Last year, they were asking up to $2,495,000 for these eight homes near the plant. They had to go to court to resolve it, but the judge proved that the old adage still works. These are also following the trend that buyers are willing to spend more money to get homes with superior benefits:
these have a weird sort of Captain Nemo 20,000 Leagues Under the Sea feeling to me. Plus, for that kind of money, I would really prefer my own private garage!
But would your private garage have an elevator?
These would have sold at their original asking price if a butler or valet was included….(end snark)
Yowza! That HOA fee screened at the very end ought to provide for an awful lot of elevator maintenance!
For those that didn’t see it, the HOA fee is $638/month.
For SIX of these to sell for $1,575,000 and higher over the last three weeks indicates how hot the market is. This is a neighborhood where the old beach bungalows sell for less than $1,000,000, and there aren’t a bunch of high-end comps nearby – in fact, none really, other than the one on Sequoia that is pending.
I agree with profhoff about the look, there is common underground parking, and the views aren’t that great. SIX?
At least the buyers had sense to wait until the prices dropped. That HOA amount is rather steep. Nice commissions for that realtor.
Obviously there is a market for such a product. Price is truth.
Close to $8000 per year for HOA?
Yikes.
http://www.mbusa.com/mercedes/special_offers/current
you can lease a brand new E-class at that price.
what does the HOA cover?
What does the HOA cover? A LOT of management fees. I would never buy a home with a HOA. Local government is bad enough.
“I would never buy a home with a HOA.”
I always enjoy seeing these type of absolute viewpoints. There are HOAs that cost $30 per month, then there are HOAs that cost $630 per month. But NOPE, an HOA is an HOA, there is no difference!
I’m always curious how it feels like to live in a world of pure black vs white with absolutely no inbetweens…
It’s not the cost, but the added layer of regulation.
HOA’s suck. They’re either a ripoff in the amount they charge or they’re a mini-kingdom for old crotcheties that have nothing better to do than meet at 10am on a Tuesday to complain and make up rules for others to follow.
Here’s something to consider. In the midwest HOA’s usually cost around $100 a month. But on the coast the same level of service costs around $300+. Why is this? Does it cost more to mow lawns out here? Are legal fees higher out here? (maybe) Or are California buyers just used to paying more and are paying higher prices simply because they will.
Whenever I see an HOA over $300 I get nervous. There’s just so many ways HOA’s can make your life hell.
But, on the other hand if you are an old crotchety that likes telling others what to do and would rather pay to have all maintenance performed. Maybe an HOA is a small slice of heaven.
The last three houses I’ve owned have had HOAs: the first two were in California; now I live in the Midwest. I was on the Board of Directors for the development where I lived one time in California. HOA dues are much less in the Midwest. I now pay about $50/month for pools, tennis courts, a club house, and landscaping. Labor is less expensive here. There are fewer regulations as well. In California, we were required to develop and fund a reserve fund to replace capital improvements. My current HOA doesn’t do this. I believe this is one of the major reasons HOA dues are so high in California. I’m sure soft costs such as management fees, insurance, etc. are also high.