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The San Carlos Real Estate Week in Review: 8-23-14.

The San Carlos Real Estate Week in Review is the only comprehensive weekly summary of the San Carlos real estate market, and it’s published every Monday on the White Oaks Blog.

Chuck’s Sales

Focus = Results. If you hope to succeed in this ultra-competitive real estate market, it’s imperative that you enlist the help of an experienced Realtor who is laser-focused on the local real estate market, and who thoroughly understands the micro-economic nuances of each neighborhood.   The stakes are simply too high …

Overbidding Hits a Fever Pitch in San Carlos

Home buyers in San Carlos are bidding more aggressively than ever on homes. The month of February 2014 set an all time record for the percentage above the list price for home sales in San Carlos.

Map of San Carlos Regions

The Realtor Zones. When it comes to residential real estate, the City of San Carlos is divided up into 6 different real estate “zones”: Alder Manor (Area 350), Beverly Terrace (351), El Sereno Corte (352), Howard Park (353), Clearfield Park (354), and Cordes (355). When a home is for sale …

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The San Carlos Real Estate Week in Review: 11-16-13.

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Heading into the Holidays.

We are now less than two weeks from Thanksgiving, and the inventory of homes for sale in San Carlos is dropping like the evening temperature.  In a real estate year that seems to shrug off the calendar, homes are still getting snapped up at a frantic pace even this late in the season.   As of this morning, there are only 11 homes for sale across the entire town.  That number actually dropped well below 10 this weekend , which briefly put us at the lowest level of the entire year.

Sellers are warming to the fact that (for the right house) they can put their home on the market this late in the year and still have a horde of buyers beating a path to their door.   This doesn’t mean it’s the right decision for every seller, and some will rightfully opt to wait until the Spring market of 2014 to list their homes.    But when you realize that there’s not a single home for sale in all of White Oaks or Oak Park right now,  you simply can’t ask for more favorable conditions to sell your home.

Here are the numbers for 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 11-16-2013:

San Carlos Housing Data 11-16-13 Prior Week
Closed Sales for the Week:
2 8
Average Sold Price
$1,200,000 $1,391,385
Average $/Sq Foot (Sold)
$745 $752
Sold Price vs Orig List (%) 111% 106%
Average DOM of Closed Sales 19 19
No. of Homes Pending Sale: 25 21
Inventory of Active Listings:
11 13
Average Price of Active Listings: $1,703,545 $1,606,923
Average DOM of Active Listings: 47 48
Average $/Sq Foot (List) $594 $636
Active-Pending Ratio:
0.44 : 1 0.62 : 1

>>> Click Here to Read the Full Post
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The San Carlos Real Estate Week in Review: 11-9-13.

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Entry-Level Insanity.

There doesn’t seem to be anything that can hold back the entry-level market in San Carlos right now.  To give you an idea of how much that particular segment of the market has grown this past year, the definition of an “entry-level” home San Carlos used to be one that was priced at $1M or less.  Now, it’s safe to say the upper boundary of the entry-level home in San Carlos is about $1.5M — which is about the going rate for the benchmark clean, updated 3BR home in the flats.

The sales numbers below illustrate this point very well.   For the 6 homes that were listed for under $1.5M, they all sold with multiple offers in about 10 days, and got an average of 115% of the asking price.   For the two homes that were listed above $1.5M,  they fetched 93% of their asking price, while taking nearly 41 days to sell.    That is an amazing contrast, and serves to illustrate just how competitive the lower end of the market still is in San Carlos.

Here are the numbers for 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 11-9-2013:

San Carlos Housing Data 11-9-13 Prior Week
Closed Sales for the Week:
8 4
Average Sold Price
$1,391,385 $1,462,000
Average $/Sq Foot (Sold)
$752 $720
Sold Price vs Orig List (%) 106% 104%
Average DOM of Closed Sales 19 39
No. of Homes Pending Sale: 21 22
Inventory of Active Listings:
13 17
Average Price of Active Listings: $1,606,923 $1,384,056
Average DOM of Active Listings: 48 37
Average $/Sq Foot (List) $636 $651
Active-Pending Ratio:
0.62 : 1 0.77 : 1

>>> Click Here to Read the Full Post
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The San Carlos Real Estate Week in Review: 11-2-13.

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Is it Fall Yet?

With the exception of the chilly evenings and the fact that it’s now dark at 6:00 PM, it certainly doesn’t seem like fall here in San Carlos.    The warm, sunny days that we’ve been enjoying has been a blessing for those homes that are still on the market in San Carlos.  I can tell you first-hand that holding a house open in the rain is absolutely no fun, and it keeps all but the die-hard buyers away.  The incredible weather this past weekend had buyers out in droves, as open houses were very well attended this weekend.   Chalk the awesome weather up as yet another reason why so many people want to live in San Carlos, or anywhere on the Peninsula.

Here are the numbers for 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 11-2-2013:

San Carlos Housing Data 11-2-13 Prior Week
Closed Sales for the Week:
4 7
Average Sold Price
$1,462,000 $1,142,857
Average $/Sq Foot (Sold)
$720 $674
Sold Price vs Orig List (%) 104% 110%
Average DOM of Closed Sales 39 10
No. of Homes Pending Sale: 22 21
Inventory of Active Listings:
17 15
Average Price of Active Listings: $1,384,056 $1,543,400
Average DOM of Active Listings: 37 39
Average $/Sq Foot (List) $651 $602
Active-Pending Ratio:
0.77 : 1 0.71 : 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: 10-26-13.

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Low Inventory.

Another strong buying week has once again pushed the inventory of single family homes in San Carlos down to paltry levels.    Five single family homes went into contract last week with only 3 new listings to replace them.  That net deficiency pushed the number of available homes down to 15 at the time of this post.   Worse yet, with 4 more listings that have set offer dates for this week, that inventory number will continue to plummet if there isn’t a significant influx of new homes today or tomorrow.

If you’re still on the fence about listing your home this late in the year, you should have no qualms about doing so.  You could not ask for more favorable market conditions to sell a home than what we have right now.

Here are the numbers for 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 10-26-2013:

San Carlos Housing Data 10-26-13 Prior Week
Closed Sales for the Week:
7 9
Average Sold Price
$1,142,857 $1,179,056
Average $/Sq Foot (Sold)
$674 $592
Sold Price vs Orig List (%) 110% 111%
Average DOM of Closed Sales 10 24
No. of Homes Pending Sale: 21 22
Inventory of Active Listings:
15 16
Average Price of Active Listings: $1,543,400 $1,550,615
Average DOM of Active Listings: 39 42
Average $/Sq Foot (List) $602 $577
Active-Pending Ratio:
0.71 : 1 0.73 : 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: 10-19-13.

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Market Strength.

The real estate market in San Carlos has seemed to survive everything that has been thrown at recently — rising interest rates, temporary government shutdown, and the corresponding stock market volatility — and yet it keeps chugging along.  This past week’s home closing data showed us that homes in San Carlos are still selling at a blistering pace, and are fetching significant premiums over the asking price (111%).

Even though only 5 listings went pending this week, the majority of these saw fierce competition and garnered multiple offers, as you will see when the sales numbers are published after they close escrow.   So buyers take heed that the market is still ultra-competitive here in San Carlos — and should remain so throughout the fall/winter buying season.

Here are the numbers for 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 10-19-2013:

San Carlos Housing Data 10-19-13 Prior Week
Closed Sales for the Week:
9 4
Average Sold Price
$1,179,056 $1,127,750
Average $/Sq Foot (Sold)
$592 $739
Sold Price vs Orig List (%) 111% 97%
Average DOM of Closed Sales 24 28
No. of Homes Pending Sale: 22 28
Inventory of Active Listings:
16 19
Average Price of Active Listings: $1,550,615 $1,485,781
Average DOM of Active Listings: 42 31
Average $/Sq Foot (List) $577 $598
Active-Pending Ratio:
0.73 : 1 0.68 : 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: 10-12-13.

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The Fall Push.

It was a little disconcerting for San Carlos home buyers last week when the inventory of homes for sale plummeted to 12.   For a brief moment, there were thoughts that the fall market was going to maybe pack it in for the year since we’ve now hit mid-October.  But we’re still well over a month before the Thanksgiving holiday, and that means there’s still plenty time for a home owner to sell their home and close the deal before the Thanksgiving break.  And there are many in the business who feel that the real estate market this year is completely oblivious to any calendar anyway.

Well, as if almost on queue, nine new listings debuted in San Carlos this past week, making it a very busy weekend for house hunters — especially since open house hours were competing directly with the San Carlos Art and Wine Faire.   This burst of new listings pushed the inventory back up to 19 homes for sale as of this morning.  That’s still not a huge number for this time of the year, but a bit less frightening for sellers than 12.

Here are the numbers for 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 10-12-2013:

San Carlos Housing Data 10-12-13 Prior Week
Closed Sales for the Week:
4 6
Average Sold Price
$1,127,750 $1,044,917
Average $/Sq Foot (Sold)
$739 $677
Sold Price vs Orig List (%) 97% 103%
Average DOM of Closed Sales 28 11
No. of Homes Pending Sale: 28 28
Inventory of Active Listings:
19 12
Average Price of Active Listings: $1,485,781 $1,820,663
Average DOM of Active Listings: 31 43
Average $/Sq Foot (List) $598 $572
Active-Pending Ratio:
0.68 : 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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San Carlos 2013 Art and Wine Faire is This Weekend.

2013- Art Wine Faire

23rd Year of Vino and Fun.

The San Carlos Art & Wine Faire celebrates its 23rd year this weekend, October 12 and 13. Sponsored by the San Carlos Chamber of Commerce, this fun-filled, outdoor family event features a beautiful array of artwork, live entertainment, a classic and hot rod car show, some of the areas finest wines and micro-brews, delectable food and much more. Back by popular demand, mimosas will also be served on both days.

Taking place in the heart of downtown San Carlos, this much-anticipated fall festival offers two full days of enjoyment for people of all ages.  This includes a Family Fun Zone with a variety of children’s activities and live entertainment each day from noon to 4:30 p.m.  The Fun Zone features live children’s music, singing and dancing, the magic of Gerald Joseph, and Ballet Folklorico.  In addition, more than 275 artists will be showcasing their original work ranging from ceramics, pottery, watercolor and oil paintings, photography, wood working, jewelry and much more.

Musical performances on Saturday include Jazz by Design, which will play from 11 a.m. to 1:30 p.m., and Caravanserai (Santana Tribute Band) from 2:30 p.m. to 5:30 p.m. on the Downtown Park Stage.   Kickback (dance, Latin and soul) will play from noon to 2:30 p.m. and The Riptides (60’s oldies rock and roll) will perform from 3:30 p.m. to 5:30 p.m. on the San Carlos Avenue Stage.

On Sunday, Inoahband (R&B, soul) will play from 11 a.m. to 1:30 p.m. and Apple Z (dance band) will play from 3:30 p.m. to 5: 30 p.m. on the Downtown Park Stage.   Stompy Jones (swing) will play from noon to 2:30 p.m. and the Mersey Beach (60’s music party band) will perform from3:30 p.m. to 5:30 p.m. on the San Carlos Avenue Stage.

Wine tasting will be offered by Coppola Winery, Cuvée Wine Cellars, Domenico Winery, Perelli-Minetti Winery, Simi Winery and Wild Horse Winery. Sparking wines include Gloria Ferrer Blanc de Noirs & Sonoma Brut, J Vineyards, Coppola Winery-Sofia, Mumm Napa Brut and Ruffino Prosecco and Moscato. Beers on tap from Sierra Nevada Brewing Company will be Pale Ale, Blonde Ale, Kellerweis, Torpedo Extra IPA and Northern Hemisphere Harvest.

Car enthusiasts will enjoy a Classic and Hot Rod Car show on both days of the Faire, put on by Let’s Talk Events, which will include prizes awarded for best of show. Those interested in exhibiting an automobile are encouraged to contact the Chamber at (650) 593-1068.

The San Carlos Art & Wine Faire takes place on both sides of San Carlos Avenue between El Camino and Walnut, and on Laurel Street from San Carlos Avenue to Arroyo from 10 a.m. to 6 p.m. each day. Because parking in downtown San Carlos is at a premium during the Faire, the San Carlos Chamber of Commerce encourages Faire attendees to use public transportation such as SamTrans or CalTrain or to ride bicycles to the event. A convenient Bike Parking Corral is available at 1250 San Carlos Avenue to store your bike.
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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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Bridge Funding is Making a Comeback.

bridge loan

Help for Landlocked Homeowners.

A few months back, we discussed one of the not-so-pleasant effects of the rapidly escalating San Carlos real estate market:  Many potential sellers in San Carlos who were looking to upsize and still stay in San Carlos were finding that they either had to sell their existing home first before they could purchase the next home, or they had to make an offer on the second home that was conditional on them selling (and closing) the first home.

Well, neither option is remotely appealing.   Selling one’s home without having the next home clearly identified and locked up is somewhat akin to walking a tightrope without a net — if you mess up that next step, life is going to change in a negative way for you.   And with regards to the other option, getting a conditional offer accepted in a competitive market like this is about as likely as finding an empty bar stool at Town on a Friday night.   Not gonna happen.

So we referred to these homewoners as “landlocked sellers”  because they would love to move up to a large home, but the market conditions are forcing them to stay put.  And as we discussed in that post, it’s one of the reasons why there has been so little inventory to choose from this year in San Carlos since their existing homes are potential listings that will never see the light of day.

But there may be some good news on the horizon for our landlocked sellers.   A financial tool known as bridge funding is quietly making a comeback into this market, and it may be just what the doctor ordered for at least some of these sellers.

What is Bridge Funding?

In its most primitive form, bridge funding is simply the act of borrowing money against your existing home to give you extra capital to put together an offer on your next home — or in other words, providing  you “bridge” to purchase the second home.   It’s a practice that became virtually extinct with just about every other type of loan after the credit crash of 2008.  But now that the economy is humming along once again, banks are looking for ways to make more loans and to service (aka, make money from) their clients in creative ways.

The most common form of bridge funding is simply a short-loan that’s secured against the first house to provide liquid funds to help purchase the second house — this is referred to as a “bridge loan”.   The bridge loan is then paid off from the proceeds of the sale of the first home.   Here’s a perfect example of how this could be used:

A family of 5 is living in a cramped 3BR home and they’re desperately looking for more space.   They have good credit and decent equity in their existing home, and would probably easily qualify for a larger loan — but they don’t have enough money to meet the down payment requirements of the new loan.   They could sell their home to get the funds for the down payment, but they don’t want to run the risk of being homeless if they can’t find another place right away.    So they’re stuck…

A bridge loan would give them the funds for the down payment on the second home, and might even make the loan on the second home smaller.  They purchase the second home, then sell the first, and the bridge loan is paid off from the proceeds of the first sale.

Pretty simple, right?  There are many other examples of how this type of funding can be used to decouple the two transactions.   Because only a few specialty lenders are actively marketing bridge funding,  their offerings are often quite different and can be somewhat complex.  One lender I work with has four different bridge options for home buyers today.   That’s exactly 4 more than were available just a few years ago.

Is Bridge Funding Right for You..or Vice Versa?

Like anything else good in life, this doesn’t come free — nor even cheap, for that matter    With most bridge options, there’s usually an origination fee associated with the loan, and you’ll pay interest on the amount that you borrow at a rate that’s somewhat higher than the prevailing rate for conforming and jumbo first mortgages.

Also, not all buyers will qualify.  Generally speaking, the stronger a buyer is in the areas of credit scores, income level, and equity in their existing home, the more options will be available to them.    A qualified mortgage loan agent who specializes in these types of loans will need to run ALL the numbers to see what you qualify for.

Finally, many lenders that do bridge funding will require that you use them for the first mortgage on your new purchase, effectively locking you up for two loans, not one.  So you may have less flexibility with who you can work with on your mortgage.

But on the positive side, bridge funding may ultimately be the only way for some homeowners to actually get out of their existing house and into their next one, rather than just watching the market go by.

Interested?

If this sounds like something that may help you, drop me a call or an email (my contact information is in the sidebar)  and I will put you in direct contact with a couple of very sharp mortgage officers who know these products inside and out.   Each one has different options, so there’s bound to be a plan that works for you.

Who knows?  Maybe that larger home is closer to reality than you think.
_____________________________________________________________________________

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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Chuck Gillooley
Chuck Gillooley
Realtor, San Carlos Resident

(650) 207-2024
BRE# 01750684
Email: Chuck Gillooley
Website: http://cghomes.net
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