Katrina Campins, host of “Mansion Global,” makes comparisons between the current housing market and the 2008 housing crash and discusses factors that affect real estate.
A 480-square-foot home in Oakland, California, with only one bathroom and no bedrooms, can be a lucky buyer for a whopping $849,000.
Located in the Dimond District, the house sits on a 0.20-acre lot at 3800 Whittle Avenue in Oakland Hills and will most likely fetch more than the asking price because of its location, not its size.
A 480-square-foot home on Whittle Avenue in Oakland, California is listed for $849,000. Photo credit: Redfin (redfin)
When broken down, the cost per square foot comes out to about $1,769.
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David Eckert of Coldwell Banker Realty listed the property and said the value of the property is in the land and the house with utilities.
“There is a significant advantage in this area,” Eckert wrote. “With the existing structure one gains access to all utilities and with occupancy one avoids the expensive Oakland vacancy tax that contributes to the upside potential.”
View above 3800 Whittle Avenue in Oakland, California. Photo credit: Redfin
He also wrote that there are several multi-family homes around the lot.
According to Redfin.com, the house was built in 1914.
Living room at 3800 Whittle Avenue in Oakland. Photo credit: Redfin
The house has a total of two rooms and the structure stands on a crawl space foundation.
The house is connected to public water and sewer and is equipped with wall heating.
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It’s been on the market for 30 days and while the list price is $849,000, Redfin’s estimated home value is $854,268.
Based on a 20 percent down payment of $169,800 and a 30-year loan of 7.259 percent, the monthly payments are estimated at $4,591. When homeowner’s insurance and property taxes are added in, Redfin estimates the monthly payments at $5,632.
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Redfin notes that house prices in the Oakland region fell 3.1 percent in September compared to last year. The median price for homes in the area is $873,000, and on average, homes stay on the market for more than 24 days, compared to 15 days in 2021.
Real estate investor, entrepreneur and macroeconomics teacher George Gammon looks at the latest trends in the US housing market on ‘Making money with Charles Payne’.
