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The San Carlos Real Estate Week in Review: 7-5-15.

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 …

Behind the Numbers: $2,000,000 Home Sales in San Carlos.

The number of homes to sell for $2,000,000 or above in San Carlos has by almost 70% in 2014. While this may not be totally surprising given the state of the local economy, there are some interesting trends that emerge when we dig into the numbers.

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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2014 San Carlos Townhouse/Condo Report.

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Big Rebound for Condos and Townhomes.

A few weeks ago, we did an in-depth analysis of the 2014 sales performance for all single-family home sales in San Carlos. We took a look at such metrics as Average Sales Price, Number of New Listings, and Average Days on Market, and compared them to the performance over the past 7 years.  The numbers were quite revealing, as they confirmed that we are indeed on a massive upswing in pricing. But some of the metrics were also a bit surprising, such as the fact that we experienced the lowest level of new listings in San Carlos than any point in the last 10 years.

In this post, we’ll take a similar look at the condo and townhouse market in San Carlos, and how it has performed over the same period.  For the purpose of this analysis, there is no differentiation made between condos and townhouses in these numbers — for simplicity, the are grouped together and the terms are used interchangeably.

Prices Surge Upward.

As the local economy improved and house prices began their breathtaking ascent, condos and townhouses became very attractive alternatives to those buyers who were simply priced out of the single-family home market, or who did not want the hassle of maintaining their own home.  Consequently, prices rose over 12% from 2013, and recovered a whopping 64% from the trough of the market in 2011.  Back in those dark days, quite a few condos were being sold as short sales, and unfortunately a disproportionate number went to foreclosure.  The $574,227 figure in 2014 squeaked ahead of the same metric posted at the peak of the market in 2007, thus marking a full recovery in prices from the depths of the recession.

>>> Click Here to Read the Full Post
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The San Carlos Real Estate Week in Review: 1-25-15.

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The Peninsula real estate market is definitely back in full swing, even though we are still in January. Open houses were absolutely packed this weekend, as buyers looked to get a jumpstart on the rest of the home buyers that are planning to buy this year. 4 homes in San Carlos went into contract this past week, with none of them lasting on the market much longer than 2 weeks — and at least one of these 4 homes garnered quite a few offers.

Not all is rosy in the Silicon Valley job market, which plays such a big factor in the housing demand on the Peninsula.  eBay announced that they are laying off 2,400 workers, and Dreamworks is planning on shuttering its operations in the seaport of Redwood City, putting 500 people out of work. But it’s a fair bet that the overall growth of the tech economy still overshadows these missteps.  Box in Redwood City went public last week, which should bode well for their 1,100 or so employees that will be occupying those spectacular towers behind Sequoia Station.  And let’s not forget that gas prices are low, and the stock market is high — two items that help boost consumer confidence.

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 1-25-2015:

San Carlos Housing Data 1-25-15 Prior Week
Closed Sales for the Week: 4 1
Average Sold Price: $1,358,750 $1,150,000
Average $/Sq Foot (Sold) $860 $1,250
Average Sold – Percentage Of List Price: 99% 118%
Average DOM of Closed Sales 37 8
No. of Homes Pending Sale: 15 16
No. of Active Listings: 11 10
Average Price of Active Listings: $1,534,177 $1,659,000
Average DOM of Active Listings: 16 15
Average $/Sq Foot (List) $786 $758
Active-Pending Ratio: 0.69 : 1 0.63: 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 Big Announcement, Part I: A Strategic Partnership — Bredel & Gillooley

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The First of Two Major Announcements from Bob Bredel & Chuck Gillooley

Earlier this week, there were two very conspicuously similar posts on both the White Oaks Blog and Bob Bredel’s San Carlos Blog about a significant announcement that was to be made today. If you read one of our blogs, you very likely also read the other — which is a big reason why this announcement makes so much sense. Those seemingly identical announcements were no sheer coincidence.  The things that we are announcing today and next week are indeed very much related and will have a major impact on the local real estate market.

Here’s the first…

On behalf of Bob Bredel and myself, I am very pleased to announce that we have formalized a strategic business partnership — Bredel & Gillooley — which not only includes ourselves as top-producing local Realtors, but also connects the San Carlos and White Oaks Blogs. This has been something that we have been working toward for some time and we are thrilled that we can finally go public with what we believe will be an extraordinary team that is poised to provide our clients with the most comprehensive, insightful and effective representation in San Carlos.

Photo Jan 23, 6 45 54 AM

Why the Partnership?

A few reasons: First, the real estate landscape has changed dramatically in San Carlos over the last few years. What has been happening in San Carlos and the rest of the mid-peninsula is a game changer. It’s just not extreme inventory shortages that have plagued San Carlos for the last three years — it’s bigger than that. Entire towns, like San Carlos, are being re-shaped from their long-standing identity. As such, being on top of the real estate market is more than being able to conduct a comparative market analysis for your clients. It’s understanding how the community as a whole is functioning, what’s changing and what’s important to its residents. It’s literally having your finger on the pulse of the local real estate market.

For the past eight years, the San Carlos Blog and the White Oaks Blog have been the go-to sites in San Carlos, not just for real estate updates and insight, but also for community issues and discussion. Combined, we are ready to put that knowledge and experience to work for all of our clients.

What Changes?

Simply put, you get both of us. While one of us will be your lead agent, you will get the experience, knowledge and advice of the other. If you are a seller, your home gets the highly local exposure on both the San Carlos Blog and the White Oaks Blog. We will both work to drive the highest number of qualified buyers to your home through a unique marketing plan that can only be accomplished by using both of our sites.

If you are a buyer, you will have complete access upcoming listings known by both of us. Inventory is the kingpin right now. Buyers availing themselves to the greatest number of opportunities will only increase their odds of landing the home they want.

We are very excited to launch our new partnership, and to offer all of you the experience, knowledge and insight that is so important in our highly performing and ever-changing San Carlos market.

The Next Big Announcement:

The Bredel & Gillooley team is only part of a much bigger, exciting evolution that will be taking place in the world of San Carlos real estate.  Holding true to our roots of our area, we are proud to announce the formation of a new real estate brokerage in downtown San Carlos that has been completely retooled from the ground up, and builds on the concepts of experience, collaboration, and technology — which are the hallmarks of our partnership. This new brokerage offers a sleek new look and a hip, modern feel. More important, this new brokerage will be comprised of some of the most recognized and established agents in the San Carlos, Redwood City, and Belmont real estate markets.

Stay tuned next week for another very special announcement on both the San Carlos Blog and White Oaks Blog where we will formally introduce the brokerage and the full roster of agents.

A sincere thank you from both of us. We look forward to seeing you around town!

— Bob Bredel & Chuck Gillooley

 
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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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Major San Carlos Real Estate Announcement: Friday 1/23.

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Change is Coming…

To my clients, friends, and loyal readers of the White Oaks Blog:  There will be a major announcement (the first of several in the coming weeks) regarding myself and the White Oaks Blog this Friday, January 23rd — right here on the blog. I’m very excited about the news I will be sharing with you – I hope you will be to!

Stay tuned!
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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: 1-17-15.

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The San Carlos real estate market seems to be charging out the gate this January, very much in contrast to the Januarys of prior years.  This past week alone, there were 7 new single-family listings to debut on the market, which pushed the inventory back to double-digits for the first time in over a month.

There is a widely held belief that the true start of the real estate market is after the Super Bowl is completed. This may have been true since for many years a local team was either in the big game, or at least competing for it. But we all know that this year is different, right? Perhaps this is a reason for the early season surge that we are seeing, or it could be that home sellers are sensing that it’s time to cash out and move on.  Either way, we’re off to a promising start so far.

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 1-17-2015:

San Carlos Housing Data 1-17-15 Prior Week
Closed Sales for the Week: 1 3
Average Sold Price: $1,150,000 $1,485,000
Average $/Sq Foot (Sold) $1,250 $603
Average Sold – Percentage Of List Price: 118% 97%
Average DOM of Closed Sales 8 31
No. of Homes Pending Sale: 16 13
No. of Active Listings: 10 5
Average Price of Active Listings: $1,659,000 $1,310,990
Average DOM of Active Listings: 15 9
Average $/Sq Foot (List) $758 $758
Active-Pending Ratio: 0.63 : 1 0.38: 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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A Record Year for $2M Homes in San Carlos.

MoneyHouse

No Longer Extraordinary?

The $2,000,000 home sales price threshold in San Carlos is one that we tracked fairly regularly on the White Oaks Blog last year. It wasn’t too long ago that a home sale at or above $2,000,000 in San Carlos was something that made us market-watchers sit up and take notice. But midway through last year, it was becoming readily apparent that this price point no longer rarefied air, as the market surpassed the previous year’s number of $2M sales before we were even halfway through 2014.

While that may not seem surprising when you consider how far and fast the real estate market increased, one can’t take for granted that buyers would happily shell out $2M or more on a home in San Carlos.  After all, it’s not quite like Menlo Park or Palo Alto in that respect. But those very same aforementioned markets became immediately unaffordable to the to many home buyers last year, so many of them were forced to consider San Carlos as a viable option.

 

$2,000,000+ Home Sales in San Carlos

$2,000,000+ Home Sales in San Carlos

 

The 26 homes that sold for $2,000,000 or more in 2014 was double the number that sold the previous year, and was more than all of the previous 3 years combined.  So clearly, there is very little resistance to this milestone in the San Carlos real estate market. In fact, you can expect to see quite a few more homes selling with a “2” in front of them in San Carlos in 2015.

For a list of the homes that sold for $2,000,000 or above in San Carlos, click here: $2M Home Sales – 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: 1-10-15.

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The early-January real estate market in San Carlos is slowly starting to awaken from the traditional holiday hibernation. There were 3 new listings to hit the market last week, and more that are in the planning phases to make their debut in the coming weeks.  It will take a pretty significant push to get the inventory back up into the double-digits, but early indications are showing that January will be an active month.

If you’re a buyer in this market, it would be good advice to pay close attention to the market in the coming weeks. There should be some good opportunities coming available.

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 1-10-2015:

San Carlos Housing Data 1-10-15 Prior Week
Closed Sales for the Week: 3 3
Average Sold Price: $1,485,000 $1,122,960
Average $/Sq Foot (Sold) $603 $804
Average Sold – Percentage Of List Price: 97% 100%
Average DOM of Closed Sales 31 24
No. of Homes Pending Sale: 13 16
No. of Active Listings: 5 3
Average Price of Active Listings: $1,310,990 $1,189,667
Average DOM of Active Listings: 9 32
Average $/Sq Foot (List) $758 $804
Active-Pending Ratio: 0.38 : 1 0.19: 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 Real Estate: A Look Back at 2014.

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2014: A Year for the Record Books.

The real estate market in San Carlos, as well as everywhere on the San Francisco Peninsula, will be one that goes down in the record books. Fueled by a robust economy, a booming stock market, and low interest rates, the local real estate market started out of the chutes absolutely on fire and never cooled off the entire year. The exponential job growth in the tech sector brought many new home buyers to the local market, which exacerbated an already critical imbalance between the demand for homes and the available inventory. When you add the unprecedented buying power that buyers wielded this year, you had the perfect storm which absolutely blew the roof off the market.

Even the most bullish of predictions that were made for 2014 market a year ago were surpassed with relative ease. A year ago, I published some predictions about how the market might behave in 2014. While many of the things I predicted turned out to be true, there were several predictions that I was simply wrong about:

If these prices were to continue on the same trajectory, at this time next year the average price for a home in San Carlos would top $1,500,000, at an average of $828/square foot.   The average price of a 3-bedroom home, which is the bread-and-butter of the San Carlos housing stock, would hit $1,445,000.    And remember, these are only average values.  Many homes would thus have to sell for even higher.   Is this where market will be at this time next year?  I’m betting that it won’t…”  — White Oaks Blog, Dec 2013

There will be significantly more listings in 2014 than in 2013.”  — White Oaks Blog, Dec 2013

Interest rates will rise in 2014.”  — White Oaks Blog, Dec 2013

The reason for detailing last year’s predictions above was not to highlight the fact that I was about as accurate as the average weather forecaster, but more to call attention to a couple of key surprising factors that served to push the local market to stratospheric heights. In the charts below, we’ll discuss all of these elements in more detail.
>>> 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.
Get the best coverage on the San Carlos real estate market delivered right to you!
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Chuck Gillooley
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