Condo sales on the coast also had a good year. In fact, they did better in terms of price appreciation than the residential home market did.
In 2015, condo sales increased by 13 percent to a record-high average price of $611,000. Price increases in 2015 were similar to 2014 but down a lot from 2013 when they rose by 24 percent. Over the past five years, prices improved by 58 percent. By comparison, home prices on the coast are also in record territory and now stand at $1.12 million, up 9 percent in 2015. Over the past five years, the Coastside’s home prices went up by 58 percent and San Mateo County went up by 76 percent.
All of the condo complexes are located in Half Moon Bay with four of the six located in the downtown area. When looking at these numbers, bear in mind that the number for sales volume is very small (19 sales for the year, down from 35 in 2014), so it’s best to look at these statistics with a grain of salt.
A significant factor with condos is the monthly home owners association dues, commonly referred to as “HOA.” Five of the six complexes range in price from a low of $300 a month (Ocean Corners) to $406 (Amesport Landing). The Beach House HOA fees are $775 a month, but this is an unusual complex as it also serves as a hotel and must be rented out by the owners at least nine months of the year. So part of the fee goes to replacing the furniture and such every few years.
Cypress Cove is the newest, largest in size, and therefore most expensive complex on the coast, with an average price of $765,000 (up 9 percent) and an HOA fee of $380 a month. Ocean Corners (south of town) is the second-newest complex with an average price of $638,000 (up 20 percent) and $300 HOA fee. Amesport Landing has an average price of $591,000 (up 18 percent) with a $406 HOA fee. Sandy Cove (west of Highway 1 and north of Kelly Avenue) has an average price of $551,000 (up 23 percent) with a $400 HOA fee. Villa Cardoza (off of Main Street) is the oldest complex with a price of $511,000 (up 19 percent) and a $330 HOA fee. The Beach House (by Surfer’s Beach) only has furnished studio rooms with a price of $332,000 in 2014 (no sales occurred in 2015) and a $775 HOA fee. Prices for units at the Beach House will vary considerably depending whether they face the ocean or Highway 1.
The chart below shows sales by complex and in total with percentage changes from the prior year.