhaps, but then would not rents be drastically higher there too?
and like the rest of the Bay Area has probably been increasing in price since Jan. 1st.
You can't look at the Clear Capital and Case Shiller data and say that with a straight face.
illustrateth, Will you children be going to public schools?
No, we'll probably be homeschooling actually. We also will not buy more house than we can afford, even if it means living somewhere else or staying renters.
MAGA
2011 Mar 15, 10:19am
I'm over in that area from time-to-time (Coast Guard Island). Does not look like an area I would want to buy into. Maybe I'm in the bad part of town.
Katy Perry
2011 Mar 15, 10:23am
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Tuesday, 15 Mar 2011 at 4:21 pm Link Top Quote Email FlagPerhaps, but then would not rents be drastically higher there too?
no because rent is what a person can really afford to pay.
how does rent stack against buying remember monthly rent x12 x15 years = house price or go f yourself mr seller. rent => real home price.
I’m as certain as I can possibly be that prices have been increasing since January 1st.
And I’m as certain as I can possibly be that prices in the Bay Area have been decreasing since January 1st. The Redfin links that you posted show $/sq.ft. bottoming out at the end of February/beginning of March. This is consistent with the narrative I've been laying out. We'll see a "late" seasonal increase in the April SF Bay Area Case Shiller Index, which is what happened during the nineties downturn (some called it a crash). This is further supported by Clear Capital which shows SF Bay Area Quarter to Quarter declines of -4.5% (January) and -4.0% (February). Contrast this with robust (according to CC) markets that actually showed increases in January and February.
Stop with the idiocy people. The duck is not a relitter.
Katy Perry
2011 Mar 15, 11:49am
I’m over in that area from time-to-time (Coast Guard Island). Does not look like an area I would want to buy into. Maybe I’m in the bad part of town.
no you're just a family man maybe and not a gritty city guy. I used to live in a warehouse over on 22nd ave next to the welding sculpture guy. that area Rocks.. Bart is close, jack london (jazz), good food everywhere. try the PHO place across the 17thst bridge. peets coffee on park street. so close to everything and quite at night because it's Zoned mostly semi industral. I miss it so bad :-(
MAGA
2011 Mar 15, 12:00pm
no you’re just a family man maybe and not a gritty city guy. I used to live in a warehouse over on 22nd ave next to the welding sculpture guy. that area Rocks.. Bart is close, jack london (jazz), good food everywhere. try the PHO place across the 17th? bridge? peets coffee on park street. so close to everything and quite at night because it’s Zoned mostly semi industral.
Back in 2001, I lived in the Downtown Minneapolis Warehouse district. I loved it as well. I could walk to work as well as live theatre in the area. My parents thought I was crazy for not living in the burbs.
http://www.801washingtonlofts.org/
My Loft under construction
I know what area you are talking about. Ham Radio Outlet is just down the street. One of my hangouts whenever I'm on that side of the Bay.
Katy Perry
2011 Mar 15, 1:01pm
I know what area you are talking about. Ham Radio Outlet is just down the street. One of my hangouts whenever I’m on that side of the Bay.
yes! next to west marine down the street from Butter Cup rest. . I want to live there again :-( those where the days. yoshi's ,Chichen n waffles, The City. it's all a great Motor bike area IMO too!
where I'm at now is killing my soul (or whats left of it Ha HA!)
LOL!
MAGA
2011 Mar 15, 1:29pm
yes! next to west marine down the street from Butter Cup rest. . I want to live there again those where the days. yoshi’s ,Chichen n waffles, The City. it’s all a great Motor bike area IMO too!
where I’m at now is killing my soul (or whats left of it Ha HA!)
LOL!
I ate at the Buttercup Restaurant two weekends ago. Yuk! Never again. I thought I was going to eat some good seafood. Not there.
bdrasin
2011 Mar 15, 2:49pm
Perhaps, but then would not rents be drastically higher there too?
My wife and I rent a house in Alameda; we've also been to a few open houses from time to time although I'm sure we won't buy unless things change drastically. The options seem to fall into three main categories:
1) Nice old detached 2-4 bedroom homes which are quite expensive for the size; probably comparable to prices in the nicer parts of Rockridge or Berkeley
2) Newer detached homes which are a bit cheaper but many have HOA fees (there are a lot of these on Bay Farm Island and the wester part of the main island).
3) Apartment style condos which are relatively cheap (lower prices than Jack London Square for the most part) but with fairly high HOAs.
We found the rental market MUCH softer than I would have expected though. We found several units (one of which we are now living in) which were 2-3 bedroom homes for less than 2k/month. But the owners were VERY picky about what types of renters they were looking for - basically they wanted middle class families with kids. As a place to live I recommended Alameda highly. We have as many urban amenities and services as if we lived in San Francisco for a much lower cost. Plus its the only part of the east bay that doesn't smell like pee.
toothfairy
2011 Mar 15, 9:41pm
how is the airplane noise in Alameda. I've never been there but couldn't help but notice that it lies directly under Oakland international.
bdrasin
2011 Mar 16, 12:54am
how is the airplane noise in Alameda. I’ve never been there but couldn’t help but notice that it lies directly under Oakland international.
OAK is on Bay Farm Island, not on the main island of Alameda. The approach and takeoff lanes are over the bay. I hear the Amtrak train more than airplanes; it might be different on BFI.
Alameda is just about at the bottom of my list of places I would consider living in the Bay Area. I work in Uptown Oakland, getting on and off the island can be a real PITA for those that live there. It's an Island whose bridges pretty much dump you in the ghetto. It's an Island, pretty much right at sea level and not somewhere I would like to be caught during an earthquake.
Personally I will never understand the draw of living there for any sort of premium. I'd much rather live somewhere on the BART line farther East if commuting into Oakland or SF.
Katy Perry
2011 Mar 16, 6:14am
yes! next to west marine down the street from Butter Cup rest. . I want to live there again those where the days. yoshi’s ,Chichen n waffles, The City. it’s all a great Motor bike area IMO too!
where I’m at now is killing my soul (or whats left of it Ha HA!)
LOL!
I ate at the Buttercup Restaurant two weekends ago. Yuk! Never again. I thought I was going to eat some good seafood. Not there.
maybe things change I always got breakfast there, hard to mess that up. I was just trying to talk more about the not so obvious walk(bike) ability of that area. not for everybody (familys)
some of my best times are in that area just riding around people watching, yard sales, coffee, so many choices all within a ten mile radius. great ethnic food too.
wonder if I can really go back?
“But I guess people love Alameda. Right in the Tsunami zone too â€
The land mass called San Francisco shields Alameda from Tsunami.
Not completely correct, much of Alameda is in an inundation zone, including the bridges to get out
http://www.conservation.ca.gov/cgs/geologic_hazards/Tsunami/Inundation_Maps/Alameda/Documents/Tsunami_Inundation_OaklandEast_Quad_Alameda.pdf
Still, a jump in prices from ‘97 to 2001-2002 of 200% and then from 2002 to 2006 of almost 300 to 400 percent doesn’t really make sense, desirable area or not.
Exactly!
"I just saw a townhome come on the market (short sale) for 150,000. During the bubble it sold for 420,000. "
More people should have and today need to relook at past sales prices and get a reality check to figure out real price confort zone.
leo707
2011 Mar 16, 6:49am
Of course some people love it. I know people that live out there Alameda has some nice areas, but it is not that great of a place to live.
I don’t know that I would rank it much higher than the “nicer†areas of Castro Valley.
If I had time I would check the median incomes of the neighborhoods. Guessing though I don’t think that Alameda’s incomes are so far above Castro Valley that they should support prices where they are at.
“But I guess people love Alameda. Right in the Tsunami zone too â€
Not to mention what may happen if there is any sea level rise. My guess is they will build a lock out by the golden gate to keep the bay level the same.
Quote
What's with all the Oakland hate? Sheesh. Alameda is a nice place to live, if you want something with suburban and urban amenities in a walkable place. And the schools are pretty good. It is a great alternative to North Berkeley, Rockridge, Montclair and Elmwood.
There are a few bus lines that run into Alameda, and Alameda also has a few transbay buses. There is one bus (the 26 I believe) that goes through West Oakland and Emeryville on the way to Alameda. The 51 runs all through Berkeley to Rockridge to Downtown Oakland -- it is my favorite bus since it goes to virtually every place I am likely to go to in the East Bay. People are overreacting on the bus situation.
The commute to downtown Oakland is great. SF isn't awful (you know besides the bridge) points south on 880 are hit or miss. Especially if the drawbridge is up. I still think lots and lots of places are a bit overpriced, but prices are getting very close to the right price these days.
Thanks to Patrick for this site. It probably helped us save a lot of money, as we were initially looking at homes in 2010 and have decided to wait. (We are first time buyers and a bit cramped in a 2 Br, 1.5 bath with a toddler and a baby, but still waiting even though we have our down payment saved up.)
We are interested in Alameda but feel it's still a total bubble. Prices are falling, but it's like watching molasses drip out of the container. Where we're renting in San Leandro, I just saw a townhome come on the market (short sale) for 150,000. During the bubble it sold for 420,000.
Wondering when Alameda will start being reasonable as it's right next door. . . . There are also a lot of older homes there that need to be jacked up and have a new foundation poured, which costs around 100,000 to 200,000, yet I'm scratching my head as people are still buying them for over 600,000 for a 3 bedroom and 400,000 to 600,000 for a tiny 2 bedroom. Many of them also have a lot of unpermitted work done, which could leave the buyers responsible for massive fines. The property taxes are also a bit high.
There is also a neighborhood called Bayport which has well built homes (by Warmington). These sold for 1,000,000 or so during the bubble and are now selling in the 600,000 to 800,000 range. I like them, but they are also on the west end which is not supposed to be a great area of Alameda (and not far from a homeless shelter.)
Anybody familiar with this market?
Thanks.
(We are also considering Castro Valley, which is coming down faster, but I like being able to walk places with the kids, and that would be pretty car dependent. Also thought about Walnut Creek and Fremont, but I'm worried the commute is too long - husband working in downtown Oakland.)
#environment