Moving On Up.
Just like that saying “A rising tide lifts all boats”, the recent rising tide of home prices has been extremely beneficial to ALL neighborhoods in San Carlos, not just those typically sought after sectors like White Oaks and Howard Park. One of neighborhoods that has seen the biggest gains in home prices is the Greater Eastside San Carlos area, also known as Clearfield Park. This has long been one of the most affordable areas in all of San Carlos – a place where, until recently, you could still find a decent 3-bedroom home without breaking the million dollar mark. But as you’ll see in the chart below, prices in this area are climbing at a breathtaking rate, threatening the very affordability that makes this neighborhood so attractive to first time home buyers.
For those not familiar with the Clearfield Park, it’s the residential section that is situated between El Camino Real and Industrial Road. It boasts some very charming homes, tight knit neighbors, and quite often larger lots than what you might find in other areas in the flats of San Carlos. It’s also feeling the squeeze of the rapid urbanization of San Carlos, and is definitely the neighborhood most greatly impacted by the planned Transit Village and Landmark Hotel development projects, as well as the new magnet high school that is targeted for Old County Road. It’s these rapid changes to their neighborhood that led to the formation of the Greater East San Carlos Neighborhood Association, which gives this small neighborhood a powerful and influential voice in matters that affect their neighborhood. Here’s a general map of the area:
As home prices in San Carlos have skyrocketed out of the range of many buyers, they are looking toward the Greater East Side as their only viable option to land a single-family home in San Carlos for their budget – or resorting to finding a townhouse. What has always been amazing to me is the disparity in home prices between the east side and the rest of San Carlos. After all, they’re in the same great school district, and one of the best kept secrets of this neighborhood is that it is actually closer to downtown San Carlos and mass transit than most other parts of San Carlos. You’re literally a 5 minute walk from all of the great restaurants. But word must finally be getting out, because home prices have been on a rocket ride over the past few years. Take a look at the following chart:
It was only two short years ago that the average home price in this neighborhood was just below $600,000. In 2014, that mark hit almost $900,000 — a 17% increase in a single year, and whopping gain of 63% in just two years. What’s equally amazing is the fact that in 2014, four homes broke the $1M mark in the Greater East Side, with 75 Bayport Court shattering all records with a sales price of $1,376,000. The sample size is not huge in this relatively small neighborhood. On average, only a dozen or so homes sell here every year, so the numbers are susceptible to being skewed by a large sale. But there is still a fair distribution of sales in the $800,000-$900,000 range — something that you just didn’t see two years ago. And you can expect to see more sales this year in the high $900,000 range, and yes, over $1,000,000. For a complete list of home sales over the past 3 years in the Greater East Side of San Carlos, click here.
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