Mansion Global host Katrina Campins draws comparisons between today’s housing market and the housing crisis of 2008, and discusses factors affecting real estate.
A 5,000-square-foot home in Oakland, California with just one bathroom and no bedrooms can be a lucky buyer for a whopping $849,000.
Located in the Dimond District, the home sits on a .20 acre lot at 3800 Whittle Avenue in Oakland Hills and will most likely fetch more than its asking price due to its location rather than the size of the home.
A 5,000-square-foot home on Whittle Avenue in Oakland, California is listed for $849,000. Photo credit: Redfin (Redfin)
Broken down, the cost per square foot is about $1,769.
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Coldwell Banker Realty’s David Eckert listed the property and said the property’s value is in the land and house with utilities.
“There is significant potential on this property,” Eckert wrote. “The existing structure provides access to all utilities and, when occupied, avoids the costly Oakland vacancy tax, which increases upside potential.”
View across 3800 Whittle Avenue in Oakland, California. Photo credit: Redfin
He also wrote that the property was surrounded by several apartment buildings.
According to Redfin.com, the house was built in 1914.
Living room at 3800 Whittle Avenue in Oakland. Photo credit: Redfin
The house has two rooms in total and the structure sits on a crawl space foundation.
The house is connected to the public water and sewage system and has a wall oven heating system.
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It’s been on the market for 30 days, and although the list price is $849,000, Redfin’s estimated value of the home is $854,268.
Based on a 20 percent down payment of $169,800 and a 30-year loan at 7.259 percent, monthly payments are estimated at $4,591. When homeowner’s insurance and property taxes are added, Redfin estimates monthly payments at $5,632.
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Redfin notes that real estate prices in the Oakland area fell 3.1 percent in September compared to a year earlier. The median price for homes in the area is $873,000, and on average, homes stay on the market for more than 24 days, compared to 15 days in 2021.
Real estate investor, entrepreneur and macroeconomics teacher George Gammon delves into the latest trends in the US housing market in Making Money with Charles Payne.