Condo sales on the Coastside had a good year — they just didn’t do as well in price appreciation as the residential home market. In 2014, condo selling prices increased by 12 percent to an average price of $543,000. In 2013, price increases were much better, increasing by 24 percent. So over the past two years, prices improved 39 percent. By comparison, home prices on the coast now stand at about $1.03 million — up 18 percent in 2014 and 17 percent in 2013, making the two-year increase about 37 percent.
All of the condo complexes are located in Half Moon Bay; four of the six are located in the downtown area. When looking at these numbers in particular, be aware that the sales volume is very small (35 sales for the year). So it’s best to take some of these statistics with a grain of salt. This is especially true when looking at some of the specific complex sales with single- digit volume.
A significant factor with condos is the monthly Home Owners Association dues commonly referred to as HOA. Five of the six complexes have fees that range from a low of $295 per month (Ocean Corners) to $400 (Sandy Cove, which has a swimming pool). The Beach House HOA fee is $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 furniture, etc., every few years.
Cypress Cove is both the newest and largest in size and therefore the most expensive complex on the Coastside, with an average price of $705,000 and HOA fee of $380 per month. Ocean Corners (south of Half Moon Bay) is the second newest complex, with an average price of $533,000 and $295 HOA fee. Amesport Landing condos have an average price of $499,000 with a $372 HOA fee. Sandy Cove (west of Highway 1 and north of Kelly Avenue) has an average price of $447,000 with a $400 HOA fee. Villa Cardoza (off of Main Street) is the oldest complex, with a price of $430,000 and a $330 HOA fee. The Beach House (near Surfer’s Beach) only has furnished studio rooms with a price of $332,000 and a $775 HOA fee. Prices for units at the Beach House will vary considerably depending on whether they face the ocean or the highway.
The chart shows sales by complex and in total, along with percentage changes from the prior year.
Steven Hyman is the broker and owner of Century 21 Sunset Properties. He can be reached at 726-6346 or at www.century21sunset.com