Marina Bay Offers Attainable Resort-Style Home Ownership Void of a High PriceTag

Richmond’s story is inspiring. Much like Oakland, Richmond is going through a renaissance and can now flaunt a new set of images to define itself: A growing number of big name, new employers, an emerging wine and dining hub, and resort style waterfront living. Richmond, with strong leadership, an influx of new residents and businesses, and new housing establishments, is starting to become a city redefined and a lovely place to call home. The Marina Bay area located in Richmond’s protected Inner Harbor flaunts an up-scale residential waterfront community with apartments, condominiums, townhouses, and houses, punctuated with beautiful walkways, parks, and many retail and light-industry businesses.

Companies like Blue Apron and Amazon and several medical companies have moved business into Marina Bay, and new wineries, breweries, and smart home owners are following. Why wouldn’t they? The new ferry system out of Marina Bay is making it an extremely convenient and affordable place to live, especially if you are commuting to San Francisco. With rent being extremely expensive in San Francisco, Richmond offers attainable housing. For example, The Shores at Marina Bay starts at $275,000 with financing starting at just three-percent down—and this is for well-appointed homes that are just 12 miles from both the Bay Bridge and Richmond/San Rafael Bridge.

Many are finding it more attainable to live in Richmond and commute to work in the city rather than trying to make ends meet and try to find affordable rent in the city. With the median home value in San Francisco currently at $1.1 million (up 3.2% in the past year) a $500,000 purchase only buys a 400 square-foot condominium, most likely a studio or tiny one-bedroom unit at best. This has forced young and newlywed couples looking to start a family or wanting to break into Bay Area real estate to move out of the city, yet they’re still finding it difficult to find attainable housing. Even more affordable Oakland has seen its housing prices rise this year alone more than 20 percent.

Many residents at The Shores have raved about how lovely the new ferry system is. Glenn Ringer, a resident at The Shores, “Tideline’s water taxi service is exactly what I’ve been waiting for. It’s practically door-to-door service from Marina Bay to downtown San Francisco. No more sitting or traffic or cramming into a packed BART car; it’s heaven! The crew is great and the view is spectacular. Quite simply, there is no better way to commute if you work in the city.”

In fact, The Shores is so popular that only 10 percent remain. The Shores provides one- and two-bedroom residents resort-style living and views of the bay, amenities like pools, spas and the convenience of the ferry within walking distance.

For mortgage prices that are lower than rents in many nearby cities, it may be the last time people see these kinds of prices for newly upgraded homes in bay area real estate. It’s truly is a lucky find in such an expensive market.