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$2M Home Sales in San Carlos – An Update.

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The Top Tier.

Among the many metrics that I track to gauge the trajectory of the San Carlos real estate market, the number of homes that sell at or above $2,000,000 is one of the more interesting ones – especially over the past 3-4 years. That’s because it’s not only a good measure of where home prices are going in San Carlos, but also a measure of buyer’s reluctance (or lack thereof) in the top end of the local market. After all, if a buyer can easily afford a home for over $2M, there are probably other options for them out there besides just the City of Good Living.

As we have tracked through the course of this year, the number of $2,000,000 home sales that have been listed on the MLS actually doubled from 2013 to 2014. Will that happen again this year? That may be a bit of stretch with less than 3 months left in calendar year. But from the chart below, you can see that we’ve already handily exceeded last year’s total of $2M sales as of today, and there are a number of pending sales that will close in the coming weeks and months that will fall into this elite bracket to boost that number even higher.

 

$SC $2M Sales 10-15

There are already 33 homes to close higher than $2M so far this year, which is nearly triple the number from just two years ago. It’s also interesting to note that there are another 10 home sales that just missed $2M mark by 5% or less. Buyers clearly are not concerned about breaking the $2,000,000 mark to live in San Carlos, where the average price of a home now hovers around $1.8M.  As more of the larger and updated homes start to roll out on the market, $2M will become more the rule, and less the exception.
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Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing 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: 10-11-15.

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The Scoop.

Last week I posted some alarming statistics about the number of new listings that have hit the market so far in 2015, and how that number is over 21% below the same period last year – which was also a lean year for listings. When the market is starved like this, it results in mind-numbing numbers like you see below in the summary table: $1,089 per square foot, 121% of the asking price, and an average sales price of nearly $1.85M.

It also shows the whipsaw behavior of the Fall real estate market. Only one week prior, homes fetched only 7% over the asking price and $846 per square foot on average, and spent twice as long on the market. It should serve as good data for buyers that even though the market may have cooled a slight bit, there is still strong competition for what home buyers deem to be the “right” place.

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 10-11-2015:

San Carlos Housing Data 10-11-15 Prior Week
Closed Sales for the Week: 6 6
Average Sold Price: $1,847,833 $1,791,869
Average $/Sq Foot (Sold) $1,089 $846
Average Sold as Percentage Of List Price: 121% 107%
Average DOM of Closed Sales 13 25
No. of Homes Pending Sale: 19 21
No. of New Listings: 5 7
Total # of Active Listings: 16 15
Average Price of Active Listings: $1,870,417 $1,861,982
Average DOM of Active Listings: 16 14
Average $/Sq Foot (List) $781 $834
Active-Pending Ratio: 0.84 : 1 0.71 : 1

>>> Click Here to Read the Full Post
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Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing 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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Q3 San Carlos Listings Update: An Epic Drought.

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Elusive Inventory.

Three quarters are now in the books for what has been a very eventful 2015 for the San Carlos real estate market — there never seems to be a dull moment. There are a variety of statistics and metrics that one can observe to try to get a read on what’s happening in the local market, but none is more telling than analyzing the number of new listings and its a stat that I post quite often on blog because it tells so much about what’s going on.

New listings are the “supply” in the classic “supply and demand” economic theory — a shortage of supply means higher prices, and an abundance of inventory points to the opposite direction. Right now in San Carlos, the pipeline that feeds our inventory of homes for sale is at its lowest level in the past decade.

The chart below shows the number of new single family residence listings for the first nine months of 2015, and compares it to the same 9-month period of previous years.

SC New SFR Listings - 9:15

The number of homes to list so far in 2015 is down by a whopping 21% from just last year – which was already a lean year by historic standards.  If you compare this year to 2011 when we were starting to emerge from the Great Recession, we have 37% fewer homes to choose from.  That’s essentially the definition of choking off a market.

This has to be discouraging news for buyers who have been battling low inventory levels and high competition all year. As we head in to the fourth quarter of 2015, there’s no indication that this trend is going to change from what is typically a slower quarter for new listings.

If there is a sliver lining in this cloudy forecast, it’s this: The market appears to be settling somewhat this fall, even despite the historically low number of new listings to choose from. Whether buyers are just exhausted with the process, or they are just less bullish on the overall state of the market, we are sensing a little relief in the pressure on the market right now all along the Peninsula.  This is a topic that we’ll dig a little deeper into next week on the blog, but for now buyers that decide to stay on task this fall might be surprised at how well they do.

Thinking about buying a home in San Carlos? Let’s talk about how we can get you into one before the holidays…
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Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing 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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818 Knoll Drive, San Carlos: The Best of the Best.

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Exceptional Home, Exceptional Street.

One of the things that makes San Carlos so appealing to home buyers is that you can literally throw a dart a a map of the city and you’re virtually guaranteed to hit a great street, or a highly desirable neighborhood. It’s not every city on the Peninsula that can make that claim. But there are a handful of streets (and even just blocks within streets) in San Carlos that I believe stand head and shoulders above the rest — literally, the “Best of the Best.”

The 1900 block of Carmelita certainly makes the list, as do the 900-1000 blocks of Rosewood Avenue. And what discussion about top streets in San Carlos would be complete without mention of Morse Boulevard?

Another street that makes everyone sit up and take notice when there’s a new listing is Knoll Drive. With its fabulously rustic feel, large lots, and close proximity to downtown, Knoll Drive is one of those destinations that home buyers will wait for years to a home to hit the market.

Well, that opportunity has finally arrived. My business partner Bob Bredel’s new listing at 818 Knoll Drive is quite simply one of the best listings to hit the market in San Carlos in a number of years when you consider all of the factors — the home, the lot size, and the location.

Contemporary Elegance.

818 Knoll Drive has been completely updated throughout, and is a masterpiece of contemporary styling. But unlike other modern homes that may seem almost cold and sterile, this home strikes a perfect balance between new-age design and comfortable, elegant living. And if you love a home with copious amounts of natural light, this is the place for you.   Here are a few pictures of this marvelous home:

Knoll-1 Knoll-2Knoll-3The home is situated on a beautiful, 12,300 square foot lot that captures that rustic feel that defines Knoll Drive, and makes it such unique street in San Carlos.

The Matterport Virtual Tour.

As Bob and I offer with all of our listings, there is an amazing and immersive virtual tour of this home utilizing the Matterport 3D scanning technology. This enables you to take a “virtual walk” to every corner within the home, and then see each room from whatever perspective that you choose. This allows you to see every aspect of the home before you ever step foot inside, and it’s this kind of ground-breaking technology that sets all of our listings apart from the rest.

Click on the viewer below and take a virtual stroll through 818 Knoll Drive. To bring the viewer up in a separate window, simply click here.

If you’re interested in a private showing of this truly special San Carlos home, just contact Bob or myself. But don’t wait too long — homes as special as this one don’t hit the market that often.
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Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing 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: 10-4-15.

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The Scoop.

Last week started out with a giant goose egg for new listings in San Carlos, with nothing new posting on the market until Friday. This occurs every so often, and understandably makes home buyers a little nervous since they are at least expecting something new to hit the market on Monday, which along with Friday are traditionally the two most active days for new listings.

But never fear – by the end of the weekend, there were 7 new single-family listings in San Carlos to offset the 7 homes that went pending during the week. And the wait was well worth it, because there are some simply spectacular homes to see right now — and interestingly, over half of these homes for sale right now in San Carlos have at least 4 bedrooms. That’s certainly much greater than the typical distribution of housing stock in town, and bodes well for home buyers who have been holding out for that crucial 4th bedroom. If you’re one of those home buyers that needs the extra bedroom and space, this is a good week to get out and look at some homes.

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 10-4-2015:

San Carlos Housing Data 10-4-15 Prior Week
Closed Sales for the Week: 6 4
Average Sold Price: $1,791,869 $1,742,000
Average $/Sq Foot (Sold) $846 $914
Average Sold as Percentage Of List Price: 107% 114%
Average DOM of Closed Sales 25 10
No. of Homes Pending Sale: 21 20
No. of New Listings: 7 2
Total # of Active Listings: 15 16
Average Price of Active Listings: $1,861,982 $1,720,859
Average DOM of Active Listings: 14 19
Average $/Sq Foot (List) $834 $827
Active-Pending Ratio: 0.71 : 1 0.8 : 1

>>> Click Here to Read the Full Post
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Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing 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/RWC Fire Stations Open for Fire Prevention Week.

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Open House.

This upcoming Sunday (October 4, 2015), two of our local fire stations will be conducting open houses to kick-off 2015 installment of Fire Prevention week. Fire personnel will be on hand to meet with the public to answer questions and to discuss the importance of proper fire safety in your home.

The open house will run from 11:30AM – 3:00PM, and will be conducted at the following two stations:

San Carlos Station 13:  525 Laurel Street, San Carlos

Redwood City Station 9: 755 Marshall Street, Redwood City.

Here is the press release with more information about the open house:

The Redwood City and San Carlos Fire Departments will be hosting open houses at some of their fire stations for fire prevention week on Sunday October 4th from 11:30 AM until 3:00 PM. Fire department personnel will be on-hand to discuss the importance of home smoke alarms and other fire safety standards. The open house events are at the following locations:

Fire Station #9, 755 Marshall Street Redwood City

Fire Station #13, 525 Laurel Street San Carlos

Location matters when it comes to your smoke alarm. That’s the message behind this year’s Fire Prevention Week campaign, “Hear the Beep Where You Sleep. Every Bedroom Needs a Working Smoke Alarm!” Along with firefighters and safety advocates nationwide, the Redwood City and San Carlos Fire Departments are joining forces with the nonprofit National Fire Protection Association (NFPA) during Fire Prevention Week, October 4-10, to remind local residents about the importance of having working smoke alarms in every bedroom, outside each sleeping area, and on every level of the home, including the basement.

“In a fire, seconds count,” said Jim Palisi, Fire Marshal. “Half of home fire deaths result from fires reported at night between 11 p.m. and 7 a.m. when most people are asleep. Home smoke alarms can alert people to a fire before it spreads, giving everyone enough time to get out.” According to the latest NFPA research, working smoke alarms cut the chance of dying in a fire in half. Meanwhile, three out of five fire deaths resulted from fires in homes with no smoke alarms or no working smoke alarms. This year’s Fire Prevention Week campaign includes the following smoke alarm messages:

·  Install smoke alarms in every bedroom, outside each separate sleeping area and on every level of the home, including the basement.

·  Interconnect all smoke alarms throughout the home. This way, when one sounds, they all do.

·  Test alarms at least monthly by pushing the test button.

·  Replace all smoke alarms when they are 10 years old or sooner if they don’t respond properly.

·  Make sure everyone in the home knows the sound of the smoke alarm and understands what to do when they hear it.

·  If the smoke alarm sounds, get outside and stay outside. Go to your outside meeting place.

·  Call the fire department from outside the home.

“Hear the Beep Where You Sleep. Every Bedroom Needs a Working Smoke Alarm!” Through these educational, family-oriented activities, residents can learn more about the importance of having a working smoke alarm in every bedroom.

To find out more about Fire Prevention Week programs and activities in Redwood City and San Carlos, please contact the Redwood City and San Carlos Fire Departments at (650) 780-7400. To learn more about smoke alarms and “Hear the Beep Where You Sleep. Every Bedroom Needs a Working Smoke Alarm!” visit NFPA’s Web site at www.firepreventionweek.org and www.sparky.org/fpw.

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Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing 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 Voters to Decide the Fate of the Black Mountain Water Land.

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San Carlos Measure V

It’s hard to believe, but we are just a little over a month away from the November elections. And what would an election be in San Carlos without a bond measure to vote on? Well, this election year will be no different from those in past, except for the first time in years the bond measure being voted on is not directly related to the San Carlos School District.

On November 3, San Carlos voters will be asked to approve a bond measure which will provide the City of San Carlos with the necessary funds to purchase the old Black Mountain Water land. Located along Alameda de las Pulgas between Madera Avenue and Melendy Drive, the Black Mountain land is a nearly 25-acre plot that is currently owned by developers. The City of San Carlos wishes to purchase this land and preserve it as open space since it offers the potential for tranquil walking paths, trails, and recreation as a city-owned park.

San Carlos Black Mountain Parcel Boundary (approx)

San Carlos Black Mountain Parcel Boundary (approx)

The bond measure, which requires a 66.7% voter approval to pass, will raise nearly $45M not only to purchase the 25 acres, but also to develop it as a usable park for the public. Like other bond measures in San Carlos, this bond will be funded as an additional property tax — this time at a rate of $20 per $100,000 of assessed value of each residence in San Carlos. So recent home buyers in San Carlos can expect to pay between $200 – $300 per year in additional property tax, while long-time residents who are protected by Prop 13 will likely pay less.

The City of San Carlos has dedicated an entire section of their website to promote the purchase of the Black Mountain Site, which includes an FAQ document as well as a professionally done slide deck.

For and Against the Measure.

Yes on Measure VThere is an organized and very visible group of citizens who are lobbying aggressively for the passage of the bond measure. They have created a website called SaveBlackMountain.org in which they explain the benefits of purchasing the site, including:

  • Permanently protect some of the last remaining undeveloped land and open space in San Carlos as park, not 100 homes.
  • Provide tranquil walking paths, trails and recreation for all ages to enjoy.
  • Protect a local water source.
  • Protect San Carlos taxpayers – all funds will stay in San Carlos and can only be spent to create a park on Black Mountain; none of the money can be used for City administrator salaries.
  • Ensure local control of Black Mountain forever – an important legacy for future generations.
  • Establish an open, public process involving San Carlos volunteers to finalize plans for the new Black Mountain Park. There will also be independent citizens’ oversight of spending to ensure funds are spent as promised.

There is also strong opposition to the bond measure from an equally organized and vocal group which has outlined on their website VoteNoOnBlackMountainBond.org why they believe the bond measure should not be approved, including:

  • No signed agreement on the purchase price.
  • No certainty that all acres will be purchased.
  • No plan on use(s).
  • No budget to clear, clean, protect and insure the property.
  • No cost analysis for the proposed uses.
  • No “in perpetuity” guarantee.
  • Other issues pertaining to size and terrain that would prevent it from becoming a viable park.

How Will YOU Vote?

The lines are now drawn in the sand, and there’s only a month before the election is here. There will be a strong push from both sides to garner your vote. So which side of this issue are you on? Register your vote in the poll below.

How Will You Vote on San Carlos Measure V: Black Mountain Bond Measure?

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And of course, feel free to air your opinion in the comment section!
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Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing 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: 9-27-15.

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The Scoop.

For the second week in a row, the inventory of homes for sale in San Carlos stayed at a moderately higher level than what we’ve seen for most of 2015. We started last week with 21 homes for sale, and after a fairly active week of buying that saw seven of those homes go into contract, the inventory is still sitting at 16. What’s interesting to note with the current inventory list is the average days on the market (DOM). In market where we are accustomed to seeing homes being locked up in contract in less than two weeks, it’s a bit surprising to see the average DOM of the existing inventory at 19. That’s a number that we certainly didn’t see earlier this year.

There are more than a few homes that are sitting on the market, and it seems to be especially acute for the upper price range. Homes that are currently listed at $1.5M and above in San Carlos have been on the market for an average of 25 days. The homes that are listed below $1.5M are averaging 13 days on the market. Even the seven homes that were put into contract this week were out there for 12 days on average before they were scooped up. These are all slightly longer numbers than normal, and it’s something we’ll be keeping a close eye on as we say goodbye to September this week.

For the first time in countless months, we are also building a little bit of inventory for condo and townhouse buyers. As of this morning, there are 10 units for sale in the City. This may not sound like much, but for most of the year we’ve been averaging half to one-third of this amount for any given week.

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 9-27-2015:

San Carlos Housing Data 9-27-15 Prior Week
Closed Sales for the Week: 4 3
Average Sold Price: $1,742,000 $3,226,667
Average $/Sq Foot (Sold) $914 $727
Average Sold as Percentage Of List Price: 114% 107%
Average DOM of Closed Sales 10 13
No. of Homes Pending Sale: 20 18
No. of New Listings: 2 9
Total # of Active Listings: 16 21
Average Price of Active Listings: $1,720,859 $1,634,226
Average DOM of Active Listings: 19 13
Average $/Sq Foot (List) $827 $825
Active-Pending Ratio: 0.8 : 1 1.2 : 1

>>> Click Here to Read the Full Post
_____________________________________________________________________________

Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing 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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