Excerpt from the SF Business Times:
Exclusive: Developer sells out West Oakland townhomes, plans three more projects
Developer City Ventures has sold all 171 townhomes at its Station House project in West Oakland, the city’s only new for-sale development in nearly a decade.
The project, at 14th and Wood streets, opened late last year and had prices from $600,000 to $900,000. Townhomes range from 1,300 to 2,000 square feet, with two or three bedrooms. Oakland’s median home value is around $687,000, according to Zillow.
Patrick Hendry, City Ventures vice president of Northern California, said the project’s proximity to downtown Oakland and the Bay Bridge to San Francisco was a major asset in attracting buyers. The price of the project – about a third of the price per square foot for San Francisco condos – also helped. With low interest rates, some buyers’ mortgage payments were less than paying market-rate rents, said Hendry.
“We underestimated the demand. Our sales pace has been unprecedented,” said Hendry.
Baran Studio Architecture designed Station House. City Ventures is its own general contractor.