How is the rental market in Oxnard and in the River Park area?

Asked by Karen, Westchester, Los Angeles, CA Wed Jan 21, 2009

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This question is about this property: http://www.trulia.com/property/1044809490-451-Garonne-St-Oxnard-CA

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3
Tracy Lu Gui…, Agent, Camarillo, CA
Sat Jan 31, 2009
Karen,

We are a full service property management firm in Ventura County. We currently have 3 River Park homes available for lease:

3116 Ventura Rd: 2BR + 2.5BA townhome asking $1850 (no action)
Thames River: 3BR + 2 Bath detached home asking $2395 (not many calls)
Flathead River St: 3BR + 3 Bath townhome asking $2100 (lots of interest, but no takers.)

I believe the listing we have on Flathead River St is a similiar model to the one in question. We originally had it posted at $1950/mo and had tons of action...the owner decided to pump it up to $2100 because they thought we had listed it to low...now it has been sitting for 2 months. Obviously, had we rented it at $1950, they would not have had a vacancy for two extra months. It pays to price it correctly at the beginning.
0 votes
Steven Ornel…, Agent, Fremont, CA
Wed Jan 21, 2009
Karen, use these two sites to guage whether rents would support your decision to buy:

http://www.zilpy.com/

http://www.rentometer.com/landlord

Best, -Steve
0 votes
Barry Shapiro, Agent, Camarillo, CA
Wed Jan 21, 2009
Hi Karen,

Part 1:
As a seasoned investor myself, I would recommend you avoid the unstable Riverpark area of Oxnard for your long-term retirement plan for several reasons:
1) There is a 20-year Mello-Roos tax in that community
2) There are low-income housing units set aside through the City of Oxnard
3) There is already several bank-owned properties in the development
4) There are a lot of units still for sale and many which they have not yet completed (since the financing converts for the builder to a mortgage)
5) The local real estate market is still trending down and is predicted by experts (incl. C.A.R.) to have downward pressures from loans resetting thorough the year 2012.

Part 2:
Since you asked a very good **question, I will proceed to answer it, without the market spin :-)

** Riverpark leases range from $2000-2400/month, based on data from the local MLS:
http://vcrdsmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=vcrd…

** 20 Homes in the Riverpark Tract are listed here for your review:
http://vcrdsmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=vcrd…

BONUS: Here's a link below for a "Market Snapshot" of Homes in the Area, including maps, community and school information.

Might I suggest you develop a trusting relationship with an experienced local realtor that recognizes, understands and respects your long-term investment goals? I have completed about a dozen 1031 Tax deferred exchanges and have access to a great tax guy as well. BTW: Our family used to live nearby you in Venice, Hawthorne and near La Cienega/LA Tijera. Good luck in planning for your families future.
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