Home Buying in Pittsburg>Question Details

Marc Perkel, Home Buyer in 95020

Why are homes on Pittsburg/Antioch cheaper that the rest of the area?

Asked by Marc Perkel, 95020 Fri Jan 2, 2009

Beginning to try to look for something that I can afford and there seems to be a lot of inexpensive homes in the Pittsburg area. I was just wondering why. What's the down side that makes it a good buy?

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Marc,

Expanding upon the posts below, here are some stats that show you what the market looks like as of today:

In Bay Point, there are 195 listings and of those, 117 are bank owned and 67 are short sales.

In Pittsburg, there are 476 listings and of those, 250 are bank owned and 197 are short sales.

In Antioch, there are 771 listings and of those, 414 are bank owned and 310 are short sales.

In Brentwood, there are 294 listings and of those, 155 are bank owned and 94 are short sales.
0 votes Thank Flag Link Fri Jan 23, 2009
Marc, your last post touched on something very important, which is you need to get financing lined up before you start home shopping. The reason is that it will take some time (days, but not weeks) and if you found your dream home tomorrow, you can't make an offer without financing nailed down. While you're arranging fiinancing your dream home could be sold to someone else. Start with your present bank, but don't be afraid to ask other lenders. If you want, I can recommend a couple I know to be sharp off line.
0 votes Thank Flag Link Wed Jan 7, 2009
Quite frankly - crushed prices is what I'm looking for. I'm begining to look at buying but still have no idea what I want. I am self employed and work from home where I control servers for my spam filtering business so all I need is good Internet access. No kids so if the schools are bad I don't care. I have a credit rating in the 750-800 range and no debt. Very low credit card balances and high limits. I have about $30k cash and currently paying $1345 in rent. I'd rather live on the peninsula but prices here would make me a slave to the home. So I'm thinking about getting more value for my money.

But - I don't know what I want. And I'm thinking that prices are going to drop for at least several more months. I suppose I should line up a line of credit in case that perfect deal comes along. My business account is at Wells Fargo. Not sure where the best financing deals are. Need to deal with a bank that understands that self employed doesn't mean unemployed.
0 votes Thank Flag Link Fri Jan 2, 2009
All of these answers so far are good ones. I don't have anything to add except that maybe you should consider Brentwood. It's right next to Antioch and has a lot of beautiful homes. Foreclosures have CRUSHED the prices out here and there are some amazing deals to be had. Read my profile and let me know if you think we could work together.

TA
0 votes Thank Flag Link Fri Jan 2, 2009
Back in the housing boom, outlying areas like Antioch and Pittsburg were overbuilt. Then housing prices started to decline, resulting in a lot of foreclosures in this area. As Jerry correctly states, there are now a flood of bank owned properties in the market. As Lookyloo says, this area is a long commute to the bay area and some people have concerns about the qualiy of the schools, these factors reduce the demand for housing in this area.

The rest is simple economics, whenever you have an abundance of supply coupled with a lack of demand, prices will adjust downward.
0 votes Thank Flag Link Fri Jan 2, 2009
Commute, schools.
I've been also hearing that due to the low prices, many properties were and are being bought and used as rentals (ie sec 8)...
Also if in Antioch (not sure about Pittsburg), watch out for high melloroos.
0 votes Thank Flag Link Fri Jan 2, 2009
Marc,

There are a lot more foreclosures in the Pittsburg and Antioch areas, so any time you get that many foreclosures in a certain area , the foreclosures become the market, and the prices drop a lot more , than they do in other areas, that don't have as many foreclosures.

That's the reason why. If you need help looking for a home, I am available to help you, and hopefully get you a great deal. The banks are more cooperative to negotiate a good selling price in these areas.

You can contact me at:

Jerry Flynn
Old West Realty Inc.
925-820-6550
oldwestinc@yahoo.com
http://housebiz.ca
0 votes Thank Flag Link Fri Jan 2, 2009
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