San Carlos Real Estate Agent, San Carlos Realtor “The San Carlos Week In Review” for 12/6/08 | The White Oaks Blog

“The San Carlos Week In Review” for 12/6/08

by Chuck Gillooley

Welcome to the “San Carlos Week in Review” for the week ending 12/6/08.   The “San Carlos Week in Review” series is comprised of an occasional podcast, and a summary of new listings and home sales in San Carlos the prior week.  Between the two, you should get a great idea of what happened last week in San Carlos real estate.

Here’s what sold this week, and what new listings hit the market.  Click on the addresses for more information.

Home Sales

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  • 112 Madera Ave:  (Pictured Above)  Sale Price: $1,169,000. Original List Price: $1,169,00. No difference from original list.  DOM: 10 Days.    Recession?  What recession?   This one sold at full list price in less than two weeks.   Now that’s San Carlos!  MLS # 80833385, listed by Michael Garty of Cashin Company.
  • 201 Molton Ave:    Sale Price: $1,019,000. Original List Price: $1,185,000. Difference: $166,000 (14.0% ) below original list.  DOM: 63 Days.    MLS # 80801603, listed by JerryLee Vanderhurst of Lyon Real Estate.
  • 882 Hemlock St:   Sale Price: $890,000. Original List Price: $969,000. Difference: $79,000 (8.2% ) below original list.  DOM: 40 Days.    MLS # 80835407, listed by Liza Vernazza of Coldwell Banker.
  • 215 Shelford Ave:    Sale Price: $850,000. Original List Price: $998,888. Difference: $148,888 (14.9% ) below original list.  DOM: 78 Days.    MLS # 80830473, listed by George Chopoff of RE/MAX Star Properties.
  • 1353 Cordilleras Ave:    Sale Price: $825,000. Original List Price: $829,500. Difference: $4,500 (0.5% ) below original list.  DOM: 13 Days.    MLS # 80841809, listed by Susan Michal of Cashin Company.
  • 41 Walton St:    Sale Price: $750,000. Original List Price: $749,000. Difference: $1,000 (0.13% ) above original list.  DOM: 3 Days.    MLS # 80840868, listed by John Herrmann of RE/MAX Today.

New Listings

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  • 1950 Eucalyptus Ave:    (Pictured above.)  $1,895,000 — 4BR/3.5BA, 2,750 sq ft on a 5,000 square foot lot.  This is a completely remodeled home on one of the most recogizable streets in all of San Carlos.  The construction on this home is now complete, and it’s ready to occupy.  Check this one out.   MLS# 80848285, listed by John Shroyer of RE/MAX Today.
  • 18 Coleman Ct:    $1,199,999 — 3BR/2.5BA, 1,710 sq ft on a 16,600 square foot lot.  MLS# 80848287,  listed by Violaine Mraihi of Coldwell Banker.
  • 248 Crestview Dr:    $1,095,000 — 3BR/2.5BA, 2,242 sq ft on a 8,480 square foot lot.  MLS# 80847714,  listed by Jiahn Lue of Alain Pinel Realtors.
  • 166 Oakview Dr:    $819,000 — 2BR/2BA, 1,330 sq ft on a 4,400 square foot lot.  MLS# 80848295,  listed by Joyce & Tatum of Intero Real Estate Services.
  • 955 Montgomery St:    $649,000 — 2BR/1BA, 1,000 sq ft on a 5,000 square foot lot.  MLS# 80848177,  listed by Christine Rosenfeld of Cashin Company.

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Comments 6
  • Chuck

    A couple of questions –
    1. What do you think made 112 Madera attractive? Seems like just around the corner, 39 Coronado with a similar view but on flatter ground has been sitting forever. Is that a short-sale holdup?

    2. What does “pier foundation leveling post” mean on 215 Shelford? Does it mean the house had to be re-leveled after too much settling?

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  • Hello T —

    Great questions, as usual. What makes one home “right” versus another home for a buyer is a very subjective decision, especially in today’s nervous market. There have been a number of really nice homes that have languished on the market while others seemingly haven’t — 1933 Eucalyptus and 2230 Carmelita are two prime examples.

    You’re correct on both 112 Madera and 39 Coronado — they’re located pretty close to each other. Both have had some remodeling done, although Madera seems to be a bit more extensive. Taking the subjective issues aside, I think one of the key differences is how the homes were priced when they first hit the market. Coronado originally came on the market at $1,349,000 in August of this year and didn’t appear to get any takers. It has since had a brokerage change and two price reductions to get it to its current price of $1,199,000.

    Contrast that with 112 Madera which came right out of the gates at a very aggressive $1,169,000 — this equates to $497/sq foot, which is a great price for an extensively remodeled home with great views. Clearly, one buyer saw this as a good deal and pounced on it. Kudos to the agent for reading this market correctly and pricing the home ahead of the curve.

    This highlights the mandate in today’s market of pricing your home right when it first hits the market. There are fewer buyers out right now, and if you don’t take advantage of that “high-visibility window” of the first two weeks when it first hits the MLS, a home can quickly get lost in the stack. Again, I’m not sure this is what happened — only MHO, but there are other anecdotal examples in San Carlos that had similar outcomes. I don’t think the fact that 39 Coronado is a short sale is a big turn-off to anyone. Banks and agents have had enough experience working through shorts now that it’s not such a deterrent as it was 6-months ago — but make no mistake, they still take lots of patience to work through.

    Regarding 215 Shelford, I don’t know what they’re referring to by “pier foundation leveling post.” They claim to have reinforced the home, but I don’t have inside info on that what’s or why’s, so I don’t want to speculate.

    Thanks again for you great questions.

    Chuck

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  • thanks for the insight, Chuck!

    Makes you wonder why the agent would mention something like that about the foundation when the meaning to most readers is unclear at best, and likely even detrimental.

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  • Hi T-

    I did a little research on post and pier foundations tonight on Google, and I *think* the “leveling post” in the listing description is what’s known as a Jack Post. This is simply a post that’s adjustable (as opposed to the old fixed wood posts with a concrete base.) That way the post can be mechanically adjusted to compensate for any settling that may occur, which happens with every house regardless of where you live. By having the post adjustable, you can avoid sagging and keep the home level much easier.

    If that’s indeed the case, I would certainly categorize it under the “positive” column. But you’re correct — when it’s left ambiguous you can easily see how an interested party could draw the wrong conclusion.

    CG

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  • Thanks for looking it up. I’ll think of this option if I ever need to level my house.

    As a prospective buyer, though, it does indicate that there was something that needed to be fixed, and that could need more fixing in the future. It raises a “fear of the unknown”, and my guess is that no one needs any more of that right now.

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  • There’s always that fine line with disclosing everything while hopefully not scaring the daylights out of a potential buyer. It’s important to remember that no home is perfect – not even brand new ones. They all have issues. That’s why I recommend that you get a property inspection done before you buy a home.

    A competent inspector should find any/all issues with the home. A GREAT property inspector will help you differentiate the mountains from the mole hills, so to speak.

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