North Oakland Neighborhood Is Surprisingly Bay Area's Hottest Real Estate Market
OAKLAND (CBS SF) – When someone asks which Bay Area neighborhood is the hottest real estate market in the country, the answer generally focuses on the Silicon Valley or San Francisco.
But according to Redfin – a national real estate brokerage company – it's actually a neighborhood that straddles Oakland and Berkeley that goes by the name of Bushrod.
"That's wild, Bushrod!" said Mirana, a local resident.
Yes, Bushrod with its streets filled with modest sized homes that have become a magnet for residents hoping to buy into the craziness that is Bay Area real estate.
Arthur Gurrea is taking advantage of the red-hot market. He's put his Bushrod home up for sale.
It has two bedrooms, one bathroom, a modest backyard and a loft accessed by a ladder. Gurrea bought the home for $93,000 nearly 29 years ago.
"We thought that was a lot of money," he told KPIX 5 of the original purchase price.
As of Sunday, the Guerra home was on the market for $649,000 and will likely go even higher when competitive bidding begins.
Realtor Ellen Hui was confident the house will sell for at least the asking price.
"We've already had 20 disclosure packets requested, and this is the first Sunday open," she said.
Hui said the neighborhood is really the major selling point.
"It's a great neighborhood - it's bordering Berkeley and Oakland - you can get to San Francisco quickly," she said. "They go pretty quickly. People offer pre-emptive right when you put it on the market."
Mirana just shook her head and said the soaring real estate prices are just a sign of the times.
"Changing Oakland," she said. " It's wild. Interesting to be here."