Property in Foreclosure in Oakland – A Great Buy
A property in foreclosure in downtown Oakland, California – a high-rise condo building called The Ellington – features units that are now available at prices about 31 percent lower than their sales prices before the foreclosure.
The most affordable units are being sold at prices starting at $280,000 while units that offer views of the bay and the city of San Francisco are priced from $600,000 through $850,000. One penthouse has been sold for $1.4 million recently.
The 134-unit condo complex, which is adjacent to Jack London Square, was foreclosed by financial firm Union Labor Life earlier this year after the original developers failed to pay their $77 million loan.
After absorbing a loss of $22 million from the loan, Union Labor chose Emerald Fund to take over the condo development and sell the condo units.
According to Oz Erickson, head of Emerald Fund, the condo units are really great buys not only for investors but also for homeowners because the units were built by the original developers as luxury units, but which are now available at substantially reduced prices.
Erickson also added that the quality of the units and the whole building is among the highest in San Francisco. He reiterated that anyone looking for a great property in foreclosure should take a look at units at The Ellington.
After the foreclosure, the building has been attracting attention not only because of the lower-priced units, but because of the expected contribution of the complex to the restaurant, retail and night life of the Jack London Square and the entire downtown.
William Nork of commercial real estate firm Cornish & Carey said he is glad that the condo complex is now achieving some success. He added that the progress of the development will lift all other projects in the area.
In recent years, the city of Oakland has been trying to encourage downtown residential development under its 10K project, which aimed to build thousands of housing units for people that will work and live downtown and will spend their money in shops and restaurants. All these activities were expected to rejuvenate downtown, to encourage the influx of people into the city and help the city more vibrant.
According to Erickson, sales have also been improving because of the approval of its application for Fannie Mae guarantees. Now, anyone buying a property in foreclosure in the complex can get affordable financing more easily.
Related Posts:
- Palm Beach Condos to Appear in Foreclosed Home Search Lists
- New York Foreclosed Homes Auctions May Include Condos
- Find Foreclosed Properties for Sale in Baltimore
- Find Foreclosures in Honolulu by Considering Condos
- Buying Distressed Homes in Dallas and Fort Worth
