Burlingame Real Estate - The Wilkas Group » Foster City CA

How’s the Market in Foster City CA 03.09.2011?

lenorewilkas — Wed, 09 Mar 2011 12:25:23 +0000

Foster City, like the other local communities we write about, doesn’t have a lot of housing for sale. Therefore, the rule of supply and demand takes over and prices stay high, and are going higher. Foster City is a planned community with both single family houses and condos and townhouses for sale. We will see the data for both since the beginning of the year. What makes Foster City so compelling for families is the excellent schools, plethora of parks and trails, and access to water for boating, sailing or sailboarding. It’s helps that Foster City is mid-way on the Peninsula at the crossroad of Highway 101 and 92 where the San Mateo-Hayward Bridge hits ground. It’s a nice commute for anyone living here.

Last month we saw some activity in real estate, but not a large number of homes for sale. I can’t quite figure it out since interest is so low today and many of the homes can be purchased with conforming loans or jumbo-conforming loans through FHA if one wants. The cap on these loans is going up very soon and we won’t see affordability like this again. It’s not something one wants to hear, but if you’re one of those people thinking the market will surely drop, again. It won’t unless something huge happens. You missed the bottom of the market and when interest rates increase as they will, you might be priced out of the market. So don’t wait! We’re here to help you.

Here’s what’s for sale in Foster City right now. First will be the single family homes, and then followed by the condo/townhouses. We would be happy to show you some of these in person if you’re ready to buy. Call us.

Showing properties 1 - 9 of 9. See more Foster City homes for sale.
(all data current as of 5/25/2012)

$875,000 : 290 Curlew Ct, Foster City

4 beds, 2 full baths

Home size: 1,810 sq ft

Lot size: 6,746 sqft
$899,000 : 1390 Ribbon St, Foster City

3 beds, 2 full baths

Home size: 1,860 sq ft

Lot size: 6,175 sqft
$949,000 : 261 Loon Ct, Foster City

4 beds, 3 full baths

Home size: 2,450 sq ft

Lot size: 5,429 sqft
$890,000 : 188 Flying Cloud Is, Foster City

3 beds, 2 full baths

Home size: 2,120 sq ft

Lot size: 7,740 sqft
$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
$809,000 : 786 Marlin Av, Foster City

3 beds, 2 full baths

Home size: 1,890 sq ft

Lot size: 5,734 sqft
$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
$700,000 : 716 Crane Av, Foster City

4 beds, 2 full baths

Home size: 1,760 sq ft

Lot size: 5,700 sqft
$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 5/25/2012)

$518,000 : 1031 Lido Ln, Foster City

2 beds, 2 full, 1 part baths

Home size: 1,780 sq ft
$525,000 : 900 Beach Park Bl #149, Foster City

3 beds, 2 full baths

Home size: 1,337 sq ft
$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
$560,000 : 1171 Compass Ln #112, Foster City

3 beds, 2 full baths

Home size: 1,593 sq ft
$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
$299,000 : 4218 Admiralty Ln, Foster City

2 beds, 1 full, 1 part baths

Home size: 998 sq ft
$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
$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.

Foster City Condo Market Report: 03.15.10

lenorewilkas — Mon, 15 Mar 2010 23:29:21 +0000

It’s a Spring Real Estate Market and the number of listings in Foster City for condos and townhouseshas gone up to 56. The average price is $569,064 and that’s been pretty level for the past couple of weeks. Condos and townhouses are selling in a shorter number of days and have always been a good way to enter Foster City’s schools at a reasonable price. We’re looking at the median condo being 2 bedrooms and 2 baths, about 1350 square feet in size, and about 30 years old. This median sized condo, at this price, is a bargain in comparison to some of the small houses in nearby communities. Plus, Foster City’s elementary schools score high in all testing.

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.

The City of Foster City

lenorewilkas — Sun, 18 May 2008 23:27:54 +0000

FOSTER CITY

Foster City CA

Known as the City of Blue Lagoons, Foster City’s lagoons were built to resolve an engineer problem when the city was first being developed. Foster City is located on land originally known as Brewer’s Island, which was originally marshland that had dried out after dikes and levees were constructed near the turn of the 19^th
Century. It was then a diary farm for several decades.

In 1958, developer T. Jack Foster purchased the land with the idea of creating a planned community, a popular idea at the time. However, the silty clay mud sat at sea level. The Army Corps of Engineers estimated it would take 45 million cubic yards of fill to raise the land to bring it up to eight to twelve feet needed to build on. But a local engineering firm came up with a novel solution – raise the land four or five feet and create a central drainage basin to impound the water before it was pumped back into the bay. The concept worked and Foster City now has, as its centerpiece, a 218 acre lagoon that winds its way through the city. The drainage basin still works perfectly even with severe storms battering the area some winters.

The city is home to about 30,000 residents. This was the first planned community in the western United States. There are single family houses, townhouses, condominiums, and apartments running in various
areas of the city and many sit along side the water.

The city sits half way between San Francisco and San Jose making it a great place to live if one commutes. The San Mateo Bridge is at the eastern part of the city and when the bridge first opened the 12-miles span was the longest bridge in the world.

The schools belong to the San Mateo-Foster City Elementary District and the three elementary and one middle school test high. There is no high school in the city so students have their choice of any of the San Mateo Union High School schools nearby.

There are parks everywhere and several with beaches allowing for water play. Boating on the lagoons
is only done with electric power, sail boats or paddle boats. The Bay Trail wanders along the shoreline of
the bay and is well used all year long.

Foster City is a great place for families with much to do outdoors.

Do You Live in the 94404 Zip? It’s Time to Talk Insurance. Flood Insurance.

lenorewilkas — Thu, 24 Apr 2008 10:10:26 +0000

If you live in the 94404 zip code, FEMA may change your insurance coverage. Why? They are preparing new flood maps and because Foster City shares the zip code with a small part of San Mateo, Foster City residents may soon be required to carry flood insurance. The shaded area on the current FEMA flood map shows the areas of San Mateo that are within the flood zone. Any new additions to the map will run south of highway 92 and both east and west of 101.

Heres the deal. If you go and buy flood insurance now, before FEMA makes the designation, the insurance is relatively cheap. A Preferred policy for a single family home in Foster City costs about $350 per year. This is for $250,000 of coverage for your house and $100,000 for contents. But only if you do it before FEMA pulls the trigger and prints the map.

We sat down with our insurance agent, Farmers Insurance agent Marie Wood in San Mateo, earlier this week and she explained the process. If we take the insurance prior to the formal designation by FEMA, our property will forever be designated Zone X, one of the three zones FEMA says are outside the 1% flood zone. And, with this designation comes a reduction in the annual cost for flood insurance. Once FEMA says you are living in a flood zone, you are required to carry flood insurance. And, thats a very expensive insurance addition. Your lender will make you carry the insurance if you have a loan. If you own your home free and clear, its up to you what you do.

Why are are talking about this need now? Foster City has levees surrounding most of the city and these levees are in first rate condition and that is why the city has never been required to carry flood insurance. But San Mateo has not taken care of its levee system and all of the homes sitting in Mariners Island, Edgewater Isle, Harbortown, Lakeshore, Los Prados, and possibly San Mateo Village will fall into the new flood zone. Shoreview, 19th Avenue Park, and Sunnybrae have been in a flood zone for several years adding, in some instances, thousands of dollars a year in added insurance costs to home owners. Because of the possibility of a levee break in San Mateo, Foster City could be flooded. Since San Mateo chose not to maintain their levee system, over 30,000 Foster City residents are now being put in jeopardy.

If you talk to your insurance agent now, and become pro-active, you can save yourself a lot of money. The $350 per year we were quoted will increase with the designation of ˜Flood Zone, but it will not increase as much as it would without buying the insurance early. The Zone X designation will remain with the property and once we sell our home, the next owners will be able to carry the insurance at a deep discount. A selling point? You bet it is.

We dont know when the new maps will show up. San Mateo and Foster City are expecting them any day now. This is one thing you can do that is pro-active for your family and can save you thousands of dollars in insurance coverage. Talk to your insurance agent now. While youre at it, if you live in San Mateo, talk to your city counsel and find out why repairing the levees hasnt been a priority.