Oakland Ca Real Estate's Blog: General News in Oakland Real Estate-New Developments and Rehabilitation Projects

There were a couple of real estate auctions this weekend, one in the Central Valley and one in Pinole (Contra Costa County, 20 mins from Oakland). Developers are resorting to auctions now in some parts of the Bay Area to move some of the inventory they have piled up.

Basically people are buying homes at a 20-30% below what they were listed for, and for those who are interested in new construction, an auction may be the way to go if they are having one in an area you like. Elk Grove, (fast growing community in Sacramento County) will be having an auction of condo conversions next weekend. These auctions can save you $100,000 or more on your new home!

The turnout is big, because people know what they can save, and as long as the inventory of new homes…

The Ellis Partners LLC has embarked on a $400 million dollar development project for Oakland's Jack London Square. One of the first buildings constructed will be a 170,000 square foot public market, which will rival those of Seattle and San Francisco. The Market will have fresh fish, produce, baked goods and more, with a total of up to 70 vendors. The buiding will have several floors, including fine dining and office space.

It's an exciting time in Oakland, as many large developments are either in progress or in the works. It shows that the developers are confident in Oakland and it's potential to grow as a city.

FHA financing helps to make home ownership a reality for many people, however in the Bay Area, because of our high home prices the FHA guidlines do not represent our market. Currently the limit for FHA financing is $417,000. However the Median price in the Bay Area is over $600,000. Fortunately, the House of Representatives passed HR 1852 which proposes to raise the FHA limit to better accommodate high cost areas like our market. Realtors in my market are pressuring our elected officials to push for this type of legislation which would hopefully raise the FHA limit to our median price range.

Also, lenders who provide FHA loans are publishing guidelines which will enable home owner’s whose rates have increased to refinance with a 97% LTV. This should help…

The Fox Theatre is a 3800 seat theatre that originally opened as a cinema in 1928. After several unsuccessful ventures, it closed in 1970 and has remained vacant ever since. There were several efforts to demolish it, but over the years it has managed to remain intact. The building's status as a historical landmark is most likely the reason it's still there.

Luckily soon it wiil be restored and will no longer be the eye-sore on Telegraph ave that it was for so many years. There is an organization called friends of the Oakland Fox that has launched a campaign to raise $1,000,000 to renovate the building. American Express recently donated $75,000 to the fund, and there are plans for the Oakland School of the Arts to move in once the building is ready. This…