As 2013 came to a close, my annual business synopsis pointed to the spring housing boom! That was when we knew the housing market was definitely back in good health. Many of our neighborhoods have more than recovered from the crash, and all factors point toward an even better spring for 2014.
Now, with financial market stability and the possibility of action coming from Washington DC, the most exciting effect on the Oakland/East Bay housing market has been the high tech surge in San Francisco. Companies like Twitter, headquartered now on Market Street, and the ever portentous, curiosity-creating Google buses that roll through the streets of SF carrying thousands of employees and potential new residents, are the driving factors behind the noteworthy increase in luxury condo development throughout the city. The news story for 2014 that few doubt is that entry-level buyers and the middle class in general are being priced out of the SF housing market. So what’s taking center stage? Oakland, the city over THERE!
But for those of us in the know, Oakland has always been a welcome destination. According to a NY Times article on “The 45 Places to Go in 2012,” Oakland placed #5 in the world and was the #1 place in North America!
With big developers spending millions of dollars refurbishing and creating new commercial, retail, and housing projects throughout Jack London Square and the Uptown neighborhoods, the future looks bright for urban life on the bay. This is a great example of how people make the difference. First a chef has a dream and a restaurant appears, then an independent retail store or a small business opens and people want to be in an area that was once thought to be forgotten. Before you know it, vibrant neighborhoods are alive and growing.
Even with year over year increases of over 20% in condo values, buyers will find that they have 50% more buying power in a more diverse, newly expanding neighborhood when they come to JLS or Uptown from SF. When you consider access to BART, ACT, the ferries and freeways, the constantly growing list of new restaurants, bars, and coffee shops, the Paragon and Fox theaters, a world class museum, and a creative culture that is committed to seeing the community evolve, Oakland gives buyers the best option to invest, live in, and be a part of this exciting and often soul-satisfying scene.
I have helped buyers and sellers in these Oakland neighborhoods, and surrounding ones, since 1998. I believe in the resurgence of our downtown communities, and would love to share my passion with you! Contact me and let’s talk about your future in the best city by the bay!
John Wesley, a realtor at The Grubb Company, has over twelve years of real estate industry experience defined by exceptional professionalism and client service. He and his partner Gene Boomer, along with dogs Smokey and Coco, live in the East Bay.