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White Oaks Housing Market Flexes Its Muscle

April 25, 2010 San Carlos Real Estate No Comments

Let There Be No Doubt…

If there were any remaining doubts about the strength of the housing market in the White Oaks neighborhood of San Carlos, they were resoundingly crushed this past week.   While it has been well documented on this site that the market for homes below the $1M mark has remained strong, even through the depths of the recent recession, we’ve had very few sales lately to test the higher price range of homes.    Indeed, the sub-$1M market accounted for a whopping 79% of all homes sold in White Oaks over the past year.

So it was certainly understandable that eyebrows were raised when not one, but two homes above the $1.8M mark came on the market in White Oaks within a week of each other:  David Young’s listing at 2033 White Oak Way at $1,850,000, and Mike and Sandy Rostad’s listing at 1340 Orange Avenue for $1,950,000.   What kind of reception would these homes get in this economy, especially when there hasn’t been a single home to sell for over $1.5M in  White Oaks for over a year?  Would they sell quickly, or would they languish on the market?

It didn’t take long to get our answer.

Sold…

1340 Orange Avenue, San Carlos

1340 Orange Avenue, San Carlos

2033 White Oak Way was the first to go when it sold in 5 days with multiple offers.  1340 Orange Avenue quickly followed suit, selling in only 7 days, also with multiple offers.   The final sales prices of both of these will be posted on the blog as soon as they close escrow.  But based on the intense interest in both homes, I wouldn’t be at all surprised if at least one of them cracks the $2M mark.

Not to be outdone, the listing at 1526 Chestnut Street sold in just 8 days with as many as 7 offers.    Listed at $1,029,000, one could argue that it was a bit under-priced at $480/sq foot.   But 7 offers?   Wow…

That’s not just market strength — that’s a market on steroids.

A Strong Spring.

If there’s a lesson to be learned, it’s that there are very few “bargains” to be had in White Oaks right now.  While we’re not in the frenzy of 2005 where virtually everything sold, it’s clear that buyers today are having no qualms about pulling the trigger for clean homes on desirable streets.   Consequently, these homes are consistently drawing multiple offers and driving the prices up.   So don’t get lulled into the misguided perception that it’s a buyer’s market right now, regardless of the condition of the economy.   If you want to call White Oaks home, trust that you have lots of company right now.
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