The Daily Journal reported Tuesday that residents of Foster City's Island J development can expect increases of over $100 in association fees and upwards of $20,000 in assessment fees for proposed repairs.
With the real estate market seemingly just starting to recover, this could be a blow to many of the 174 owners on The Islands.
The Homeowners Association's board was seeking an assessment of upwards of $40,000, with a judge ruling for the lower fees.
Many owners are putting their homes up for sale. A quick search of trulia revealed one home in the development with a listing price of $798,998 (3-bedroom, 2-bath) and another on the same street in foreclosure (1-bedroom, 1-bathroom) worth $481,555.
In 2007, realtor Alex Wang (of 1SiliconValley.com) wrote "The Islands of Foster City is a 174-unit condominium and townhome complex located along on the central lagoon in Foster City, in a low-traffic area off Beach Park Blvd. (Balboa Lane and Portofino Lane). Because the complex is on an island, most of the homes here have a view of the water . . . This complex has tended to have a low turnover. That generally indicates that the residents are stable and enjoy living there . . . The monthly HOA costs in this complex are scheduled to increase for the next few years . . . Waterfront property in Silicon Valley is uncommon. Some of these units have views many more expensive properties can’t match."
Construction is scheduled to begin early next year and will last an estimated eight months.
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