Home Buying in Oakland>Question Details

Brandon B, Home Owner in Oakland, CA

Homes in Maxwell Park a good buy?

Asked by Brandon B, Oakland, CA Wed Sep 12, 2012

There's a ton of houses available in Maxwell Park lately? Are these homes worth over 400K? Seems a bit aggressive to list a home in this area for over 400. I know Maxwell Park has a lot of variety. I'm thinking top of the hill (nicer streets), 3 bedroom, 2 bath, over 4500 square ft. Thoughts?

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You obviously need to be careful of where the home is in Maxwell Park and, even though a listing states it’s Maxwell Park, many listing agents don’t know where the exact boundaries are. As Pacita mentioned, many are worth over $400,000 – as evidenced by the fact that they are selling at that price and beyond. There has been a lot of flipping activity in the area and this has been bringing the overall quality of listings up thus affecting the prices.

The actual worth of anything is what someone is willing to pay – and in the current market, there is no shortage of buyers willing to pay top dollar for Maxwell Park homes that are located in the better parts of the area. And once you get across 580 into Laurel, prices start going even higher very quickly.

Here’s the bottom line: once a home sells in a specific neighborhood for a specific price, it is the new comp for the neighborhood and other prices soon follow suit. And in the current market, with increasing prices, once homes start selling above $400,000, that becomes the new benchmark.
1 vote Thank Flag Link Thu Sep 13, 2012
Interesting to know that there's a lot of flipping activity. Do you think this will continue, or have the prices increased so much that flipping is less attractive to investors?
Flag Mon Sep 17, 2012
Valuations in an area such as Maxwell Park really need to be on a case-by-case basis. If you have a specific home you are interested in, agents such as myself can provide you an evaluation offline – we cannot do a specific CMA in this forum. Other than that, anything we say can only be in generalities.
0 votes Thank Flag Link Tue Sep 18, 2012
Hi guys, thanks for the answers. I asked because I actually don't see that many homes that have sold for over 400k in the Maxwell Park. I've seen two homes sell just over 500k, but they were both 4/2, and over 2200 sq. ft. I've only seen 2 or 3 that have sold over 400k. But yet, I'm seeing more and more pop up closer to 450k (still many are listed under 400 too). I understand we are in an escalating market, but seems like a big jump (especially for 3/1 or 3/2), in a short amount of time. I know there are some very nice streets and homes, I've driven the neighborhood extensively and visited a number of open homes. Since the neighborhood has so much variety, I'm finding it hard to consider a house in the low to mid 400s. It's just hard to feel good without solid comps legitimizing this range. Also the neighborhood is far away from good shopping, amentities, etc., (and not great schools). Also, seems like this area was hit harder than surrounding areas during downturn. I get the home is worth what you'll pay argument, but looking for stronger opinions to challenge my current take on this particular market. Thanks again though for responding!
0 votes Thank Flag Link Mon Sep 17, 2012
A good buy is when the buyer successfully buys a house at the price he is willing to pay.
And yes, Maxwell House is a desirable area for home buyers with a certain budget range in mind. And yes, depending on the improvements, conditions, etc. of the properties, many of them ARE worth over $400K
0 votes Thank Flag Link Wed Sep 12, 2012
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