Purchased for $700,000 in April of 2015, the 1,016-square-foot Bayview condo #2414 at 5900 Third Street returned to the market priced at “$698,000” two months ago.
The top floor unit, which had been offered for rent at $2,995 per month at the end of last year, having originally been listed for $3,700 per month and subsequently reduced, features two bedrooms with en suite baths, a balcony overlooking a landscaped courtyard, and HOA dues of $459 per month with a designated parking space in the garage.
And yesterday, the sale of 5900 3rd Street #2414 closed escrow with a contract price of $740,000, representing total appreciation of 5.7 percent since early 2015 for the Bayview two-bedroom on an apples-to-apples basis.
jesus. for that price, just move to west oakland and get a much newer, more beautiful house in a similar neighborhood with a much better location. why anyone would spent $700k to live in something like that, in that neighborhood, is beyond me.
AND be a BART ride from the city in ~10 mins rather than the slow-as-molasses-in-January T.
And be limited to ONLY tube or bridge, no other decent option. Not a good daily commute option. In BV you can trail it, Uber it, bike it, carpool it, etc. And Bart delays/back ups and horrendous bridge traffic is not a factor.
I betcha next recession those white millennial kids “slumming it” in west oak will be outta there faster than you can say kale infused latte. Prices in west oak are ridiculous for what it is. There’s no there there, except some flighty millennials.
A – this bldg is pretty new, so not sure what you’re talking about “much newer” in oakland. New construction? It’ll be expensive too.
B – you cannot compare Bayview to west oak…ppuulleezzeeeee! Bayview is so superior:
1- it’s in prime SF, not 2nd tier city
2- waayyyy more central to just about everything, soma, DT, sil valley, ocean, etc., etc., etc.
3- the significance of the gentrification happening in the entire SE SF corridor cannot be over stated. It’s light years ahead of anything going on in oakland, or blah places like seattle. 10 years from now the value of Bayview RE investments will blow the doors off both of those places! Yup you heard it here; read em and weep!
I suspect you’re right. This is accessible to the peninsula, Oakland isn’t.
sorry, but you are both uninformed.
1. bart and the bridge can have delays, but 98% of the time, my commute from west oakland to the fidi takes 20 minutes, door to door. on weekends, there is almost never traffic on the bridge.
2. west oakland is not only closer to the fidi, SOMA, etc, its also closer to the entire east bay! of which there is much to see and do.
3. have you been to oakland lately? there are more units under construction in oakland than all of SF. there is construction *everywhere* – seriously, just walk around downtown. its really quite staggering. oakland has turned a corner and will never be the same. it has a long way to go of course, but the changes (and gain in property values) in oakland will far outpace the changes and growth of far flung suburbs of SF like the bayview or hunters point.
4. I am one of those mellenials who moved to west oakland 3 years ago. the price/location calculus cannot be beat. I bought a condo in west oakland for 50% less than this unit that is bigger, in a better location, lower HOA, and much, much nicer. would never choose to live in bayview in a place like the one posted here over what I currently have.
How am I uninformed that this place is closer than Oakland is to the peninsula?
Sorry, but your points are basically wrong.
1- there is always traffic on the bay bridge…unless you like coming into the city at 3am.
2- west oak IS NOT closer to fidi and soma the Bayview. Look at a map!
3- there is NOT more construction in oak than SF. Bayview and hunters point are PART of SF, they are NOT suburbs.
4- I like the fact that west oak got gentrified, but I think it got way overplayed for what it is- mainly due to the over amped zeal of millennials. It is cheaper than Bayview, but be prepared for a potential big hit on your equity when we enter a recession. Bayview will fare much better in wealth preservation when a future recession comes. I’ll put money on that.
I want to know what bridge you are taking that “almost never” has traffic on weekends…
Your post fits a trend I’ve noticed about the east bay commuters–they always seem to claim their commute is faster than it really is. I don’t know why that happens but it sure does.
define “traffic”…
the bottom line is I can easily get from west oakland to SF in 20 minutes or less on the weekend, by car.
on weekedays, my commute by bart, 98% of the time, is 20 minutes, door to door.
west oakland has a great location – come on!
I do agree though that the $1m+ houses there will take a big hit next recession. but the $500k-$700k places remain great value.
T line commute will go direct to FiDi in a few years. Not unthinkable that it becomes a selling point.
Oakland/Berkeley can work for those who work for Peninsula/South Bay companies if you can work from home most of the time (usually at least 3 days/week). I know at least three people who have done that.
If you don’t have to commute, the commute is not a problem, yes.
As a Realtor I say, if you can, buy now in Bay View/ Hunterspoint and in 5/7 years your house will be worth so much more. All the new developments coming up will drive home prices up.
Once everyone is priced out of all the other districts (and it’s already happening), people will start to buy here, since it’s still more conveniently located than other locations in the Peninsula or the East bay.
Socketsite should sponsor a cage match between W.Oakland boosters (E.Gonsalves, MKP) and Bayview boosters (SFrentier, Francesco Benvenuti ) to settle the question of which area will gentrify fastest.
Don’t forget about Seattle!
It does seem that there has been a surge in post volume from people pitching SF alternatives recently. And they do seem to be trying to outdo each other in just how far they can stretch the truth for their marketing pitches. Odd times.
The Sultan of Seattle vs The Baron of Bayview vs the Oracle of Oakland