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:
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|
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