San Carlos Real Estate Agent, San Carlos Realtor The San Carlos Real Estate Week in Review: 10-25-15. | The White Oaks Blog

The San Carlos Real Estate Week in Review: 10-25-15.

by Chuck Gillooley

The Scoop.

You may have been wondering how much a 10,500 square foot flat lot in prime, central San Carlos would set you back. Well, this week you finally got your answer: $1,655,500 — which is the price that 1348 Cedar Street fetched after being purchased through the probate court system. This may sound like a shocking amount of money for what is basically dirt value, since the home that’s on the property now is essentially a tear-down. But oddly enough, this price didn’t surprise me nor any of my other colleagues who are also experts in the San Carlos real estate market. When this property first hit the market, I polled a few of them about how high this property could go and I got numbers anywhere from $1.6M to $1.75M. So it landed right about where we expected, which just goes to show you how quickly one can get desensitized to the prices that are being tossed around in this market. It’s an amazing piece of property in a great location, and I can’t wait to see what will become of it.

For the rest of the San Carlos market, it was a fairly lackluster week.  The upside of over $800,000 on the list price of 1348 Cedar served to put rest of the market positive territory in what would have otherwise been a negative performing week for closed sales – none of the other three homes that closed escrow this past week exceeded their original asking price, which is a first in quite some time.

Inventory didn’t change much, with only 4 new homes being offered for sale. That increase was offset by  the same amount of homes going into contract.

Here’s the recap from last week:

The Numbers.

Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the 7-day period ending Sunday 10-25-2015:

San Carlos Housing Data 10-25-15 Prior Week
Closed Sales for the Week: 4 2
Average Sold Price: $2,547,375 $2,240,00
Average $/Sq Foot (Sold) $968 $646
Average Sold as Percentage Of List Price: 120% 107%
Average DOM of Closed Sales 41 12
No. of Homes Pending Sale: 24 24
No. of New Listings: 4 4
Total # of Active Listings: 13 14
Average Price of Active Listings: $1,985,376 $1,815,982
Average DOM of Active Listings: 24 24
Average $/Sq Foot (List) $876 $834
Active-Pending Ratio: 0.54 : 1 0.58 : 1

The San Carlos Open House Page.

If you’re looking at open houses this weekend in San Carlos, check out the San Carlos Open House List. With one click on the Open House sign below, you’ll get a “live” list of all the homes and condos that will be open this weekend in San Carlos! It’s updated continuously from the MLS, so bookmark this link and you’ll never have to wander around town looking for open houses again.

San Carlos Open House List

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San Carlos Single-Family Homes Sold:

138 Kings Court, San Carlos
138 Kings Court, San Carlos

Below is a list of the single-family home contracts that closed escrow this past week in San Carlos. Click on the address of each to see the complete details.

Address Sold Price Orig. List Difference DOM (days)
138 Kings Court $3,375,000 $3,788,000 -$413,000 (-10.9%) 53
1149 Greenbrier Road $2,550,000 $2,695,000 -$145,000 (-5.4%) 39
920 Heather Drive $2,249,000 $2,249,000 $0 (0%) 13
1348 Cedar Street $1,655,500 $849,000 +$806,500 (+95%) 58

Note: The sold data provided above is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction. The source of this data is the Multiple Listing Service (MLS). Author is in now way responsible for the accuracy of the data from this source.

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San Carlos Single-Family Homes Pending Sale:

The following single-family homes went into contract in San Carlos this past week. Click on the address of each home to see more details and photos:

Address DOM (days) List Price
1090 Drake Court 38 $1,499,000
90 Cedar Street 16 $1,499,000
3169 Brittan Avenue 11 $1,349,950
39 Bayport Court 9 $1,199,950

Note: The pending data provided above is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction. _______________________________________________________________________________________

New Single-Family Home Listings in San Carlos:

1880 Carmelita Drive, San Carlos
1880 Carmelita Drive, San Carlos

Below are the new listings that hit the market this past week in San Carlos. Click on the address of each home to see more details and photos.

Address List Price BR/BA Sq Ft (home/lot) Listed By
1880 Carmelita Drive $2,945,000 4BR/2BA 3,380/21,500 Lynn Wilson Roberts, Alain Pinel Realtors
1281 Crestview Drive $1,658,888 4BR/2.5BA 2,270/14,616 Jeannie Hu, Realty World
62 Madera Avenue $1,645,000 5BR/3BA 2,590/5,700 Craig Smith, Intero
1437 Oakhurst Avenue $1,225,000 3BR/1BA 1,290/4,400 Tamara Patterson, Coldwell Banker

Note: The listing data provided above is strictly for informational purposes only, and should not imply that the author is the listing agent. This data is pulled from the Multiple listing service, and the author is in no way responsible for the accuracy of the data provided herein.

(Click the “Homes For Sale” sign below to see ALL of the homes currently for Sale in San Carlos.)

Homes for Sale in San Carlos

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Condos and Townhomes Sold in San Carlos:

Below are the condos/townhouses that closed escrow this past week. Click on the address of each home to see more details and photos.

Address Sold Price Orig. List Difference DOM (days)
 6 Trillium Lane $1,500,000 $1,250,000 +$250,000 (+20%)
13
939 Laurel Street #215 $788,000 $688,000 +$100,000 (+14.5%)
13

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Condo/Townhouse Pending Sale this Week.

The following condos/townhouses went into contract this week. Click on the address of each home to see more details and photos.

Address DOM (days) List Price
1001 Laurel Street #223 9 $1,050,000

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New Condo/Townhouse Listings in San Carlos:

The following condo/townhouses listed this past week. Click on the address of each home to see more details and photos.

Address List Price BR/BA Sq Feet Listed By
1625 San Carlos Avenue #A $1,299,000 3BR/3BA 2,190 Anna Karpie, RE/MAX

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(The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week.)

 
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Comments 2
  • So how long until 1348 Cedar is split into two lots?

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    • I don’t see that ever happening. Despite the fact that the lot is 10,500 square feet, it’s a narrow and deep configuration. The frontage along Cedar is only about 77 feet, so it obviously can’t be split in half along the street. And I don’t see how the numbers would work for a flag-lot configuration, either. A driveway easement to the rear lot will chew up 1,500-2,000 square feet of the lot, leaving less than 4,000 square feet to build on the rear lot, by my back-of-the-napkin calculations. I just don’t see the City approving something so densely packed in that neighborhood, and I can’t imagine the adjacent neighbors would be too thrilled with that plan either.

      And let’s not forget about that massive, protected, oak tree that sits smack in the middle of the lot….

      I think the best usage for that lot would to build a new, modest-sized primary residence AND a detached, fully self-contained in-law unit. There is so much demand right now for that configuration as more and more residents have their parents and/or in-laws moving back in with them. The utility is perfect, and the resale value of that would be off the charts.

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