Seven Up-and-Coming Oakland Neighborhoods

It should come as no surprise to California fix-and-flippers that the hottest up-and-coming neighborhoods in the San Francisco metropolitan area are located in Oakland. A recent Zillow report predicts 3.5% growth in home prices for Oakland properties in 2017, compared to 1.0% growth for the overall San Francisco area.

Many blue-collar Oakland neighborhoods are attracting young families due to reasonable commute times to San Francisco and affordable home prices. In several areas of Oakland, a single-family fix-and-flip home can still be purchased for less than $320,000. The table below shows Oakland neighborhoods predicted to deliver the biggest home price increases in 2017:

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Source: Bay Area News Group

North Stonehurst is located in East Oakland between 98^th Avenue and the town of San Leandro. The neighborhood’s population is roughly 4,400 and the area encompasses approximately 0.309 square miles.  The majority of North Stonehurst homes were built between 1940 and 1949. An aged housing stock makes older Oakland communities such as North Stonehurst ripe for redevelopment. Stonehurst commuters have access to a local BART station and four bus lines. Last February the median listing price for North Stonehurst homes was $532,000 according to Realtor.com, which is 45% higher than just one year ago. Median days on the market for Stonehurst homes were 34 days.

St. Elizabeth is located in the Fruitvale district of Oakland. The center of the neighborhood is the Fruitvale BART station with boundaries of International Boulevard, Fruitvale Avenue and 42^nd Avenue. The neighborhood of St. Elizabeth has a population of approximately 6,100 people and covers 0.250 square miles. Majority of St. Elizabeth homes are quite dated having been constructed prior to 1939. More recently, however, the Fruitvale area has been undergoing extensive redevelopment. Realtor.com notes a February median listing price for St. Elizabeth homes of $484,000, down 3% versus one year ago, and median days on the market at only four days.

Highland is a small neighborhood bounded by International Boulevard, San Leandro Street, 85^th Avenue and 92^nd Avenue. Highland’s population is estimated to exceed 4,400 people and the neighborhood covers 0.284 miles. Highland consists mostly of multi-family dwellings and is densely populated, with a population per square mile, roughly twice the Oakland average. Highland’s diverse housing stock includes many homes that were built between 1940 and 1958, but a significant amount of new construction has occurred in the area since 2000. The median listing price for a Highland home last February was $344,000, down approximately 7% from one year ago, and the median number of days on the market was 48 days.

Columbia Gardens is a neighborhood in Elmhurst located adjacent to Highway 880 and covers about 0.3 miles or roughly a dozen city blocks. Its population is estimated at nearly 5,500 people. Columbia Gardens has an urban feel and a roughly 50/50 mix of home owners and renters. The vast majority of Columbia Gardens homes were built between 1940 and 1949. Amenities in the area include the Pan Theater, the Museum of Children’s Art, the Rotary Nature Center and Waterfowl Refuge and the Oakland History Room. Columbia Gardens has many links to public transit. According to Realtor.com, the median listing price last February for a Columbia Gardens home was $448,000, up 6% from a year earlier, and median days on the market were 53 days.

Lockwood Tevis has roughly 3,300 residents, of which about 75% are renters. The neighborhood encompasses 0.238 square miles where boundaries are San Leandro Street, International Boulevard, 57^th Avenue and 66^th Avenue. Most Lockwood Tevis homes were built between 1950 and 1959. A large operations and maintenance facility for AC Transit (the Oakland-based public transit agency serving the western portions of Alameda) is located in Lockwood Tevis. The neighborhood is also home to the Aspire Golden State Preparatory Academy.  According to Realtor.com, the median listing price for a Lockwood Tevis home was $468,000 last February, up 35% from one year earlier, and the median number of days homes were listed on the market was 147 days.

Sobrante Park is a neighborhood of central East Oakland and partially separated from Oakland by the San Leandro Creek. It was established shortly after World War II as a community for returning veterans and their families. The majority of homes are single-story bungalows built side-by-side. The median selling price for a Sobrante Park home was $414,000 last February, up 39% compared to one year ago, and the median number of days homes were listed prior to sale was 19 days.

Bushrod is Redfin’s top pick for the best up-and-coming neighborhood in Oakland. Located in north Oakland, Bushrod surrounds its large namesake park. The neighborhood is close to Highway 24 and has good links to public transit via two BART stations (Ashby and MacArthur).  The area’s housing inventory consists mainly of smaller three-bedroom bungalows. With more than 5,900 residents, Bushrod is larger than the average Oakland neighborhood. Also, with nearly 14,700 people per square mile, it has higher than average density compared to other parts of the city. Bushrod homes are older than most in Oakland with a median age of 73 years. According to Redfin, the median price for a Bushrod property was $817,000 last year and recently listed Bushrod properties range in price from $549,000 to $1.2 million. Realtor.com reported a median listing price of $748.000 last February, which was down 3% from a year earlier. The median number of days the typical Bushrod home was listed on the market was only 14 days.

Many up-and-coming Oakland neighborhoods continue to offer profitable opportunities for fix-and-flip investors. Your Socotra Capital representative can help you explore financing options for your next Oakland renovation project.