DoorTru continues to cover real important estate news, like what’s going on right in your own backyard. We’d be delighted to tell you all about this lovely region if you’re unfamiliar with it. This post will spotlight who’s investing in Lake Oroville, two amazing new projects for the region, and why you should look at the region yourself.
Lake Oroville is in Butte County and California’s second-largest reservoir. Lake Oroville, one of the state’s finest recreational lakes, is formed by the nation’s largest dam (the Oroville Dam) blocking the Feather River. With over 1.4 million visitors each year, it has become a treasure of California thanks to its world-class recreation. Lake Oroville is a prime location for people who love the outdoors and beautiful scenery of Lake Almanor and Lake Tahoe but aren’t quite as interested in the tourist traffic of Lake Tahoe’s vacation homes and Lake Almanor’s luxury real estate.
Lake Oroville is home to Feather Falls, the sixth tallest waterfall in the world. Sitting at over 660 feet, the falls attract visitors from across Northern California to see its incredible beauty. While here you can also visit the Feather River Fish Hatchery, where every fall, thousands of Steelhead Trout and Salmon make their way for breeding.
Surrounding the lake is the City of Oroville, and with a greater population of over 55,000, it sits as the economic force behind Lake Oroville. In the City’s recent financial summary, Oroville has a reported taxable retail demand of over 831 million dollars.
Surrounding the lake is the City of Oroville, and with a greater population of over 55,000, it sits as the economic force behind Lake Oroville. In the City’s recent financial summary, Oroville has a reported taxable retail demand of over 831 million dollars.
The City of Oroville has also streamlined its investment/development processes:
“The City creates a development-friendly environment by offering a preliminary meeting to developers free of charge, and a streamlined permitting process.”
They’ve also kept economics in mind, “The City has maintained very low commercial development fees compared to the City of Chico and the County. Though development fees are not the only consideration for developers looking to locate a project, significant fees can be a deterrent.”
Recently, a 172-acre lake view site called the Lake Oroville Village was fully-entitled to a hotel, 10,000 SF retail center, 76 condominiums, and over 112 single-family homes. This new development, along with the Whisper Ridge Golf Resort development project, illustrates the potential for Lake Oroville and the City.
The city of Oroville is the lake’s major business center, but the area is part of Butte County, which has seen a considerable increase in population. As Lake Oroville continues to expand and mature, so does housing value in the region. Since 2020, Butte County homes have increased by more than $100k in value (Avg Sales Price is now $435K, Dec 2021).
When you combine the population growth of the region, the commercial expansion of the lake, and the natural beauty the land brings, it’s easy to see why people are thinking of investing in Lake Oroville.
The houses in Oroville range from $300,000 to $1 million or more, but most are single-family homes with a larger than average amount of acreage compared to the bay or Sacramento. Many properties here feature in-law units or guest homes so there’s potential for home and passive income. The extra acreage also allows for large garages, workshops, and outbuilding so you can dive into your passions or have plenty of space to store your boat!
Interested in Lake Oroville Real Estate? DoorTru is ready to guide you toward the property that’s right for you. Whether it’s on the lake, in Oroville, anywhere in Butte County, we are here to make your dreams come true! If you’re ready to buy, then please visit our features listing page to see currently available homes. If you’re looking for something particular and need someone with local expertise, let us find your dream home for you.
