Building A at SoMi sits near South Hayward BART, with a sales office at 29212 Mission Boulevard. Its Plan 2 has three bedrooms and two baths in about 1,407 square feet. Homes Built for America lists that layout, Condo 308, at a new price of $615,000, with $15,000 in credits and solar valued at $13,000 included. The same 1,407-square-foot, three-bedroom unit in Building A also appears in a city affordable-ownership drawing at $473,509.
A gap that size inside one building isn't a typo. It shows how attached homes in Hayward get priced right now. The asking price depends on the monthly bill and on the terms that come with the deed. Square footage barely moves it.
Three Prices for One Layout
| SoMi 3-bed unit, about 1,407 sq ft | Price | HOA shown | What comes with it |
|---|---|---|---|
| Condo 308, Building A, market rate | $615,000 | Not shown on the builder page | $15,000 in credits, solar valued at $13,000 |
| Building A, moderate-income drawing #849 | $473,509 | $688.15 | Solar included, one carport, resale restriction in perpetuity |
| Building B, moderate-income drawing #849 | $448,164 | $719 | Solar included, one carport, resale restriction in perpetuity |
The restricted units are listed on the HouseKeys SoMi program page. The market-rate pricing is on the Homes Built for America new-pricing page. Builder pages carry no posted date, so confirm current prices and credits with the builder.
The two restricted units have the same square footage, but the one with the higher HOA costs $25,345 less. The reason is in how the city sets the restricted price.
Why the Market-Rate Price Comes With Credits
Start with the market around the building. Hayward's detached and attached homes behaved like two separate markets in September 2026.
The Bay East Association of REALTORS September 2026 report for Hayward detached homes shows 52 sales, a $865,000 median, about 30 average days on market, and buyers paying 103% of list price on average. Inventory was about 1.9 months.
The matching Bay East report for condominiums and townhomes shows 12 sales in September 2026 and 77 active listings at month-end, about 4.6 months of inventory. The median was $604,500, with about 43 average days on market and 99% of list price paid on average.
With 12 sales, one month's median can swing a lot. The attached median was $534,450 in August 2026 and $647,500 in July. Supply tells you more. Attached homes had more than twice the months of inventory that detached homes had, and they took longer to sell.
That gap shows up in how the builder is pricing. Condo 308 at $615,000 works out to about $437 per square foot. Hayward's attached resales averaged $453 per sold square foot in September 2026. A brand-new unit is listed below the citywide resale average per square foot, and it still comes with $15,000 in credits. At Homes Built for America's nearby Fusion community, whose sales gallery is at 27177 Mission Boulevard, Residence 24 is marked "Was $825,000 Now $794,000."
More attached supply may be coming on the same corridor. A City of Hayward staff report dated June 25, 2026 describes Eden Ranch at 29312 Mission Boulevard, with 72 three-story townhouse-style condominiums on 4.8 acres, eight of them affordable, proposed by City Ventures. The report recommended approval.
Credits are how a builder competes without cutting the recorded sale price. A listing for a SoMi condo said the incentives could go toward closing costs, a rate buydown, or a solar purchase. Those are monthly-payment tools, and with the 30-year fixed rate at 7.40% in Freddie Mac's survey for the week of October 15, 2026, monthly payment is what most attached buyers are trying to lower. Check the Freddie Mac weekly survey for the latest reading before running numbers.
The Restricted Price Starts From a Monthly Bill
The $473,509 figure is calculated from a monthly cost. The SoMi affordable-housing application guide sets the purchase price so that monthly housing costs stay at or below one-twelfth of 35% of 110% of area median income. For a three-bedroom unit, the formula assumes a household of four.
Because the monthly cost is capped, the HOA counts against the price. Every dollar of dues leaves less room for mortgage. That explains the two restricted units in the table. Building B's unit carries a $719 HOA, $30.85 more per month than Building A's $688.15, and its price is $25,345 lower.
The same math applies to any condo with dues, restricted or not. At 7.40% on a 30-year fixed loan, $688.15 a month covers the principal and interest on about $99,000 of mortgage. Two Hayward condos with the same price but different HOAs don't cost the same. The difference in dues works like a difference in loan size.
The drawing notice for #849 lists other recurring costs for the restricted units:
- Estimated HO6 insurance of about $80 a month
- An estimated parking maintenance fee of $45.32 a month
- No special taxes currently, with a direction to check with the county assessor
Each unit comes with only one carport space.
What the $141,491 Discount Costs at Resale
The gap between Condo 308 and the Building A restricted unit is $141,491. Fully financed at 7.40%, that would be roughly $980 a month in principal and interest. The restricted buyer gets that monthly savings and pays for it later, at resale. The SoMi resale restriction agreement template sets out the terms:
- The resale price follows incomes. The maximum resale price is the lower of an indexed price or fair market value. The indexed price starts at the owner's purchase price and rises by the percentage increase in Alameda County median income for a household of four, as published by California's Department of Housing and Community Development.
- Some costs can be added back. The indexed price can be adjusted for city-approved capital improvements, deferred maintenance, administrative fees, and original closing costs, subject to conditions.
- Proceeds above the cap go to the city. If a sale breaks the restrictions, gross proceeds above the maximum restricted resale price are owed to the City as secured debt.
- Refinancing is limited. A refinance generally can't exceed the original first-loan principal and has to keep total payments within the city's affordable-cost limit. Borrowing more is limited to approved health, safety or code repairs.
- The owner has to live there. The template requires moving in within 60 days and living in the unit at least nine months a year, with annual certification. Renting it out requires city approval. Hayward's general below-market-rate purchase page says ten months, so confirm the requirement against the agreement for the specific unit.
- The restriction never ends. It runs in perpetuity, and each new buyer signs new restriction documents.
So the $473,509 unit grows in value as fast as county incomes, while the $615,000 unit moves with Hayward's attached resale market, which ranged from a $534,450 median to $647,500 between July and September 2026. One buyer gets steadier growth and a lower payment. The other keeps whatever the market gives, gains or losses.
Why Both Prices Are in One Building
Hayward's Affordable Housing Ordinance applies to developments that add two or more net new homes or lots. Builders can comply through in-lieu fees, on-site units, approved off-site units, or other accepted alternatives, and Section 10-17.205 has the details. The SoMi resale agreement describes its restricted homes as affordable units under the City's Inclusionary Housing Program.
Quick Questions
Who qualifies for the restricted units? Drawing #849 is for moderate-income households, and the notice points applicants to the state's Alameda County income limits. The HCD 2026 income limits, effective June 23, 2026, put the moderate-income cap for a four-person household at $195,350. The county's four-person median income is $162,800.
What are the deadlines? Entries for drawing #849 close at 5 PM on November 17, 2026. Results are estimated for November 24, and file submissions are due by 5 PM on December 1. Applicants are processed by entry date and time stamp.
How do the townhomes compare? The market-rate HayPark townhomes next door are listed at $774,000 to $799,000 for about 1,482 to 1,563 square feet. Each comes with solar valued at $16,000 and $15,000 to $20,000 in credits, according to the builder's undated pricing page. These are attached homes, so compare them to the Bay East condo and townhome figures above. The detached median doesn't apply.
This post is general information, not legal, tax or financial advice. HOA dues, deed restrictions and loan terms depend on the specific unit and your situation, so confirm them with the program administrator, a lender, or an attorney before acting.
If you're weighing a market-rate SoMi unit against a restricted one, or against a Hayward resale with a different HOA, I can put the monthly costs and resale terms side by side for the specific units you're considering. Raymond Rosales can help you set up that comparison before the November 17 drawing deadline. Schedule a confidential consult and tell me which units are on your list.
