Day On Market

There’s sort of a strange thing going on within the Condo/Townhouse market in Foster City right now. Actually…maybe it’s not really that strange if you think about it? It’s the fact that there are so many units that have been listed for SO long. Of the 41 active units in FC, 14 of them have been on the market for at least 100 days. That fact alone probably identifies, more than anything else, just how different the market is right now vs the boom years. Between 1999 and 2006 everything sold quickly. Now it’s harder.

Of the 14 units mentioned above we’re looking at days on market of 245, 320, 137, 336, 115, 271, 108, 146, 100, 250, 129, 118, 193 and 112. That’s a long time folks. Interestingly, only one of these listings is a short sale. (Short sales naturally tend to be on the market longer that other sales). The short sale in question is at Promontory Point where the monthly dues are a whopping $772.00 a month. Call me zany, but I think those dues are a bigger reason for it’s lengthy DOM than the short sale is. While we’re on this topic, (one that I’ve harped on before here on the blog), no fewer than 10 of the 14 listings have monthly dues higher than $430.00 a month. Actually, the dues on those 10 are $772.00 (we know which one that is!) $435.00 on 3 of them, 2 at $454.00, one at $451.00, one at $488.00, one at $603.00 and one at $717.00. If that wasn’t bad enough, large lump sum assessments are factors on 5 of them as well. Three of the fourteen units are 1 bedroom condos which tend to take awhile to sell in any market.

Interestingly though, 3 other units have low monthly dues. In one case as low as $175.00 a month. I honestly don’t know why they haven’t sold.  Here’s the thing though, there’s still 18 pending sales on condo/townhouses in Foster City. It’s not like the market is totally dead. There’s even a pending sale at The Islands (dues-$603.00), but the list price on this short sale is $499,000. Anything will sell at the right price! All these long listed homes will sell too…eventually. In the meantime, patience is a virtue?

Comments

  1. Jim, your comments are right on the mark. Also think that it doesn’t help that many of the units are only one or two bedrooms which in most cases for families…doesn’t really work.

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