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What To See This Weekend in San Carlos – 7/25/2014.

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The inventory of homes for sale in San Carlos was starting to look a little lean toward the middle of this past week.  As of  Thursday morning, there had only been one new listing to hit the market, and the number of homes for sale had dropped back into the teens, which is not a lot to choose from.  Luckily for home buyers,  there was a late push and 6 new listings popped up on Thursday and Friday which propped the number back up to a total of 22 homes and 5 condos  — the identical inventory numbers as this time last week.

So if you’re out this weekend looking for a home or condo in San Carlos, there is still a decent number of homes that will be hosting open houses on either of both of the days.

Here are a few of my picks to see this weekend. Click on the address for more details and photos:

2258 Howard Avenue, San Carlos

2258 Howard Avenue, San Carlos

2258 Howard Avenue – $1,498,000

If having a large, flat lot is high on your wish list for your new San Carlos home, then be sure to add 2258 Howard Avenue to your list of homes to see this weekend.   This 3BR/2BA creekside home is situated on a huge 9,700 square foot lot — which if you know San Carlos, you’ll know very well know that this is much larger than the typical lot.  And this home has the added bonus of a detached 1BR/1BA guest house in the back, which is ideal for longer-term guests, or even those of you thinking ahead to the possibility of your parents coming back to stay with you.

The home is a spacious 1,770 square feet and features an updated kitchen.  2258 Howard Avenue is listed by my colleague Gary Bulanti of Alain Pinel Realtors, and will be open from 1:30-4:30 on both Saturday and Sunday.

1110 Hudson Court – $1,685,000

1110 Hudson Court, San Carlos

1110 Hudson Court, San Carlos

Has this recent hot weather got you thinking that a pool should be added to your list of amenities?   With 1110 Hudson Court in San Carlos, you’ll get the pool and the spectacular entertainment back yard without sacrificing any of the other features that you’ll want in your new home.

Situated on a nice cul-de-sac in the San Carlos hills, this home is geared for indoor and outdoor living.  The chef’s kitchen features slab granite counters, custom backsplash, and stainless steel appliances.  The wine steward opens to family room and the professionally designed back yard, complete with a stunning outdoor kitchen & beautiful flagstone pool deck.

1110 Hudson Court is a 3BR/2BA home at approximately 2,150 square feet, which is larger than many 3-bedroom homes that you will see in San Carlos.   This beautiful home is listed by Laura Bertolacci of Today Sothebys, and the first showings of will be on Sunday from 1:00-4:00

41 Elston Court – $1,485,000

41 Elston Court, San Carlos

41 Elston Court, San Carlos

Since San Carlos is located almost exactly at the midpoint between San Jose and San Francisco, there are some areas in the city that afford some simply breathtaking views of the bay — and 41 Elston Court is one of those houses that takes full advantage of those views.   You’ll never get tired of the stunning view of Mount Diablo across the bay, or the incredible “framed” view of the San Francisco skyline — all right from your the back yard of this home.

This 3-bedroom, 3-bathroom home features an expansive open floorplan that literally wraps around the back yard and those aforementioned views.  And the extensive use of large picture windows allows the natural light to just flood into this home, giving it a bright cheery feel.  It’s worth the drive up the hill to see this home.

41 Elston Court is listed by Greg Damelio of McGuire Real Estate, and will be open on Saturday from 2:00-4:00, and again on Sunday from 1:30-4:00.

Honorable Mentions:

260 Fairmont Avenue – $1,395,000:  Classic White Oaks location, great yard.  Open Sunday 1:30-4:30.  Listed by Pete Vece of Today Sothebys.

2007 Eucalyptus Avenue – $1,249,000:  It’s a rarity when a home on Eucalyptus hits the market.   A nice 3BR/2BA home in Howard Park.   Open Saturday and Sunday from 1:00-4:00.  Listed by Bryce Cook of Today Sothebys.

For a complete list of what’s open this weekend in San Carlos, just click the White Oaks Blog Open House link. If you’re interested in a private showing of any of these properties, just contact me and I’d be happy to arrange it (but please only if you’re not already working with another Realtor.) Happy house hunting!
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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: 7-19-14.

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One trend you may have noticed in the past few weeks of this report is the re-occurrence of red ink in the “Single Family Homes Sold in San Carlos” section, which designates when a home sells for below its asking price.   While there certainly hasn’t been a preponderance of homes that are failing to fetch their asking price, there has indeed been an increase in just the past few weeks.  And that’s quite noticeable in a year when virtually every home is fetching 10% above the list price — or more.

One may chalk part of this phenomenon up to seasonal slowness in the market.   But this tends to point to a market that is starting to test its upper limits of what buyers are willing to spend.   And while most homes with high desirability factors are still fetching multiple offers and strong prices, some of the homes that have deficiencies (location, condition, etc…) are not simply jumping off the market like they were earlier in the spring.   There are even some nice, new homes that are finding some resistance at the upper end of the price range.  It will be interesting to monitor this trend in the coming 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 7-19-2014:

San Carlos Housing Data 7-19-14 Prior Week
Closed Sales for the Week: 7 3
Average Sold Price: $1,342,143 $1,350,296
Average $/Sq Foot (Sold) $810 $785
Average Percentage Over List Price: 108% 113%
Average DOM of Closed Sales 16 11
No. of Homes Pending Sale: 25 28
No. of Active Listings: 21 17
Average Price of Active Listings: $1,542,900 $1,522,611
Average DOM of Active Listings: 31 35
Average $/Sq Foot (List) $671 $736
Active-Pending Ratio: 0.84 : 1 0.64 : 1

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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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What To See This Weekend in San Carlos – 7/18/2014.

open house

If you’re hitting the open house circuit this weekend in San Carlos, there is a total of about 20 single family residences and condo/townhomes that will be hosting open houses on either of both of the days.   The inventory in San Carlos has improved slightly from this time last week, with a total of 22 homes and 5 condos for sale in the entire city, so there should be few more options for you to see.

Listing agents at this time of year tend to lean toward holding their listings open on two consecutive weekends before taking offers, which I think this is a smart strategy.  So many people are on vacation at this time of year, that it’s difficult to get decent market exposure on a house unless you give it two weekends for potential buyers to see it.   Obviously, some houses in this market don’t need two open house weekends to sell, but it’s not a bad idea during the slower months of summer.

Here are this week’s picks. Click on the address for more details and photos:

23 Camborne Avenue – $2,395,000

23 Camborne Avenue, San Carlos

23 Camborne Avenue, San Carlos

If new construction is high on your priority list for your new San Carlos home, then you should definitely check out 23 Camborne Avenue.   This is the latest project by renowned local builder Joe Ravella, and it should check most of the boxes on your wish list.  Camborne Avenue is a little known street at the intersection of Club and Beverly Drives, so it gets high marks for being a less traveled street.  The home itself is what you would expect from a Ravella home — intelligent layout, and great craftmanship.   It’s a 5 bedroom, 4 bathroom home with 3,304 square feet of living space.  The layout has 4 bedrooms upstairs with the 5th bedroom being downstairs.  As I stated in last week’s post, this is a very desirable configuration for families with several children, or for those who want a separate guest room/office on the main level.   Kudos for getting it right here.   The back of the home borders undeveloped land, so there is not only great scenery but lots of privacy.

23 Camborne Avenue is listed by Sarah Ravella (yes, relation) of Intero, and will be open from 1:30-4:00 on both Saturday and Sunday.

2740 Milano Way – $1,385,000

2740 Milano Way, San Carlos

2740 Milano Way, San Carlos

4-bedroom homes are somewhat of a rarity in San Carlos, since most of the housing stock is of the 3-bedroom variety, especially in the flats.   So getting that elusive 4th bedroom for the kids or for a home office is high on the wish list for many San Carlos buyers.   2740 Milano Way should appeal to many buyers for just that reason, and for the fact that it’s attractively priced.   Milano Way is a nice quiet cul-de-sac just off the upper stretch of Brittan Avenue, so that’s an added plus for this great home.

2740 Milano Way is listed by Melanie Smith of Coldwell Banker, and the first showings will be during the open house hours from 2:00-4:00 on Saturday, and 1:30-4:30 on Sunday.

Honorable Mentions:

Other homes worth seeing this weekend:  From last week’s list, 125 Kelton Avenue is on its second open house weekend.  Also, you may want to check out the first open houses for 1079 Sunset Drive (4BR/2.5BA, 2,700 sq feet at $1,499,900), and 109 Club Drive (3BR/3BA, 1,530 Sq feet at $1,175,00).

For a complete list of what’s open this weekend in San Carlos, just click the White Oaks Blog Open House link. If you’re interested in a private showing of any of these properties, just contact me and I’d be happy to arrange it (but please only if you’re not already working with another Realtor.) Happy house hunting!
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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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Are More Hotels on the Horizon for San Carlos?

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In its upcoming meeting on Monday July 21, the San Carlos Planning Commission will hold a hearing on a proposal to re-zone a two block stretch of Industrial Road between Holly Street and Quarry Road to allow the potential development of more hotels.   There are already a couple of hotel projects  in the works for that area of San Carlos, according to this article in the San Jose Mercury News, and rezoning of these parcels would clear the path for potentially more hotels to be built.

This would certainly be an economic boon to the City of San Carlos, which would stand to reap significant revenues from hotel taxes and increased patronage of the downtown dining area.   And it also fills the need for more modern hotel room capacity for the mid-Peninsula since the Palo Alto Medical Foundation is slated to open later this year, and tech firms such as Oracle continue to grow.

If the proposed zoning change is approved by the Planning Commission, it must ultimately be approved by the San Carlos City Council at a future meeting.  Stay tuned to this site for more details.

What are your thoughts on this proposal?   Feel free to comment below…
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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: 7-12-14.

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The San Carlos real estate market is showing some resiliency as we head into mid-July.  The vacation months aren’t keeping all of the buyers away, as is evidenced by the six homes that went into contract last week.  And while there weren’t enough new listings to counter the number of homes that were snapped up, there were still 4 good new issues to make their debut during the same period which is surprisingly strong for this point in July.

That delta in new listings versus pending sales has resulted in the inventory of homes for sale dropping back into the mid-teens, which is where we have been most of the year.   But it also sends a reassuring signal to those sellers that are considering putting their homes on the market in the coming weeks that buyers are still buying, and that they’ll have fewer homes competing with their listing when it hits the market.

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 7-12-2014:

San Carlos Housing Data 7-12-14 Prior Week
Closed Sales for the Week: 3 10
Average Sold Price: $1,350,296 $1,594,700
Average $/Sq Foot (Sold) $785 $790
Average Percentage Over List Price: 113% 104%
Average DOM of Closed Sales 11 13
No. of Homes Pending Sale: 28 24
No. of Active Listings: 17 20
Average Price of Active Listings: $1,522,611 $1,468,597
Average DOM of Active Listings: 35 33
Average $/Sq Foot (List) $736 $698
Active-Pending Ratio: 0.64 : 1 0.83 : 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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What To See This Weekend in San Carlos.

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If you’re out looking at homes this weekend in San Carlos, you don’t have a huge list to choose from.   The inventory of homes for sale in San Carlos has dropped from nearly 30 just a few weeks ago down to just 19.  That’s to be expected due the traditional seasonal slowdown.  But that doesn’t mean there aren’t some good homes to see in your travels.

In what will hopefully become a weekly mainstay on the White Oaks Blog,  every weekend I will highlight a couple of “don’t miss” open houses that you should check out.  They may not be in everyone’s price range, but there will usually be something unique about the house or the location to make it worth dropping by.  I hope you enjoy this new feature on the blog.

Here are this week’s picks.  Click on the address for more details and photos:

  • 125 Kelton Avenue.    Right in the heart of White Oaks, this home (and the one right next door) have piqued everyone’s curiosity ever since the old home on the double lot was torn down, and new construction began with not one home, but two.   Well, your wait is finally over to see what’s cooking here — and you won’t be disappointed.   At a quoted 3,106 square feet, 5 bedrooms, and 4.5 baths, this is a lot of house — and at a list price of $2,800,000 it won’t be in everyone’s budget.   But this is really a marvelously designed home, with 4 bedrooms upstairs, and one down (the perfect 5BR layout, in my humble opinion).  And where I really think they hit a home run is with the kitchen/great room combo.   It fits the California lifestyle perfectly.  On top of all that, Kelton is just a fantastic White Oaks street too.     125 Kelton is listed by Ben Halali of Amazing Properties, and will be open from 1-4 on both Saturday and Sunday.
  • 2240 Howard Avenue.   One thing that is indeed a relative rarity with homes in San Carlos is a large lot, but 2240 Howard Avenue definitely has one of them.  At 10,964 square feet, it’s not huge by perhaps Menlo Park standards, but it’s a rarity in a town where the average lot is probably half that size.   Situated on the creekside of Howard Avenue, this home has curb appeal to the 1oth degree, accentuated by probably the must stunning Jacaranda tree in the entire city.   It looks to be a very charming and warm home, with stunning landscaping all around.    2240 Howard Avenue is listed by Patricia Peterson of Coldwell Banker, and the first showings will be during the open house hours from 2:00-4:30 on both Saturday and Sunday.

For a complete list of what’s open this weekend in San Carlos, just click the White Oaks Blog Open House link.  If you’re interested in a private showing of any of these properties, just contact me and I’d be happy to arrange it (but please only if you’re not already working with another Realtor.)  Happy house hunting!
_____________________________________________________________________________

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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All-Cash Deals in San Carlos: The Real Numbers.

moneystack

Hype, or Reality?

When you start to listen to the horror stories that buyers have had to endure over the past 18 months trying to land that elusive home in San Carlos, it makes you realize just how competitive the housing market is right now.   With multiple offers, bids that are multiple-hundreds of thousands of dollars over the asking price, and yes, all-cash offers to contend with, it seems as if it takes an iron constitution and a bottomless bank account to succeed as a buyer.

One of the most common complaints that I hear from dejected buyers in this market is that they are losing out to all-cash buyers.  And that perception would make sense with the economic rocket ride we’re on right now.   Salaries in tech are growing by leaps and bounds, as are the stock portfolios of buyers as we witness the Dow blow through the once-unthinkable 17,000 barrier.   Buyers are bringing unprecedented buying power to the table in today’s market.

But what about those all-cash deals?   With all the fear and horror stories that we hear about competing against those dreaded all-cash offers, are they truly as prevalent as many believe they are?   What do you think the percentage of all-cash home sales are right now in San Carlos -    25%?  35%?  50%?

It’s actually quite a bit less than you might think.

Take a look at the chart below…

All Cash 2014-2

All-Cash Sales in San Carlos – 2014

 

Of all of the home sales reported through the Multiple Listing Service (both SFR’s and condo’s) in San Carlos so far this year, only 14% were all-cash deals.   And this is down from 2013, when all-cash deals accounted for 16% of all sales in San Carlos.   Bear in mind that this data does not account for off-market sales that were not reported to the MLS, nor agent error in reporting the financing type.  (Note:  This doesn’t necessarily imply that this percentage would be higher if all off-market sales were accounted for.  Every off market transaction that I completed last year had a loan attached to it.)

Now, at the risk of becoming too desensitized to the sheer numbers that accompany this market, 14% is still a healthy number of extremely well-heeled buyers, especially when you consider how much prices have jumped in San Carlos.   But that number pales in comparison to Menlo Park, where a full 26% of this year’s sales have been all-cash.  In  Burlingame, it’s 26.5%, and in Palo Alto it’s a whopping 33% (although I suspect the unreported off-market transactions in both Menlo Park and  Palo Alto will drive their  percentages higher.)

So, what does this tell us?  All-cash deals clearly are not dominating the offer landscape in San Carlos as many of us may have mistakenly assumed.   But that’s not to say that strong cash positions are not influencing how decisions are being made by sellers in this market.

Cash = Strength.

What we are definitely seeing is a much higher percentage of buyers who are willing and able to put down a substantial amount of cash in their offer to supplement their bank loan.   It is becoming quite commonplace to see buyers shelling out 40-60% cash down payments, almost regardless of the price range.    It wasn’t too long ago that buyers simply put down 20% and financed the rest.

But coming in with such a strong cash position is advantageous for the buyer in several ways — first, it drastically reduces the risk for the buyer if they opt to not have a finance contingency in their offer, which is almost a given strategy in a multiple offer scenario.   Second, it gives the seller a sense of security that they are dealing with a financially strong buyer,  and that the deal will have a higher likelihood of closing (note that this is not always true.)

So the good news for buyers that are still beating the street is that you don’t to be an all-cash buyer to succeed in the San Carlos real estate market.   In fact, I have heard of numerous instances where a conventional offer has beaten out an all-cash offer because the buyers will willing to do more to get the house.

But the bad news for buyers in this market is that cash is still king.  And even though you don’t need 100% of it to buy a house, the more of it you have, the better your chance of success will be.
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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: 7-5-14.

calendar20

The week of the 4th of July holiday is normally a slow one for new listings, and this year’s occurrence was no exception — even despite the continued strong market in San Carlos.   Last week yielded no new listings, which obviously makes sense because you sure don’t want the first open house to be on a weekend when nobody is around.

But the holiday week did not keep buyers off the street.  7 houses went into contract, and that took the inventory of available homes down a notch to 20 — still better than the Spring, but not the levels that buyers have enjoyed for the past few weeks.  And if there isn’t another push of new listings in the coming weeks, that number will once again drop back down into the teens.

On the topic of inventory, take note in the numbers below that the average days on market (DOM) of homes on the market is now at 33 days.  This is the first time that it has broken the 1-month barrier all year.  This is a trend that has been increasing in the past few weeks, which seems to suggest that it’s taking homes a little longer to sell lately.  That’s a number that I will certainly keep a close eye on in the coming 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 7-5-2014:

San Carlos Housing Data 7-5-14 Prior Week
Closed Sales for the Week: 10 7
Average Sold Price: $1,594,700 $1,690,214
Average $/Sq Foot (Sold) $790 $934
Average Percentage Over List Price: 104% 108%
Average DOM of Closed Sales 13 20
No. of Homes Pending Sale: 24 25
No. of Active Listings: 20 27
Average Price of Active Listings: $1,468,597 $1,421,866
Average DOM of Active Listings: 33 25
Average $/Sq Foot (List) $698 $699
Active-Pending Ratio: 0.83 : 1 1.08 : 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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