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Stunning New Listing in White Oaks.

new-listing

UPDATE:

This home is now listed on the MLS — the address is 2349 Eaton Avenue, and you can see all of the pictures on the MLS and on the virtual tour link:

Stop by the open houses this weekend!

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I am pleased to announce my newest listing in the White Oaks neighborhood of San Carlos.   This incredible three bedroom home has been meticulously updated throughout, with painstaking attention paid to every last detail.   The incredible chef’s kitchen is the centerpiece of this home, and it flows seamlessly into the dining and living areas, providing you with an open floorplan that is perfect for family living — but equally adept when you are entertaining guests.   The dramatic vaulted ceilings and exposed beams give this home an abundance of warmth and character.

There’s even a completely finished, detached room in the back that’s ideal for a home office or a workout room.  The entire yard is completely landscaped, with the back yard enveloping you in the scenery and serenity that only creek-side Eaton can provide.

This is not your ordinary “cosmetic” upgrade.  Here is just a glimpse of the scope of this project:

  • The home was taken down to the studs, and the layout of the kitchen and living areas dramatically changed.
  • Completely new chef’s kitchen with granite counters and top-end stainless steel appliances.
  • Master bath and hallway bath completely remodeled.
  • New dual-pane windows throughout the home.
  • Elegant hardwood floors, crown molding.
  • All new electrical, plumbing, furnace, and all ducting.
  • New landscaping front and back — elegant slate walkways, deck, and patio area.
  • Project was fully permitted, including the detached office/workout room.

The Scoop.

Here are the specifications of this marvelous home:

  • 3 bedrooms with 2 full bathroom, single level.   The master bathroom is en suite.
  • All bedrooms are on the same level and in the same area of the home.
  • 2- car garage with electric door and keypad access.
  • Main home is approx 1,733 sq feet (per architect plans, buyer to verify to their satisfaction.)
  • Detached office/workout room is approx 162 sq feet (per architect plans, buyer to verify to their satisfaction.)
  • Lot size is slightly over 5,700 square feet.
  • In the boundaries of White Oaks Elementary, Central Middle, and Sequoia High Schools (buyer to verify enrollment status.)
  • Price:  $1,800,000

Per the seller’s instructions, this home is being offered strictly off-market and is to be shown by appointment only to serious and fully qualified buyers.  Please contact me directly (or have your agent do so) to get more information about the location and to schedule a private showing of this wonderful White Oaks home.

Don’t miss this opportunity to own the very best of White Oaks!
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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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$2M Home Sales in San Carlos? Get Used To It.

2 Mil

When a home sells for $2,000,000 or more in San Carlos, it’s still an event that catches anyone’s attention who follows the San Carlos real estate market.   That’s because despite the breathtaking run-up in property values in this town over the past two years, homes with $2M+ price tags are still relatively few and far between.

In 2005, 2012 and 2013, the only years on record since 2000 where there was any significant number of homes to break this barrier, they only comprised about 4% of the total home sales in San Carlos.   And in that total period of time since 2000, $2M homes were a scant 1.6% of the total volume.

But that is about to change.   Take a look at the chart below which shows the number of $2M+ homes that have sold in San Carlos since 2007:

2 Million

So far in 2014, there have already been 8 sales of $2M or more in San Carlos  — and that’s just in the first 3.5 months. There are 2-3 homes that are currently pending sale that should close above this threshold, and a similar number that are currently on the market that should do the same.    So at this rate, we will set the record for the highest number of $2M+ sales in San Carlos before we even hit the mid-point of the year!   Now that‘s a strong market.

(Author’s Note:  The statistics above are extracted from homes sales that were reported to the Multiple Listing Service.  It does not account for homes that were sold off-market and not reported to the MLS.)

Time to Sell?

The local micro-economy is obviously driving this trend upward.   Larger, newer homes are being built in San Carlos at an unprecedented pace, and well-funded buyers who want to live in San Carlos are gladly stepping to the plate to pay $2M or more for a home that would probably cost them 25%-50% more just down the road in Menlo Park.

For some current homeowners in San Carlos who are thinking of retiring, or who need to relocate out of the area, this huge upswing in pricing has caused them to dramatically re-think their exit strategy.  Even if it means selling earlier than they planned and renting for a few years, many are cautiously watching the market for signs that it is hitting its peak.   It’s not at all unlike trying to time the stock market.

Do you have questions about what your San Carlos home is currently worth in this market?    I would be more than happy to provide you with a thorough analysis of your home’s value at absolutely no cost.  You might be very surprised what your home will fetch in this incredible market…
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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: 4-12-14.

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Spring break seemed to take a little wind out of the open house sails over the past two weekends.  With the exception of a few of the new listings, most open houses that I attended yesterday were eerily quiet.   Because the various schools and colleges in the area don’t take the same week off, this phenomenon has been spread out over the past few weekends.  It hasn’t appeared to rein in the appetite of home buyers in San Carlos, though, since they took another 7 homes off the market this past week.

A couple of homes that closed this week fetched prices over $2M — something that was unheard of a few years ago in sleepy San Carlos, but is now something much more commonplace in this red-hot market.   We’ll talk about that more later this week on the blog.

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 4-12-2014:

San Carlos Housing Data 4-12-14 Prior Week
Closed Sales for the Week: 5 4
Average Sold Price: $1,656,200 $1,438,500
Average $/Sq Foot (Sold) $868 $773
Sold Price vs Orig List Price: 117% 105%
Average DOM of Closed Sales 9 11
No. of Homes Pending Sale: 31 30
No. of Active Listings: 13 13
Average Price of Active Listings: $1,302,808 $1,311,258
Average DOM of Active Listings: 7 10
Average $/Sq Foot (List) $697 $684
Active-Pending Ratio: 0.42 : 1 0.43 : 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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The San Carlos Real Estate Week in Review: 4-5-14.

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It’s hard to say whether it was just a slow week because of spring break, or if it’s because the market might be finally showing some signs of pushing back — but while it was another fairly busy week with 9 homes going into contract, several of these homes only got 1 or 2 offers.  One of them had to take a significant price reduction to get there.   On top of that, there are at least two homes in the active inventory list that had set offer dates for last week and came up empty.

Now before anyone draws any conclusions, it’s important to note that the showpiece homes like 1355 Central and 156 Normandy seemed to do quite remarkable this past week, as you will see when the sales prices are posted.   But for the first time since the beginning of the year, there seems to be the first sign of a pause in this runaway real estate market in San Carlos.   And while we can’t draw a trend from just one week’s worth of data, we will know a lot more about the appetite of this market in the coming 2 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 4-5-2014:

San Carlos Housing Data 4-5-14 Prior Week
Closed Sales for the Week: 4 6
Average Sold Price: $1,438,500 $1,436,833
Average $/Sq Foot (Sold) $773 $782
Sold Price vs Orig List Price: 105% 117%
Average DOM of Closed Sales 11 10
No. of Homes Pending Sale: 30 24
No. of Active Listings: 13 16
Average Price of Active Listings: $1,311,258 $1,467,234
Average DOM of Active Listings: 10 14
Average $/Sq Foot (List) $684 $659
Active-Pending Ratio: 0.43 : 1 0.67 : 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.
Get the best coverage on the San Carlos real estate market delivered right to you!
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The San Carlos Real Estate Week in Review: 3-29-14.

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Last week was the kind of week you would hope for as we head into the month of April — lots of new listings to choose from, at least by this year’s standard.  Eight homes made their debut last week, all being within the range of $1.4M – $2M.  And with only 4 homes going into contract during the same period, our inventory now sits at 16 homes for sale in San Carlos.

Home pricing remains extremely strong, as is evident below in the sold section.   For the second straight week, homes that closed escrow in San Carlos fetched a whopping premium over the asking price — this week it was 17% on average.   That is simply amazing, considering the fact that asking prices have already been adjusted upward during this recent run-up in the market.   If there’s an upper limit to what buyers will do to get the right house in San Carlos, we have not hit it yet.

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 3-29-2014:

San Carlos Housing Data 3-29-14 Prior Week
Closed Sales for the Week: 6 8
Average Sold Price: $1,436,833 $1,401,688
Average $/Sq Foot (Sold) $782 $873
Sold Price vs Orig List Price: 117% 119%
Average DOM of Closed Sales 10 8
No. of Homes Pending Sale: 24 27
No. of Active Listings: 16 11
Average Price of Active Listings: $1,467,234 $1,318,273
Average DOM of Active Listings: 14 15
Average $/Sq Foot (List) $659 $622
Active-Pending Ratio: 0.67 : 1 0.41 : 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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2007? Good Riddance…

2007

Time to Forget.

If you were to ask a resident the question “What year did you buy your home in San Carlos?”, you might be surprised at the tone of the answer you’d get.   If the answer is somewhere in the 1990′s, you’ll probably sense a dose of bravado in the reply — after all, they are sitting on a mountain of equity now (if the place isn’t completely paid off already.)

Or, you might hear a tinge of incredulous relief when someone says “2011″, because they knew they took a big chance in a very unstable economic market.   But their gamble paid off handsomely, as home prices have climbed so quickly just the past two years.    The relief comes from the fact that some of those buyers could probably not afford to buy that very same house today in this crazy market.

But there’s one year that always elicits a much different answer.  It’s almost a hushed, shameful tone that seems to compel them to couch their answer with an elaborate explanation:

2007

You see, 2007 was the last full year before the economy and the real estate market imploded on itself, leaving us mired in a horrifying goo of mortgage fraud, sub-prime loans, and unemployment.   Home prices plummeted in most markets around the bay area, and those poor folks who paid top dollar for a home in San Carlos in 2007 felt as if they were the unlucky souls that were left standing when the music stopped in a high-stakes game of musical chairs.

But how could they have known this was going to happen?

In subsequent years, those shell-shocked residents who purchased their home in 2007 seemed almost resigned to the fact that they would incur a significant loss on their investment whenever the time came to move again, or even worse, have to face the specter of a short sale just to get out from under it.   This explains their less than enthusiastic response to the question we posed at the top.

Out of the Hole.

Well, times have changed, 2007′ers.   It’s time to stand tall and be proud of your home purchase again.  The magical real estate market of 2014 has officially buried the perennial nightmare of 2007 – and hopefully for good.  The graph below should be a sight for sore eyes for anyone who is still thinking that they’ve been banished to the land of upside-down homeowners.

San Carlos: Single Family Home Prices Since 2007

San Carlos: Single Family Home Prices Since 2007

Home prices in San Carlos have not only recovered since the peak of 2007, but they’ve actually grown by a whopping 27%, on average.   That essentially makes 2007 look more like a pothole on the road to prosperity, rather than the dead-end street that it probably seemed like to these homeowners.

I think you’d be very hard pressed to find a home that was purchased in San Carlos in 2007 that is still worth less than what it was purchased for.   Not sure?  Just give me a call, and I’ll be happy to give you an estimate on what your home is worth, free of charge.

But for now, it’s time to kick 2007 to the curb.   And then run it over with your new Tesla.
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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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San Carlos: The City of Million Dollar Living.

Million Dollars

Maybe it’s time to change the city’s official slogan?   After you see the stats below, you might very well agree.

If you are dreaming of buying a single-family home in San Carlos, but your budget is under $1M,  I hate to be the bearer of bad news — your chances of finding that home are rapidly evaporating in this white-hot real estate market.

It wasn’t too long ago that if you were a $1M buyer, you could buy a nice 3BR home pretty much anywhere you wanted to be in San Carlos — even in the trendy White Oaks and Howard Park neighborhoods.  Heck, for $1M you probably still had enough money left over for a few upgrades.

In 2012 and 2013, it became much more difficult to land that same 3BR home for under $1M, especially anywhere west of El Camino Real.   If you were determined to live on the west side of town for under $1M, you either had to settle for a 3BR home on a busy street like San Carlos Avenue, or ratchet down your expectations to a 2BR home.   The other option was to start looking in the Greater East San Carlos area for that 3BR home within your budget — but even that wasn’t a guarantee, since there are so few homes that come up for sale in that neighborhood.  And lately, even they are flirting occasionally with 7-figure prices.

Well, that all changed dramatically his year…

Welcome to 2014.

Fast forward to this year, and the unprecedented surge in the local economy has pushed San Carlos to the brink of being a community exclusively comprised of $1M+ homes.   Don’t laugh — we’re almost there.   Take a look at the following graph:

$1M Homes in San Carlos

What does this graph show us?   In 2012, only half of all the homes that sold in all of San Carlos sold for $1M or higher.  If you were only focused on areas west of El Camino Real, that number jumped to 53%.   So far in 2014, a whopping 87% of all of the homes that have sold in all of San Carlos were over $1M — and that number jumps to 91% for all homes west of El Camino.

I think the single most stunning aspect of this chart is that the data is for all homes sold in San Carlos, regardless of size, configuration, or condition — so we’re not just talking about our benchmark 3BR/2BA home.   Even the tiny 2BR/1BA homes are now routinely fetching over $1M… something that was simply unheard of only a couple of years ago.   As we have discussed in a previous post, even the dirt in many neighborhoods will fetch over $1M if someone is able to build their dream home on it.

But what this graph makes painfully clear is that if you’re shopping for a single-family home with a 6-figure budget, you’d better be considering a condo… or perhaps another town.  Because the affordability of San Carlos just took the last train out of town…with the old slogan tucked neatly under its arm.
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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: 3-22-14.

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For home buyers in this market hoping to make San Carlos their new zip code, this week’s report will seem somewhat analogous to driving past a car accident on the freeway:  You really want to look at it, but you might be sorry once you did.   The sold figures that are posted below will probably take a little bit of starch out of even the most die-hard home buyers, while at the same time making every homeowner in San Carlos feel like they hit the lottery.

Some of the recorded sales below are simply breathtaking, with premiums of over 40% paid to secure these listings.  But these huge differentials aren’t solely caused by the listings being under-priced to begin with.  The average price per square foot of the 8 sales that closed last week was $873 — an incredible price for San Carlos, and more akin to what you would have seen in Menlo Park a few months ago (they’re now at $1,000/square foot.)    So no matter how you look at it, it’s getting very expensive to live in San Carlos.

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 3-22-2014:

San Carlos Housing Data 3-22-14 Prior Week
Closed Sales for the Week: 8 5
Average Sold Price: $1,401,688 $1,727,600
Average $/Sq Foot (Sold) $873 $747
Sold Price vs Orig List Price: 119% 111%
Average DOM of Closed Sales 8 9
No. of Homes Pending Sale: 27 28
No. of Active Listings: 11 14
Average Price of Active Listings: $1,318,273 $1,355,429
Average DOM of Active Listings: 15 11
Average $/Sq Foot (List) $622 $706
Active-Pending Ratio: 0.41 : 1 0.50 : 1

>>> Click Here to Read the Full Post
_____________________________________________________________________________

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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