Coastal Real Estate and Lifestyles

There are very few condo developments on the Coastside.  Condo developments are limited in part by restrictions due to our area’s vacancy rate.  Due to the limited number, their value has held or grown. 

They are Cypress Cove Townhouses and Amesport Landing in downtown Half Moon Bay, Ocean Corners Condos, near Ocean Colony in Half Moon Bay, and the Pilarcitos Park area, also in Half Moon Bay.  In the northern tip of town known as Miramar, oceanfront townhouses were built a stone’s throw from the Coastal Trail.  In El Granada (Princeton area) are the Beach House condos, a luxury condo/hotel with fractional ownership - when there are units available for resale.

When I was reviewing the annual median price results, which I did with June median sales prices, I started with single family homes and noticed that the results were trending with the greater San Mateo County statistics.  What surprised me was the condo/townhouse market (MLS term:  Common Interest Development) June median sales price of $760K, up 20% from 2006’s $555K, and up 12.5% from 2005’s $430K.  That’s quite a jump in two years for condominiums.  Also, while the Coastside’s single-family-home days-on-the-market has increased in the last year (taking longer to sell),  the Coastside condos “days-on-market”  has decreased 24% in the last year, averaging 25 days.

We all know that statistics don’t tell the whole story, as there are many variables involved; however, this trend in our local market I thought a worthy topic.  Here’s a little info about each of the Condominium/Townhouse developments:

Cypress Cove - located on the east side of Highway 1 near Stone Pine Center in downtown Half Moon Bay.  These are lovely townhouses with charming patios or balconies, high ceilings, beautiful landscaping and attached garages.  A major bonus is the close proximity to downtown - just a short walk to all that Main Street - and the businesses off Main - have to offer.  A couple of many fun spots close to these townhouses are It’s Italia for a fabulous pizza, pasta dish or salad (the Salmon Ceasar Salad is my favorite, but I think it’s on the lunch menu only), or HMB Coffee Co., for soup-of-the-day, coffee drinks served in glass mugs, indoor and outdoor seating, and a great local vibe.  The median 2 bedroom sale price in 2006 was $650K.

Amesport Landing - These condos, some single story and some two-story, are also located downtown, west of Main, yet still on the east side of Highway 1.  Built in the early 1990’s just one block away from the all the local buzz, this complex is tucked behind beautiful mature trees and landscaping.  Great escapes from this location include M Coffee and Cunha’s Country Store.  The median 2 bedroom sale price in 2006 was $600K.

Ocean Corners - Built in the early 1990’s, these charming beach condos are a short distance from downtown Half Moon Bay; a short distance to the oceanfront golf courses, the beach, coastal trails, and the Half Moon Bay Ritz.  While these are farther away from downtown than the others, it could easily be a short bike ride.  The median 2 bedroom sale price in 2006 was $540K.

Pilarcitos Park -  There are a few small condo complexes in this area on the west side of Highway 1 near the Kelly St. intersection.  These conveniently located condos offer easy access to Strawflower Shopping Center, Hatch Elementary School, Tres Amigos, well as the beaches.  The median 2 bedroom sale price in 2006 was $502K.

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There may be small 2-3 buildings in El Granada.  There are no condos that I am aware of in Moss Beach or Montara.  Many condos are in Pacifica, which I will save for another post