The San Carlos Real Estate Week in Review: 8/29/10

Inventory Analysis.

As August rolls to a close, it appears that the market is continuing its “mini-rally” from 2009.  When the numbers are tallied next week, it will likely show that just as many (or more) homes sold in August 2010 as there were in the same month in ’09.  Certainly, every Realtor and escrow officer I spoke with agrees that it was one of the busier Augusts in recent memory.   And with the strong pending-sales figures that were racked up in August, we’re already entering the fall market with much more momentum than we had last year.  It will remain to be seen how much the recent doom-and-gloom headlines on the economy will damper this enthusiasm..if at all.

Open House?

If you’re looking at open houses this weekend in San Carlos here’s the only link you’ll need: The San Carlos Open House Page. With one click, you 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.

Here’s a snapshot of the San Carlos single family home market, as of 8/29. The previous week’s stats are in parentheses:

Single-Family Homes Sold in San Carlos:

Below are the single-family homes that sold this past week in San Carlos. Click on the respective MLS # to get all the details.

181 Coventry Court, San Carlos

181 Coventry Court (pictured). Sale Price: $1,600,000. Original List Price: $1,649,995. Difference: $49,995 (3.0%) below original list. Sold in 18 days. MLS# 81033622, listed by Bob Bredel of RE/MAX Today.

928 Heather Drive. Sale Price: $1,370,000. Original List Price: $1,495,000. Difference: $125,000 (8.4%) below original list. Sold in 32 days. MLS# 81031614, listed by Bob Bredel of RE/MAX Today.

82 Ensenada Road. Sale Price: $1,200,000. Original List Price: $1,150,000. Difference: $50,000 (4.3%) above original list. Sold in 9 days. MLS# 81036055, listed by Eliz Bianchini of Coldwell Banker.

158 Manor Drive. Sale Price: $992,000. Original List Price: $1,035,000. Difference: $43,000 (4.2%) below original list. Sold in 41 days. MLS# 81028961, listed by Carrie Du Bois of Coldwell Banker

(Click the “Homes Sold” button below see all of the homes that have sold in San Carlos in the past 3 months.)

… Click Here to Continue Reading

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The San Carlos Real Estate Week in Review: 8/22/10

Inventory Analysis.

School is back in session for most of the local high schools, and San Carlos School District gets back in session next week.   That means vacations are over for many, and usually means the end of the August siesta that the real estate market seems to take every year.   This August is certainly bucking the trend from previous years, though, as sales activity has remained solid throughout the summer.   That leads me to believe that the September – November fall market will be healthy.  We’ll soon see, because it’s right around the corner.

Open House?

If you’re looking at open houses this weekend in San Carlos here’s the only link you’ll need: The San Carlos Open House Page. With one click, you 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.

Here’s a snapshot of the San Carlos single family home market, as of 8/22. The previous week’s stats are in parentheses:

Single-Family Homes Sold in San Carlos:

Below are the single-family homes that sold this past week in San Carlos. Click on the respective MLS # to get all the details.

31 Eaton Villa Place, San Carlos

31 Eaton Villa Place (pictured). Sale Price: $1,225,000. Original List Price: $1,225,000. Difference: $0 (0.2%) from original list. Sold in 0 days. MLS# 81041173, listed by Laura Bertolacci of RE/MAX Today.

233 Clifton Avenue. Sale Price: $1,075,000. Original List Price: $1,073,000. Difference: $2,000 (0.2%) above original list. Sold in 6 days. MLS# 81034025, listed by Zarine Batliwalla of Prudential California Realty

711 Cordilleras Avenue. Sale Price: $1,006,000. Original List Price: $939,000. Difference: $67,000 (7.1%) above original list. Sold in 10 days. MLS# 81033972, listed by Patrick Ryan of Alain Pinel Realtors.

104 Baytree Road. Sale Price: $900,000. Original List Price: $988,000. Difference: $88,000 (13.6%) below original list. Sold in 83 days. MLS# 81023930, listed by Joan Flood of Alain Pinel Realtors.

921 Rosewood Avenue. Sale Price: $852,000. Original List Price: $749,950. Difference: $102,050 (8.9%) above original list. Sold in 4 days. MLS# 81035259, listed by Maxine Dumas of Dumas & Company.

1547 Elm Street. Sale Price: $705,000. Original List Price: $659,000. Difference: $46,000 (7.0%) above original list. Sold in 0 days. MLS# 81035945, listed by Mike and Sandy Rostad of Coldwell Banker.

220 Winding Way. Sale Price: $160,000. Original List Price: $259,900. Difference: $99,900 (38.4%) below original list. Sold in 129 days. MLS# 81014536, listed by John Lee of MRL Group.

(Click the “Homes Sold” button below see all of the homes that have sold in San Carlos in the past 3 months.)

… Click Here to Continue Reading

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San Carlos Passes Green Building Ordinance

“Green” Point Scale…

Last week, the the San Carlos City Council approved a “Green Building” ordinance which will mandate stringent eco-friendly guidelines for new commercial and residential construction starting in 2011.  The ordinance may also impact some residential remodel projects as well.  San Carlos ordinance is very similar to one that was passed recently by the County of San Mateo for all new residential projects in its unincorporated areas.

Under the San Carlos ordinance, builders will be required to achieve at least 50 “green” points, as outlined on an industry standard checklist from non-profit Build It Green.   According to Shaun Bishop’s article, builders can accumulate point by using water efficient fixtures, solar energy systems, or other eco-friendly building techniques.  There are other non-point methods available for builders to gain green approval from the Building Department.   The ultimate goal is to reduce greenhouse gasses that are a by-product of excessive energy consumption.

Starting in 2011.

The ordinance takes effect in 2011, and will obviously have an impact on larger residential remodel projects throughout San Carlos.   If you have any questions regarding this ordinance, contact Chris Valley in the San Carlos Building Department.

While the City is trying to minimize the cost impact of these projects, it’s pretty clear that going green will likely cost homeowners some additional green.

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The San Carlos Real Estate Week in Review: 8/15/10

Inventory Analysis

Now, this feels a bit more like a normal August.  Only a handful of new listings hit the market, and activity was more relaxed than it has been in the past few months.   This is to be expected, as many people are out of town squeezing in that last vacation since school is slated to start back up in less than 2 weeks.  Look for activity to pick up again after Labor Day weekend, which marks the beginning of the fall real estate push.

Open House

If you’re looking at open houses this weekend in San Carlos here’s the only link you’ll need: The San Carlos Open House Page. With one click, you 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.

Here’s a snapshot of the San Carlos single family home market, as of 8/15. The previous week’s stats are in parentheses:

Single-Family Homes Sold in San Carlos:

Below are the single-family homes that sold this past week in San Carlos. Click on the respective MLS # to get all the details.

929 Rosewood Avenue, San Carlos

929 Rosewood Avenue (pictured).  Sale Price: $1,450,000. Original List Price: $1,450,000. No difference from list: Sold in 0 days. MLS# 81039316, listed by Loren Dakin of Coldwell Banker.

790 Knoll Drive. Sale Price: $950,000. Original List Price: $999,000. Difference: $49,000 (4.9%) below original list.  Sold in 39 days. MLS# 81026436, listed by Justine Ford of RE/MAX Today.

167 Fairmont Avenue. Sale Price: $909,000. Original List Price: $839,000. Difference: $70,000 (8.3%) above original list.  Sold in 8 days. MLS# 81037751, listed by Dee Edmonds of Coldwell Banker.

420 Park Avenue.  Sale Price: $870,000.  Original List Price: $889,000. Difference: $19,000 (2.1%) below original list.  Sold in 47 days.  MLS# 81026526, listed by Claire Haggarty of NBT Realty Service.

1966 Saint Francis Way. Sale Price: $735,000. Original List Price: $715,000. Difference: $20,000 (2.8%) above original list.  Sold in 7 days. MLS# 81031730, listed by David Young of Coldwell Banker.

(Click the “Homes Sold” button below see all of the homes that have sold in San Carlos in the past 3 months.)

… Click Here to Continue Reading

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All-Cash Buyers and Multiple Offers: Changing the Face of San Carlos Real Estate

They’re Out There…

Since the outset of this recession, we’ve been inundated with negative news about stagnant economic growth, high unemployment rate, foreclosures, etc…   After listening to this drab news for so long,  you start to question why anyone would ever consider buying a home in this climate — or more important, how they could afford to do so.   It’s interesting talking with people lately — it seems like many have the impression that everyone around us is living on Top Ramen like starving college students.  That’s the power of negative news.

For those home buyers who are confident enough in their own financial situation to forge ahead in this market, it’s easy to get lulled into a false sense of complacency that the poor economy has weeded out much of their competition.    After all, just listen to all of that dire news!   But anyone shopping lately in San Carlos has quickly realized that a) they’re not alone, and b) there are some well-heeled buyers competing with them for the same homes.    One thing is for certain — the recession has done little to quell the occurrence of multiple offers… and yes, all-cash buyers in San Carlos.

Cash is King.

Since the beginning of this year, there have probably been a dozen or more homes sold in San Carlos where the buyer paid for the purchase in cash – no bank loan whatsoever.  And these are not just starter homes — the prices for these purchases ranges from the $700,000 to well over $1M.   That’s alot of cash!  This phenomenon is not unique to San Carlos, either; if you follow other hot markets like Palo Alto, Menlo Park, and Los Altos, it’s happening there as well — only with even more staggering amounts of cash.   It’s pretty mind-blowing.

Unless you’re putting down a substantial amount of cash yourself, it’s pretty much “game-over” if you’re competing against an all-cash offer, regardless of what price you’re offering for the home.   Why?

Contingencies?  Nah…

The biggest reason that cash is king in these situations is that it removes the financial contingency entirely from the purchase contract.  There’s no need for the seller to worry about whether the buyer can qualify for the loan, or if the home is going to appraise at the sales price, which significantly lowers the risk of the offer.   And some sellers are more than happy to pay a price for this lower risk — if you’ve been in this situation, you’ve found that the all-cash offer is not necessarily the highest offer, and yet they win virtually every time.

Another interesting phenomenon is that some all-cash buyers aren’t even requiring a property condition contingency either.  So if you’re a first-time buyer who has scraped together your 20% down payment and you’re up against one of these completely non-contingent (or “naked”) offers, unfortunately it’s lights-out. It’s that simple.

The Proper Perspective

It shouldn’t really be a surprise that this is happening.   After all, even if unemployment is running at 12%, that means that 88% of the population is still gainfully employed.  And let’s not discount the vast amount of personal wealth that was pocketed before the bubble burst a few years back.   There’s still alot of money out there.   That’s a fact.

But rather than marvel at where everyone is coming up with these mini-fortunes, it’s simply important to accept the fact that all-cash buyers are active in the market today.  And if anything, the recession has narrowed their focus toward communities that are better suited to withstand a recession — communities whose school district hasn’t been decimated by budget cuts, or whose downtown area is still thriving despite all of the bad economic news.

Places just like San Carlos…

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The San Carlos Real Estate Week in Review: 8/8/10

Inventory Analysis

Buying activity remained strong this past week in San Carlos.   Of the 5 homes that went into contract,  3 of them were on the market for less than two weeks, and one of them had 7 offers!   Another occurrence that’s starting to become more common?  All-cash, no-contingency offers.  Yep, even in this economy… There are some very serious buyers out there who are determined to live in San Carlos, so you’d better know your competition if you’re out shopping for homes in San Carlos.

Open House

If you’re looking at open houses this weekend in San Carlos here’s the only link you’ll need: The San Carlos Open House Page. With one click, you 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.

Here’s a snapshot of the San Carlos single family home market, as of 8/8. The previous week’s stats are in parentheses:

Single-Family Homes Sold in San Carlos:

Below are the single-family homes that sold this past week in San Carlos. Click on the respective MLS # to get all the details.

1951 Eucalyptus Avenue, San Carlos

1951 Eucalyptus Avenue (pictured). Sale Price: $1,698,000. Original List Price: $1,698,000.  No difference from list.  Sold in 0 days. MLS# 81033162, listed by John Shroyer of RE/MAX Today.

724 Knoll Drive. Sale Price: $1,100,000. Original List Price: $1,295,000. Difference: $195,000 (15.1%) below original  list. Sold in 82 days.  MLS# 81017274, listed by Michael Bruno of Cal-West Realty.

17 Sunnydale Avenue. Sale Price: $940,000. Original List Price: $939,950. No difference from list: Sold in 42 days. MLS# 81030709, listed by Dave Blewett of Intero Real Estate Services.

201 Bayview Drive. Sale Price: $840,000. Original List Price: $899,000. Difference: $59,000 (6.6%) below original  list. Sold in 74 days.  MLS# 81019951, listed by Jill Newgren of David Lyng and Associates.

113 Rockridge Road. Sale Price: $820,000. Original List Price: $869,995. Difference: $49,995 (5.7%) below original list. Sold in 17 days. MLS# 81030689, listed by Bob Bredel of RE/MAX Today.

2713 Brittan Avenue. Sale Price: $826,000. Original List Price: $819,000. Difference: $7,000 (0.9%) above original list. Sold in 10 days. MLS# 81031731, listed by Stephen Barsanti of Alain Pinel Realtors.

43 Pine Avenue. Sale Price: $799,950. Original List Price: $985,000. Difference: $189,050 (19.2%) below original list. Sold in 125 days. MLS# 81011182, listed by Gerald Girouard of Girouard Properties.

(Click the “Homes Sold” button below see all of the homes that have sold in San Carlos in the past 3 months.)

… Click Here to Continue Reading

___________________________________________________________________
Psst!!.. do you like what you’re reading? Click here to subscribe to the site for free, and you’ll get updates sent automatically to you. And for more information about San Carlos, be sure to follow the White Oaks Blog on Facebook and on Twitter.
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