Foster City is the perfect commuter’s paradise.  Right in the middle of the Peninsula and equal distant to the San Francisco or San Jose business communities.  Add it the San Mateo-Hayward Bridge that lands in Foster City and one can commute anywhere in the Bay Area with ease.

Here’s the market report for condos and townhouses.  If you want more information let us know.  We’re here to answer your questions provided you don’t already have an agent who should be doing that for you.

90-day stats for Condo properties in FOSTER CITY, CA as of May 18, 2012
Median List Price:	$448,195	Average List Price:	$465,152
Total Inventory:	35	Price per Square Foot:	$343
Average Home Size:	1,300	Median Lot Size:	n/a
Average # Beds:	2.15	Average # Baths:	1.97
Homes Absorbed:	3	Newly Listed:	3
Days on Market:	79	Average Age:	36

Here’s what’s on the market today.  If you see something online that peaks your interest contact us through the Contact Us form above.

Showing properties 1 - 8 of 8. See more city of Foster City real estate.
(all data current as of 5/24/2012)

1. $525,000 : 900 Beach Park Bl #149, Foster City
   
   3 beds, 2 full baths

   Home size: 1,337 sq ft
   
2. $669,900 : 1463 Marlin Av, Foster City
   
   3 beds, 2 full, 1 part baths

   Home size: 1,530 sq ft

   Lot size: 1,757 sqft
   
3. $625,000 : 1242 Moonsail Ln, Foster City
   
   2 beds, 1 full, 1 part baths

   Home size: 1,350 sq ft

   Lot size: 1,419 sqft
   
4. $560,000 : 1171 Compass Ln #112, Foster City
   
   3 beds, 2 full baths

   Home size: 1,593 sq ft
   
5. $639,999 : 32 Binnacle Ln, Foster City
   
   2 beds, 2 full, 1 part baths

   Home size: 1,730 sq ft

   Lot size: 1,944 sqft
   
6. $299,000 : 4218 Admiralty Ln, Foster City
   
   2 beds, 1 full, 1 part baths

   Home size: 998 sq ft
   
7. $675,000 : 154 Albacore Ln, Foster City
   
   3 beds, 2 full, 1 part baths

   Home size: 1,630 sq ft

   Lot size: 1,800 sqft
   
8. $269,000 : 6208 Admiralty Ln, Foster City
   
   1 bed, 1 full, 1 part baths

   Home size: 998 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Here’s the snapshot of what went on in Foster City in January.  There were 20 homes for sale and 42 condos or townhouses for sale.  There were 9  homes under contract and showing pending sale, and 17 condos or townhouses showing pending sale.  Only 1 home closed escrow in January and no condos or townhouse closed escrow.  Again, this isn’t unusual for January since those sales had to happen either late November or during December, the quietest period of real estate we have.

Here’s what’s for sale in Foster City now.  First will be homes then will be condos and townhouses.  If you see something online you’d like to see in person give us a call at 650-696-2820 for a showing.

Showing properties 1 - 8 of 8. See more Foster City homes for sale.
(all data current as of 5/24/2012)

1. $899,000 : 1390 Ribbon St, Foster City
   
   3 beds, 2 full baths

   Home size: 1,860 sq ft

   Lot size: 6,175 sqft
   
2. $949,000 : 261 Loon Ct, Foster City
   
   4 beds, 3 full baths

   Home size: 2,450 sq ft

   Lot size: 5,429 sqft
   
3. $890,000 : 188 Flying Cloud Is, Foster City
   
   3 beds, 2 full baths

   Home size: 2,120 sq ft

   Lot size: 7,740 sqft
   
4. $1,295,000 : 643 Matsonia Dr, Foster City
   
   4 beds, 2 full, 1 part baths

   Home size: 2,430 sq ft

   Lot size: 6,612 sqft
   
5. $809,000 : 786 Marlin Av, Foster City
   
   3 beds, 2 full baths

   Home size: 1,890 sq ft

   Lot size: 5,734 sqft
   
6. $1,288,000 : 602 Bridgeport Ln, Foster City
   
   3 beds, 2 full, 1 part baths

   Home size: 1,940 sq ft

   Lot size: 4,560 sqft
   
7. $700,000 : 716 Crane Av, Foster City
   
   4 beds, 2 full baths

   Home size: 1,760 sq ft

   Lot size: 5,700 sqft
   
8. $1,089,000 : 760 Coronado Ln, Foster City
   
   3 beds, 2 full baths

   Home size: 2,110 sq ft

   Lot size: 4,857 sqft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Showing properties 1 - 8 of 8. See more Foster City Condos.
(all data current as of 5/24/2012)

1. $525,000 : 900 Beach Park Bl #149, Foster City
   
   3 beds, 2 full baths

   Home size: 1,337 sq ft
   
2. $669,900 : 1463 Marlin Av, Foster City
   
   3 beds, 2 full, 1 part baths

   Home size: 1,530 sq ft

   Lot size: 1,757 sqft
   
3. $625,000 : 1242 Moonsail Ln, Foster City
   
   2 beds, 1 full, 1 part baths

   Home size: 1,350 sq ft

   Lot size: 1,419 sqft
   
4. $560,000 : 1171 Compass Ln #112, Foster City
   
   3 beds, 2 full baths

   Home size: 1,593 sq ft
   
5. $639,999 : 32 Binnacle Ln, Foster City
   
   2 beds, 2 full, 1 part baths

   Home size: 1,730 sq ft

   Lot size: 1,944 sqft
   
6. $299,000 : 4218 Admiralty Ln, Foster City
   
   2 beds, 1 full, 1 part baths

   Home size: 998 sq ft
   
7. $675,000 : 154 Albacore Ln, Foster City
   
   3 beds, 2 full, 1 part baths

   Home size: 1,630 sq ft

   Lot size: 1,800 sqft
   
8. $269,000 : 6208 Admiralty Ln, Foster City
   
   1 bed, 1 full, 1 part baths

   Home size: 998 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Looking at the price trends for Foster City condos and townhouses above, the chart shows prices have held over the past 18 months so it’s a great time to consider buying here.  The peak of the Condo/townhouse market in Foster city was in March/April of 2007.  The bottom, which most everyone missed, was January through March of 2008.  We’ve held steady every since.

Comparing Altos Research to Zillow’s home values estimates you can see some parallels.

We live in, and know, Foster City’s market. If you’re interested in buying here give us a call or hit the contact button on the sidebar. Let us know what you’re interested in and we’ll help you find it. Take a look at what’s currently for sale in Foster City condos and townhouses today, below.

Showing properties 1 - 8 of 8. See more Foster City Condos.
(all data current as of 5/24/2012)

1. $525,000 : 900 Beach Park Bl #149, Foster City
   
   3 beds, 2 full baths

   Home size: 1,337 sq ft
   
2. $669,900 : 1463 Marlin Av, Foster City
   
   3 beds, 2 full, 1 part baths

   Home size: 1,530 sq ft

   Lot size: 1,757 sqft
   
3. $625,000 : 1242 Moonsail Ln, Foster City
   
   2 beds, 1 full, 1 part baths

   Home size: 1,350 sq ft

   Lot size: 1,419 sqft
   
4. $560,000 : 1171 Compass Ln #112, Foster City
   
   3 beds, 2 full baths

   Home size: 1,593 sq ft
   
5. $639,999 : 32 Binnacle Ln, Foster City
   
   2 beds, 2 full, 1 part baths

   Home size: 1,730 sq ft

   Lot size: 1,944 sqft
   
6. $299,000 : 4218 Admiralty Ln, Foster City
   
   2 beds, 1 full, 1 part baths

   Home size: 998 sq ft
   
7. $675,000 : 154 Albacore Ln, Foster City
   
   3 beds, 2 full, 1 part baths

   Home size: 1,630 sq ft

   Lot size: 1,800 sqft
   
8. $269,000 : 6208 Admiralty Ln, Foster City
   
   1 bed, 1 full, 1 part baths

   Home size: 998 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

The many condo communities in Foster City offer some nice  amenities and differ in layouts.  Some communities look like townhouses, and some are multiple level.  Sand Harbor. Isle Cove and The Islands have many units facing the water.  Most all have pools, tennis courts, parks nearby and other amenities.  There are also true townhouse communities in Foster City.  These homes are more like row houses.  They own the land they’re on, they are larger then the condos, and have yards attached, either in the front or back, or for some, both.  Both kinds of homes are PUD’s (Planned Unit Developments) and have home owners dues.

The pricing trends had been relatively stable over the past couple of years.  The bottom of the condo market was the end of 2007 and start of 2008.  Prices have jumped up and down depending upon the number of condos available to buy at any one time.  Remember, you get a great value when you purchase a condo in Foster City.  Not only do you buy a home that was never converted from an apartment, but was actually constructed to be a condo, but you get a lot of square footage for your dollar.

Altos Research uses the Market Action Index to talk about how the housing market in a community is really doing.  The Market Index for the Foster City Condo Market from last week’s data and it shows that the market is still a Strong Buyer’s one. With many different condos to choose from, a buyer can negotiate for a fair price.  We aren’t now, and haven’t in the past, seen many short sales or bank owned condos either.  Most of these are what we are calling Regular Sales.

What makes Foster City a great place to live is its location.  Sitting right in the middle of the San Francisco Peninsula it is almost the same number of miles to drive north to San Francisco as it is to drive south to San Jose.  The population in Foster City likes to play out doors.  The city boasts more parks per square foot then any other city on the Peninsula.  The Bayside Trail runs along the eastern shore of the city and always has bicyclists, walkers, roller bladers, and the like enjoying the bay views and air.  Tennis courts are sprinkled around town, many with lights for night playing.  The city has a vibrant Parks and Recreations Department that includes lessons in sailboarding, kayaking, sailing and rental the of kayaks, paddle boats, and sail boats.

We love to show people Foster City.  It is the first planned community built in California and affords perfect weather summer, fall, winter and spring.  Would you like more information?  Please let us know and we’re happy to provide it to you.

Here are some Condos and Townhouses currently for sale in Foster City.

Play around with the data to see the trends over the past 4 years.  They start during the bubble years and move to the lean years.  What you are looking at is the Median Price versus the Median Inventory across all price ranges.  Surprisingly, Foster City had the least deflation in home prices around here.  Good for the home owner, for sure, but maybe not so good for you if you’re a buyer.  If you click on the Max link you’ll see $1million on two occasions.  There are some very high-end condos in Foster City that were selling in the low million dollar range several years ago.

The Wilkas Group lives in Foster City and knows the community well.  If you are considering making a move into or out of Foster City we’d like to assist you with that.  You can reach us by clicking the the “Contact Us” button to the left and we’ll respond by email or phone, your choice.

Prices may be flat but half of all listed Class 2 properties in Foster City (class 2 is the MLS terminology for condo or townhouse) have seen price reductions.  Buyers should be happy as this means sellers should negotiate.

Let’s look at what’s going on across the spectrum on price.  Since Foster City is a planned community, even the properties are planned to be within certain price points.  Quartile One features the most expensive properties – generally Prmontory Point and large townhouses.  Quartile Two are those below, generally all townhouses, Quartile Three and Four are small townhouses and all the rest of the condos around town.  What’s interesting is the top and bottom of the market are taking the most time to sell.

Realtors are asked regularly if the market is at the bottom.  When you look at the chart above for Foster City Condos and Townhouses, you can clearly see prices were at bottom last year and have been bouncing along above that point ever since.  The past couple of weeks have been up and may stay that way or even move up more.  I say this because we are beginning to see multiple offers on properties and that means prices may keep the move upwards. One would expect the see a correlation between price and market conditions but someone forgot to tell this to the Peninsula.  Prices are still a little out of whack in comparison to the number of homes on the market and the market condition.

The $64 Thousand dollar question is always “how’s the market” and it’s still a strong Buyer’s Market.  The market conditionn says we are in a strong Buyer’s Market, and have been here for about 2 years.  So why isn’t the price reflected in this?  Good question and one with no real simple answer, but simple economics of supply vs. demand keep prices up even in a Buyer’s Market.  What this does offer you as a buyer is the opportunity to negotiate over price.  Seller’s are finally expecting this and are more and more willing to do it.  This final chart says it all.  Inventory is at an all time high over the past 2 1/2 years.  Competition breeds better prices and selection.  If you’ve been on the fence about buying your first home and can’t afford a house, condos and townhouses are still the way to go.  Foster City has outstanding schools, easy commutes north, south or across the bay, great weather, and with historically low interest rates now is the time to act.  Believe me when I say we don’t expect to see rates as low as they have been for much longer.  The Fed will take care of it so don’t wait.  We’re here to help you.  Click the button on the left and leave us a message.

Foster City, as a planned community, has single family homes, townhouses and Condos circling the city.  [There are loads of apartments, too, but we're only talking what's for sale here.] The single family home market is so different from the condo market it’s like being in two different cities.  I’ll talk first about single family homes, then the condos.  Last week we saw 34 homes for sale compared to today with 28.  The Median price was $1,166,000.  The Average price was $1,190,095.  If you could find it, the least expensive home was listed for $865,000. Today there’s one for $868,000 – a steal for Foster City.  Prices have been trending up, but the price per square foot has moved down, along with the average days on the market.  Inventory was up last week, and my guess is that Altos Research’s report for this week will show it down.

The Market Action Index for single family homes in Foster City sits at 21, and it’s moved up a wee bit.  The delineator between a Buyer’s and Seller’s Market is that Red Line, sitting at 30 making this a Cool Buyer’s Market.  Prices have changed little of the past few weeks but they are trending up again from the low during first quarter of the year.

Let’s move on to what the real estate community calls our Class II, or Townhouses and Condos.

Last week, the number of townhouses and condos for sale in Foster City was 43.  This week we see 31, with 18 pending.  Yes the number doesn’t match because some went pending earlier.  The Median Price was $649,000, the Average List Price was $663,990 and prices ranged from a low of $329,888 to a high of $1,299,000.  Prices are trending down and so are the average number of days on the market.

The townhouse/condo market is a Cold Buyer’s Market sitting at 19 and trending down.  That red line is pretty far above where this market sits right now.  There are some great buys in the condo area.  Townhouses are selling fast, though, so we’re seeing almost two different things take place in Foster City in this market.

Finally, let’s look at the Median Price for Class II Properties in Foster city and you can see they’re up since the first of the year but overall, prices have been flat.  The grest schools in Foster City make these properties enticing for small families, and when some of the townhouses that have been on the market are bigger than single family homes, it’s no wonder they sell quickly.

Altos Research does a great job of providing this data for us.  You can get it from us, too.  Just fill in the little box below the rotating charts and voila, you’ll find them in your mailbox.  Or, call me and I’ll send one.