Home Buying in Marina Bay>Question Details

smartxtai, Home Buyer in Bay Area, CA

I am considering a condo unit in the Marina Bay area in Richmond. Can anyone provide insight into this area?

Asked by smartxtai, Bay Area, CA Sun Feb 10, 2008

with regards to crime, location, prices, and problem with landfill liquefaction? Also, does anyone know how much Lennar, the builder of the Marina Bay condo units, is currently willing to negotiate the listing price?

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As for the area, the city of Richmond has a "higher than average" violent crime rate. The Marina Bay development is away from the main city center, but..... Also, you have a major Chevron Oil Refinery to your north-west and a ship port to the west. The prices are good for Bay Area realestate, but there is an obvious reason.
2 votes Thank Flag Link Tue Feb 12, 2008
Usually, in the purchase of condominiums, the lender inquires as to the percentage of owner occupied units in the project. It is part of most lenders' risk management for their condo loans. Now, it is possible that Lennar will urge you to use their lender. My suggestion is two fold on this issue: first find out how many of the units are rentals versus owner occupied units, and secondly, get a second opinion from a lender that you trust, just so you know that you have done your "due diligence" regarding your purchase. It may seem strange that it matters how many units are rentals, and how many are "owner occupied", but if I am purchasing a single family home to live in, I want most of the other homes to be occupied by owners - there is a higher standard of care in these homes. All the best. Liz
1 vote Thank Flag Link Mon Feb 11, 2008
we are seeing Lennar doing two things: one is negotiate with buyers to sell the units, and two is rent out more and more units. You need to know that if rentals are the majority of the units, you will have a difficult time getting financing, and the value of the sold units goes down. Crime rates are low due to the gated community. Negotiate hard! Liz
1 vote Thank Flag Link Mon Feb 11, 2008
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