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