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Archive for the 'Condos & Townhouses' Category


Condo & Townhouse Inventory

Posted by Jim Minkey on 12th June 2008

Street Address Status List Price Beds Baths Bldg SqFt Age DOM
720 PROMONTORY PT LN #02207 A 1299000 3 2 1/2 2264 18 57
740 PROMONTORY PT LN #3303 A 1298000 2 2 1/2 2224 4 93
720 PROMONTORY PT LN #02109 A 999000 3 2 1/2 2264 18 56
893 ERICKSON LN A 879500 4 2 1/2 2030 35 6
830 BALBOA LN A 875000 3 2 1/2 2140 33 26
950 DIAZ LN P 849000 4 2 1/2 2030 33 34
815 SPRUANCE LN P 799000 4 2 1/2 1880 33 13
755 NEPTUNE LN A 795000 4 2 1/2 1700 36 86
810 BALBOA LN A 749000 2 2 1395 33 41
828 PEARY LN A 749000 3 2 1/2 1340 34 6
777 VESPUCCI LN P 749000 3 2 1/2 1600 34 9
1025 HELM LN A 748888 3 2 1/2 1580 12 18
42 E COURT LN A 748000 3 2 1/2 1580 22 14
1023 HELM LN A 739000 2 2 1240 12 2
1033 DOVE LN A 720000 2 2 1/2 1290 37 34
152 ALBACORE LN P 719000 3 2 1/2 1370 22 71
926 LIDO LN A 712850 2 2 1490 33 2
211 VILLAGE LN A 709000 2 2 1/2 1260 12 34
254 BONITA LN P 709000 3 2 1/2 1370 23 52
247 BONITA P 699900 3 2 1/2 1370 23 21
134 E COURT LN P 699000 3 2 1/2 1580 22 5
774 COMET DR A 688888 3 2 1/2 1290 36 76
820 SEA SPRAY LN #206 A 675000 3 2 1535 27 9
102 CITYHOMES LN A 669000 2 2 1/2 1530 21 37
860 MERIDIAN BAY LN #00232 P 658888 2 2 1245 9 99
972 VASCO DA GAMA LN A 649950 2 2 1260 34 54
814 BALBOA LN A 649000 2 2 1270 33 90
780 SEA SPRAY LN #213 A 639213 2 2 1235 25 54
196 BEACH PARK BL P 639000 2 1 1/2 1270 34 52
1457 MARLIN AV A 618000 2 1 1/2 960 38 0
778 COMET DR A 599200 2 1 1/2 980 36 5
1171 COMPASS LN #213 A 595000 3 2 1593 32 16
1131 COMPASS LN #00303 A 590888 2 2 1286 35 161
1061 BEACH PARK BL #00304 A 565950 2 2 1250 35 102
1061 BEACH PARK BL #00307 A 550000 2 2 1286 35 119
1041 SHELL BL #1 A 549000 2 2 994 36 19
1061 BEACH PARK BL #00204 A 545000 2 2 1349 35 34
1025 SHELL BL #1 A 539000 2 2 994 36 12
1061 BEACH PARK BL #00110 A 538888 2 2 1349 35 30
800 SEA SPRAY LN #00210 A 538800 2 2 1213 24 58
900 BEACH PARK BL #00147 A 529000 2 2 1060 35 239
820 SEA SPRAY LN #00102 P 499000 2 2 1500 27 115
7209 ADMIRALTY LN A 487000 2 1 1/2 998 43 57
5209 ADMIRALTY LN A 474800 2 1 1/2 998 43 51
1103 ADMIRALTY LN A 473000 2 2 1003 43 47
800 SEA SPRAY LN #216 P 439000 1 1 995 24 25
4106 ADMIRALTY LN A 415000 1 1 748 43 26
820 SEA SPRAY LN #00217 A 400000 1 1 1053 27 216
1049 SHELL BL #00011 P 329888 1 1 825 35 137

 

The Condo/Townhouse segment of the Foster City market is holding it’s own about as well as single family houses over all with 36 active listings and 13 pending sales as of today. The pendings are in the lighter tone above. That ratio has increased a tad since I did this report six weeks ago, when there were 31 active units and 18 pending sales, but it’s interesting to note that a large number of those sales, 10 of 13, sold since May 27. That sort of reflects the same little boost we had with Single Family houses during that same period. Of course these units vary tremendously in size and utility, but I can’t resist highlighting a few that are worth seeing because they’re so darn nice! I would expect to see them sell relatively quickly:

893 Erickson listed by Jan Majeski of Alain Pinel for $879,500. This is one really adorable townhouse at Winston Square. 4 bedrooms, 2.5 baths…and really done nicely! A top drawer remodel, I like this place alot.

1025 Helm listed by Debbie Wong of Prudential for $748,888. This wide waterfront 3 bedroom, 2.5 bath unit at Bayfront Court is also done well and it’s rare to see a waterfront exposure this terrific. Shows really well, it’s a great listing!

4106 Admiralty listed by Guillermo Reyes of Keller Williams for $415,000. I know, I know…the Admiralty has it’s issues, and yes, the refrigerator is in the dinning room, but you don’t see many folks willing to really fix up a one bedroom unit like these folks have. It’s a really cute unit!

Go have a look…tell me if you disagree.

Posted in Condos & Townhouses, How's The Market?, What's For Sale? | 5 Comments »

Flood Insurance in Foster City, still a HOT topic……

Posted by Jennifer Selvitella Local Sta on 21st May 2008


I’ve been asked to comment on a couple of scenarios that have recently been brought to Jim for discussion. The first is about those fortunate souls who find themselves in the enviable position of not having a home loan.  The question posed was whether or not they will have to purchase flood insurance when the Foster City change goes into effect.  The short answer, no.  Just as you are not required to carry a homeowner’s insurance policy, you will not be required to carry a flood insurance policy.  It is worth noting however, if your home is your largest asset and you may need to access your equity via an equity loan/line or a reverse mortgage, you would be required to carry insurance at that time.  If this were to be after the 2010 deadline (assuming nothing changes in terms of the flood zones), you would not be able to lock in the “preferred rate.”  Just like some who choose not to carry homeowner’s insurance once their loan is satisfied, you would be self-insuring for better or for worse.
The second question posed to Jim was regarding condo unit owners (the following comments also apply to town homes).Typically, in a condo situation there is an HOA (Homeowner’s Association). General rule of thumb is the association has what is called a “master” policy. In most cases, the master policy covers from the studs of the walls out, plus any common areas.  They do not cover the interior of the units or any liability issues that may arise within your unit.  In the event of a flood, if you do not carry a flood policy for the interior of your individual unit, you would not have coverage.  It is very important however, that you check with the company who handles the policy for your HOA to see what the policy covers.  Lenders usually do not require evidence (proof) of insurance for condo owners who are part of an HOA, as the exterior is covered under the master policy for most covered perils such as fire.  It would typically be the responsibility of the HOA to have its own flood policy for the exterior of the building plus any common areas.  If your HOA does not have a flood policy and later becomes required to carry one, you could find yourself in an assessment situation.  Do yourself a favor, check this out, or go to a board meeting and discuss this issue with your board members.

Posted in Condos & Townhouses, Insurance | No Comments »

Condo & Townhouse Inventory

Posted by Jim Minkey on 1st May 2008

Street Address Status List Price Beds Baths Bldg SqFt Age DOM
740 PROMONTORY PT#3303 A 1395000 2 2 1/2 2220 4 49
720 PROMONTORY PT #2207 A 1299000 3 2 1/2 2264 18 13
720 PROMONTORY PT #2109 A 999000 3 2 1/2 2264 18 12
740 PROMONTORY PT #3207 P 990000 3 2 1/2 2264 4 70
830 BALBOA LN A 899000 3 2 1/2 2140 33 12
642 CELESTIAL LN A 849000 4 2 1/2 1700 36 44
8 BINNACLE LN A 825000 3 2 1/2 1860 20 53
755 NEPTUNE LN A 795000 4 2 1/2 1700 36 42
854 ANDROMEDA LN A 759500 2 2 1/2 1546 31 32
720 COMET DR P 749000 3 2 1/2 1670 36 9
828 PEARY LN A 749000 3 2 1/2 1340 34 18
1039 DOVE LN P 748000 3 2 1/2 1610 37 7
152 ALBACORE LN A 744000 3 2 1/2 1370 22 36
1003 EMERALD BAY LN P 739888 2 2 1/2 1638 17 44
876 CARINA LN P 729000 3 2 1/2 1667 31 45
349 CATAMARAN ST P 725000 3 2 1/2 1340 34 24
612 AQUARIUS LN P 718000 3 2 1/2 1430 35 5
103 E COURT LN P 717000 2 2 1/2 1530 22 25
926 LIDO LN A 712850 2 2 1490 33 17
254 BONITA LN A 709000 3 2 1/2 1370 23 17
247 BONITA A 699900 3 2 1/2 1370 23 18
117 E COURT LN P 699888 2 2 1/2 1410 22 50
774 COMET DR A 699000 3 2 1/2 1290 36 32
130 E COURT LN P 698000 2 2 1230 22 16
880 MERIDIAN BAY LN #116 A 689000 2 2 1350 10 96
49 COMMONS LN P 685000 2 2 1/2 1530 20 19
814 BALBOA LN A 685000 2 2 1270 33 46
860 MERIDIAN BAY LN #00231 A 679000 2 2 1350 9 53
972 VASCO DA GAMA LN A 670000 2 2 1260 34 10
860 MERIDIAN BAY LN #00232 A 668888 2 2 1245 9 70
780 SEA SPRAY LN #213 A 639213 2 2 1235 25 10
196 BEACH PARK BL A 639000 2 1 1/2 1270 34 8
1131 COMPASS LN #00303 A 590888 2 2 1286 35 117
1061 BEACH PARK BL #00307 A 585000 2 2 1286 35 75
1061 BEACH PARK BL #00304 A 565950 2 2 1250 35 58
1151 COMPASS LN #00108 A 565000 2 2 1286 32 92
1151 COMPASS LN #00107 P 549000 2 2 1349 32 79
1033 SHELL BL #00010 P 539900 2 2 1042 36 16
800 SEA SPRAY LN #00210 A 538800 2 2 1213 24 14
900 BEACH PARK BL #00147 A 529000 2 2 1060 35 195
820 SEA SPRAY LN #00102 P 499000 2 2 1500 27 10
7209 ADMIRALTY LN A 487000 2 1 1/2 998 43 13
1103 ADMIRALTY LN A 482999 2 2 1003 43 3
5209 ADMIRALTY LN A 474800 2 1 1/2 998 43 7
800 SEA SPRAY LN #00216 P 439000 1 1 995 24 25
820 SEA SPRAY LN #00217 A 429000 1 1 1053 27 172
1111 COMPASS LN #00210 P 418000 1 1 990 35 9
1049 SHELL BL #00011 A 329888 1 1 825 35 108

 

The Condo/Townhouse market has actually been remarkably strong in Foster City, with 31 active listings as of today, and 18 Pending Sales. That’s really an excellent ratio and speaks well for this segment of the Foster City market. Condos and Townhouses are naturally more affordable than single family homes in this area and we’re certainly seeing some real activity here. I’ve color coded the actives in a darker tone for easy access in the chart above. There’s actually been more activity in this segment in the last few weeks than there has been in single family sales. In the last 2 weeks 10 condo/townhouses have sold vs. 6 single family.

Posted in Condos & Townhouses, How's The Market?, What's For Sale? | No Comments »

Condos & Townhouses

Posted by Jim Minkey on 30th March 2008

Bayfront Court

Nowhere on the Peninsula is there a community boasting as many large condo/townhouse projects as does Foster City. I’ve actually sort of procrastinated about writing a post about this market segment because it’s shear vastness makes it a bit of a struggle trying to consolidate all of it’s facts into a coherent report on how it’s doing. There are 24 projects with 50 or more units, Redwood Shores by comparison, has 15. These developments span the price range from a high of over $1.3mil last year at Promontory Point to a 1 bedroom condo being sold short at the Admiralty for $329,888. It’s been a long held staple of real estate thought that a single family home will hold it’s value better than a condo or townhouse and thus it’s a better investment but the fact of the matter is that in a community where an entry level house is $900,000 minimum and lots of people want to live here condos/townhouses have done really well. Appreciation has been steady in Foster City over the last 10 years yet some values have fallen slightly over the last 18 months or so. I believe that to be the product of 3 things, 1. The market is experiencing a natural adjustment, 2. Foster City’s short sales have basically been in the lowest price ranges where zero down sub-prime loans were most prevalent and thus these properties have been sold at a discount to move them and 3. Association dues in some projects have risen to a point where it has, to some degree, effected desirability. Dues in some projects are hovering between $450.00 and $500.00 a month…one project is now at $735 a month. Here’s some fun facts:

30 Total number of Condos/Townhouses actively on the market in Foster City

13 Total number of them that are traditional 2 story townhouse units

14 Total number of Pending Sales

15 Total number of closed sales in the last 3 months

6 Total number that sold at or over the asking price

2.1% Average percentage of price reduction on the other 9 properties

6.8% Average price reduction across the board on Condos/Townhouses in the last year in FC.

Again, with 24 projects chiming in and considering the variations in units and their relative conditions it sure seems to me that condos and townhouses in Foster City has been, and will continue to be, a pretty darn good investment. I debated this with a mortgage broker buddy of mine recently…I think that if a buyer is qualified to $650,000 and it’s a choice between a house in San Bruno, South City or Pacifica or a condo in Foster City…it’s the Foster City condo all day long. In the long run it will hold it’s value better.

Posted in Condos & Townhouses, How's The Market? | 12 Comments »