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.
D.R.E. # 01141573
Serving San Mateo and San Francisco Counties
(650) 454-RSVP (7787) Mobile
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
Realty World Advance Group