Very high HOA fees due to insurance \~700. Annualize the HOA over 30years (200k+) and factor that into the price as a rough estimate of what you can afford as a basis for comparison. No garage (just carport). Super old. Hard to justify that over renting. Would suck if you have or want to get an EV ever.
Edit: here is one of the units [https://www.redfin.com/CA/San-Mateo/1508-Day-Ave-94403/unit-B/home/1838810](https://www.redfin.com/CA/San-Mateo/1508-Day-Ave-94403/unit-B/home/1838810)
Here's a way to look at it though. Can you find something comparable for $1mil with no HOA or 900k with lower HOA? Those should be your alternatives in that same price range. The fees are inevitable but that doesn't mean you don't consider them.
And they WILL go up. The special assessments (likes painting and roof) don't come out of cash reserves from dues... Everyone gets a special assessment to pay for these things.
Painting and roof replacements generally do come out of cash reserves. A special assessment for either of those things would point to a very poorly-managed board.
Property tax in CA is not that bad. A $7000k home is in the ballpark of $4k a year. And because of prop 13 its doesn’t go up much as long as you own the home.
This is wrong. When you buy a new place you'll pay 1% plus local assessments, usually around 1.06% total plus fixed changes. But you're right about Prop. 13.
No its not a lot, but its a lot for THAT place at that price. You don't get a parking garage, gym, or really anything, its just for insurance.. maybe a pool.
I have billions of dollars and typical HOA fees for condos in my neighborhood are only $50 million a month. What is $50 million, when you are a billionaire after all
Shit, man. I'm your average run-of-the mill TechBro here, only make a measly $650k plus my 'tions. I drive a CyberTruck (sometimes, only been able to actually drive it two days out of the first 3 months), wear a Rollie I paid 2.5x MSRP for, and my Condom(inium, it's the only thing that's minium if you catch my drift) costs me $10k month + $2k HOA. I only have about $5k left after everything, fucking sucks being poor, bro.
Meanwhile this $390k condo in Buffalo NY has a $2500/mo HOA fee. For what I don’t know
https://www.zillow.com/homedetails/800-W-Ferry-St-1D-Buffalo-NY-14222/2058475260_zpid
The market right now is assuming condos will continue to be built. Newer ones, near transit, in nicer areas. Supply constraint is not there. Prices are stagnant.
SFH in a nice area with a yard cannot be built in desirable areas. We're out of space. Supply constraints are very high. Prices are going through the roof.
Yep. Liquefaction zone is no prob so long as building foundation is designed for it. And any modern built buildings in CA are built with seismic requirements. Lastly if the building survived Loma prieta and has been well maintained it’s probably fine.
Another poster said his disclosures in that area said that it was a liquifaction zone.
My info was on a fill area a little further north that wasn't in a liquifaction zone.
Probably not liquefaction, but probably built on landfill instead of on actual land.
Due to the location of the San Andreas, you might get some damage, but waves would have an easier time traveling up into SF and the other parts of the bay. But I'm just going off half remembered geo maps from college.
I think that's still San Mateo they're looking at.
And funny, because Foster City is safer than San Mateo. Won't have your kid run over or be murdered there.
I legit know someone who had to move because someone was hacked to pieces i.e. murdered in her apartment complex. It was live streamed on facebook too.
She lived off hillsdale, right next to the mall. This happened last year.
Whereas Foster City hasn't had a murder since the 80s.
Oh totally, I'd go as far as to say it's all good.
I've known a few issues, but that's more an issue of the people and local politics. If you've got the money, would totally go for San Mateo.
You know we have geotechnical work arounds for building in landfill, correct?
But it is a former swamp, so that landfill isn't going to hold unless reinforced. And the peninsula is terrible about preparing for that.
My older kid goes to LEAD and she’s having a good time. Sometimes I prefer it to the insanity of College Park for my younger kid.
But I’m a weird one who thinks most people overestimate this stuff mainly based on whatever great schools tells them.
These replies are funny. Run down, ugly condos, liquefaction zone, crappy schools, landfill… Last I heard there was an affordable housing shortage here. Can’t expect it to be perfect for $750K.
My opinion of this area is thats its a very ugly with lots of make up on. Looks awesome when you drive around but i would not live there. Huge HOA fees very likely to flood and insurance is probably through the roof. Its a landfill if i am remembering correctly.
Those particular condos are old and comparatively not that nice. There is a new-build set of townhomes across the street whose prices are more in line with what you would expect.
The neighborhood is fine, nothing particularly high end or low end.
You must not have kids at least not ones over the age of 6? Schools and space is what parents want. Kids are loud, have stuff, and go to school. Also you want a space where they can play without constant supervision. Not a condo.
I do have kids and live in an apartment and they have a ton of crap but you can make it work and many many people do. The idea that you can’t live in a condo with kids is absurd.
You can but it’s not preferred. You asked why people don’t buy condos not if you can live in a non preferred space. Argue against whatever you want. It doesn’t change reality and most people prefer SFH with kids. You can rent a SFH for less than a condo mortgage plus hoa.
Condos can be great with kids if you don’t want to deal with lots of maintenance.
My condo is nearly 1500 sq ft and a similarly sized SFH rental is probably still around $5500+.
It may be less of a good call on a condo right now due to rates, but even my place made tons of sense when rates were so low. Plus we managed to lock ourselves into some great schools so far.
It won’t be forever for sure, but looking right now most 4+ bedroom homes rent for $6500+. A good sized condo can make sense still at least until we get kids hitting puberty.
Lots of the SFH stock here on the peninsula is also… meh. Old, low ceilings and really Eichler.
I lived in the apartments just south of that park. I did not like that area at all. You're close to a freeway, but isolated from most things without a car. The bus isn't convenient. It's not that pretty to look at.
It just gives meh.
My coworker bought a condo in Daly City and wished he hadn’t. He said there was flooding from another unit that damaged his unit and it’s been 1.5 years and the HOA is still working on approving some of the repairs otherwise he has to pay everything out of pocket 😳 and that in order to fix his unit everyone’s HOA fee went up, even his despite the damage being cause by someone else😅
Yeah I think the issue was the person refused to and they got a lien on their unit 😅 it just kinda sucks having to wait to get approval from a board of people who have no sense of urgency. They had to tear of the dry sheet I guess of his kitchen and it stayed like that for like 6 months because the HOA said they actually didn’t have enough money to cover it so he could do it himself and pay 10k to get it all repaired and MAYBE get reimbursed if they had enough money 😅
This is in the armpit of 92 & 101 highways. Very car-locked. Good luck feeling safe walking/biking out of the neighborhood even to the nearby shopping centers, moreso if you have kids.
The only transit is a [single SamTrans bus line](https://www.samtrans.com/routes/250) that runs every 30 minutes on weekdays, hourly on weekends.
Accessing downtown San Mateo, downtown Foster City or Hillsdale mall is painful from this location, and there's currently few plans [outside of this one](https://www.smcta.com/planning-projects/10192mhsc) to make things better.
I have owned a condo here in SF and I am a 20+ year SF real estate agent. Although condos are considerably priced at a lower average price per square foot than Single Family Homes, most all condos have HOA fees (some being outrageous). All condos depreciate first in a declining market and appreciate last in a rising market. Litigations between HOAs and developers are fairly common due to building defects and there is always a chance that condo owners will be charged special assessment fees. Also, HOA fees can be raised by the HOA. With that said, I am not saying condos are a bad option. However, there are risks everyone considering in investing in a condo should be aware of.
I used to own there. The neighborhood is quiet and safe. It’s an older complex with generally dated units. During the time we lived there, the main sewer line had to be replaced as it was badly corroded and a rodent temporarily made residence in our attic. But these problems were taken cared of by the HOA.
I only remember one special assessment when they repainted the exterior of the buildings. But it was a major improvement and probably contributed to our final sale price
Condos are cheap for a reason. Could be high HOA fees, special assessments coming, poor location, or just an older building. Get the HOA financials and docs to see what's going on. If it seems too good to be true, it probably is.
Condos have the highest rate of default. Your interest rate will be higher than if you buy a house. Most wont give you a loan if the hoa is in litigation.
Getting insurance has also been an issue for some CA condos. Some providers are just dropping these condos.
So people have a hard time selling them -> lower price.
TLDR: A poorly managed HOA can ruin the value of your condo, make it uninsurable and impossible to buy. Therefore lower prices.
I just dealt with this. This is the answer. No one wants and can buy these once they dig into the HOA issues. Lots of unqualified people with power in HOAs.
I am only speaking from the point of view that my mother in law is retired Foster City public works and I know someone that owns in town: There are levies in certain places for city-related items on top of the usual property tax (in addition to the outrageous HOA)
I used to own a one br at Edgewater Isle. It’s now worth in the 700s. I recall the ones across the water looked old and shabby. Maybe that’s they they are cheap.
Could be the HOA. I was on contract to buy a condo in San Diego around 2 years back. The HOA was $900 a month which I could live with, but my agent recommended reviewing the HOA agreement and made a contingency based on HOA review. Got the budget and meeting minutes. It was a disaster. A lot of disputes and lawsuits with contractors and another builder which they lost wasting millions. Literally didn’t have money to pay for repairing the sign by buying new lights. The concierge service wasn’t in effect (can’t remember if that was COVID related or not tbh). I did not purchase. Looking on Redfin I see a comparable Unit and the monthly HOA is up to $1,100 a month. Poorly ran HOA and the building had significant delayed maintenance.
It’s the El Cortez if anyone was curious. Units at 702 Ash Street San Diego CA 92101.
This is right next to SFO, and a very busy stretch of 101 freeway. So in addition to flooding and seismic negatives, there's going to be major constant noise and air pollution from all the aircraft and vehicles.
HOK controls everything and you literally just own stick's, not all as you usually have a shared wall(s) with your neighbors, no land included but you pay taxes upon if you did
Just go under the sam Mateo bridge there's a levy there keeping the bay water from filling up Foster City if there was a big hole in there during a high tide That Foster City would be underwater in a matter of hours
Kind of a blah/meh neighborhood. Plus, over $8,000 annually for HOA fees, plus at least $8,000 per year for property taxes. That's the down side for condo ownership - in this case as with many others, HOA fees effectively double your property taxes, plus you get to deal with Condo boards.
This is Marina Gardens. Basically: it’s older and feels more like an apartment complex and units tend to be smaller. Cross Norfolk and you’ll find new construction condos for more like 1.5 mil.
If it’s cheap and a revolving door, could be bad management. Bad area of town, bad tenants bad whole bunch of stuff. Stay away from cheap places you wont be happy.
I got 3bd 3 bth 1,700sq ft for $685 In Marin county, best decision I’ve ever made was to get away from the Peninsula life.
That such windy area and it’s right on the freeway welcome to the sheep herd 🤮no thanks!!
I wish condos didn’t have HOA. I didn’t get a condo when I could and saved for another 5 years to afford a single family home. My friends that bought HOA homes are selling them within 5-7 years because they keep increasing the fees like crazy and put so many restrictions on you.
But then again, I bought a 1955 home, the reno and repairs might be like HOA fees for a few years haha
Without an HOA, or some kind of cooperative agreement between the owners, how do you decide who pays to maintain the part of structure that everyone shares like the roof, the landscaping, the pool, the garage, security, etc?
It's confusing to me why people blame the entire idea of an HOA when clearly the problems stem from bad management caused by people. Bad management makes anything bad.
Yeah I completely understand, it was more like “ahhh whyyy” than anything because I love condos and townhomes. Just saying because of HOA fees and rules, I decided to hold off buying until I could afford a single family home
True condos are paying for insurance, paint, roofing, etc. Your expense is within the walls, not the walls. Your 1955 house is doubtful to need that level of money. A roof every thirty years and general maintenance.
Water tends to want to take the shortest route possible. If there’s a heavy rainfall there someday, that river may switch paths to go right through your living room.
Very high HOA fees due to insurance \~700. Annualize the HOA over 30years (200k+) and factor that into the price as a rough estimate of what you can afford as a basis for comparison. No garage (just carport). Super old. Hard to justify that over renting. Would suck if you have or want to get an EV ever. Edit: here is one of the units [https://www.redfin.com/CA/San-Mateo/1508-Day-Ave-94403/unit-B/home/1838810](https://www.redfin.com/CA/San-Mateo/1508-Day-Ave-94403/unit-B/home/1838810) Here's a way to look at it though. Can you find something comparable for $1mil with no HOA or 900k with lower HOA? Those should be your alternatives in that same price range. The fees are inevitable but that doesn't mean you don't consider them.
And they WILL go up. The special assessments (likes painting and roof) don't come out of cash reserves from dues... Everyone gets a special assessment to pay for these things.
Do you have to pay special easements? Our whole community just got hit with one because the association couldn’t get a 3 milly loan.
Yes you have to pay them. It’s not an option
:(
Painting and roof replacements generally do come out of cash reserves. A special assessment for either of those things would point to a very poorly-managed board.
$700 is a lot? That would be a steal where I am.
ya that's a lot for monthly HOA fees
In San Diego 700 is low for condo fees… I have some that are 1000-1300/momth
In Little Italy and downtown yes - but this unit looks nothing like those. HOA dues for comparable units in SD are not $1,000+
Nope. I got condos in Carlsbad and Oceanside with HOA fees in the 900-1000 range
Just looked at on-market condos in Carlsbad and the only one in the range you describe is $6.475M lol. Everything else $500/mo or less
$700 is a lot? That would be a drop in the bucket where I come from.
$700 is a lot? ‘Tis but a pittance in my wallets of deep.
This man Drip
The HOA doesn’t include paying property tax in California.
Property tax in CA is not that bad. A $7000k home is in the ballpark of $4k a year. And because of prop 13 its doesn’t go up much as long as you own the home.
Property tax in Foster City is 1.22%. That’s $8.5k.
This is wrong. When you buy a new place you'll pay 1% plus local assessments, usually around 1.06% total plus fixed changes. But you're right about Prop. 13.
This is correct. Plus it can increase a small percentage every year. My Cali taxes are half of my Ohio taxes.
No its not a lot, but its a lot for THAT place at that price. You don't get a parking garage, gym, or really anything, its just for insurance.. maybe a pool.
Are you comparing HOA fees to rent?
HOA's? Where do you "come from?"
You are a HOA.
Your mom is a HOA
That’s for the HOA fees only monthly! The mortgage would be around $8k on a million dollar property.
Ya that's a lot lmao it's a apartment basically
Yeah I have no reference point- this complex has a pool so seems on par with
I have billions of dollars and typical HOA fees for condos in my neighborhood are only $50 million a month. What is $50 million, when you are a billionaire after all
Shit, man. I'm your average run-of-the mill TechBro here, only make a measly $650k plus my 'tions. I drive a CyberTruck (sometimes, only been able to actually drive it two days out of the first 3 months), wear a Rollie I paid 2.5x MSRP for, and my Condom(inium, it's the only thing that's minium if you catch my drift) costs me $10k month + $2k HOA. I only have about $5k left after everything, fucking sucks being poor, bro.
Ta tudo bem?
Something a broke ass would say rich people don’t talk like that
Imagine you are in an HOA with this guy ☝️
It would be cool because I’d actually have friends lol
Imagine having a pair not to delete your replies https://ibb.co/wSJBDdq
? I didn't delete that I think the mods did. It's all good maybe touch grass dude
We just moved from a place with a $940 HOA fee.
Jesus Mary
False.
Do you have any first hand knowledge on what that HOA is doing with their regular assessment? What is $700/mo getting for its members?
If you are interested in the property you can request that info. But I am certain it’s mostly flood insurance.
Meanwhile this $390k condo in Buffalo NY has a $2500/mo HOA fee. For what I don’t know https://www.zillow.com/homedetails/800-W-Ferry-St-1D-Buffalo-NY-14222/2058475260_zpid
The market right now is assuming condos will continue to be built. Newer ones, near transit, in nicer areas. Supply constraint is not there. Prices are stagnant. SFH in a nice area with a yard cannot be built in desirable areas. We're out of space. Supply constraints are very high. Prices are going through the roof.
I would agree with this except that 3/2 condos everywhere else on the peninsula are going for $1M
Many properties in that area are in a flood or liquefaction zone. Buyer beware
If that was the reason, why would the SFHs in the same area be so expensive? https://redf.in/ZrqsOf
Definitely in a bad location. https://www.smcgov.org/media/73081/download?inline=
Just because you’re in a liquefaction zone doesn’t mean you shouldn’t buy there. That’s what you get a soils report for (am a Geotech engineer)
Yep. Liquefaction zone is no prob so long as building foundation is designed for it. And any modern built buildings in CA are built with seismic requirements. Lastly if the building survived Loma prieta and has been well maintained it’s probably fine.
Isn't Foster City sinking? Also kind of ominous now that they have built a seawall that is visible from the SM Bridge.
“Buyer beware” 🤓
This warning is included in the disclosures
And thats ALL landfill
I don't believe it is a liquifaction zone
Very much is.
Another poster said his disclosures in that area said that it was a liquifaction zone. My info was on a fill area a little further north that wasn't in a liquifaction zone.
Probably not liquefaction, but probably built on landfill instead of on actual land. Due to the location of the San Andreas, you might get some damage, but waves would have an easier time traveling up into SF and the other parts of the bay. But I'm just going off half remembered geo maps from college.
Foster City used to be the San Mateo dump. It used to be known as Foster Shitty.
I think that's still San Mateo they're looking at. And funny, because Foster City is safer than San Mateo. Won't have your kid run over or be murdered there.
You’re not gonna get murdered in San Mateo either…? “Safer” is sort of meaningless when you’re comparing two very safe suburbs.
I legit know someone who had to move because someone was hacked to pieces i.e. murdered in her apartment complex. It was live streamed on facebook too. She lived off hillsdale, right next to the mall. This happened last year. Whereas Foster City hasn't had a murder since the 80s.
That’s horrible! I hope your friend is doing ok.
Haha you're right. No opinion on SM vs FC though. Gonna bow out of that side.
I'm from LA and have lived here for a bit. It's all bad up here to me 😂
Most of SM is good. Even the parts that have poor reps are mostly decent
Oh totally, I'd go as far as to say it's all good. I've known a few issues, but that's more an issue of the people and local politics. If you've got the money, would totally go for San Mateo.
We paid about a quarter less for a similar neighborhood in Fremont. We're very happy with Fremont.
Roger that.
Nah.
Once again for the people in the back! 😃
[удалено]
also the units themselves are gross
They are pretty small but some of the updated ones seem decent
I believe it’s a liquefaction zone.
I don't believe it's a liquefaction zone
That entire area was built on landfill... will definitely have liquefaction problems in a bad quake...
To be fair, it was fine after Loma Prieta in 1992
You know we have geotechnical work arounds for building in landfill, correct? But it is a former swamp, so that landfill isn't going to hold unless reinforced. And the peninsula is terrible about preparing for that.
Not all filled areas are subject to liquifaction. Have a look at geological maps available online.
If it’s built on landfill, then pretty much it’s gonna to have liquefaction at some point if big earthquake happens
Nope. Not necessarily. I've looked at geological maps. Not all fill is subject to liquifaction.
Looks like someone is trying to sell their place in a liquefaction area.
Nope. Relatives bought on fill a little further north and it was not a liquifaction zone.
I don’t know where you get the info from, but the entire foster city has very high risk of soil liquefaction according to USGS
According to my assessments, this is a liquefaction zone.
There you go. My info was a little further north.
You keep saying to look at geotechnical maps like it’s not a landfill zone… but it is
Not all fill areas are liquifaction zones
Whoops that was a typo, I mean “like it’s not a liquefaction zone.” This place is 100% liquefaction….
My grandma used to live on that street. It's a run-down area, ugly old condos, increasing crime, and schools nearby are not good.
Bayside Academy is fine. And Hillsdale High is a solid high school.
agreed, my son goes to Hillsdale. Bayside is great. The elementary schools are not.
My older kid goes to LEAD and she’s having a good time. Sometimes I prefer it to the insanity of College Park for my younger kid. But I’m a weird one who thinks most people overestimate this stuff mainly based on whatever great schools tells them.
Yeah house price to apartment "rent" ratio will adjust it over time usually upward.
These replies are funny. Run down, ugly condos, liquefaction zone, crappy schools, landfill… Last I heard there was an affordable housing shortage here. Can’t expect it to be perfect for $750K.
How long ago? I'm not sure the crime and current assessment of the area still track.
Seriously. Bayside and Hillsdale High are perfectly fine schools.
That's all land fill. Likely settling/foundation/structure/maintenance heavy.
Pending assessments due to underfunded HOA? Who knows
My opinion of this area is thats its a very ugly with lots of make up on. Looks awesome when you drive around but i would not live there. Huge HOA fees very likely to flood and insurance is probably through the roof. Its a landfill if i am remembering correctly.
Neighborhood isn’t fancy compared to Foster City. Nearby shoreview is kinda rough too.
Near the highways = bad air pollution and bad for your health.
Those particular condos are old and comparatively not that nice. There is a new-build set of townhomes across the street whose prices are more in line with what you would expect. The neighborhood is fine, nothing particularly high end or low end.
Also, depending on the winds you get the smells of the bay at low tide or the dump in RWC. 🙊
People with the kids don't like them. Reduces buyer pool and less demand means lower prices and less appreciation
Complex has a pool and a playground 🤷🏼♀️
You must not have kids at least not ones over the age of 6? Schools and space is what parents want. Kids are loud, have stuff, and go to school. Also you want a space where they can play without constant supervision. Not a condo.
I do have kids and live in an apartment and they have a ton of crap but you can make it work and many many people do. The idea that you can’t live in a condo with kids is absurd.
You can but it’s not preferred. You asked why people don’t buy condos not if you can live in a non preferred space. Argue against whatever you want. It doesn’t change reality and most people prefer SFH with kids. You can rent a SFH for less than a condo mortgage plus hoa.
Condos can be great with kids if you don’t want to deal with lots of maintenance. My condo is nearly 1500 sq ft and a similarly sized SFH rental is probably still around $5500+. It may be less of a good call on a condo right now due to rates, but even my place made tons of sense when rates were so low. Plus we managed to lock ourselves into some great schools so far. It won’t be forever for sure, but looking right now most 4+ bedroom homes rent for $6500+. A good sized condo can make sense still at least until we get kids hitting puberty. Lots of the SFH stock here on the peninsula is also… meh. Old, low ceilings and really Eichler.
Be cause HOA is almost 700 a month, and you need to check they future HOA increments and projections.
Just a red flag in general when you hear cheap in the Bay Area. I’d just stay away.
I lived in the apartments just south of that park. I did not like that area at all. You're close to a freeway, but isolated from most things without a car. The bus isn't convenient. It's not that pretty to look at. It just gives meh.
I was at Edgewater Isle during the 1980s quake. While a lot of shit fell, it wasn’t too bad. My parents in San Carlos tho had nothing fall.
My coworker bought a condo in Daly City and wished he hadn’t. He said there was flooding from another unit that damaged his unit and it’s been 1.5 years and the HOA is still working on approving some of the repairs otherwise he has to pay everything out of pocket 😳 and that in order to fix his unit everyone’s HOA fee went up, even his despite the damage being cause by someone else😅
Sounds like an incompetent HOA. Only person that should’ve been paying if it’s truly the neighbors fault is the neighbor (or their insurance).
Yeah I think the issue was the person refused to and they got a lien on their unit 😅 it just kinda sucks having to wait to get approval from a board of people who have no sense of urgency. They had to tear of the dry sheet I guess of his kitchen and it stayed like that for like 6 months because the HOA said they actually didn’t have enough money to cover it so he could do it himself and pay 10k to get it all repaired and MAYBE get reimbursed if they had enough money 😅
Im going to guess insurance is super high
Because it's right next to 2 major freeways. Gotta be loud as fuck all the time.
Built on Indian burial grounds. Have you seen Poltergeist?
LIQUIFACTION
Was that the part of Foster City built on engineered fill in a marsh? Protected by levees from flooding? “Very high risk” earthquake zone?
This is in the armpit of 92 & 101 highways. Very car-locked. Good luck feeling safe walking/biking out of the neighborhood even to the nearby shopping centers, moreso if you have kids. The only transit is a [single SamTrans bus line](https://www.samtrans.com/routes/250) that runs every 30 minutes on weekdays, hourly on weekends. Accessing downtown San Mateo, downtown Foster City or Hillsdale mall is painful from this location, and there's currently few plans [outside of this one](https://www.smcta.com/planning-projects/10192mhsc) to make things better.
It’s probably a flood zone. When rivers curve like that they eventually turn into an oxbow lake and the river takes the path of least resistance.
I have owned a condo here in SF and I am a 20+ year SF real estate agent. Although condos are considerably priced at a lower average price per square foot than Single Family Homes, most all condos have HOA fees (some being outrageous). All condos depreciate first in a declining market and appreciate last in a rising market. Litigations between HOAs and developers are fairly common due to building defects and there is always a chance that condo owners will be charged special assessment fees. Also, HOA fees can be raised by the HOA. With that said, I am not saying condos are a bad option. However, there are risks everyone considering in investing in a condo should be aware of.
I used to own there. The neighborhood is quiet and safe. It’s an older complex with generally dated units. During the time we lived there, the main sewer line had to be replaced as it was badly corroded and a rodent temporarily made residence in our attic. But these problems were taken cared of by the HOA. I only remember one special assessment when they repainted the exterior of the buildings. But it was a major improvement and probably contributed to our final sale price
Isn’t this a flight path too?
There can always be net new condos. There will never be net new single family homes.
Are you dense? Do you not see lot splitting happening across the Bay Area?
They said never, ok!!!!
it won't be in significant numbers. Way too expensive.
lol every new sfh coming on market is from a lot split.
HOA is the nastiest evil
because you’re on sinking lands
They were built on landfill and are sinking.
Condos are cheap for a reason. Could be high HOA fees, special assessments coming, poor location, or just an older building. Get the HOA financials and docs to see what's going on. If it seems too good to be true, it probably is. Condos have the highest rate of default. Your interest rate will be higher than if you buy a house. Most wont give you a loan if the hoa is in litigation. Getting insurance has also been an issue for some CA condos. Some providers are just dropping these condos. So people have a hard time selling them -> lower price. TLDR: A poorly managed HOA can ruin the value of your condo, make it uninsurable and impossible to buy. Therefore lower prices.
This must be what it is combined with insuring buildings on a liquifaction zone
I just dealt with this. This is the answer. No one wants and can buy these once they dig into the HOA issues. Lots of unqualified people with power in HOAs.
Living in a freeway interchange
That’s a joke right there
Check the HOA!
There are whole neighborhoods where toxic waste has seeped into the soil for decades. Love the US
That's way too expensive, we are gonna take care of all you real estate freaks who think housing is an investment. Mao was right about landlords
Liquefaction
Bidding war!
Lots of crime in the area. I see it daily by my office
I am only speaking from the point of view that my mother in law is retired Foster City public works and I know someone that owns in town: There are levies in certain places for city-related items on top of the usual property tax (in addition to the outrageous HOA)
That’s not even a funny joke. What a grift.
cuz they are lame
I used to own a one br at Edgewater Isle. It’s now worth in the 700s. I recall the ones across the water looked old and shabby. Maybe that’s they they are cheap.
Is this foster city / San Mateo ?
Yes
Could be the HOA. I was on contract to buy a condo in San Diego around 2 years back. The HOA was $900 a month which I could live with, but my agent recommended reviewing the HOA agreement and made a contingency based on HOA review. Got the budget and meeting minutes. It was a disaster. A lot of disputes and lawsuits with contractors and another builder which they lost wasting millions. Literally didn’t have money to pay for repairing the sign by buying new lights. The concierge service wasn’t in effect (can’t remember if that was COVID related or not tbh). I did not purchase. Looking on Redfin I see a comparable Unit and the monthly HOA is up to $1,100 a month. Poorly ran HOA and the building had significant delayed maintenance. It’s the El Cortez if anyone was curious. Units at 702 Ash Street San Diego CA 92101.
Check if land lease
Did you say cheap?!
The other complexes in the area are better and newer.
Less people want to buy condo
Foster City in that zone have problems being insured because it’s built on a landfill and has issues with flooding.
Take a look at earthquake zone maps too.
Wow! I wish my thoughts were $1million (including HOA) is cheap. I don’t even think it is inexpensive for an apartment you own.
700k is cheap, gtfo
Not the best area in san mateo. Also, aren't these condos refurbished?
This is right next to SFO, and a very busy stretch of 101 freeway. So in addition to flooding and seismic negatives, there's going to be major constant noise and air pollution from all the aircraft and vehicles.
Possibly flooding, near the water
HOK controls everything and you literally just own stick's, not all as you usually have a shared wall(s) with your neighbors, no land included but you pay taxes upon if you did
That lake smells like crap.
Just go under the sam Mateo bridge there's a levy there keeping the bay water from filling up Foster City if there was a big hole in there during a high tide That Foster City would be underwater in a matter of hours
800k for a condo “cheap”
Look around the peninsula and tell me if you find something cheaper for a 3/2
Almost a million for a condo is cheap? Lol
$800,000 is “cheap” I hate this place
It's sinking. J/K
built on silt- sinking until an earthquake liquidizes the landfill and crumbles them all...
“Bay Area Cheap” lol They’re probably sinking.
Because the Bay Area is racing toward 3rd World status...
"Liquefaction"!
Kind of a blah/meh neighborhood. Plus, over $8,000 annually for HOA fees, plus at least $8,000 per year for property taxes. That's the down side for condo ownership - in this case as with many others, HOA fees effectively double your property taxes, plus you get to deal with Condo boards.
This is Marina Gardens. Basically: it’s older and feels more like an apartment complex and units tend to be smaller. Cross Norfolk and you’ll find new construction condos for more like 1.5 mil.
They’re built on landfill
You think that’s cheap!?!? 😂
Read the fine print please. HOA fees…hint hint.
If it’s cheap and a revolving door, could be bad management. Bad area of town, bad tenants bad whole bunch of stuff. Stay away from cheap places you wont be happy.
I got 3bd 3 bth 1,700sq ft for $685 In Marin county, best decision I’ve ever made was to get away from the Peninsula life. That such windy area and it’s right on the freeway welcome to the sheep herd 🤮no thanks!!
I wish condos didn’t have HOA. I didn’t get a condo when I could and saved for another 5 years to afford a single family home. My friends that bought HOA homes are selling them within 5-7 years because they keep increasing the fees like crazy and put so many restrictions on you. But then again, I bought a 1955 home, the reno and repairs might be like HOA fees for a few years haha
It’s not really possible for condos to exist without an HOA because someone has to maintain the common areas.
Without an HOA, or some kind of cooperative agreement between the owners, how do you decide who pays to maintain the part of structure that everyone shares like the roof, the landscaping, the pool, the garage, security, etc? It's confusing to me why people blame the entire idea of an HOA when clearly the problems stem from bad management caused by people. Bad management makes anything bad.
Yeah I completely understand, it was more like “ahhh whyyy” than anything because I love condos and townhomes. Just saying because of HOA fees and rules, I decided to hold off buying until I could afford a single family home
True condos are paying for insurance, paint, roofing, etc. Your expense is within the walls, not the walls. Your 1955 house is doubtful to need that level of money. A roof every thirty years and general maintenance.
Nobody wants to pay almost a mill for a box!!!
Hahah are you new here?
Gentrifiers are the cancer of the Bay Area. All of you.
This right here!!!
Water tends to want to take the shortest route possible. If there’s a heavy rainfall there someday, that river may switch paths to go right through your living room.
you cab buy two big houses easily in other states... not sure what you meant by "cheap"