One Marina is a good value for the size and square footgage of the units, especially in today's market that has really started to heat up. The current units are competively priced to sell today based on what I am currently showing and selling on the peninsula and in San Francisco. If you prefer new construction in a special location, then it may be a good fit for you.
Although there will be water view units available in future phases, they will be more expensive than the current inventory. They will be more expensive for two reasons - they'll have water views and they'll be in later phases. Water views almost always have a higher value and demand higher pricing regardless of if they are new construction or not.
To answer your question - my prediction is that One Marina will appreciate. By how much though depends on so many variables - the timing of the sale, the current real estatemarket, the economy, the unit location, the unit upgrades and more. Once the project sells out though there won't be anything new left to buy. The only inventory will then be the re-sales. That's when appreciation begins. As long as the unit, the development and HOA association are in good physical/fiscal condtion then the re-sales should enjoy a healthy appreciation.
For the last 20 years, I've successfully negotiated better deals for buyers wanting to purchase new construction than they could get if they had been on their own. There are ways to save money on the purchase of new construction. The best way is to work with an experienced agent from the get go. From negotiating a price reduction, getting free upgrades, getting credits for HOA dues and/or property taxes to other perks that you havent' thought about or even knew existed. If you are interested in finding out more, let me know. Further information and references upon request.
Robin Spalding Vaccaro Presents...
R.E. eBroker, Inc.
D.R.E. # 01141573
Serving San Mateo, Santa Clara and San Francisco Counties
(650) 454-RSVP (7787) Mobile
Having specialized in RC properties for a long time now, I can say with confidence that the units at Marina One are both beautiful and priced attractively. But that does not mean that, if you're interested, you will have to pay the published price. You can make them an offer at a price more suitable to your financial means, so long as the offer price is not radically below asking price. When evaluating condominiums, it's important to understand how they perform, price-wise, in the overall real estate market. When the market turns down, condominiums are the first to drop in value, before single family homes drop. And when the market rebounds, condominiums are the last to rebound, following a rebound in single family homes. At the present time, we are seeing a lot of action in the sale of condominiums, confirming that the recovery now underway in the real estate market is for real and there is growing demand for condominiums. That could mean that, if you want to make an offer on a condominium that is below the asking price, it would be wise to do it as soon as possible.
I hope this answer is helpful to you.
Alain Pinel Realtors
Ms. Judge. The most important thing is will you be happy living there and paying for it each month? FYI, just because the units are new doesn't mean you can't negotiate a better deal for yourself.
I think the condos are beautiful and reasonably priced. There are a few issues that may may not be important to you.
1. Right now there is only one road in and out and it is not that attractive. There are a lot of industrial buildings so that may be an issue for you.
2. They are building the units closest to Redwood City first and the ones with water views will come later so the best locations are not yet available.
3. There may be bike/walking path to go under 101 and into downtown Redwood City, but I do not believe it has been approved yet. If it does get approved that will be a real plus for the community.
Since this is new construction if you want to be represented by a realtor you will need to go with one on your first visit. If you do not it is not likely they will pay for you to have a realtor if you write a contract.