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The San Carlos Real Estate Week in Review: 8-23-15.

The San Carlos Week in Review is the only in depth weekly recap of the San Carlos real estate market, and it’s available every week 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 …

San Carlos Residential Real Estate Recap for the First Half of 2015.

The San Carlos real estate market just completed one of the most remarkable 6-month periods in recent history. The question is whether or not the market can maintain this bullish strength.

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 …

Recent Articles:

A Precipitous Drop in New Listings Squeezes the Mid-Peninsula.

house squeeze

The Market is Tight Everywhere.

As I have written about numerous times on the blog, San Carlos is in the midst of an extremely tight real estate market in 2015 that is characterized by paltry inventory levels and the lowest number of new listings of any year in the past decade. So far this year, the number of new single-family residence listings in San Carlos has dropped a whopping 21% from just last year.

It’s no wonder it seems like there are never any houses on the market to choose from, right?

But if you’re shopping for a home anywhere else on the mid-Peninsula, chances are that you’re experiencing the very same tight market conditions. Nearly every community on the mid-Peninsula has seen the number of new listings drop in 2015 compared to last year, with San Mateo being the lone exception. That phenomenon is playing a huge role in driving up home prices to all-time highs on the mid-Peninsula.

How much has the listing pipeline dried up this year? The table below compares the number of new single-family residence listings so far this year compared to the same 7-month period last year in the communities on the mid-Peninsula:

Community Listings YTD 2015
Listings YTD 2014 Difference
Burlingame 135 180 -25.0%
San Carlos 167 210 -20.5%
Belmont 143 168 -14.9%
Foster City 65 74 -12.2%
Menlo Park 242 259 -6.6%
Redwood City 420 444 -5.4%
San Mateo 410 428 +4.4%

Source: Multiple Listing Service (MLS).

Now since this data is pulled directly from the MLS, it is not taking into account any homes that were sold off-market and not recorded later on the MLS for comparable purposes. So it’s quite possible that the data for some of the higher-end markets of the mid-Peninsula like Menlo Park and Burlingame might not be as accurate as other communities, simply because they tend to have more off-market sales.

But if one assumes that the percentage of those non-reported sales remained relatively constant over the past few years, then the general assumption should bear out that there are simply fewer homes for sale this year on the mid-Peninsula.  Regardless, it’s an undeniable fact that there are fewer homes being marketed on the MLS this year than there were last year.

It’s the Economy.

What’s the reason behind this? Quite simply, it’s the economy. We are in the midst of the strongest job market the Bay Area has seen in decades. People simply aren’t moving out at the rate they normally do because all of the high-paying jobs are right here. Even many retirees are choosing to stay put on the Peninsula to be closer to their grandkids, or because they prefer the weather and lifestyle here.

Many “move-up” buyers are also being forced out of this market, too. These are people who already own a home in the area who would traditionally move up to a larger home as they outgrow the starter home that they’re in. But many of those homeowners are finding it impossible to compete against strong, non-contingent offers — especially if they have to sell their home first before purchasing their next home. So many move-up buyers are forced to stay put and expand their existing home, which has resulted in a remodeling boom on virtually every block on the Peninsula. That’s great for housing contractors, but not so good for home buyers because each one of these would have been a new listing in a less heated market.

On top of all that the Peninsula is almost 100% built out, meaning there is no room for any significant new housing.  There is no land on which to build large housing developments like you have in the East Bay, so the only option left is to go vertical, which a number of communities like Redwood City are aggressively pursuing.  That means the total stock for single-family residences on the Peninsula will remain essentially unchanged going forward.

So until something significantly changes in the local economy, get used to the housing market being extremely tight. When we revisit these stats at the end of the year, it’s very likely that 2015 will go down in the records books as the lowest number of new listings for many communities on the Peninsula.
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The San Carlos Real Estate Week in Review: 8-9-15.

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The Scoop.

Continuing our discussion from last week about the $2,000,000 sales mark for homes in San Carlos, this week marked another interesting milestone — the average list price for all 13 homes currently on the market in San Carlos is now sitting at $2,001,000. Since I have been compiling statistics for the Real Estate Week in Review, I cannot recall if or when the average asking price has ever topped $2M for a given week. I can remember that it wasn’t too long ago when the average price of a home in San Carlos first eclipsed the $1,000,000 mark, though.  It was more recent than you probably think!

The same milestone also held true for homes that closed escrow this past week, with two of the three homes selling for over $2,000,000. There doesn’t seem to be any reluctance to hit this mark in San Carlos, that’s for sure.

After a relatively busy week, the condo and townhouse market has went back to sleep. There were no new listings in San Carlos last week in this market segment, and no closed sales to report. Only one unit went pending last week, putting the inventory at three units for sale in the entire city. And those three should all be in contract sometime this week.

Here’s the scoop 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 8-9-2015:

San Carlos Housing Data 8-9-15 Prior Week
Closed Sales for the Week: 3 5
Average Sold Price: $2,001,000 $1,857,500
Average $/Sq Foot (Sold) $888 $777
Average Sold as Percentage Of List Price: 113% 115%
Average DOM of Closed Sales 28 14
No. of Homes Pending Sale: 21 17
No. of New Listings: 7 4
Total # of Active Listings: 13 13
Average Price of Active Listings: $2,074,308 $1,759,267
Average DOM of Active Listings: 11 14
Average $/Sq Foot (List) $751 $792
Active-Pending Ratio: 0.62 : 1 0.76 : 1

>>> Click Here to Read the Full Post
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White Oaks Celebrates “National Night Out” Tonight!

National Night Out Logo

Bigger and Better.

As they have done for the past several years, the White Oaks Neighborhood Watch will host their own special block party tonight to commemorate “National Night Out“, an annual nationwide event that encourages residents to get out and meet their neighbors,  and welcomes local law enforcement officers and firefighters into the neighborhood to help combat crime.

This year’s biggest block party in White Oaks kicks will take place from 5:30 p.m. to 8 p.m. on Sunnydale Avenue between Elm and Stanford.  Last year, the annual event drew more than 200 people.  This year, says organizer Bill Widner, will see the return of Sanchos Taqueria catering truck and the addition the recently launched Steamin’ Burgers gourmet truck.  And of course don’t forget about the traditional free ice cream!  Everyone in White Oaks is invited.

Both the San Carlos Bureau of the San Mateo County Sheriff’s Office and the Redwood City/San Carlos Fire Department plan to have vehicles on display.  If we’re lucky, we’ll see the remote-controlled bomb-removal robot as well as the sheriff’s department’s SWAT team and their Bear Cat vehicle, according to Sgt. Rick Tippins. Also planning to be on hand is an engine company from the fire department. There may be a few other surprises as well. Be sure to bring the kids!

Just like last year, this section of Sunnydale will be closed off to traffic, giving everyone plenty of room to mingle with the first responders and neighbors.

This year’s White Oaks National Night Out is made possible by the gracious participation of the San Carlos Bureau of the San Mateo County Sheriff’s Office and the Redwood City/San Carlos Fire Department, courtesy of Sheriff’s Capt. Greg Rothaus and the fire department’s Emergency Preparedness Coordinator, Christy Adonis. White Oaks National Night Out is a great opportunity to meet and greet the first responders who are close by when we need them, and to learn about programs that can help us stay safe and secure.

Communities throughout the Bay Area and across the country are celebrating National Night Out, which has now reached near-holiday status. So bring the kids and your appetite to White Oaks, and help make this event the biggest one ever!

(Special thanks to White Oaks neighborhood watch proponent Ken Castle for getting the word out!)
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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: 8-2-15.

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The Scoop.

The further that we get into this amazing run up in home prices all along the Peninsula, the more we seem to find ourselves circling around the $2,000,000 sales mark for homes in San Carlos. In all of 2014, there were 26 homes that sold for $2M or higher in San Carlos (on the MLS) — there are already 20 in just the first 7 months of 2015. What makes this number even more remarkable that there have been 9 homes that just missed this apex in 2015, having closed between $1.9M and $2M. Two of those 9 closed this past week.

Having reported on the San Carlos real estate market every week for the past 8 years, it still blows my mind that I am reporting numbers like this for San Carlos.  Truly amazing.

After a few quiet weeks, the condo and townhouse market has kicked back to life.  There are 4 new listings that hit the market last week, which should give shoppers in the market segment a little bit more to see. And speaking of noticeable price increases, the unit that closed this week at 3 Bellflower Lane along the previous sale at 20 Buttercup Lane are serving notice that you should be thinking about a number beginning with $1.3M if you want a clean 2BR townhouse with a view up in Crestview Park.

Again, truly amazing…

Here’s the scoop 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 8-2-2015:

San Carlos Housing Data 8-2-15 Prior Week
Closed Sales for the Week: 5 6
Average Sold Price: $1,857,500 $1,471,000
Average $/Sq Foot (Sold) $777 $795
Average Sold as Percentage Of List Price: 115% 119%
Average DOM of Closed Sales 14 10
No. of Homes Pending Sale: 17 16
No. of New Listings: 4 7
Total # of Active Listings: 13 14
Average Price of Active Listings: $1,759,267 $1,785,243
Average DOM of Active Listings: 14 12
Average $/Sq Foot (List) $792 $785
Active-Pending Ratio: 0.76 : 1 0.89 : 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.
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San Carlos Launches Interactive Maps, iPhone Apps for Downtown Businesses

app store

A Technology Leader.

The City of San Carlos has always been an early pioneer and a leader in applying technology and innovation to civic applications. As a case in point, they won an award years ago for having the best website after being one of the first cities on the Peninsula to offer a city-wide site.

They were also one of the first cities to push the City Council agenda and minutes online, so that the public has access to these important files.  And let us not forget about San Carlos TV!

The city’s latest technology push has resulted in a nifty little interactive map that you can use to explore and connect with downtown businesses in San Carlos. This includes restaurants, retail stores, and even real estate offices (yes, Dwell Realtors is absolutely in there!)

The map is light and efficient, and allows you to quickly search by category to find exactly which business you are looking for. Once you click on the tab of that particular business, you immediately have a map of their location, as well as their phone number and a single-click to their website.

Here is a screen shot of the desktop version of the business map:

Map Screen Shot

There is also an entirely separate interactive map that’s dedicated to just building and construction material businesses in San Carlos, and that can be accessed by clicking here.

iPhone Apps.

To make these fantastic maps accessible to the mobile public, they are also available in app format for the iPhone (no word yet regarding Android support.)   To access these free apps on the iTunes store, click the respective icons below:

SCAppLogoSmallBLDGAppLogoSmall

 

Kudos to the City of San Carlos for investing the time, energy, and funds to create such a useful suite of online tools for the residents of 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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Best of Tour in San Carlos: 7-28-2015.

The best

As I mentioned in this week’s San Carlos Real Estate Week in Review, there was a somewhat surprising bump in the number of new listings to hit the market this week, considering that we are still in the thick of summer and most sellers opt to wait until after Labor Day to test the market again.

Perhaps some are looking to jump the gun on the fall market?

Whatever the reason, this bump in listings made for a busy tour day on Tuesday in San Carlos.  As I occasionally do on the site, I like to highlight one (or more) of these new listings that catch my attention after I finish touring them all on Tuesday.

1976 White Oak Way.

This may seem to be an odd pick as my “Best of Tour San Carlos” to some, considering there are larger and newer homes that were on tour this week. But I really like 1976 White Oak Way, not because of what it is now, but more for the potential of what it can be.  1976 White Oak Way is listed at $1,198,000 by my friend John Shroyer at Today Sothebys.  (Click on the picture below for the listing details).

1976 White Oak Way, San Carlos

1976 White Oak Way, San Carlos

At first blush, it’s not easy to see why this is my go-to house of the week. After all, it’s only a 2BR/1BA, 1,230 square foot home that needs some updating. But what make this one a winner, and will make it a hotly contested listing, is the location and the potential.

This home is located on 5,600 square foot flat lot right in the heart of White Oaks.  It’s on the part of White Oak Way that dead-ends into the elementary school, so aside from the normal drop-off and pick-up routines, there shouldn’t be much traffic on this block. This is exactly the starting point that many well-heeled buyers in San Carlos are looking for to build their own dream home.

The curb appeal of this block of White Oak Way is fabulous, so no matter what the new buyers ultimately do with this home, it will be money well spent in one of the better locations in the city.  It will be very interesting to see where this one goes when they take offers next week.

440 Chestnut Street.

If you like a home with lots of character, then 440 Chestnut Street is well worth seeing. It has to be the largest 2-bedroom home that I’ve ever seen, topping the stats at a whopping 2,460 sq feet (per the MLS). The character and architecture of this house is what captures you when you walk in — at 80 years, it’s one of the older homes in San Carlos in one of the oldest sections of town.  It’s listed for $1,595,000 by Patricia Giossi of Coldwell Banker. Click on the picture below for all of the listing details.

440 Chestnut Street, San Carlos

440 Chestnut Street, San Carlos

As you might expect in a Spanish-style home from the 1930’s, there are lots of architectural goodies in this home. Grand hardwood floors, arched doorways, and spacious ceilings are remnants of the heritage of San Carlos. But what makes this home a winner, much like 1976 White Oak Way, is the potential.  There’s just a lot of room to do things with in this home — even in the huge detached garage, which has a sprawling attached area that’s probably as big as the garage itself. A little imagination will go a long way with this house.

The location is also a huge plus for this home. Cordes, as I’ve mentioned many times on this site, is actually much closer to all of the hot restaurants on NoLa (North Laurel) than most homes in White Oaks and Howard Park. Even more important, it’s an easy hoof to the Caltrain station for those who choose not to slog it out on 101 every day.

Those are my two picks from this week’s tour.  Let me know if you’re interested in seeing either of them!
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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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Schools and Land Use in San Carlos.

Laureola1 small

A Common Misconception.

When it comes to commercial building development in San Carlos, the Building and Planning Divisions of San Carlos are intimately involved in the every step of the process. From the initial conceptual design and environmental impact report (EIR) all the way through implementation and construction of the project, you can rest assured that both Divisions carry significant influence in how the development will ultimately turn out.

For every major commercial development that is currently under construction or in the planning phases for construction (Wheeler Plaza, Transit Village, Landmark Hotel, etc..), that’s exactly how the process works. But there’s one class of development that is the exception to this rule, and it creates lots of confusion in the community who owns oversees it – schools.

Because the development of new schools is governed at the state level, the City has very little involvement into where schools can be built, and what they ultimately look like.  Unfortunately, the City becomes the punching bag when unpopular decisions are made in this area, when in reality it’s entirely out of their hands.

Recently, the Sequoia Union High School District made some significant waves in the local community by announcing its intent to build two “magnet” high schools within its boundaries. These two schools would be of much smaller scale than the existing campuses in the District, with each holding only 300-400 students — less than 1/4 of the enrollment of any other school in the district, and a far smaller physical footprint since neither school needs the additional space for athletic facilities.

The District moved forward and closed on two properties targeted for these magnet campuses.  The first is at 153 Jefferson Avenue in Menlo Park, and the second plot is at 535 Old County Road in the Greater East Side Neighborhood of San Carlos.

The controversy arises not from the fact that the District has chosen to build the two campuses. They are battling the same over-capacity concerns that literally every school district on the Peninsula is right now. The concern is over the location of the school – specifically, the proposed San Carlos magnet school. Anyone who knows San Carlos traffic patterns is keenly aware that the multiple intersections of Holly Street at both El Camino Real and Old County Road already get extremely congested during peak hours. Adding a 400-student school right at this intersection is going to pose some significant traffic challenges.

To make matters worse for GESC residents, it comes on the heels of battles that were fought over the Transit Village, the Landmark Hotel, and the Holly Street re-striping. This must have a certain “deja-vu” feeling to it, and I’m quite certain they feel that they are on the defense yet again.

The Future Of Laureola Park?

Of equal concern with the San Carlos location is the fact that it is adjacent to Laureola Park, which has prompted fears from the community that the magnet school will eventually absorb this coveted neighborhood park for its own use.

While the City of San Carlos has very little impact on the development of schools, it does have the ultimate control and authority over what can be done with its parks, a fact that the City recently reassured its citizens of in an online letter.  It also used this opportunity to provide citizens with the proper conduit to voice their opinions about the proposed magnet school development.

So the bottom line is that while the City has very little control over the magnet school that is being proposed, it does have ultimate authority over Laureola Park.  And as of now, it’s not going anywhere.

Here is the letter from the City of San Carlos in its entirety:

Most projects and land use decisions in San Carlos require City approval. As such, residents are used to sharing their comments and concerns about such proposals with their elected City Council members and the City Staff. One of the few exceptions to this City land use control is the planning and building of public schools. The State agencies listed at the bottom of the page oversee all public school projects and both the High School District and San Carlos Elementary School District are exempted by the State from any local land use control and oversight.

The decision to locate a new magnet high school in San Carlos is under the sole jurisdiction of the Sequoia Union High School District Board.  The City has had very little involvement with the specifics of the proposed 300-400 student magnet high school that the District is considering locating on Old County Road near Laureola Park and the Cal Train Station.  The City staff has offered to meet with District Staff to discuss their proposed new school and any potential sites and alternatives in San Carlos.

While the City is interested in hearing from our community about how they feel about what’s being proposed, the City does not have the ability to approve or reject the project.  There has also been a lot of talk in the community that the District will take or use Laureola Park as part of the school. This has not been proposed by the District to date nor has the City considered this. The park is the sole responsibility of the City and its City Council members and any future proposals to use the park in conjunction with a high school would be discussed and considered by the City Council with the public before any changes could take place with regard to the park. While the District can build a school without the City being involved, they cannot take or use a City park without the City’s consent.

Early next year the City will use the Shape San Carlos open online town hall forum to provide residents with the opportunity to share their views on the High School District’s proposed plans.

In the meantime, if you’d like to share your thoughts with your elected High School Board members their contact information is as follows:

Allen Weiner, President
[email protected]
650-724-5892

Olivia Martinez, Vice President
[email protected]
650-323-7311

Chris Thomsen
[email protected]
650-736-7569

Carrie Du Bois
[email protected]
650-766-9069

Alan Sarver
[email protected]
650-592-6129

State Agencies:

California Department of Education
916-319-0800
http://www.cde.ca.gov/index.asp

Office of Public School Construction
916-376-1771
http://www.dgs.ca.gov/opsc/Home.aspx

Division of the State Architect
916-445-8100
http://www.dgs.ca.gov/dsa/home.aspx

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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: 7-26-15.

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The Scoop.

It was a surprisingly robust week for new listings in San Carlos, considering that we’re smack in the middle of the summer and late-July is not traditionally a strong market for listing homes. Nonetheless, there were seven new single-family listings that entered the market last week, which helped to drive the inventory up to a total of 14 homes for sale. That’s still not a huge number, but it’s a good pop above where we closed the previous week.

Sale prices for homes that closed last week were remarkably strong, too, with the sales prices fetching a whopping 19% above the list price on average.  That’s significantly higher than what we typically see on a weekly basis, and this week it can be attributed both to some surprisingly strong sales prices, combined with a few homes that were simply under-priced to begin with, which skewed that number slightly upward.

But regardless, the market still remains active and strong for single-family residences in San Carlos.  The same can’t be said for condos and townhomes, though.  As of this morning, there is only one condo for sale in the entire city

Here’s the scoop 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 7-26-2015:

San Carlos Housing Data 7-26-15 Prior Week
Closed Sales for the Week: 6 8
Average Sold Price: $1,471,000 $1,837,725
Average $/Sq Foot (Sold) $795 $852
Average Sold as Percentage Of List Price: 119% 110%
Average DOM of Closed Sales 10 23
No. of Homes Pending Sale: 16 19
No. of New Listings: 7 4
Total # of Active Listings: 14 10
Average Price of Active Listings: $1,785,243 $1,829,395
Average DOM of Active Listings: 12 11
Average $/Sq Foot (List) $785 $823
Active-Pending Ratio: 0.89 : 1 0.53 : 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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