Housing Market May Not Have Bottomed: New Low for a 2BD 2 BA Unit
June 24, 2009
| Sales of 1570 Vista Del Sol | |
| Date | Sales Price |
| June 28, 2002 | $439,000 |
| October 5, 2006 | $519,000 |
| June 23, 2009 | $440,000 |
Records show that the unit at 1570 Vista Del Sol sold on June 23, 2009 for $440,000, which is $9,500 below asking and $10,500 below a comp sale from one month earlier. Public records also show that the unit has sold 3 times in the past 7 years, and that the most recent sales price is virtually identical to the sales price from 2002.
It's a great time to be a buyer: about two years ago, these units sold as high as $630,000.
A neighboring property at 1566 Vista Del Sol (a 1 BD 1 BA unit), has been on the market for 8 months, priced at a completely unjustifiable $445,000. No one is going to pay more for a 1 BD 1 BA than a 2BD 2 BA, even if it does have a nice kitchen countertop.
UPDATE: As of June 26, 2009, the overpriced 1 BD 1 BA has been withdrawn from the market.
Jim Newell Gets Kicked Off Board
June 13, 2009
Jim Newell has been defeated in his reelection attempt on the Master Association board of directors. Joe Txxxx beat Jim Newell 175 - 101. When Jim Newell heard the news, he walked out of the room.
BREAKING NEWS
June 5, 2009
Let us mark the six-year anniversary of this "breaking news" item. (When news is broken here, it stays broken.)
Board Member Candidacy Letter Needs Help. We Provide It.
June 4, 2009
Want to see a convoluted "Candidacy Resume" from an incumbent member of the Master Board of Directors? You won't be disappointed here.
Jim Newell has written a "Board Member Candidacy Resume" which is grammatically incorrect, occasionally incoherent, and ends with a self-imposed, snarky pity party.
See the original letter here, or just in time for the school year ending, see the teacher-corrected version here.
Is Edgewater Isle Getting a New Property Manager?
June 4, 2009
Thanks to a reader for this tip: is CMS looking for a new property manager on CraigsList?
FACT Encourages a "Yes" Vote on Self-Assessing for Levee Repairs
May 26, 2009
A group of homeowners, including the mayor of San Mateo, is encouraging a "yes" vote on the self-assessment ballot that was mailed out on April 29. Ballots are due back to San Mateo by June 15, 2009.
The costs to repair the levees is more than the City can afford. If the assessment is not passed, homeowners could see high mandatory flood insurance rates.
The ubiquitous board member Barbara Finnegan is a member of FACT.
Homeowners Support Kicking Jim Newell Off Board
May 20, 2009
Three homeowners have circulated a letter expressing dismay over Jim Newell's over-eagerness to go to arbitration over asphalt. These homeowners, who are also board members, wrote a letter speaking for themselves, not as official board correspondence, encouraging homeowners to vote for Joe Txxxx for Edgewater Isle Master board of directors. Joe ran last year, but because of the cozy arrangement that HIP Housing has with Jim Newell and the whole double-dipping voting thing, Joe was 2 votes shy. Thanks a bunch, Bruce.
The letter reads in part: "Suing other associations is NOT an official position of the Master Board of Directors....only the opinion of Jim Newell."
Has the Housing Market Hit Bottom?
May 18, 2009
A hopeful sign: two units have recently sold every so slightly above asking price. 1993 Vista Del Mar and 2041 Vista Del Mar, both 2 BD, 2 BA units, have recently sold at $450,000 and $450,500 respectively. In March 2007, that same 2 BD, 2 BA floor plan sold for $630,000.
While this is good news that the low point may have been reached, the bad news is that it still represents a decline of over 29% in value from just 2 years ago.
Living In Denial
Downward adjustment in value to one's property is a difficult pill to swallow. There is a 1 BD, 1 BA unit currently listed for $445,000, which is 15% above asking of an average of the last two comps that have sold, and only $5,000 less than the 2 BD, 2 BA units that ARE selling. A list price of $70,000 - $80,000 over the sales prices of the last comps must be a difficult tactic in this market.
78% of Homeowners Who Voted Want to Eliminate HIP Housing's Double Representation
May 13, 2009
Edgewater Isle Master Association is too embarrassed to release the numbers, but 78% of homeowners who voted want to remove HIP Housing's double dipping (that with the untouchable board member AND 92 votes thing) into the electoral process at Edgewater Isle.
But the sad thing is that not enough homeowners voted to make it a valid election. And even the president of HIP Housing, Bruce Hamilton (famous for the "it's not fair" letter) didn't vote. What a pansy.
The vote tally was 149 in favor and 42 against.
Two More Foreclosures
May 8, 2009
The lingering financial depression (yes, depression) is still with us. Two more Edgewater Isle properties are in foreclosure, one with an auction date set for May 29, 2009.
Jim Newell Has Lots of Free Time, Wants to Go to Arbitration
May 6, 2009
Read an email that Permanent Board Member Jim Newell sent via email to his wife who is not on the board.
Mr. Newell states that the North Association should pay for trees, blah blah blah. What Mr. Newell is so easily forgetting is that the North Association IS already paying for it with dues that go like this:
224 units @ $130/unit = $29,120 per month
There you go. With North Association's monthly contribution to the Master Association of $29,120 a month, they ARE paying for it. What's with this MANDATORY ARBIRATION? Here comes the next installment of the never-ending Civil War.
HIP Housing's Bruce Hamilton Is A Weasel
May 6, 2009
After all of the chest-thumping and whining about how "unfair" it is that he's doubly represented, he did not even vote in the homeowner's petition to change the bylaws and CC&Rs.
Mr. Hamilton used-car salesmen tactics and din't even vote in this election: his lack of votes would contribute to not having enough votes to have the election be valid. Well done, chump.
The silver lining is that this measure otherwise did pass by a vote of 149 - 42. So there is obviously sweeping sentiment that this little "arrangement" isn't quite right. The rest of the homeowners who couldn't be bothered to vote must enjoyed being screwed by an outside entity with double, untouchable representation on a board.
Oh well, maybe next time.
FEMA Presents at Annual Meeting
May 2, 2009
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FEMA Flood Insurance Map Click to enlarge or close |
On April 18, 2008, FEMA issued a revised preliminary Flood Insurance Rate Map (DFIRM’s) for San Mateo County. The current schedule indicates that the Letter of Final Determination will be issued in Fall 2009, and the new Final Map will be published in Spring 2010 (Final Map). Mandatory insurance requirements become effective at the time of the Final Map.
Representatives from FEMA will be present at the Edgewater Isle annual meetings on Tuesday, May 5, to discuss the proposed $62 annual assessment for San Mateo residents or the possibility of mandatory flood insurance.
For more information on Edgewater Isle's potential of being put in a FEMA flood zone, see:
April 5, 2008
It took the board 225 days after August 18, 2008, to mail the ballot for a special election to change the bylaws. The Master Association board of directors received the petition from homeowners to modify the Bylaws and CC & Rs. The envelope contained a letter from HIP housing director Bruce Hamilton urging a no vote. Mr. Hamilton's letter contains many factual errors.
The Master Association board of directors exhibits the identical folderal of the South Association when the South received a petition that it didn't want to deal with. Both boards of directors, headed by Barbara Finnegan and Jim Newell, present a second example of their efforts to thwart the sentiments of HOMEOWNERS who pay the bills.
North Homeowner is Frustrated
March 23, 2009
A North homeowner writes us expressing a common frustration with Edgewater Isle management. Cathy, are you listening?
|
Hi,
Am I being paranoid or has the management of this community gone DOWN HILL?
And is this new manager, Cathy Dreesman totally useless? I would like to know if anyone has ever found her helpful. To think we actually pay her?
She never answers her phone. If she's in a meeting to improve and better the value of our community then so be it... but I continue to see things getting worse so she must be busy doing other things... (like not working)..
-Annoyed Homeowner
Another Edgewater House in PreForeclosure
March 22, 2009
The worst economy in decades has not escaped Edgewater Isle: another unit is in Notice of Default and subject to foreclosure. Public records show that a 3-bedroom, 2-bath unit in the North Association, 1514 Vista Del Sol, is in default and foreclosure proceedings have begun.
Master Association Drags Its Feet
March 3, 2009
The Master Association continues to drag its feet getting out the ballots to homeowners for the request to amend the bylaws that was submitted to the Board of Directors 7 months ago.
Yet another attempt from Edgewater Isle Perpetual Board Members Barbara Finnegan and Jim Newell to delay, delay, delay.
Master Association Bylaws Vote
February 24, 2009
When the bylaws were revised in 2007, a sneaky, dangerous new change was included in the bylaws that gave the owner of the HIP Apartments a 92-block vote in addition to an appointed director. THESE ITEMS WERE NOT IN THE ORIGINAL BYLAWS.
IMPORTANT:
The Master Association FAILED TO HIGHLIGHT THIS CHANGE in its cover letter to homeowners. The Master Association board of directors relied on homeowners not reading or understanding these changes, and its effect has been that homeowners' voting rights have been diluted and shifted to a corporation.
Homeowners are encouraged to vote YES on the proposal.
Master Association Special Meeting A Success
January 29, 2008
Approximately 60 homeowners attended Tuesday's special meeting to learn how the Edgewater Isle Senior Center's owner Bruce Hamilton's 92-block vote is unfair. While Mr. Hamilton maintains that since he has to pay dues, for him not to have a 92-block vote AND an appointed, untouchable representative on the board, it is taxation without representation.
But, no it isn't. Mr. Hamilton's 92-block vote changed the outcome of the last Master Association election to the board of directors. A non-homeowner, a corporate entity has more influence than any of the homeowners at Edgewater Isle. His 92-block vote AND an appointed, untouchable, permanent member of the board (to which some of the Bylaw rules do not even apply) amounts to a 42% of the vote in any Master election.
Further, we've all learned that "taxation without representation" refers to the government. A homeowners association board of directors is a clique of homeowners who ride roughshod over other homeowners because they can.
The South board members' behavior of scattering around the room and asking lawyer-provided questions was obvious.
HOMEOWNERS ARE ENCOURAGE TO VOTE TO CHANGE THE BYLAWS.
Reminder: Special Meeting Today
January 27, 2009
Homeowners are encouraged to attend tonight's special meeting and discuss how the Senior Center owner getting to vote 92 times in an election AND appoint their own untouchable board member is ultimately damaging to real homeowners. The 92-block vote AND an appointment amounts to allowing the Senior Center owner to 42% of total voting power in a Master Association election.
Master Association Notifies Members of Special Meeting
December 28, 2008
Never one to follow the letter of the law, the Master Association sent a letter to all homeowners notifying them of the petition submitted to revise the Bylaws. The Association received this petition on August 18, 2008, and delayed until December 22 to notify homeowners.
The petition is to remove the 92-block of votes given to the owner of the HIP Senior Apartments. The owner gets an appointed board member AND a 92-block of votes, and the homeowners petitioning to change this believe that this affords HIP overrepressentation.
EDITORIAL COMMENT: We see a pattern of Boards of Directors that sit Barbara Finnegan and Jim Newell delaying action on petitions that meet and exceed all legal requirements.
Petitioners to Change Master Bylaws Send A Letter
December 8, 2008
The petitioners who pointed out the problem with the Master Association's Bylaws giving Human Investment Project (HIP) a single block vote equalling 30% of the total voting power of the Master Association, have sent a letter to homeowners outlining why it is important for homeowners to support the petition to amend the bylaws.
Master Board President Loses It
November 7, 2008
At the monthly Master meeting on November 6, 2008, the board's president, Barbara Finnegan, screamed and pounded her fists on the table.
A little too tightly wound, huh? Perhaps someone needs a hobby and to get off the Lifetime Board Member train and let others speak.
PML Management Sued for Fraud By Homeowners
UPDATE: CASE SETTLES
UPDATED: November 6, 2008
Newly re-misengaged™ property management company PML has settled a lawsuit for fraud filed by homeowners in a different association. Homeowners alleged fraud for misrepresenting that homeowners could purchase and use a second unit in the association as a business office. A conditional settlement has been reached, avoiding the trial that was to begin on November 3.
Read the homeowners' complaint.
PML Property Management Not Returning Calls to Homeowners
November 3, 2008
edgewaterisle.com has received complaints from 3 homeowners that PML Property Management representation is not returning their phone calls. Hum......where have we heard this before?
HOA Attorneys Take It In the Shins: 2 Separate Attempts by HOA Attorneys to Intimidate Exposed
Two board members of the Edgewater Isle Master Association, mistakenly impressed with their own wisdom, apparently acted without a quorum (tsk, tsk) and directed an attorney to send a letter to a homeowner with all sorts of vague, fabricated, and bullying threats. They directed attorney Jeffrey Barnett attempt to silence an outspoken critic of the association.
The homeowner got her own attorney, and sent a letter back to both association attorneys Jeffrey Barnett and Sandra Bonato, calling them on their various fabricated and unproven statements.
The Master Association's second attorney, Jeffrey Barnett, sent a letter retracting his earlier letter (i.e., wiped egg off of his face) while the previously prolific pundit Sandra Bonato has been quiet on the whole issue. (Gee, Sandra....maybe you're a little embarrassed about your silly games being called out for what they are.)
EDITORIAL COMMENT:
HOW MUCH HOMEOWNERS' MONEY DOES THIS STUPID BOARD WASTE BY WHINING TO ATTORNEYS?
PML Management Admits to Destroying Homeowners' Landscaping
Thirteen years ago, PML's "maintenance workers" took it upon themselves to completely destroy a homeowner's landscaping. Homeowners were not notified that any workers would be performing any work within the exclusive use common area. PML's maintenance workers ruined all established landscaping and left the area appearing that a hurricane had it.
Now with photo.
A Homeowner's Request
A reader writes::
name = xxxxx xxxxxxxxxx
phone = 650-7XX-XXXX
email = xxxxxxxxxx@aol.com
Comments = Get those tattooed people away from the pool area. I called security, did they do anything. They take over the pool and the kids cant swim, I have seen them alot. There are about 10 at a time. They smoke, play loud music. etc. They are LARGE people. I do not think they live here.
A Reader Passes This On.....
A reader writes to let us know:
name = XXXXXXXXXXXX
email = xxxxxxxxxxxxxxxxxx@msn.com
Comments = Nick Pargett is not licensed by the DRE (Department of Real Estate). In California one must be a Broker or under a Broker's license to practice property management. Just food for thought.
Thanks to the reader. If we all had known this a while ago. Maybe the Boards of Directors will exercise a little more caution before willy nilly turning over the management of other people's money to any schmuck. One only wonders if there are any legal consequences for practicing for the last 5+ years without being licensed. Anyone, anyone?
PML Continues Long-Held Tradition of Poor Customer Service
Edgewater Isle South has misdecided to mis-reengage PML as its property management company. The Board is obviously ignorant that years ago residents at Edgewater Isle loudly complained about PML's services, and PML was dumped in favor of Franciscan Property Management (for a while anyhow).
Now, PML is baaaaack.....but they don't seem to have improved. Read it
UPDATED: And see homeowners' response to PML's unceremonious return.
History Repeats Itself:
World Shocked As South BOD Rehires Management Company It Previously Booted 
After seemingly going through every last property management company on the Peninsula in the last 11 or so years, the Edgewater Isle South BOD decides to rehire PML, a company that the Board fired 10 or so years ago. Rumor is not a single current board member was a homeowner 10 years ago when PML was previously thrown under the bus.
Will Nick still read edgewaterisle.com? We'd hate to wave goodbye to a loyal reader.
This Day In Edgewater Isle History
A new feature at EdgewaterIsle.com, we bring you This Day in Edgewater Isle History. Twelve years ago today, a shot rang that signaled the beginning of the end of one property management company. This property management company ended up losing 2 HOAs after this story appeared.
Will 2008 soon look like 1996? Will history repeat itself? (Update: Yes.)
Edgewater Isle North is a Big Fat Liar*
lie -verb to express what is false; convey a false impression
Board of Directors Gets Lost Finding "The High Road"— "High Road" Not in Their TomToms®
Edgewater Isle North Homeowners Association board of directors chose to LIE to the members in July 2006 when sending out a newsletter containing information that the Association had won a small claims case in which they were the defendants. The Association had actually LOST in small claims court. (But who cares about the actual, um, you know, truth when there's face to save?)
The judge's ruling said:
RULING: Defendants have until 7/21/06 to deodorize Plaintiff's insulation at Defendant's cost....If Defendant refuses, judgment will be determined within 30 days of Defendant's refusal.
And the lying liars on the board of directors then said:
For a case which was never about money, never about a "cash award" but about getting stuff fixed, the BOD not only loses, but then Bert Mittler, Mimi Lee, and Benjamin Cintas lied about it in print. Apparently this ass-kicking in court bewildered these three so much that they again fail to do the right thing —demonstrated by this lie they committed in print.
And, finally, Mimi Lee goes and whines to the Master Board because the Master settled out of court. (That one's coming soon.) Get a hobby, lady. Or at least learn how to take defeat with dignity. Do you really have nothing better to do?
* Inspired by Al Franken
