Redwood City – Great Place to Purchase Property for Investment,
It’s Cheaper too.
Redwood City is an area of California in the United States. It is chartered by California located on the San Francisco Peninsula in Northern part of the City. The city is well-known for Apartments and Property Investment Businesses. Sares Regis, a known group out of California has sold out its luxurious complex to TIAA-CREF. TheBay Area Property was sold by Sares group.
The luxurious complex had a total of 132 units. The New York based buyers paid $82 million paying roughly $625,000 a unit. This is a big bet as that per unit price will set a new premium for apartments in Redwood City. Looking at the past trends and potential for future rental rates doesn’t make this such a big bet as the outlook for the San Francisco Peninsula is extremely bright. With this purchase you can expect to see an uptick of 5-10% for the price of similar apartments while seeing a big jump in current rental rates.
There are very few Class A apartments left in Redwood City plus the property is cheap for the buyers compared to neighboring towns. The Bay Area is a natural attraction for all the buyers looking for investment in the property business. With this new purchase you can look for Redwood City to draw additional high end employers who will need this type of luxury living. If you currently own property in this area you may want to think about updating your property in preparation for this new high end renter while ensuring you don’t sign anything longer than a one year lease. Whether you currently own or are looking to get into the market you will want to work with a reputable Bay Area Property Management Redwood City firm to help guide you through the renovation or buying process.
In Redwood City, there are buildings and apartments which are still under construction. There is a huge demand of buyers in the market as this particular property is one of the top metro-areas of the state. Buyers, who are fond of making wise decisions, need to try their investments here. Getting a property in Redwood City is like a hen laying golden eggs for investors in the property business.
For the best and most reliable broker who can be trusted, please contact us. Let Property force to do our work and you will be happy with the outcome!