Wantahome, Home Buyer in Oakland, CA

Which appreciates faster in which neighborhood? Condo or SFR? Temescal or Upper Dimond?

Asked by Wantahome, Oakland, CA Mon Jun 11, 2012

I'm considering purchasing either a SFR in the 94602 zip code (slightly above MacArthur) in Upper Dimond or a condo in 94609 (in Temescal). The Homescore rating for the home is 71 and the rating for the condo is 89 - does Homescore know it's a condo? My question is which would appreciate more over the next few years (I realize that generally condos appreciate slower)? The asking price on the short sale home is about $20K more than the regular sale condo.

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10
Eric H. Wong , Agent, Albany, CA
Mon Jun 11, 2012
In general a single family home will appreciate much faster than a condo. A single family home is much more desirable than a condo. Of course there can be exceptions depending on location and condition of the property.

It has been my experience that given a home in Temescal and basically the same home in Dimond, the home in Temescal will appreciate faster. Temescal has become a very desirable area. The whole commercial street along Telegraph starting at 51st, has really exploded with new restaurants, stores and gallaries. It is a very diverse community that is extremely attractive to home buyers, especially those coming from San Francisco who are looking for a place they can afford, but also gives them the same variety they have in SF.
2 votes
Cheryl Berger, Agent, Berkeley, CA
Sun Jul 8, 2012
SFR will appreciate faster and are much more desirable. Some buyers will start out buying a condo because that is what they can afford at the time and eventually move up to a house once they have saved up some additional funds. Upper diamond is a nice area, but what I am seeing with my buyers Temescal is much more desirable as it is in walking distance to shops and restaurants. It is also close to Bart, public transportation and freeways.
1 vote
Kamal Randha…, Agent, El Sobrante, CA
Mon Jun 11, 2012
SFR appreciate faster and more, given they are in the same location.

But it really depends upon you, as to what kind of a living space you are looking for and what will make you happy in the long run. :)

If you like, I can send you a list of SFR and condos/THs...to compare.

Please feel free to call or email me if I can be of further assistance.

Kamal
510 932 1066
0 votes
Larry Benede…, , Oakland, CA
Mon Jun 11, 2012
well that is a good question. I like it it because no one has a an answer that is 100%. Therefore go with your gut. Would you rather live in a condo or a house?
0 votes
Robert, Agent, Oakland, CA
Mon Jun 11, 2012
I like both those areas Wantahome. There are so many personal factors that will play into your decision, such as; condition of the properties, living in a house where you make all the decisions vs.a condo where other owners have a say in what goes on in the property, etc....... I think discussing and brainstorming these factors a local, knowledgeable realtor will help you make a better informed decision.

Please feel free to contact me, I will be happy to speak with you. Good luck
0 votes
Pacita Dimac…, Agent, Oakland, CA
Mon Jun 11, 2012
Put my vote in for Temescal

Although single family residence (SFR) tend to appreciate more than condos, it all depends on location, location, location

For example, if you were offered a choice of a beach front condo or a house in a not so desirable location, which would you prefer (to live in)?

Temescal has a certain vibe, energy.....with folks liking the idea of urban lifestyle, hence, they check out WalkScore, take that into consideration as well.

Good luck and have fun!
0 votes
Gina Odom, Agent, Santa Cruz, CA
Mon Jun 11, 2012
Temescal is hot! Values continue to appreciate even when it was a down market. I would definitely purchase in Temescal over the Dimond area if you happy owning a condo. Just keep in mind, when you own a condo you own with several other people and you must abide by certain rules and regulations. In addition, make sure you read through the budget minutes so you can determine if their is a healthy reserve balance for the condo association. Should you choose buying a house over a condo, at least you get to call the shots. However, you are also responsible for all the upkeep.
0 votes
Antoine Pirs…, Agent, Oakland, CA
Mon Jun 11, 2012
Unless you are looking at the property for investment purposes , the potential appreciation rates are not that important. If you are going to live in the property, then neighborhood feel is important.
Area's will all increase in value when the market recovers, but not all area's increase at the same rate. But even if the percentage is the same, the amount may still be different. Then the holding period comes into play as well. No one has a crystal ball. I told my clients NOT to buy in 20067 as i did not see the "vale" anymore. But that was for home owners, not investors. So you may have to decide what you are, a home owner or investor. Totally different perspective
Kind regards
A
0 votes
Kenneth Lee, Agent, Piedmont, CA
Mon Jun 11, 2012
Hello Wantahome,

There are too many variables here to give you a definitive answer. For instance if you're able to purchase the condo at significantly lower than market value and the SFR only at market value you may find that over the time the condo will provide you with a better return. And then there is the question of the condition of the respective properties. Will you have to put more money into one vs. the other? These are just 2 of the questions that immediately come to mind. There are many more. So you really have to take these things on a case-by-case basis.

As far as the 2 locations are concerned my experience is that in general there is more demand for Temescal than Upper Diamond. Others may disagree.

Regards,

Ken Lee
Highland Partners
510-593-8872
DRE #01496964
0 votes
Jodi Selene, Agent, Albany, CA
Mon Jun 11, 2012
Appreciation is never a guarantee, and it's a complex issue with many factors that contribute.
In general, a single family home will almost always appreciate faster than a condo, unless the condo is amazing, unusual and something highly valued - like a crafstman that has been condo converted.
A very important factor in looking at appreciation in a property is the neighborhood. Are there homes nearby that are higher priced, in good condition, generally desirable? Is the neighborhood "up and coming"? Is there something being built or planned that will elevate the status of the neighborhood - for instance the way Berkeley Bowl did for West Berkeley?
It's good to educate yourself about neighborhoods by researching as much as you can in advance. Then, in this real estate market, with so many people looking and so little inventory - be ready to pounce with your best offer when the right property comes along.
0 votes
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