Remodel & Renovate in 94611>Question Details

Karen, Both Buyer and Seller in Adams  Point / Oakland...

I am trying to decide whether to sell my condo in Oakland CA 94611, now, or in the spring when I would be

Asked by Karen, Adams Point / Oakland, CA, 94611 Sat Aug 9, 2008

able to have t painting and cosmetic finishes completed and paid for. There seems to be no end to the scary prospect of falling prices on condos, even for the beautiful newly remodeled ones with top quality finishes. I have sunk nearly all of my assets (savings) into this condo. Bought in 2004, have fixed rate mortgage; would it matter whether I repainted and did fresh light fixtures and fresh crown moldings pre-sale, or does it just not matter any more? I'd like to move to NM and could easily rent there til I finsh a house purchase there. Does it matter A. If I paint and do freshening prior to sale? B. If I sell condo first then buy or should I find new condo first, then try to list my present condo in the very SLOW California 94611 zip code?
What is your advice, CA and NM realtors out there?

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WHO resurrected this?

It is 4 years old!!!!!!!!!!!!!!!!!!!
1 vote Thank Flag Link Tue Jun 19, 2012
@Ron, Hysterical!!!! Talk about trolling for expired listings!!! LOL!
0 votes Thank Flag Link Thu Jun 21, 2012

When considering selling your home the 3 main factors involved are Location, Condition and Price.

Location you cannot change. The Adams Point area does have a lot to offer in terms of access to amenities, easy access to the freeway and public transportation.

Condition. Buyers in this market can and are more picky about the condition of the homes they purchase. Whenever selling it is important to de clutter as much as possible. Minor cosmetic changes can have a huge impact, so I would say painting and changing fixtures for example would be well worth your while.

Price. Looking at your competition will be imperative. Are there other condos in your complex that are on the market or have recently sold? What kind of condition are they in? How much are they asking for? How long has the competition been on the market? In the 94611 area code, there are currently 20 Active listing with a price range of $129,900 to $388,500. In the last 6 months 13 condos have sold with a sales price of $199,900 to $520,000. I did not know the size of your condo (1 bedroom, 2 bedroom, etc.) so I was not able to make this direct comparison.

Other factors that will influence the sale of a condo are what building amenities are offered if any? How much are the HOA fees per month?

Without knowing all the details of your situation such as how much you purchased your place for, the size and location in Adams Point, it will be hard to really give you a price range you might be able to sell for to help you make the decision if selling is the right step right now for you.

Where in NM are you moving to? I have several family members in and around NM. My parents live in Durango, CO right in the 4 Corners region and I have relatives in Albuquerque, Farmington and my in laws have a place in Santa Fe. If you would like a contact there to discuss real estate I can help refer someone to you.

I hope this helps, and do not hesitate to contact me if you have any other questions.

Warm Regards,

Lisa Cartolano
Alain Pinel Realtors
0 votes Thank Flag Link Thu Aug 14, 2008
Adams Point is considered a good location due to its proximity to Grand/Lakeshore shops, restaurants, and to the very popular Whole Foods. Many first time buyers looking for an urbanite lifestyle with easy access to highways and public transportation will always be drawn to your area.

It is always a good idea to present your property in the best light if you're thinking of selling, especially since there are some condos in your immediate vicinity that went through a major remodeling project --- so that will be one of your toughest competition should you sell.

In this current market, you should try to sell first before you buy another. It is difficult to gauge just how fast your condo would sell. You surely must not want to be in a predicament of having two mortgages.

When upgrading/remodeling, make sure you pay attention to the kitchen/bath/master bedroom. You don't have to break the bank to make these rooms look good. Prepare a budget and stick to it. What you mentioned present a good start. I don't know about crown moldings. Seems to me fresh coat of paint, refacing or repainting kitchen cabinets (and upgrading the drawer pulls)., updating the fixtures, replacing the flooring --- will all make your place sparkle.

You may also want to explore lease-to-purchase option to the prospective buyer. It's good to be as flexible as possible so that the buyer will have an extra reason to look closely at your property.

Take care and good luck!
0 votes Thank Flag Link Sun Aug 10, 2008
Your zip code tells me you are either in Montclair, Piedmont Avenue area, or city of Piedmont. All of those neighborhoods are still quite active and strong. In strong neighborhoods, you benefit by shining up your property to the max. Most buyers in those areas are quite qualified, willing to pay for your upgrades, and able to get loans quickly. I would put as much as possible in upgrades, including staging, into your condo. Sell it first, and then go to NM to find how far your dollars will go and what good options you will have. Renting is fine, but hard on your property. It should be considered as an interim solution only. Please let me know if you want to have a more detailed conversation. All the best to you. Liz
0 votes Thank Flag Link Sun Aug 10, 2008
Hi there,

Here is my input: Because you are in 94611, a highly desireable area, you would indeed do well to finish the cosmetics on your condo. Buyers expect more for their money now, and they don't want to have to do anything to a place, particularly a condo. Yes prices are falling, but 94611 has not been hit as hard as some places such as 94606, just east of the lake. Some contractors are flexible, will wait for payments..if you can possibly get this work done. Is it much more than painting? Why don't you ask some realtors to come over and give you their opinions of pricing and what you need to do to get it ready? Get different feedback and see if it is worth it to you to stretch a bit more and get the work done if you can.. Otherwise, the rental market is strong here right now and you might do well to rent it, even if you can't cover all your costs. Many folks are doing this. I would be very surprised if it made sense for you to sell your condo without finishing the work.. Feel free to contact me to talk about it. Good luck. Ellen Lynch
0 votes Thank Flag Link Sat Aug 9, 2008
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