Hi everyone, just checking in. Are you good? Are you at least “pandemic” good?
Let’s face it. No matter who you are, our world has been rocked in 2020.
A lot of people have lost their jobs. A lot of people have lost their lives. Those are a couple of the more pressing issues some of us have had to experience. But even for those of us that are happily employed and healthy as a horse, we’re all under a bit of stress trying to navigate these uncharted waters.
We’re annoyed, frustrated, and have been confined to our living space like no other time before. No going into the office, no restaurant reservations, no house parties or bar-hopping with friends.
As a result, people are placing a higher value on their own space and looking to leave the city (about 40% have considered it according to The Harris Poll) for additional square footage to their homes. They’re becoming more comfortable working from home than commuting and would rather invest in the suburbs for additional living space for a home office, classroom for their kids, or gym for their Peloton workouts.
Here’s what’s happening because of it. The market for single-family homes is becoming more competitive. Condo owners are looking to sell and because of it, a ton of supply is out there. Meanwhile, interest rates are as low as ever.
The combination of these factors has us at Kim Cole Real Estate pretty excited for our clients. Let’s review: lots of condo supply and low interest rates. The time is now to buy the condo you always wanted, having ample choices and getting a great deal at the same time. For living. For investment. In a time where everything seems to be going wrong, the stars might actually be aligning. Check out our current listings here.
“Since the Shelter-in-Place government orders and the temporary shut down of urban entertainment, single family home prices have soared over the last few months. With consistent bidding wars, we are currently experiencing double-digit percent increases in price in many Oakland neighborhoods. On the other hand, the condo market is now offering a great opportunity. Buyers are able to purchase without the emotional competition and find a beautiful property at a terrific price, often 5-7% below pre-Shelter-in-Place.”
-Kim Cole, Owner, Kim Cole Real Estate
So, does urban condo living still make sense?
Yes, cities will be back to bustling. In fact, the Oakland Athletic Club, in cooperation with the city of Oakland, just put the finishing touches on an outdoor beer garden just in time to kickoff the NFL season. Cities are smart, cities are innovative, and cities are simply more fun.
Are you still not cooking that often and looking for a wide variety of restaurants to order take-out from? Oakland has that.
Are you ready to sacrifice a serious chunk of your time and money to home maintenance if you bought single-family vs. a condo? You work hard enough at work. The weekends are for play.
All important things to consider.
And one more thing, don’t worry about a Peloton room for home fitness. You’re a quick ride away into the beauty of the Oakland hills from downtown. Mother nature is your instructor and she, and the plethora of Vitamin D, is completely free.