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Greater East San Carlos Sees Huge Price Gains.

February 18, 2015 San Carlos Real Estate 1 Comment
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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:

Greater East Side San Carlos Home Prices

Greater East Side San Carlos – Average Home Prices

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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The San Carlos Real Estate Week in Review: 2-15-15.

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The combination of low inventory and high buyer anxiety is pushing home prices to mind-numbing heights not only in San Carlos, but in some surrounding communities where you might not expect this type of behavior. One of those local neighborhoods is the Mount Carmel neighborhood of Redwood City, which in fairly close proximity to the southern most part of San Carlos.

Normally, there is a noticeable difference in pricing between equivalent sized homes in Mount Carmel, and anywhere in San Carlos. This is mostly due the to the fact that many buyers would eschew the picturesque Redwood City neighborhood and hold out for the higher ranked school district in San Carlos.   But this past week, two 3-bedroom homes went pending in Mount Carmel at prices that certainly seem much more San Carlos-like than Redwood City.  The gap between the two cities certainly seems to be closing.

Here are the details from last week:

By the Numbers.

Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the week ending 2-15-2015:

San Carlos Housing Data 2-15-15 Prior Week
Closed Sales for the Week: 3 1
Average Sold Price: $1,593,333 $1,350,000
Average $/Sq Foot (Sold) $632 $785
Average Sold – Percentage Of List Price: 113% 113%
Average DOM of Closed Sales 55 6
No. of Homes Pending Sale: 23 22
No. of Active Listings: 10 10
Average Price of Active Listings: $1,331,500 $1,297,900
Average DOM of Active Listings: 47 7
Average $/Sq Foot (List) $753 $729
Active-Pending Ratio: 0.43 : 1 0.45: 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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3-Bedroom Homes Dominate Sales (Again) in San Carlos.

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The Staple of the San Carlos Housing Market.

Do you ever get the feeling when you’re looking at homes for sale in San Carlos that everything seems to be a 3-bedroom home?  And that finding a decent 4 or 5 bedroom home is like finding a needle in a haystack? Well, rest assured that it’s not your imagination.  The sales figures in San Carlos very much back up that perception, as you will see from the chart below.  The standard 3-bedroom home has been the staple of the San Carlos real estate landscape since the inception of the City, and families have been raised in these cozy confines for decades.  But in this booming economy, there is an unprecedented demand for more space than what the quintessential 3BR San Carlos home can offer.

What is driving this demand? The first and most obvious factor is simply that the population of San Carlos is exploding, especially with kids. There are lots of families in San Carlos now with small children, and many other families that want to live here to enjoy the small-town feel and great schools that San Carlos offers. Many of them are looking for more home than the standard 3-bedroom option can offer.  Having raised three children in San Carlos, I can tell you first-hand that it doesn’t take much to outgrow a 3-bedroom home with a family of 5. Those numbers just don’t line up.

The second factor that is driving the demand for that extra bedroom or two comes from the other direction — people needing that extra living space for the eventuality that a parent (or parents) may be coming back to live with them permanently; or to accommodate guests for extended periods of time.  Because of these factors, many of the older homes in San Carlos are being remodeled to add that extra space that is so important to today’s homeowners.

If you’re looking to buy that larger 4 or 5 bedroom home in San Carlos (as opposed to building it yourself), the numbers are not in your favor.  Take a look at the following chart that breaks down all of the single-family homes sold in San Carlos in 2014 by bedroom count:

San Carlos 2014 Home Sales - Bedroom Count

San Carlos 2014 Home Sales – Bedroom Count

Of the 284 single-family homes that sold in San Carlos last year, a whopping 47% of them were 3-bedroom.  30% were the 4-bedroom variety, and less than 20% had 5 bedrooms.

If there’s any good news in these numbers, it’s that this represents a slightly positive trend from 2013 — when 3-bedroom homes account for 51% of all sales, 4-bedroom notched 26%, and 5-bedroom homes had 6% of the market.  But regardless, it’s still evident that the 3-bedroom home is still the bread-and-butter of the San Carlos home inventory.

4 Bedroom Scarcity.

As I have written about before on the blog, it seems as if the “holy grail” for many San Carlos home buyers AND move-up buyers is to find a 4-bedroom home in the “flats” of San Carlos — i.e. in either the White Oaks, Oak Park, or Howard Park neighborhoods, so that they can be relatively close to downtown and have a flat yard.

There is some more good news hidden in these numbers.  There were quite a few more 4-bedroom homes to sell in the flats in 2014 than there were in 2013 — a trend that should bring some hope to home buyers, especially if it continues in 2015:

2014:

  • 4-bedroom homes sold in the flats:  35
  • % of all 4-bedroom homes sold:  41%

2013:

  • 4-bedroom homes sold in the flats:  20
  • % of all 4-bedroom homes sold: 25%

While these numbers are not statistically large, they are trending in the right direction for those home buyers who are looking for a larger home close to downtown.  And as more homes get renovated in this remodeling boom that we are experiencing right now, I think it’s a safe bet that these percentages will continue to improve in the coming years, as more of the 3-bedroom homes are expanded and converted.

For now, though, your dream 4-bedroom home in the flats is going to remain somewhat elusive…and very much sought after by other buyers.
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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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Wheeler Plaza Community Meeting – Thursday February 12.

Wheeler Plaza

Project Moving Forward.

The long awaited and often-stalled Wheeler Plaza Development in downtown San Carlos appears to be back on track again, with groundbreaking possibly happening in the next few months according to this article in the Daily Journal. This project has been the vision of community leaders for the past two decades, but has had to endure numerous delays and design changes to account for the changing political climate in California, and to address community feedback on the scope of the project.  If you’re not familiar with the Wheeler Plaza area, it’s the city-owned parcel that incorporates all of the parking lot behind Wells Fargo and Le Boulanger, as well most of the buildings along San Carlos Avenue between Laurel and Walnut Streets.  There’s good summary of the project on the City’s website.

What is now a parking lot and a collection of old and tired buildings is slated to be come a modern development with over 100 condos and about 10,000 square feet of brand new ground-level retail.   The artist renderings of the final project are very impressive, as they have obviously gone to great lengths to maintain the heritage of San Carlos in what will be the showcase of the downtown area.

WheelerSiteArea_1

Community Update Meeting.

But with the major hurdles now hopefully in their rear-view mirror, the City is ready to move forward and actually start putting shovels to dirt. In order to bring the local community back up to date on the latest iteration of the design and the anticipated development schedule, the City of San Carlos is hosting a Wheeler Plaza Community Update Meeting this coming week.   Here are the details:

When:  February 12, 2015
Time:    7:00 p.m. to 9:00 p.m.
Where:  San Carlos Library, 610 Elm Street, 2nd Floor Community Room

If you’re at all interested in finding out about the Wheeler Plaza project, this is the meeting to get all of your questions answered.  I have been following and documenting the progress of this project on the White Oaks Blog for the past 5 years, so I’m excited to see the latest update on what will be a spectacular addition to downtown San Carlos!
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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: 2-8-15.

calendar21

January of 2015 is officially in the books, and it was a robust month by January standards.  As I noted earlier on the blog, there were more new single family listings in January of this year than in any January in the past four years. And historically, January’s performance tends to be an indicator of how the year will go.  So if that logic holds true, buyers should have a slightly better inventory to choose from this Spring. Let’s see if that holds up.

Along those very lines, February is off to a promising start with 6 single-family homes and 3 town homes making their market debut this past week.  Market demand has remained very strong so far this year — of the four homes that went pending this past week, at least two of them fetched a significant number of  offers.  The listing at 205 Clifton raised everyone’s eyebrows when it was disclosed that it received 29 offers.  That has not been the norm this Spring, or at any time in San Carlos, but it does highlight the fact that the market between $1M and $1.5M remains incredibly hot in this market.

Here are the details from last week:

By the Numbers.

Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the week ending 2-8-2015:

San Carlos Housing Data 2-8-15 Prior Week
Closed Sales for the Week: 1 4
Average Sold Price: $1,350,000 $1,228,675
Average $/Sq Foot (Sold) $785 $703
Average Sold – Percentage Of List Price: 113% 103%
Average DOM of Closed Sales 6 11
No. of Homes Pending Sale: 22 19
No. of Active Listings: 10 8
Average Price of Active Listings: $1,297,900 $1,282,494
Average DOM of Active Listings: 7 18
Average $/Sq Foot (List) $729 $689
Active-Pending Ratio: 0.45 : 1 0.42: 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 Month of January and San Carlos Real Estate.

Jan

A Telltale Month.

To the casual observer watching the San Carlos real estate market, it must seem as if there are virtually no listings hitting the market at all so far in 2015.  This is a very understandable perception, because with the pace of sales in today’s hyper-competitive San Carlos real estate market, it’s hard to build up any kind of inventory when everything seems to be selling in a week or less.

January is typically one of the slower months in real estate for closed sales since it largely reflects sales that were made in December, which is tradtionally one of the slowest months of the year for getting homes into contract.  But we tend to look at January as a bellwether month for how many new listings we can expect to see in a given year. If January starts fast out of the chute, history shows that it will be a robust year, and vice versa.

The two charts below show a pretty clear connection between January’s performance, and what you can reasonably expect for the year ahead.  The first chart shows the number of new listings in the month of January over the past 8 years:

San Carlos Home Sales:  New Listings in January

San Carlos Home Sales: New Listings in January

… and the second chart shows the number of new single-family home listings recorded annually over the past 8 years, 2015 obviously just being a year-to-date figure.

San Carlos Home Sales: Annual New Listings

San Carlos Home Sales: Annual New Listings

The two charts track each other very closely.  For example, in 2012, January yielded the lowest number of new listings over any January in the previous 7 years, and consequently went on to record the fewest number of listings for the year over that same period.  In stark comparison, 2011 had the second biggest January listings month and went on to record the second highest number of listings. The only notable exception was 2009, which was on the heels of the credit crash and the beginning of the recession.

Off to a Good Start in 2015?

If you subscribe to the analysis above, then the 23 new listings that registered on the MLS in January of this year suggests that we will see a nice bump up in the number of new listings to choose from in 2015. Is that a guarantee? Of course not — just as the monsoon rains we experienced a few weeks ago did not mark the end of the drought (we have been completely dry ever since). But we’re off to a relatively strong start so far in 2015, and having more listings on the market will provide a little more balance that this real estate market desperately needs.

We will keep an eye on this trend, and perhaps post another update at the end of this month…
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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 BIG Announcement, Part II: Dwell Realtors Opens in San Carlos.

BigAnnouncement

A New Kind of Brokerage.

Last week, I announced the first of two significant developments pertaining to the residential real estate landscape in San Carlos, and on the mid-peninsula. That first announcement was the unveiling of my strategic partnership with Bob Bredel, and the cross marketing arrangement between the White Oaks Blog and the San Carlos Blog. Bob and I are thrilled with the universally positive feedback we have received from this announcement, and we look forward to working together to provide an unprecedented level of service to our clients in the coming year.

In that same post, I also alluded to a much more significant development that we would be unveiling in a second announcement. Well, after countless days of waiting, that day has finally come.

On behalf of all of my partners and colleagues, I am thrilled to announce the launch of Dwell Realtors, a ground-breaking real estate brokerage right here in San Carlos!

dwell.1500px.500px

Real Estate Taken Hyper-Local.

Although the phrase almost sounds a little cliche, real estate is indeed local.  Whether you are buying or selling a home, you are always best served by teaming with a proven, experienced agent who has their finger firmly on the pulse of the local market.  But in today’s ultra-tight and competitive real estate market, just being local isn’t good enough.  Success in today’s market relies on being as close to every nuance in the local market as you can possibly be, and thus executing a strategy based upon the most most up-to-date information available.  In other words, it’s hyper-local.

Dwell Realtors was founded on this very belief — to maximize our client’s success through an unprecedented level of service and visibility to the local real estate market.

How will we do this?

First, Dwell Realtors has completely retooled the structure of the typical real estate brokerage.  We are comprised of a very select team of experienced and proven local agents who work in a collaborative environment to maximize our clients’ interests. We firmly believe that putting this much experience, market knowledge, and business under one roof will simply create more opportunities for our respective buyers and sellers.  This is the very core of the Dwell philosophy.

Second, we believe that technology is of vital importance in today’s real estate market, which is moving at unprecedented speed.  Technology keeps our clients better educated about the market, exposes them to more opportunities in the market, which ultimately helps them make better buying and selling decisions. It’s the very impetus behind the popularity and utility of the White Oaks and San Carlos Blogs

Our Team.

Dwell is comprised of some of the most well-know and respected agents in the local market.  Bob and I are thrilled to now be working with Joyce Romeo, Tatum Clarke, Laura Bertolacci, Tara Jarmillo, Teri Shaughnessy, Kristina Patrick, Sarah Ravella, Cliff Whearley, Alana Corso, and a few more incredible additions that will be announced in the coming weeks.  The underlying philosophy in creating the team stresses the quality of the agents, not the quantity.

But like anything in this world, the whole must be greater than the sum of its parts, otherwise it’s simply not worth doing.  And therein lies the magic of this team. There is a tremendous chemistry that is pervasive in this office, and more important, a refreshing spirit of transparency and collaboration that will only help everyone on the team provide a better level of service for their clients than they could do on their own.

We’re very excited to work with our colleagues in the local real estate market, and to provide a new face on the local scene.  Our new office is right in the heart of the White Oaks neighborhood in San Carlos at 1500 Laurel Street.  Be sure to like our Facebook Page at DwellRealtors, and follow us on twitter @DwellAgents!
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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: 2-1-15.

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The activity was very intense last week in the world of San Carlos real estate, especially considering that we’re still in the final week of January, which is traditionally a slower month.  But buyers really rolled up their sleeves and battled for the few homes that were on the market.  8 homes went into contract in the last 7 days, with the vast majority of them getting multiple offers.

That in itself is not a surprise, but the prices that some of these homes fetched will raise some eyebrows when they are posted in a few weeks. And the sheer strength of the offers that are being written (even the losing ones) is simply amazing.  Suffice it to say that the new year has not brought any relief in pricing for homes in San Carlos.  The game is definitely on.

Here are the details from last week:

By the Numbers.

Below is a high-level view of the market performance for single-family residences in San Carlos. This data is for the week ending 2-1-2015:

San Carlos Housing Data 2-1-15 Prior Week
Closed Sales for the Week: 4 4
Average Sold Price: $1,228,675 $1,358,750
Average $/Sq Foot (Sold) $703 $860
Average Sold – Percentage Of List Price: 103% 99%
Average DOM of Closed Sales 11 37
No. of Homes Pending Sale: 19 15
No. of Active Listings: 8 11
Average Price of Active Listings: $1,282,494 $1,534,177
Average DOM of Active Listings: 18 16
Average $/Sq Foot (List) $689 $786
Active-Pending Ratio: 0.42 : 1 0.69: 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.
Get the best coverage on the San Carlos real estate market delivered right to you!
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