Durand Nguyen, Home Buyer in North Oak Park, Sacr...

Is Oak park, CA a very good area to buy a home given the decline in home sale price? Based on current

Asked by Durand Nguyen, North Oak Park, Sacramento, CA Sun Jun 1, 2008

forecast, would the home price continue to fall? Should I wait out the market a little while?

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7
Barry Shapiro, Agent, Camarillo, CA
Sun Jun 1, 2008
Definitely! If you do not NEED to buy immediately (due to a long commute, tax reasons, etc.), you should wait. The market will stabilize once home prices realign will household incomes. The correction will continue until home prices are affordable. We still have a mininmum 10% and up to 20-25% correction. The money you save today by paying less tomarrow will enable you to enjoy your retirement years with greater equity.
1 vote
Carol Lee, Agent, Westlake Village, CA
Thu Sep 22, 2011
Durand- each person's situation is different. How long do you think you will be in this home? I have lived in the same home in Oak Park for over 20 years!

On the whole, Oak Park has dropped a bit less than other areas. But sit with a lender and crunch some numbers. Interest rates at the moment are ridiculously low- under 4% at the moment for a 30 year fixed. So figure out what you would pay for rent in the next year or two, (and rents seem to be going up), and then look at what you would be paying each month for a home of your own, and remember there are tax benefits to home ownership as well. Then consider what else you would be doing with your money? Are you a disciplined saver? What rate of return can you get on investment? And remember, you can't live in a mutual fund!
0 votes
Piaffe, Home Buyer, 91377
Sun Aug 9, 2009
Although the Shadow Ridge at Oak Park Homeowners Association did receive over $6,000,000 net from a construction defect lawsuit settlement in 1999, the proceeds vanished along with Reconstruction Specialists and many serious construction defects at Shadow Ridge are still ongoing and unremedied (you won't find that in your real estate disclosure statement). In addition, the current HOA board of directors, its property management company (Lordon Management), and general counsels (formerly Swedelson & Gottlieb, currently Richardson & Harman - Swedelson's former partners) engage on behalf of the Association in a heavy-handed game of turning homeowner-against-homeowner, trying to force the homeowners themselves to make common area repairs which are actually the responsibility of the HOA according to the CC&R's and Rules & Regulations. So not only are the homeowners being required to pay their monthly dues to the Association, plus their own personal insurance, they're also being forced by the Association to pay for common area repairs in order to make their homes even habitable.
0 votes
Nothing has changed with Shadow Ridge HOA and it is now 2012, The Board is not very bright and have gone through 5 or so Property Management companies in ~ 5 years. After 3 meetings with the board in which the board deflected a true structural integrity issue which they blamed on a leak. They claimed a 1 1/2" concrete/gypcrete floor with a 2 by 2 foot hole was cuased by water...... They made this argument for three months and did not even review the contractors assessment as they claimed they have not had time.... but claimed this hole was casued by water. Be aware, they deflect the issue and try to make the Homeowner responsible. Mind you the fix was only ~1K.... and probaly spent 300 dollars when they sent an attorny to view the hole with Homeowner, which he was told to stay outside and nver viewed the hole, I hope they did not pay him... Once again be aware
Flag Wed Oct 17, 2012
Barry Shapiro, Agent, Camarillo, CA
Mon Feb 16, 2009
Hi Durand,

If you are looking for an interim lease in a fantastic condo complex, check out this Shadow Ridge rental in Oak Park, CA: http://www.shadowridgerental.com/ This 1+1 condo with views is available now at $1,400/mo.

The address for the Shadow Ridge Oak Park condo is 5728 Oak Bend Ln #402, Oak Park, CA 91377 ....

Good luck!!
0 votes
Kathy Thomps…, , 91301
Mon Jun 2, 2008
Hi Durand:
In order to properly answer your question I need additional information from you. Where do you live now? Why are you thinking of moving? How long do you foresee living in this new home? Everyone has different goals and needs, and purchasing a home is typically your largest investment. Currently, there are 47 single family homes for sale in Oak Park. The price ranges from $434,000 to $1,675,000. Sellers know that most families with school aged children want to move between June and August, especially in an area like Oak Park which is known for excellent schools. A motivated seller will negotiate more aggressively when fewer homes are selling. Average days on market is 88 days. What does this mean to you? Greater selection of homes to choose from now and greater negotiation possibilities.

Living and working this area for the last 25 years I can help you make an informed decision. Please contact me at your earliest convenience.

Kathy Thompson, MBA, REALTOR®
e-PRO Technology Certified Professional
"Your Ultimate Real Estate Resource"
KELLER WILLIAMS® Realty
340 N Westlake Blvd., Suite 100
Westlake Village, CA 91362
Office: (805) 777-7777
Mobile: (818) 635-0782
Fax: (818) 743-0300
E-mail: Kathy@HomePremier.com
Web site: http://www.HomePremier.com
Web Reference:  http://www.HomePremier.com
0 votes
Diantha Shaf…, , Oak Park, CA
Sun Jun 1, 2008
I lived in Oak Park for 9 years and my sons attended elementary through high school there and I wouldn't choose anyplace else to live. There are over 78 acres of public park land, hiking and biking trails, beautiful parks, and so much more. There are many accelerated/honors programs offered at the high school and motivated students will never lack challenging opportunities to learn. As for the current and future of the housing market and trying to decide when to buy, it depends on your reasons to buy and the length of time you expect to own. We've been able to find great buys for clients on bank owned properties, saving them tens of thousands and giving them a buffer on the market. If my partner and I can help, please email or call us (you can view my profile online).

Diantha Shaffer & Aleksandra Hunt, Realtors
Dilbeck GMAC Realtors, Westlake Village, CA
DianthaShaffer@yahoo.com
(818) 451-9029 or 292-2002
0 votes
Bonnie Sterl…, Agent, Simi Valley, CA
Sun Jun 1, 2008
Hi Durand, Barry is right. Also, a change in interest rates will likely cause a change in prices going lower because it is all about affordability. Spring is always a hot time to buy. It's just a rule in real estate. I am recommending that if you dont have a compelling personal reason to purchase before Spring, wait until Fall. I dont have the crystal ball but interest rates usually hold in place just before an election and at the same time there will be less buyers looking to move, so, if you can root out the most motivated seller, you could find a great deal with a good rate. Many of us in the business "guess" that interest rates will rise a full point before the end of the year. Still, at 7 or 7.25, it's less than I paid when I bought my first home.

To answer the other part of your question. Oak Park is an area with more affluence and those areas are usually less shook up by the market conditions. Also, Oak Park doesnt really have any "less desireable" areas that will really be on the low end of the range to pull down the median price for the area. I hope that makes sense. Oak Park has excellent school and a great quality of life. I dont think you can go wrong there. Good Luck and if you need assistance, contact me at my web site.
0 votes
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