$428,000: Oak Park Home Sale Brings Hope For Real-Estate Resurgence
SACRAMENTO (CBS13) — The highest-priced single-family home in Oak Park in several years was sold recently with a pricetag of more than $420,000.
Housing experts say the sale speaks volumes when it comes to the future of the neighborhood.
They are grillin' and chillin' inside the Oak Park Brewing Company on Broadway where the glass is more than half full. The dog days of summer have been good for business, and what's happening outside the fairly new brew pub has a lot to do with that.
The winds of change in the housing market are breathing new life into an area that's had a bad reputation. Oak Park, just a stone's throw away from Downtown Sacramento, is feeling the glare from the shiny new face-lift that has the Downtown grid glowing.
"There's a real vibe here--an excitement where you have a lot of young people moving into the community who want to be a part of this change that's going on," said Realtor Ryan Lundquist.
And some are willing to pay top dollar.
A newly constructed home on 34th Street built on what was a lot that had been vacant for 15 years. The four-bedroom, three-bathroom, 2,300 square-foot home recently sold for $10,000 above asking price—$428,000. It's one of the highest-priced, single-family homes to sell in the area in the last six years.
Even seasoned real estate experts were surprised by the final sales price.
"I was surprised because we sell more houses in this neighborhood than anyone," said Realtor and home builder Micah Baginski.
He has about a half-dozen projects going in Oak Park currently. He says it has the potential to be one of the most sought after areas after Downtown.
"If you look at all the surrounding areas around Downtown Sacramento—Land Park, Curtis Park, Tahoe Park, East Sacramento, McKinley Park—they're all high-valued neighborhoods," he said.
But while north Oak Park is seeing the bulk of the resurgence, plenty of areas still need attention.
Donald Terry with the nonprofit Neighborworks helps build affordable homes and gives businesses in the area a boost.
"We got $40,000 in grant funds to do some business improvements right here within a mile of this project," he said.
It's not too far from the higher-price home that's stealing the headlines. Experts point out the affordability factor is still the focus for many. While Oak Park makes up 2 percent of all available home listings, it has about 9 percent of listings under $200,000.
So who is buying in the area?
"At this point in the cycle, it's mostly home buyers," Baginski said. "Investors are still finding opportunities, but they're kind of a second wave of investors now."