"In the latest data from real estate company Zillow, the typical home value in Oakland fell 11.4% in the past year to about $716,000, adjusted for inflation. The decline has led some to label the city one of the toughest housing markets in the country."
"For homeowners preparing to sell, the sharp drop can be unsettling. In Oakland's Adams Point neighborhood, Red Oak Realty Realtor Lindsay Ferlin is getting a two-bedroom, one-bathroom condo ready for the market. The owners are investing in upgrades she believes will pay off."
""Changing the countertops, changing the floors, painting the cabinets," Ferlin said. "With the changes we're gonna make, it is an investment, it's about a $40,000 investment." Ferlin expects the investment to yield strong returns, and she disputes broader characterizations of the market."
"Housing experts say Oakland's market is more complex than a single set of numbers suggests. Sarah Kurlansky, director of research and policy at UC Berkeley's Terner Center for Housing Innovation, said the Bay Area does not move as one unified housing market. "The Bay Area is a bunch of micro markets," Kurlansky said."
Oakland home values declined over the past year, with Zillow reporting a typical inflation-adjusted value of about $716,000, down 11.4%. The drop has raised concerns about the local housing market’s strength and has led some to describe Oakland as among the toughest markets in the country. Homeowners preparing to sell may find the decline unsettling, but some plan upgrades to improve sale prospects. A realtor in Adams Point described investing about $40,000 in renovations such as countertops, floors, cabinet painting, and related improvements. Housing experts say the Bay Area functions as multiple micro markets, where neighborhood conditions vary due to location, buyer sentiment, and perceptions of crime and longstanding racism-related issues.
Read at ABC7 San Francisco
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