Bakersfield Real Estate Market: Hard Money Loans for a Growing City
If asked what drives California’s economy, some would say agriculture, others oil and gas, some aerospace and tech, others manufacturing, or corporate headquarters, or even mining. If you were wondering what drove the Bakersfield economy, you could say “all of the above.” Bakersfield, in the heart of Kern County, is one of the most diverse and successful towns in California, and it is matched by its phenomenal growth. This diversity and growth are the reasons why Bakersfield is a great place for real estate investors, especially if you have an equity-based hard money loan to finance your projects.
Understanding the Bakersfield Real Estate Market
In 1980, Bakersfield was a decent-sized town of a little over 100,000. Fast-forward to today and it’s now closer to 400,000. While the economic downturn slowed that trend a little bit, the rebound has seen it crank to life again. Bakersfield is back in a period of growth, meaning it’s chock full of opportunities.
As it grows, it attracts better restaurants, a lively art scene, and generally more upscale opportunities. That generally correlates with the chance for higher rents and higher housing prices. It is important for a real estate investor to get in on the ground floor. Bakersfield is the rare California city where ground-up construction is booming, thanks to its annexation of land, and that means that more people are moving into the outer rings. This opens up the center of town, where houses can be hard to fix-and-flip and apartments can be hard to buy-and-hold. Residential refurbishing is the next step in a growing city.
Right now, most neighborhoods extend to the city outskirts. These include North Bakersfield, South Bakersfield, Northeast Bakersfield, South Bakersfield, Northwest Bakersfield, Southwest Bakersfield, West Bakersfield, and the Southeast. The only neighborhoods that don’t are Central Bakersfield and East Bakersfield, which used to be the city of Sumner before it was annexed. These are all a great mix of single-family homes, duplexes, apartments, and condos. Downtown is still largely a rental market.
Hard Money Loans from Socotra to Get in the Growing Bakersfield Market
Some people want to renovate homes or apartments with the intention to sell or buy property at auctions, or are experienced builders looking to start ground-up construction projects. Whatever your needs, equity-based hard money loans from Socotra Capital can help you get moving.
We understand the Bakersfield real estate market and know what it takes to move forward. Whether you are looking to take advantage of new annexations or want to fill in the center, we can get you fast approval so you can get to work. Bakersfield is a growing community surrounded by natural beauty and filled with hard-working citizens. Socotra Capital will help you be a part of it.