patrick.net

35+ year old condo for over $400 a sq ft? When it drops to around $50 a sq ft, I might be interested.

In 1996, after condo prices in Laguna, California had dropped about 30% from the previous peak seven years earlier, I purchased a very nice 2 bed 2 bath condominum with a view for a relative....the price was $131,900. The above listed San Carlos condo ought to be priced at an inflation-adjusted price (give it 2.5% per year) commensurate with that Laguna condo I bought, and no higher.

@Quant,

I know these condos and the area. Great area, not very desirable condos. There are a few that are 'townhouse like' in that same group. Those are one story ground floor versus this, apartment style. You are absolutely right they are down 30% from peak sale (so far). I've seen several in this area for sale over the past year with steadily decreasing asking prices, sometimes converting to rental. Three years ago they were asking $600k, then I saw some $529k, then $499k, now this. I've looked out of curiousity and desire to have a reasonably priced but livable place for a good monthly and tax write-off. No sale at this price for me. $299,900 maybe? Even then I'd probably look for something better even if I have to pay more. It really isn't a very good structure - but a good location (or near a good location).

Is this really 'fortress'? It's close, I think it's fringe of the fortress. People I know with roots in places like Woodside can tell you San Carlos was a blue collar town 25 years ago.

Well the roads that lead to these condo's are laborious and steep really steep, making it impossible to walk anywhere even a store. About a 8 to 10 minute drive to anywhere. They are stacked three high meaning a staircase to the lower unit and staircase to the upper unit, yes deer walk through the complex which is cool ( unless your afraid of deer ). Yes it is a very safe neighborhood, carport parking and tennis courts.

@rogerd99, agreed, it is steep. My Mustang climbs it effortlessly. ;) But, try riding a bike or walk up that as part of your commute. Sure people ride up Edgewood on bikes for major exercise but it ain't for commuting. The other end of Crestview is closer to Belmont and San Carlos downtowns, but just as steep. I've walked that, and it's not insignifcant.

To counter my own opinion, the rents in those units, at least the few I have seen listed on Craigs, tend toward $2000. So, the rent/buy ratio might work out.

Love that $394 HOA.

Is it typical in that area?

Oops that last post was me. Make a typo with your login password, get to be a new user!

Anyway, $435/mo I tells ya!