What’s Wrong With This Picture?

meridian

What’s wrong with this picture? Currently, there are a total of 29 active condo/townhouse listings in Foster City. There are 22 condo/townhouse projects in Foster City, yet of the 29 active listings 11 of them are in only 3 projects…Promontory Point, Meridian Bay and Marina Point. That’s 39%. Conversely, there are currently 35 pending sales in the condo/townhouse category, a ratio that’s at it’s 2009 high by the way. There’s 5 pending sales in those complexes…or slightly under 14%.

Why the disparity, you ask? These are all nice projects and the unit’s in question are by and large in good shape. Average days on the market for these 11 units? 105. Average days on the market for all the others? 74. Why is it then that these nice units are not selling? I suggest it’s because of their high association dues. Promontory Point’s dues are $772.00 a month. Meridian Bay’s are $496.00 and Marina Point’s are $470.00.

OK, there’s others that are in that ballpark too…Isle Cove at $525.00 and The Islands at $547.00 yet there’s also places at Winston Square coming in at $245.00 and Marina Green at $308.00. Even City Homes arrives at $349.00. At least with Isle Cove and The Islands you’re most likely looking at a waterfront. The $500.00 a month range sure seems pricey to me…doesn’t it to you? What happens if flood insurance is mandated for these HOA’s? Yikes!

Seriosly, I like these projects. Meridian Bay is gorgeous…heck they all are nice developments! It’s just that the facts of the active listings would sure suggest that the market is not rushing to buy these places..and I don’t believe it has anything to do with the quality of the unit’s or the projects. It has everything to do with high HOA’s

Comments

  1. robert chow says:

    Yes Jim, you are so right. HOA is my major drawback when come to buying any condo or townhouse. It seems homeowner is at the mercy of the HOA’s board committee. The worse place to get anything accomplish is when there are high number of rental units. Absentee owners and tenant don’t bother voice their complain so there’s nothing being done to reign in abuse spenting bu the board. I just sold my townhouse paying $210 but will be assessed higher in future due to large influx of absentee owners and carous HOA board. It will be my last choice getting into condo or townhouse. HOA is like parasite eating off hard earning cash. Robert

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