Hillsborough Investors! There's a Great Opportunity in East Palo Alto Right Now.

East Palo Alto’s Cummings Park

You know the real estate market is changing when it’s possible to buy a investment property on the mid-Peninsula under $500,000. If you think I’m fooling, drive down to East Palo Alto and take a look at Cummings Park, a condo development in East Palo Alto next to the old Expo building, sitting across from Ikea. There are 23 townhouse style condos and lofts going up for auction next Sunday in San Mateo.

These are nice. The finishing is very nice, with hardwood floors, upgraded carpet, slab granite counters in the kitchen and GE stainless appliances, a washer and dryer and they’re pre-wired for a home network, and cable TV. All of the units open to the courtyard above. It’s a secure building with secure parking.

Originally selling for around $600,000 these 1 bedroom, 1.5 bath lofts and 2 bedroom condos are waiting for owners. Auction prices will start at $299,000. I don’t think anyone will snag one at that low price, but it’s likely the loft units can go for around $400,000 and the smaller 2 bedroom, 2.5 bath unit for a little more. There are 4 larger 2 bedroom and 2.5 bath units likely to sell closer to $500,000.

If you’re thinking of investment property near to home, these are great possibilities for you. You must be pre-qualified by either Bank of America or Wells Fargo, both with representatives on site, or use your own lender. Come with a Pre-Qual letter, $2500 cashiers check made out to you, and be at the San Mateo Marriott next Sunday at 1 PM.

San Leandro’s City Walk

The same company handling this auction has another project for auction in San Leandro. Bidding begins for considerably less, $145,000. City Walk, with 32 condos, is close to the Bayfair BART station and 580, and these also offers similar finishing with hardwood floors and upgraded carpet, stainless appliance and washer and dryer. They are smaller units than those in East Palo Alto, either 1 bedroom and 1 bath, 2 bedrooms and 1 bath or 2 bedrooms and 2 baths. City Walk sits on East 14th Street and is about 2 blocks south of Bayfair Center.

The auction for City Walk also takes place at the San Mateo Marriott next Sunday but at 6 PM. The same conditions hold for this auction, too. If you’re interested, your pre-qual letter must be in the hands of the auction company prior to bidding. These are well built condos. The builder probably miss timed the market, getting them to market last year once the real estate market had tanked. His loss is your gain. I think these are likely the best investment opportunity to come along in a long time.