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The San Carlos Real Estate Week in Review: 4-12-14.

The San Carlos Real Estate Week in Review is the only comprehensive weekly summary of the San Carlos real estate market, and it’s published every Monday on the White Oaks Blog.

Sequoia Union High School District Proposes Boundary Changes.

The Sequoia Union High School District is proposing some significant changes to their attendance boundaries.

Overbidding Hits a Fever Pitch in San Carlos

Home buyers in San Carlos are bidding more aggressively than ever on homes. The month of February 2014 set an all time record for the percentage above the list price for home sales in San Carlos.

Map of San Carlos Regions

The Realtor Zones. When it comes to residential real estate, the City of San Carlos is divided up into 6 different real estate “zones”: Alder Manor (Area 350), Beverly Terrace (351), El Sereno Corte (352), Howard Park (353), Clearfield Park (354), and Cordes (355). When a home is for sale …

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Stunning New Listing in White Oaks.

new-listing

I am pleased to announce my newest listing in the White Oaks neighborhood of San Carlos.   This incredible three bedroom home has been meticulously updated throughout, with painstaking attention paid to every last detail.   The incredible chef’s kitchen is the centerpiece of this home, and it flows seamlessly into the dining and living areas, providing you with an open floorplan that is perfect for family living — but equally adept when you are entertaining guests.   The dramatic vaulted ceilings and exposed beams give this home an abundance of warmth and character.

There’s even a completely finished, detached room in the back that’s ideal for a home office or a workout room.  The entire yard is completely landscaped, with the back yard enveloping you in the scenery and serenity that only creek-side Eaton can provide.

This is not your ordinary “cosmetic” upgrade.  Here is just a glimpse of the scope of this project:

  • The home was taken down to the studs, and the layout of the kitchen and living areas dramatically changed.
  • Completely new chef’s kitchen with granite counters and top-end stainless steel appliances.
  • Master bath and hallway bath completely remodeled.
  • New dual-pane windows throughout the home.
  • Elegant hardwood floors, crown molding.
  • All new electrical, plumbing, furnace, and all ducting.
  • New landscaping front and back — elegant slate walkways, deck, and patio area.
  • Project was fully permitted, including the detached office/workout room.

The Scoop.

Here are the specifications of this marvelous home:

  • 3 bedrooms with 2 full bathroom, single level.   The master bathroom is en suite.
  • All bedrooms are on the same level and in the same area of the home.
  • 2- car garage with electric door and keypad access.
  • Main home is approx 1,733 sq feet (per architect plans, buyer to verify to their satisfaction.)
  • Detached office/workout room is approx 162 sq feet (per architect plans, buyer to verify to their satisfaction.)
  • Lot size is slightly over 5,700 square feet.
  • In the boundaries of White Oaks Elementary, Central Middle, and Sequoia High Schools (buyer to verify enrollment status.)
  • Price:  $1,800,000

Per the seller’s instructions, this home is being offered strictly off-market and is to be shown by appointment only to serious and fully qualified buyers.  Please contact me directly (or have your agent do so) to get more information about the location and to schedule a private showing of this wonderful White Oaks home.

Don’t miss this opportunity to own the very best of White Oaks!
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Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
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$2M Home Sales in San Carlos? Get Used To It.

2 Mil

When a home sells for $2,000,000 or more in San Carlos, it’s still an event that catches anyone’s attention who follows the San Carlos real estate market.   That’s because despite the breathtaking run-up in property values in this town over the past two years, homes with $2M+ price tags are still relatively few and far between.

In 2005, 2012 and 2013, the only years on record since 2000 where there was any significant number of homes to break this barrier, they only comprised about 4% of the total home sales in San Carlos.   And in that total period of time since 2000, $2M homes were a scant 1.6% of the total volume.

But that is about to change.   Take a look at the chart below which shows the number of $2M+ homes that have sold in San Carlos since 2007:

2 Million

So far in 2014, there have already been 8 sales of $2M or more in San Carlos  — and that’s just in the first 3.5 months. There are 2-3 homes that are currently pending sale that should close above this threshold, and a similar number that are currently on the market that should do the same.    So at this rate, we will set the record for the highest number of $2M+ sales in San Carlos before we even hit the mid-point of the year!   Now that‘s a strong market.

(Author’s Note:  The statistics above are extracted from homes sales that were reported to the Multiple Listing Service.  It does not account for homes that were sold off-market and not reported to the MLS.)

Time to Sell?

The local micro-economy is obviously driving this trend upward.   Larger, newer homes are being built in San Carlos at an unprecedented pace, and well-funded buyers who want to live in San Carlos are gladly stepping to the plate to pay $2M or more for a home that would probably cost them 25%-50% more just down the road in Menlo Park.

For some current homeowners in San Carlos who are thinking of retiring, or who need to relocate out of the area, this huge upswing in pricing has caused them to dramatically re-think their exit strategy.  Even if it means selling earlier than they planned and renting for a few years, many are cautiously watching the market for signs that it is hitting its peak.   It’s not at all unlike trying to time the stock market.

Do you have questions about what your San Carlos home is currently worth in this market?    I would be more than happy to provide you with a thorough analysis of your home’s value at absolutely no cost.  You might be very surprised what your home will fetch in this incredible market…
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Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
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The San Carlos Real Estate Week in Review: 4-12-14.

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Spring break seemed to take a little wind out of the open house sails over the past two weekends.  With the exception of a few of the new listings, most open houses that I attended yesterday were eerily quiet.   Because the various schools and colleges in the area don’t take the same week off, this phenomenon has been spread out over the past few weekends.  It hasn’t appeared to rein in the appetite of home buyers in San Carlos, though, since they took another 7 homes off the market this past week.

A couple of homes that closed this week fetched prices over $2M — something that was unheard of a few years ago in sleepy San Carlos, but is now something much more commonplace in this red-hot market.   We’ll talk about that more later this week on the blog.

Here are the details from last week:

By The Numbers.

Below is a high-level snapshot of the market performance for single-family residences in San Carlos. This data is for the week ending 4-12-2014:

San Carlos Housing Data 4-12-14 Prior Week
Closed Sales for the Week: 5 4
Average Sold Price: $1,656,200 $1,438,500
Average $/Sq Foot (Sold) $868 $773
Sold Price vs Orig List Price: 117% 105%
Average DOM of Closed Sales 9 11
No. of Homes Pending Sale: 31 30
No. of Active Listings: 13 13
Average Price of Active Listings: $1,302,808 $1,311,258
Average DOM of Active Listings: 7 10
Average $/Sq Foot (List) $697 $684
Active-Pending Ratio: 0.42 : 1 0.43 : 1

>>> Click Here to Read the Full Post
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Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
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The San Carlos Real Estate Week in Review: 4-5-14.

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It’s hard to say whether it was just a slow week because of spring break, or if it’s because the market might be finally showing some signs of pushing back — but while it was another fairly busy week with 9 homes going into contract, several of these homes only got 1 or 2 offers.  One of them had to take a significant price reduction to get there.   On top of that, there are at least two homes in the active inventory list that had set offer dates for last week and came up empty.

Now before anyone draws any conclusions, it’s important to note that the showpiece homes like 1355 Central and 156 Normandy seemed to do quite remarkable this past week, as you will see when the sales prices are posted.   But for the first time since the beginning of the year, there seems to be the first sign of a pause in this runaway real estate market in San Carlos.   And while we can’t draw a trend from just one week’s worth of data, we will know a lot more about the appetite of this market in the coming 2 weeks.

Here are the details from last week:

By The Numbers.

Below is a high-level snapshot of the market performance for single-family residences in San Carlos. This data is for the week ending 4-5-2014:

San Carlos Housing Data 4-5-14 Prior Week
Closed Sales for the Week: 4 6
Average Sold Price: $1,438,500 $1,436,833
Average $/Sq Foot (Sold) $773 $782
Sold Price vs Orig List Price: 105% 117%
Average DOM of Closed Sales 11 10
No. of Homes Pending Sale: 30 24
No. of Active Listings: 13 16
Average Price of Active Listings: $1,311,258 $1,467,234
Average DOM of Active Listings: 10 14
Average $/Sq Foot (List) $684 $659
Active-Pending Ratio: 0.43 : 1 0.67 : 1

>>> Click Here to Read the Full Post
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Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
Get the best coverage on the San Carlos real estate market delivered right to you!
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Poll: Where’s the Best Sushi in San Carlos?

Sushi

Despite what it may seem, Laurel Street and the rest of the downtown dining district of San Carlos is not just comprised of Italian restaurants.  Among the various culinary delights, there is a surprising number of sushi restaurants that have cropped up in the City of Good Living, which means sushi lovers in San Carlos don’t have to exile to San Mateo, Burlingame,  or even Palo Alto to get their fix anymore.

But how does San Carlos rank on the Sushi scale?   Do we have legitimate contenders, or are we still in the minor leagues?   Cast your vote in the White Oaks Blog Poll in the right sidebar — since there are so many to choose from, you can vote for two of your favorites.     Feel free to give a shout out to your favorite San Carlos place in the comment section below,  or let me know if I missed any restaurant that should be considered in the poll.
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Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
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Blue Line Pizza Opens in San Carlos.

Blue Line

Great Food, Great Location.

Downtown San Carlos has put another feather in its culinary cap.   Last Thursday, a very popular Peninsula pizzeria opened its doors on our own restaurant row.   Blue Line Pizza specializes in authentic Chicago-style deep-dish pizza, as well as the thin crust pizza that is the trademark of New York.   Pizza lovers in San Carlos are very familiar with Blue Line, and will often trek all the way to their Burlingame or Mountain View locations to indulge in “the real deal”, which is surprisingly still hard to find in the Bay Area.

Aside from their great food, Blue Line San Carlos managed to score one of the hottest locations in downtown San Carlos — 1201 Laurel Street, which is right on the corner of Laurel Street and San Carlos Avenue, directly across from Starbucks.   One would think that it would be monumentally difficult for a restaurant to fail at this location, but Blue Line’s predecessor Mythos succeeded in doing just that.  The layout of the building seems to be far more conducive for an upscale pizzeria than it would be for a more formal sitting environment that Mythos seemed to be striving for.

If last weekend was any indication, Blue Line will be a smashing success in San Carlos.     We ordered takeout on Saturday night, and the place was completely packed, with people waiting out on the sidewalk to be seated.   Not a bad showing for little or no advertising!    The food was ready when promised, and the deep-dish pizza was excellent, with the cornmeal crust being as every bit as good as advertised.

Pizza

Their menu is posted on their website, and they offer online ordering for your convenience.   Be sure to check them out, and to follow them on their Facebook page, too.

Welcome to San Carlos, Blue Line Pizza!!
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Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
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The San Carlos Real Estate Week in Review: 3-29-14.

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Last week was the kind of week you would hope for as we head into the month of April — lots of new listings to choose from, at least by this year’s standard.  Eight homes made their debut last week, all being within the range of $1.4M – $2M.  And with only 4 homes going into contract during the same period, our inventory now sits at 16 homes for sale in San Carlos.

Home pricing remains extremely strong, as is evident below in the sold section.   For the second straight week, homes that closed escrow in San Carlos fetched a whopping premium over the asking price — this week it was 17% on average.   That is simply amazing, considering the fact that asking prices have already been adjusted upward during this recent run-up in the market.   If there’s an upper limit to what buyers will do to get the right house in San Carlos, we have not hit it yet.

Here are the details from last week:

By The Numbers.

Below is a high-level snapshot of the market performance for single-family residences in San Carlos. This data is for the week ending 3-29-2014:

San Carlos Housing Data 3-29-14 Prior Week
Closed Sales for the Week: 6 8
Average Sold Price: $1,436,833 $1,401,688
Average $/Sq Foot (Sold) $782 $873
Sold Price vs Orig List Price: 117% 119%
Average DOM of Closed Sales 10 8
No. of Homes Pending Sale: 24 27
No. of Active Listings: 16 11
Average Price of Active Listings: $1,467,234 $1,318,273
Average DOM of Active Listings: 14 15
Average $/Sq Foot (List) $659 $622
Active-Pending Ratio: 0.67 : 1 0.41 : 1

>>> Click Here to Read the Full Post
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Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
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2007? Good Riddance…

2007

Time to Forget.

If you were to ask a resident the question “What year did you buy your home in San Carlos?”, you might be surprised at the tone of the answer you’d get.   If the answer is somewhere in the 1990′s, you’ll probably sense a dose of bravado in the reply — after all, they are sitting on a mountain of equity now (if the place isn’t completely paid off already.)

Or, you might hear a tinge of incredulous relief when someone says “2011″, because they knew they took a big chance in a very unstable economic market.   But their gamble paid off handsomely, as home prices have climbed so quickly just the past two years.    The relief comes from the fact that some of those buyers could probably not afford to buy that very same house today in this crazy market.

But there’s one year that always elicits a much different answer.  It’s almost a hushed, shameful tone that seems to compel them to couch their answer with an elaborate explanation:

2007

You see, 2007 was the last full year before the economy and the real estate market imploded on itself, leaving us mired in a horrifying goo of mortgage fraud, sub-prime loans, and unemployment.   Home prices plummeted in most markets around the bay area, and those poor folks who paid top dollar for a home in San Carlos in 2007 felt as if they were the unlucky souls that were left standing when the music stopped in a high-stakes game of musical chairs.

But how could they have known this was going to happen?

In subsequent years, those shell-shocked residents who purchased their home in 2007 seemed almost resigned to the fact that they would incur a significant loss on their investment whenever the time came to move again, or even worse, have to face the specter of a short sale just to get out from under it.   This explains their less than enthusiastic response to the question we posed at the top.

Out of the Hole.

Well, times have changed, 2007′ers.   It’s time to stand tall and be proud of your home purchase again.  The magical real estate market of 2014 has officially buried the perennial nightmare of 2007 – and hopefully for good.  The graph below should be a sight for sore eyes for anyone who is still thinking that they’ve been banished to the land of upside-down homeowners.

San Carlos: Single Family Home Prices Since 2007

San Carlos: Single Family Home Prices Since 2007

Home prices in San Carlos have not only recovered since the peak of 2007, but they’ve actually grown by a whopping 27%, on average.   That essentially makes 2007 look more like a pothole on the road to prosperity, rather than the dead-end street that it probably seemed like to these homeowners.

I think you’d be very hard pressed to find a home that was purchased in San Carlos in 2007 that is still worth less than what it was purchased for.   Not sure?  Just give me a call, and I’ll be happy to give you an estimate on what your home is worth, free of charge.

But for now, it’s time to kick 2007 to the curb.   And then run it over with your new Tesla.
_____________________________________________________________________________

Are you ready to step up to the most comprehensive data available about the San Carlos Real Estate market? Then subscribe to the White Oaks Blog for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
Get the best coverage on the San Carlos real estate market delivered right to you!
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Hey San Carlos, What Do You Think?

Which are your favorite sushi restaurants in San Carlos? (You can vote for 2)

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Chuck Gillooley
Chuck Gillooley
Realtor, San Carlos Resident

(650) 207-2024
BRE# 01750684
Email: Chuck Gillooley
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