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429 Westpoint Dr #49
Pismo Beach, CA

429 Westpoint Dr #49

$864,000
1 bd • 2 ba • 1,029 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$864,000

Price/Sq.Ft

$840

Year Built

1989

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This Pismo Beach condo offers exceptional value with its prime location and breathtaking ocean views. At $839.65/sqft, it's priced competitively compared to the median price of $917/sqft for similar properties in the area. The panoramic views from Point San Luis Lighthouse to Oceano Dunes significantly enhance its value. Recent renovations, including a remodeled kitchen with modern appliances and quartz countertops, add approximately $20,000-$25,000 in value. The property's flood risk score of 1/10 is excellent, much better than the coastal average of 4/10. Based on local rental data, similar 1-bedroom units command $1,850/month, suggesting a potential gross rental yield of 2.57%. The condo has appreciated by 13.6% since its last listing in October 2024, outperforming the average Pismo Beach condo appreciation of 8.2% during the same period.

The Bad

The 1,029 sqft layout, while efficiently designed, is 15% smaller than the average 2-bedroom condo in Pismo Beach (1,210 sqft). This limits its appeal to families or those needing more space. The single bedroom configuration may deter some buyers, as 2-bedroom units are more common and versatile in this market. The estimated annual insurance cost of $3,110.40 is approximately 20% higher than the California average for condos, likely due to its coastal location. The property's age (built in 1989) suggests potential for upcoming major system replacements within the next 5-10 years, including HVAC ($5,000-$7,000) and water heater ($1,000-$1,500).

The Ugly

The fire risk score of 6/10 is concerning and could lead to significantly higher insurance premiums or difficulty obtaining coverage. This score is 40% higher than the average for Pismo Beach (4.3/10). The air quality risk of 6/10 with 11 bad air days per year could impact the health and comfort of residents, especially those with respiratory issues. The condo's price history shows volatility, with a 10.4% decrease from its initial listing price of $964,000 in October 2024 to the current $864,000. This suggests potential overpricing initially and could indicate challenges in accurate valuation. The HOA fees, while not specified, are likely to be substantial given the extensive amenities (pool, hot tubs, tennis courts, etc.), potentially adding $400-$600 to monthly ownership costs. The total monthly ownership costs, including mortgage (assuming 20% down at 6.5% interest), taxes, insurance, and estimated HOA fees, could reach $6,500-$7,000, requiring a household income of at least $260,000 (based on a 33% DTI ratio) to comfortably afford the property.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for affluent single professionals or couples with household incomes above $260,000 who prioritize stunning views and a resort-like lifestyle. It's ideal for those working remotely who can utilize the dedicated ocean view office nook. The condo would appeal to second-home buyers or retirees looking for a luxurious coastal retreat with minimal maintenance concerns. Investors focused on high-end, short-term vacation rentals could potentially capitalize on Pismo Beach's tourism appeal, with peak season rates potentially reaching $300-$400 per night.

Not For

This property is not suitable for families requiring multiple bedrooms or more than 1,029 sqft of living space. The high monthly costs ($6,500-$7,000) exclude buyers with incomes below $260,000. It's not ideal for investors seeking high rental yields, as the potential 2.57% gross yield is below average for residential real estate investments. The property is also not suitable for those with respiratory issues due to the elevated air quality risk score.
Demographics
Area Median Income

$94,268

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Risk Assessment

Climate Risks

fireMAJOR

Insurance: Required

airMAJOR

11 bad air quality days per year

heatMODERATE

7 extreme heat days per year

98th percentile: 79°F

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

windMINIMAL

Insurance: Optional

Risk Analysis

The fire risk score of 6/10 is a significant concern, potentially leading to insurance challenges and increased premiums. There's a risk of further price volatility, given the recent 10.4% price reduction and overall market uncertainties. The air quality risk (6/10) could worsen over time due to climate change, potentially impacting long-term desirability. As a coastal property, there are long-term risks associated with sea-level rise and erosion, which could affect property values and insurance costs in the future. The single-bedroom layout may limit resale potential in a market that favors multi-bedroom units. Potential for special assessments exists due to the age of the complex and extensive communal amenities that may require significant maintenance or upgrades.
Insurance
Annual Cost

$3,110

$259 per month

Financials

Monthly Costs
Market Rent (1 bed)

$1,850

Get a detailed rental estimate on Zillow®
HOA Fee

$500

Price History

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$581,603

-32.7% below list price

Median Price

$585,000

Based on 6 recent sales

Price per Sq.Ft

$545

Comparable Properties

251 Palomar, Pismo Beach, CA 93449
Price: $805,000
Sq.Ft: 1,024
Beds/Baths: 2/2
$/Sq.Ft:
$7866.4%
Sale Date: 9/26/2024
121 Capistrano Avenue, Pismo Beach, CA 93449
Price: $725,000
Sq.Ft: 1,020
Beds/Baths: 2/2
$/Sq.Ft:
$71115.3%
Sale Date: 9/26/2024
416 Westpoint Drive, Pismo Beach, CA 93449
Price: $369,000
Sq.Ft: 1,000
Beds/Baths: 1/2
$/Sq.Ft:
$36956.1%
Sale Date: 9/25/2024
2169 Barcelona, Pismo Beach, CA 93449
Price: $540,000
Sq.Ft: 1,134
Beds/Baths: 2/2
$/Sq.Ft:
$47643.3%
Sale Date: 9/26/2024
1987 Barcelona, Pismo Beach, CA 93449
Price: $585,000
Sq.Ft: 1,134
Beds/Baths: 2/2
$/Sq.Ft:
$51638.6%
Sale Date: 9/26/2024
2155 Barcelona, Pismo Beach, CA 93449
Price: $465,615
Sq.Ft: 1,134
Beds/Baths: 2/2
$/Sq.Ft:
$41151.1%
Sale Date: 9/24/2024

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