Highs and Lows-Condo/Townhouses

It worked pretty well last week with the houses, why not try it with Condo/Townhouses? Here goes:

MOST EXPENSIVE PROPERTY:

erickson

893 Erickson I know I’m beating a semi dead horse here, but this is the first year in at least the last 10 years that Promontory Point hasn’t had the highest selling unit in Foster City. This listing on Erickson was truly stunning…a very nice home, it closed at $879,500.

HIGHEST PRICE PER SQUARE FEET:

beachp1

150 Beach Park (Sorry, no pics on this one) Sold before it hit the market at $439.00 a square foot

LOWEST PRICED CONDO:

admiralty

4102 Admiralty Lane The power of a foreclosure deal. This 1 bedroom unit closed escrow at $280,000, a 2001 price…but don’t look now! There’s another foreclosure currently in escrow that was listed for $256,000. it’ll be interesting to see where that one closes!

LOWEST PRICE PER SQUARE FOOT:

ppoint1

740 Promontory Point #3209 What can I say…this 2264 sq ft (the largest unit to sell in FC in 2008!) REO came in under even the cheapest 1 bedroom units at $331.00 a square foot! Amazing!

LONGEST ON THE MARKET:

sea-spray

820 Sea Spray #217 This 1 bedroom unit sold for $365.00 per square feet, yet was on the market for 308 days

LARGEST OVERBID:

helm

1025 Helm Fantastic wide water unit at Bayfront Court went $49,112 over asking.

GREATEST AMOUNT UNDER ORIGINAL LIST PRICE:

bpark

196 Beach Park This waterfront unit went $89,000 less than it’s original list price.

I guess the relevance of all of these figures could be argued endlessly, but I still think it’s kind of interesting to see them…no matter what points we arrive at as a result of them.

Comments

  1. So what are rents going for on one bedroom units in this area? If I had $50,000 to put down would I be able to have a positive cash flow after paying property taxes? If not, are there any other areas within a 50 mile radius of foster city where one would be able to purchase a similar investment property? I would love to see a post on this.

  2. Jim Minkey says:

    Assuming you would get the Admiralty place I mentioned at $250,000, you would probably need to put down at least 25%…or $62,500. With that, and because of the $375.00 association dues, you would probably have around a $200.00 a month negative. That’s actually not bad. Alot better thanit used to be around here.

  3. Why did the Sea Spray condo take so long to sell?

  4. Jim Minkey says:

    I actually don’t know all the details but it actually sold 4 times during the listing. It must have been a short sale and they take forever, buyers often get exhausted and back out…and then the seller has to try all over again.

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