Foster City vs Palo Alto?

Question

What is the real estate market like in Foster City? Are prices holding up well? How does the school district compare to say, Palo Alto?

I'm considering between a 1-Bed/1-Bath condo in Foster City, and I'm torn between it and a 2-Bed/1-Bath condo in Palo Alto. They're about the same size in terms of sq. ft., and they're asking for about the same $/sq.

However, the Foster City condo is newer, very nice, and is in move-in condition. The complex in Foster City is also nicer, and the condo is more private. The Palo Alto condo needs to be completely remodeled.

So, the only reason I'm considering the Palo Alto condo is because it is a 2-bedroom, and because I'm more familiar with Palo Alto. Do you think that a 2-bedroom condo in Palo Alto is really more desirable than a 1-bedroom in Foster City, in terms of resale?

Answer 1

tough call on your question...i owned a condo in FC and had no trouble selling it--but it was five years ago when the market was better. That said, you know FC is a much newer city than PA and in FC there are no "slum areas" to speak of, while PA has some shaky areas. Maybe think about where you work and the commute costs--if you work/attend stanford, say, then maybe the PA condo would be better. But if you work in san mateo, say, the the FC condo might be better. Of course, being a smart buyer, you've no doubt thought of these angles...a one BR will be harder to sell vs a two BR and you might want to consider the PA 2br if you feel there may be a chance you will need to get a renter if you face tough financial times--the "renter" can provide some temporary income in an emergency. It would be tough to share a 1br in FC if the need arose. Consider, too, the ability to walk to places instead of driving--PA may be better, as FC has less centrally located places. The PA place would allow you to remodel as your finances dictate, and as a rule, 2br's are better than a 1br. Geez, i can't say which is your best bet, only you can make that determination. Have you considered a 4br/2ba house in san francisco? i'm putting mine up for sale in a couple of months and i'll carry the financing...ah, but that's digressing from your question.... whatever you do, you probably won't lose money on either the FC place or the PA place. Good luck.

p.s. i'm serious about selling my house.