May 21, 2013 · 3:00 PM
Let's meet at one of my newest flips and discuss the transformation of this North Oakland home. I’ve been doing some traveling - from Las Vegas to Phoenix - and I’ve been reevaluating where to take my future investments. I’m finding that a majority of Bay Area real estate investors are looking elsewhere for solvent opportunities. I believe there’s ripe potential in Kern County- specifically Bakersfield.
Bakersfield's relatively steady economy has drawn investor attention, as has the city's recovering residential real estate market. Local home prices fell sharply during the recent housing bust. With no fundamental drags on the horizon, investors see plenty of room for prices to rise.
Just last year the median home price in Bakersfield, CA was $145,000. Today, that median price has soared to $250,000. Interestingly enough there are less than 500 active homes in Bakersfield- the least amount of active listings since 1993. While competition is steep at the steps, there is opportunity to be had in building, short sales and even through the foreclosure process for seasoned, diligent investors.
Join myself and Ruth Parker, born and raised in Bakersfield, as we share what could be your next big move. Ruth is a former developer, investor, flipper and current real estate agent. She's seen the peaks and valleys of this market and understands the area like no brochure or self-help guide could explicate.
After spending due time at the courthouse steps and speaking with several real estate professionals in Bakersfield, I'm eager to share with you what I've learned and observed. Furthermore, I look forward to Ruth's expertise validating my research and offering invaluable insight.