In Oakland at 466 37th Street, right next to MacArthur BART, a wave of new condos listed last week, eight in all and priced around the $300-$400K range.
When a passel of homes in the same building comes on the market all at once, one might assume it’s a new construction; however, this building dates to 1961 and still has the look of a midcentury bungalow from the outside.
Rather, 466 37th Street is a converted apartment building. But first it spent more than than ten years as an object lesson on the perils of market contraction.
Realtor Hanna Kerns tells Curbed SF that the owners, a pair of East Bay brothers (one a longtime resident of this same building) bought the place back in 2006. The plan was to renovate and then convert the assortment of mostly one-bed, one-bath homes to condo status.
But then, smack dab in the midst of it all, came the sound of a bubble bursting ahead of the financial crisis.
“They gutted the interiors and then lost the market,” says Kern. “So they became unwitting landlords until the market returned and they finally finished and then walked down the long path of the conversion process. These will be their first sales.”
Good timing is an asset in the real estate game, but it appears that patience will also suffice. After nearly 11 years, the homes are finally ready for tours, new bamboo and stone floors and all. The offerings start at $345,000 and top out at $449,000 for the building’s sole two-bedroom unit (pictured).
Was it worth the wait? Well, some people think so: two of the eight have sold already.
- 466 37th Street [Red Oak Realty]