Property Q&A in Oxnard>Question Details

Karen, Home Buyer in Westchester, Los Ang...

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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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 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 Thank Flag Link Sat Jan 31, 2009
Karen, use these two sites to guage whether rents would support your decision to buy:

Best, -Steve
0 votes Thank Flag Link 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:…

** 20 Homes in the Riverpark Tract are listed here for your review:…

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.
0 votes Thank Flag Link Wed Jan 21, 2009
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