Dirt-Cheap Condos in Richmond’s Marina Bay

Two awesome condo projects in Richmond, right on the Bay, next to the Bay Trail for hiking and biking by the water and close to the freeway, are tanking. Lennar Corp. has sold its interest in the 488-unit Marina Shores and the 224-unit Marina Cove to Kennedy Wilson, with about 515, or almost three-fourths, of the units in the two projects remaining unsold, the Contra Costa Times reported.

“It is relatively newer construction, it is on the water, it’s very close to the 580 freeway, and it’s less than 10 miles to downtown San Francisco,” Stuart Cramer, Kennedy Wilson’s managing director for residential investments, told the Times. “It is a close-in property. With the energy situation, these projects will become more valuable when the market stabilizes again.”

Kennedy Wilson will auction off 40 of the condos in August for $140,000 to $255,000. They had been offered for $275,000 to $455,000 previously. Buyer alert!

This really is a sweet deal. I often drive over to Salute, a restaurant on the water in the midst of the two condo projects, park in the parking lot and take a long walk on the Bay Trail past the harbor where boats bob up and down in the shimmering water. (Check the photo: that’s the Bay Trail on the right as it winds past the boat harbor, courtesy of Marina Bay Yacht Harbor.)

Of course, there are drawbacks. First of all, this development is isolated. It has a restaurant and little corner store in the immediate vicinity (not to mention Rosie the Riveter Park), but that’s it. You have to go a fair way to get to a tiny group of stores including a Long’s and a fast food outlet by the freeway. And that’s *all* there is anywhere near the place other than big ol’ office parks. The closest thing nearby is a particularly unappetizing area of Richmond. Happily, this is a good distance away on the other side of the freeway.

No movie theater, no library or (as best I can tell) post office, certainly no shoe repair shops or shopping. But oh, man, the views! Some properties currently for sale in Marina Bay:

25 Marina Lake Drive, Richmond: 1 bedroom/1 bath, 533 sq ft, $175,000. Yes, it’s a foreclosure, and certainly it’s tiny, but whew! Definitely affordable! Monthly homeowners’ association dues are $257. (Hey there, MDAccount, you could take your dogs for some amazing walks here – if the homeowner’s association allows dogs; not certain.)

1650 Catamaran Court #14, Richmond: 2 bedrooms/2.5 baths, 1,297 sq ft, $415,000. Homeowner’s association monthly fees are $235. This is a 3-story corner unit, with an attached 2-car garage.

168 Bayside Court #415, Richmond: 2 bedrooms/1 bath, 847 sq ft, $280,000. Kinda steep homeowner’s association dues at $280, but the place has a fireplace, is right by the pool (of course, that’s a double-edged sword once the real estate meltdown is over and actual people start living there using the pool).

22 Bayside Court, Richmond: 1 bedroom/1 bath, 533 sq ft., $178,000. Homeowner’s association dues are $257. The listing says the place has granite countertops (as a fellow Redfin blogger pointed out, these may end up being the avocado-colored appliances of the ’00s), hardwood floors and new appliances. Listing also notes that this is a gated community. Small but could be worth a look!