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Regular Visitor
Jogger
Posts: 5
Registered: ‎02-10-2013
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Bay Meadows in San Mateo

[ Edited ]

I went to the preview event at Bay Meadows near Hillsdale station on Saturday, they showed us the construction site and future plan.  I guess over 200 people were there on Saturday. The price has not been released yet, but they already started thinking a lottery system for the phase one. They said the interested responses are "overwhelming".  What do you think of the Bay Meadow project?  What should be the reasonable price range for the new townhouse construction at this location.

 

 

Here is the floor plan:

http://baymeadows.com/amelia-floorplans

http://baymeadows.com/landsdowne-floorplans

 

 

Silver Regular Contributor
sfsfr
Posts: 687
Registered: ‎04-15-2012
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Re: Bay Meadows in San Mateo

It's a nice development, I like where they are going with it, with the "urban village" plan.
Regular Contributor
Kenji4861
Posts: 165
Registered: ‎10-12-2007
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Re: Bay Meadows in San Mateo

[ Edited ]

Hey!  I was there too!

 

As one of the visitors were saying behind me, pricing will determine everything and they haven't released it.

 

I live right across the street right now and I can say the location is convenient.

Right off the freeway, walk to Whole Foods, Starbucks, Crunch Fitness, San Mateo downtown, police department, mall, hospital, etc.

 

Knock on wood, haven't had any problems with danger yet.

 

Townhomes in this area have sold for ~$700k in the last few months so I'd expect them to price it a little higher.

 

I'm not sure whether to get sucked into this lottery nonsense.

 

Once I see the crowd that morning, I know I'll want it.

Just like when I went to Apple to look at an iPad and once I saw the line, I wanted it.

 

Anyways.. it's all about the price.  If it's in the $700k area, I'd probably go for it.  $800k.. maybe I'll wait.

 

Keep in mind, you can rent something similar for upper $2000 to lower $3000.  

Platinum Super Contributor
buyinghouse
Posts: 5,878
Registered: ‎04-23-2011

Re: Bay Meadows in San Mateo

   No offense guys, but I laugh when I see people at the Coach store. I really don't get it! They are buying what others are buying, same thing, same color, same o'!  I laugh when my wife meets some other people at the mall, "hi, oh, you bought the same Coach bag? Oh, cute..............(not, she is furious!):smileyvery-happy:

 

  I like to be unique, I don't follow the crowd but my own instincts. Not long ago, 3 weeks? I was broke, literally broke. I happen to have found a couple of things in my garage. A watch and a series of sterling silver things that brought me $1,200. But, knowing myself, I knew I would follow the herd so I got into Ebay and started to buy Russian stamps like crazy. I was there, buying, bidding, being outbid, winning and losing. I thought to myself "I am not doing good", "why am I buying these stamps"? Well, they were unique, the seller depleted the inventory and there won't be more coming. The market will be flooded with them but they will get good money 'cause they are overprints, some inverse overprints.

 

   Same as houses, I know you will or are thinking "what the shell am I doing here following the herd"? Well, only time will tell you if you did good or not. Sometimes, you only get one chance, yes, one chance. And to be a rich guy, I have had it 2 times, but I let them go, once for being ignorant, the second for being stupid. Think about it when you follow others. Are you following the right herd? Is it the right moment?

 

  Good luck to you guys!

Silver Trusted Contributor
Michelle1x
Posts: 1,063
Registered: ‎02-17-2008
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Re: Bay Meadows in San Mateo

I'll bet the larger units are priced at $1 million.  I'd be surprised if they price anything at $700K, to be honest.

Regular Visitor
Jogger
Posts: 5
Registered: ‎02-10-2013
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Re: Bay Meadows in San Mateo

The smaller units are only about 1250 sq ft. I really doubt if it worthy more than 700k. they  look like a regular apartment with attached garage according to the floor plans.

 

The older townhomes in Foster City with similar size were asking  for 650k this year, with better elementary school and better landscape.

 

What I like about the Bay Meadows:  not too close to freeway as many other new construction projects, probably last large available land in the north Peninsula.  Close to Hillsdale train station even I am not a fun of caltrain, but it will be good for the commuters.

 

Not like: 

1,Based on what I saw,  the roads are really narrow and not many street parkings are available. the traffic and parking will be horrible,  with more than1000 homes have been planed. Everytime I drove to Hillsdale Blvd and Whole food area, I already hated the traffic there.

 

2, Schools are not great.

 

 

 

Regular Contributor
Kenji4861
Posts: 165
Registered: ‎10-12-2007
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Re: Bay Meadows in San Mateo

[ Edited ]

@buyinghouse

 

Ideally, we'd all like to buy a unique big house in Atherton or Palo Alto or some nice place.

 

Great story, I just don't see your point here that applies here.

 

Platinum Super Contributor
buyinghouse
Posts: 5,878
Registered: ‎04-23-2011
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Re: Bay Meadows in San Mateo


Kenji4861 wrote:

@buyinghouse

 

Ideally, we'd all like to buy a unique big house in Atherton or Palo Alto or some nice place.

 

Great story, I just don't see your point here that applies here.

 


   As a seller in Ebay, I can tell you how....well, I am going to say the word, it applies to me too....how stupid we look at bidding for "something" that may not be worth what the current or final bid is. I have done it, I haven't done my homework, I bid, bid, out bid and get out bid to find out later there was or there were more items equal to the one I just bought worth half the price or less. Sometimes is due to the "I want it because others want it and ain't going to get outbid" thing.

  My advise is to drive during the weekends, go to any street you don't think there's a chance to see a development and you will be amazed to find them.

 

  I don't know if you like San Jose (far from work?) but there are more than one housing development. The corner of San Carlos St. and Meridian, then the junction of Forest and Winchester Blvd. which is half a block from the famous Santana Row, just imagine they will be so hot. They are taking numbers but I wouldn't rush, there's more constructions than the ones you can see.

 

  Do you have a Realtor? I can recommend you a good one.

 

  Good luck!

Silver Regular Contributor
sfsfr
Posts: 687
Registered: ‎04-15-2012
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Re: Bay Meadows in San Mateo

I wouldn't consider Bay Meadows just another development with some new townhouses. In total it is something like 170 acres of prime mid-Peninsula real estate with a CalTrain stop, 15 years in development. It's being planned from the ground up to be transit-oriented and walkable. I'm glad they are going this route rather than building a bunch of McMansions. The plan looks really nice, we'll see if it delivers on the promise. I do worry about the Hillsdale freeway exit though, it is already kind of a mess. Hopefully they will sort that out.
Silver Regular Contributor
Fishmarty
Posts: 681
Registered: ‎08-25-2012
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Re: Bay Meadows in San Mateo


Kenji4861 wrote:

 

Townhomes in this area have sold for ~$700k in the last few months so I'd expect them to price it a little higher.

 

 

Anyways.. it's all about the price.  If it's in the $700k area, I'd probably go for it.  $800k.. maybe I'll wait.

 

Keep in mind, you can rent something similar for upper $2000 to lower $3000.  


If you aretalking about renting /investment, you pay $700k-$800k a house to get $3,000 rent will not give you much back, period.

 

I'd rather buy something in east bay, pay $400k-$450k a house and recieve $2,200 rent.