I have a few concerns about One Marina…read more
FIrstly, let's be honest....this is an overpriced condo. Anyone who pays over 600k for this is going to get burned really badly in a down market. From an investment standpoint, this is dangerous.
1. The area is not desirable (i.e. not established, nothing nearby, pollution from 101 and factories, not family friendly).
2. The upgrades in the models are WAY, WAY overpriced in the design center. This means you'll be stuck overpaying even more on your mortgage for a long, long time.
3. The recent boom in the bay area is creating a huge condo bubble and in places like these, they should be sitting unsold. At the current prices (over 800k!), anyone who purchases now will really regret it.
4. The sales staff, while nice, is uninformed. Having visited their sales center, they don't know how to answer questions without making it more confusing. They are either talented sales people who are good at talking out of both sides of their mouth or they are uninformed themselves. Either way, red flag for me.
5. Even though it is townhouse style, many of the units have homeowners above/below and side/side. It's a condo...not a townhouse, don't fool yourself. (Some units are truly townhouses here, but the above 4 points still apply).
6. The smell. I smelled it. My family smelled it. Do YOU smell it? It's the water and it smells. This can't be fixed, so OneMarina will always be the place near the smelly water, across the way from a women's prison, near the car lots and industrial factories. Hooray?
I'm all for affordable housing. But for 700+k, even in this booming market, you can get a house that will withstand the ups and downs of real estate FAR FAR better than this.
If prices fall back to realistic numbers such as the low 600s, I think you are safer. These are nice units if you can look past the 6 points above....and I think you should only consider at a lower price by comparision. But at these 750+ thousand, stay far, far away. Or you may as well throw your money into the smelly water.