Where's Oakland?

Water-cooler discussions are commonplace in every office, including ours. Generally speaking, these conversations tend to contemplate subject matter pertaining to our line of business. Our line of business is real estate.

During one such conversation yesterday, at a real estate office here in Memphis, I mentioned (let's call him Bob) to Bob that I just drove back from Oakland where I was researching commercial properties. You'd think that Bob, a Memphian, would immediately put "two-and-two" together, figuring that I meant "Oakland, Tennessee" just 15 mintutes east of Wolfchase. But noooooooo, after I said Oakland, I Bob suddenly glazed-over while creating an uncomfortable pause in the conversation. After what seemed like, 4 1/2 minutes, Bob queried in an uncertain voice, "Oakland, California!?"

This has happened on more than one occassion.

Here's my point and question to you. An unidentified representative of Kroger recently stated that Oakland (Tennessee) is our next "Germantown" according to their demographic studies. In 1990 the average household income was $40,383, 2000 it was $57,767 and in 2004 it was estimated to be $61,602. Judging by the apparent absorption rate of upscale single family housing, they may be right.

As an investor, broker or spectator, what do you think? Is Oakland on track to become a recognized upscale destination like Germantown and Collierville or will we be required to continue clarifying to Bob that it is Oakland, TENNESSEE (not California)?