NEILL SULLIVAN PROPERTIES
Neill Sullivan properties are the talk of the town, and the town is West Oakland. They are managed by SMC East Bay.
Real estate manager and entrepreneur Neill Sullivan is responsible for a number of properties in the San Francisco Bay Area, especially in the neighborhood of West Oakland. These properties are overseen by the Sullivan Management Company (SMC East Bay), which rents renovated homes and apartments, mostly in West Oakland. Also involved is a company called REO Homes of Oakland, which owns and oversees the renovations. Neill Sullivan is the president and CEO at both companies.
Over the past decade, the foreclosure crisis devastated East and West Oakland. Many homes were sitting in ruin, boarded up and decaying.
With very little lending and a market in fear, REO Homes began investing in West Oakland in 2007. It may be difficult to imagine now but at the time, very few people wanted to buy homes and very few people were spending money to renovate these historic houses.
There were also many houses that were not habitable due to the poor condition, neglect, and mismanagement by the banks.
For years, many West Oakland homes sat vacant and/or neglected, partly because the banks that owned these foreclosed properties were accepting cash-only purchases. Few people had the cash to purchase. Bank were unwilling to extend loans for these properties. Some were crumbling, 100-year-old homes in neighborhoods were values were falling. Many of these homes had become uninsurable. Since homeowners insurance is a requirement for qualification, home loans were very difficult to get.
After purchasing a number of properties, mainly in West Oakland, Neill Sullivan went to work on renovating these homes, investing as much as half of his funding on the renovations. The result was a stunning transformation we never thought we’d see in West Oakland.
In 2007 and 2008, Oakland was in a horrible financial crisis. There was talk of imminent city bankruptcy. The main cause of this was property values had fallen so low, which meant lower tax revenue for the city.
Additionally, many homeowners stopped paying taxes as they faced the horrible scenario of a foreclosure.
Crime was up, as there were police layoffs and cutbacks in the schools.
There was little to no money to improve thestreets, or to focus on the safety and health of children in the community. It was a scary time.
By investing tens of millions of dollars into decaying properties, Sullivan helped lift the property values. While some are understandably bothered by this because it meant higher prices, there is a very real and hugely positive impact to the city. The tax revenue increased, which meant the city could finally invest in schools, police, firefighters, assistance for the homeless, and other crucial neighborhood improvements.
In a continuous effort to help lift the long-troubled neighborhood of West Oakland, Neill Sullivan extends frequent charitable donations to various West Oakland-based community projects. Among the recent recipients of these donations are DASH (Diabetes and Sports Health), the Playworks organization, the West Oakland Mural Project, and the Sullivan Community Space, to name only a few.
SMC has also footed the bill for the planting of hundreds of trees along the sidewalks of West Oakland, as well as an ongoing neighborhood trash pickup service.
Outside of West Oakland, gifts from Neill Sullivan include monthly donations to Glide Memorial Church, which serves as a safe haven of ongoing emergency services for San Francisco’s homeless population.
Many West Oakland residents are proud of Neill Sullivan properties and his many long-awaited neighborhood improvements, as well as his many generous contributions to the local community.
NEILL SULLIVAN PROPERTIES
Neill Sullivan properties are the talk of the town, and the town is West Oakland. They are managed by SMC East Bay.
Real estate manager and entrepreneur Neill Sullivan is responsible for a number of properties in the San Francisco Bay Area, especially in the neighborhood of West Oakland. These properties are overseen by the Sullivan Management Company (SMC East Bay), which rents renovated homes and apartments, mostly in West Oakland. Also involved is a company called REO Homes of Oakland, which owns and oversees the renovations. Neill Sullivan is the president and CEO at both companies.
Over the past decade, the foreclosure crisis devastated East and West Oakland. Many homes were sitting in ruin, boarded up and decaying.
With very little lending and a market in fear, REO Homes began investing in West Oakland in 2007. It may be difficult to imagine now but at the time, very few people wanted to buy homes and very few people were spending money to renovate these historic houses.
There were also many houses that were not habitable due to the poor condition, neglect, and mismanagement by the banks.
For years, many West Oakland homes sat vacant and/or neglected, partly because the banks that owned these foreclosed properties were accepting cash-only purchases. Few people had the cash to purchase. Bank were unwilling to extend loans for these properties. Some were crumbling, 100-year-old homes in neighborhoods were values were falling. Many of these homes had become uninsurable. Since homeowners insurance is a requirement for qualification, home loans were very difficult to get.
After purchasing a number of properties, mainly in West Oakland, Neill Sullivan went to work on renovating these homes, investing as much as half of his funding on the renovations. The result was a stunning transformation we never thought we’d see in West Oakland.
In 2007 and 2008, Oakland was in a horrible financial crisis. There was talk of imminent city bankruptcy. The main cause of this was property values had fallen so low, which meant lower tax revenue for the city.
Additionally, many homeowners stopped paying taxes as they faced the horrible scenario of a foreclosure.
Crime was up, as there were police layoffs and cutbacks in the schools.
There was little to no money to improve thestreets, or to focus on the safety and health of children in the community. It was a scary time.
By investing tens of millions of dollars into decaying properties, Sullivan helped lift the property values. While some are understandably bothered by this because it meant higher prices, there is a very real and hugely positive impact to the city. The tax revenue increased, which meant the city could finally invest in schools, police, firefighters, assistance for the homeless, and other crucial neighborhood improvements.
In a continuous effort to help lift the long-troubled neighborhood of West Oakland, Neill Sullivan extends frequent charitable donations to various West Oakland-based community projects. Among the recent recipients of these donations are DASH (Diabetes and Sports Health), the Playworks organization, the West Oakland Mural Project, and the Sullivan Community Space, to name only a few.
SMC has also footed the bill for the planting of hundreds of trees along the sidewalks of West Oakland, as well as an ongoing neighborhood trash pickup service.
Outside of West Oakland, gifts from Neill Sullivan include monthly donations to Glide Memorial Church, which serves as a safe haven of ongoing emergency services for San Francisco’s homeless population.
Many West Oakland residents are proud of Neill Sullivan properties and his many long-awaited neighborhood improvements, as well as his many generous contributions to the local community.
THE SULLIVAN COMMUNITY SPACE
The Sullivan Community Space is a meeting place financed by Neill Sullivan, the Chief Executive Officer of Sullivan Management Company (SMC East Bay), and also the CEO and president of REO Homes of Oakland.
SMC manages and rents out apartments in West Oakland, while REO Homes of Oakland is dedicated to restoring damaged and neglected residential structures in the area.
Neill Sullivan is best known for investing in West Oakland properties, but also has a few in the surrounding areas. During the foreclosure crisis of the past decade, banks would only accept cash payments for the foreclosed homes of West Oakland, because most of these homes were in such poor condition that they were uninsurable, and homeowners insurance is one of the requirements for bank loan approval.
With the help of more than a few exclusively local contractors and laborers, Neill Sullivan was able to purchase and renovate numerous homes in West Oakland and beyond.
Today, thanks to the hard work of Neill Sullivan and his associates, many renovated rental units are available along the tree-lined streets of West Oakland.
Neill Sullivan is also actively involved in various community projects the are designed to beautify and otherwise improve the neighborhood of West Oakland. One of the projects funded by Neill Sullivan is the Sullivan Community Space.
The Sullivan Community Space is a meeting place for children and adults of the West Oakland area. Currently, the space is being used for children’s activities, movie screenings, and free martial arts classes.
The study of martial arts promotes patience, concentration, self discipline, and respect, along with the many obvious health benefits associated with any structured physical exercise. Martial arts also provides a sense of personal accomplishment, as students advance through the martial arts belt system.
The Sullivan Community Space is a freshly painted, safe environment that is available for all kinds of meetings, and can be used for all sorts of purposes. Local residents are encouraged to take advantage of West Oakland’s new community center.
The space is located at 1671 8th Street in West Oakland.
Other contributions from Neill Sullivan include donations to the West Oakland DASH camp, the Playworks organization, the West Oakland Mural Project, the tree planting project, a neighborhood trash pickup service, the “Make A Joyful Noise” event to celebrate faith-based communities in West Oakland, and quite a few other local community services.
Outside of West Oakland, Neill Sullivan has also made a generous donation to San Francisco’s Glide Memorial Church, which is known for providing food, shelter, health services, and more to San Francisco’s homeless population.