Central Station

The Bay Area's Newest Destination

Wednesday, February 13, 2008

A Better Allocation...

I've posted about putting money into your home rather than your apartment, but today I was reminded that that's only the first step in making a smart financial decision. I met today with a business partner living in South of Market and gave them their first introduction to the Pacific Cannery Lofts. As we walked through the monthly payments, HOA dues, amenities, etc., he quickly stopped with a look of surprise in his eye. At his SOMA condo, not only does he pay over $700 a month in HOA dues, but he has an additional $100 a month for a parking fee....bringing him to over $800/month above and beyond his mortgage payment.

Seeing as parking is included at the Pacific Cannery (and our HOAs are half of what this guy is paying), I started to think what that hundred dollars a month meant in terms of potential value. With our design center, Urban Designs, a buyer can add value to their home with upgraded flooring, lighting, appliances, window coverings, fans, and custom closets for roughly $100 a month. So while one payment gives you a place to park, the other puts tens of thousands of dollars of value in your home. Decisions, decisions....

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