Hard Money Loans in Oroville: This Gold Rush Town Is Still a Residential Gold Mine
If you’re looking to get in on the ground level of a real estate market with a promising future, Oroville is your town. As its neighbor Chico continues to grow into a regional commercial giant, more people are drawn to nearby Oroville for close shopping and lower property prices. The rising property values, construction boom, and shifting demographic in Oroville create an ideal market for the fix-and-flip developer.
Understanding the Oroville Real Estate Market
The most recent cost of living index from 2008 ranked Oroville at a very reasonable 79.0 (the U.S. average is 100). This affordability is a primary draw for urban professionals looking to escape the sky-high residential real estate market in Silicon Valley and enjoy the stunning natural landscape that stretches between the foothills of the Sierra Nevadas and the rugged Northern California coastline. Local property values reflect this growth in market demand. The median sales price for homes in Oroville has skyrocketed by 26% in the year-over-year rating for 2015, placing it at $162,500.
It’s been speculated that Oroville has undergone more home construction in the last four years than in the 30 previous years combined. Factors like skyrocketing property values in the San Francisco Bay Area contribute to this burgeoning real estate market, as rising costs push urban professionals to look for affordable residential development in adjacent regions. These new residents will need affordable, modernized housing, and for investors looking to do residential rehabs on older homes, rising real estate prices means returns are rising as well.
Socotra Capital Provides Hard Money Loans for the Oroville Market
Don’t miss the chance to capitalize on the construction boom in Oroville. Its prime location and promising future make Oroville poised to become one of California’s best residential redevelopment sites. At Socotra Capital, we understand the Oroville real estate market, and our hard money loans can get you the liquidity you need to make your fix-and-flip ready for the market. Oroville has the potential and infrastructure for long-term growth and prosperity, and with Socotra Capital, it can have your rehabilitated residential development as well.
Socotra Capital is California’s premier hard money lender for your real estate investment needs. Contact us today to get started on your quick approval!