Island J

You know that place, right? It’s sort of the signature townhouse community in Foster City located across the water from Leo Ryan Park and the Metro Center. To say it’s had some travails in the last few years would be putting it mildly…it’s been borderline disastrous. Lot’s of needed maintenance resulted in lots of arguing about what to do about it and this arguing has lasted for years. So much so that, surprise, surprise, the needed maintenance has increased causing an even bigger argument over how to pay for these fixes. It got so bad that the City stepped in and forced scaffolding under several questionably safe decks in the project. Theoretically to keep them from collapsing I guess. Well, the arguing has come to a head and the parties there have agreed to a two tier approach to a resolution. First, the proposed assessment has come in at $20,000…a wholoe bunch less than the $40,000 that was spoken of a few months ago. Second, the monthly HOA dues are going up to $811.00 a month. That’s right, Eight Hundred and Eleven Dollars a month.

One thing that’s worth mentioning here is that this issue DOES NOT effect the units on Lido Isle. That is NOT Island J and has a different HOA.

Let’s see, $811.00 a month is the equivalent of $165,000 on a mortgage at 4.25%. Would that have an influence on your purchase decision? How about if you compare that to other units that have half of that a month and you’re still on the water? I’m thinking the problem of value erosion at Island J hasn’t stopped. It is good news, however, that the issues there are going to be addressed. That will certainly help. There’s an article in today’s San Mateo Daily Journal about this topic today. The debate will go on I suppose

Condo Owners Get Hefty Bill For Renovations

 

Comments

  1. Sam Robertson says:

    Hey Jim, You do know that the image you are using for this doom and gloom post is of my unit on Lido? 😉

  2. Jim Minkey says:

    Are you sure? It looks like the end of Portofino to me?

  3. Sam Robertson says:

    I am pretty sure it’s this location: http://goo.gl/maps/YSS5Y, not to be confused with this location: http://goo.gl/maps/Uiu3i (either the curve, or the end of the road).

  4. Sam Robertson says:

    notice the extra tree’s behind the big one in the picture of lido, vs, the lack of trees on the similar corner on portofino.

  5. Jim, is it better that HOAs charge more? If you unit doesn’t have an upcoming assessment, does paying more ensure that the HOA is putting away $$ in reserves for when there is an issue? We pay a little under $500 at Marina Point.

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