Home Buying in Foster City>Question Details

Home Buyer, Home Buyer in Foster City, CA

Can someone explain the high HOA for condos in Promontory Point complex in Foster city.?

Asked by Home Buyer, Foster City, CA Tue Feb 7, 2012

What kind of assessments is making the HOA $800.00?
We have not seen such ridiculous high HOA.
http://www.redfin.com/CA/Foster-City/700-Promontory-Point-Ln…

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Answers

4
Hi Home Buyer -

During my 21 year real estate career on the peninsula, Promontory Point homeowners association has been in litigation twice with the developer over construction defects. That means that all of the condo owners are suing the developer collectively in a class action suit. In order to pay the attorneys' fees throughout the process, the HOA must raise the monthly dues to cover those additional expenses.

I have never heard of a HOA rolling back the monthly dues after they win the suit. They just stay at the last increase, which is too bad. It hurts sellers because buyers won't pay the high monthly dues and real estate can suffer in that situation unless there is such a shortage that buyers are desperate to find something to buy.

I hope that makes sense and helps. If you have any other questions, please don't hesitate to ask.

Robin Spalding Vaccaro Presents...
R.E. eBroker, Inc.
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Serving San Mateo and San Francisco Counties
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0 votes Thank Flag Link Wed Feb 6, 2013
You are paying for up grades in san ramon california thay just painted that place and add new landscaping.
0 votes Thank Flag Link Wed Nov 21, 2012
Dear Home Buyer Foster City,

Most of the HOA dues in Foster City is around $400-$600. If you can afford a condo in Promontory Point, you may as well be able to get a house, yet smaller in size. Contact me directly so I can give you detail information.

Suena Suen, CDPE, GRI
REALTOR
Realty World Advance Group
DRE# 01764273
Phone: 650-787-2221
Email: suenasuen@gmail.com
0 votes Thank Flag Link Fri Mar 30, 2012
Unfortunately, high HOAs are found not only in FS, rather in all major cities of the Bay Area. And, YES in most cases the HOAa are unjustifiably high. Have you considered a home vs a condo? If you need any assistance please feel free to contact me directly: 415-722-6249; proqvest@gmail.com
0 votes Thank Flag Link Fri Mar 2, 2012
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