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The San Carlos Real Estate Week in Review: 11-22-14.

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 …

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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The San Carlos Real Estate Week in Review: 5-3-14.

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The month of May started with a bang, as a whole crop of new listings debuted on Thursday and Friday of last week.  You almost needed a scorecard to keep track of all of the homes that popped up on those two days (by San Carlos standards, anyway.)   But even with that significant push of new inventory, there are still only 13 single family homes for sale in the entire city.

If you thought there was going to be a break in the ferocity of the overbidding on homes in San Carlos, think again.   For the homes that closed escrow this past week, the average amount that was paid over the list price was 13%.  The leader of the pack from a sheer dollar perspective was the home at 124 Normandy Court, which fetched a premium of $552,000 above the asking price – almost as breathtaking as the view from the house.     And from the intelligence I gathered on the pending sales that occurred last week, that trend will certainly continue.  Stay tuned..

Here are the details from 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 5-3-2014:

San Carlos Housing Data 5-3-14 Prior Week
Closed Sales for the Week: 8 11
Average Sold Price: $1,589,125 $1,460,636
Average $/Sq Foot (Sold) $863 $729
Average Percentage Over List Price: 113% 105%
Average DOM of Closed Sales 28 28
No. of Homes Pending Sale: 27 28
No. of Active Listings: 13 11
Average Price of Active Listings: $1,771,914 $1,574,864
Average DOM of Active Listings: 11 17
Average $/Sq Foot (List) $704 $733
Active-Pending Ratio: 0.48 : 1 0.25 : 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: 4-26-14.

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There were some very strong closings this week that served as a stark reminder of the continued strength of the San Carlos real estate market.   The most notable was the home at 2235 Carmelita Drive, which closed at $2,272,000 – or a whopping $574,000 above the asking price.  And not far behind was the newly renovated home at 1355 Central Avenue, which fetched a $312,000 premium when it closed at $2,310,000.   Both are listed below in the “Sold” section of the post below.

This highlights the fact that home buyers in San Carlos are still willing to go to the mat for that “X-factor” that they haven’t been able to find in San Carlos, nor afford in other pricier communities.   Whether it’s getting that rare extra bedroom or two, having an address on a desirable street, securing that killer bay view, or simply finding a home with a flat back yard;  buyers continue to demonstrate that they’re still willing to pay top dollar to get what they want in San Carlos.

Here are the details from 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 4-26-2014:

San Carlos Housing Data 4-26-14 Prior Week
Closed Sales for the Week: 11 4
Average Sold Price: $1,460,636 $1,211,000
Average $/Sq Foot (Sold) $729 $804
Sold Price vs Orig List Price: 105% 107%
Average DOM of Closed Sales 28 17
No. of Homes Pending Sale: 28 36
No. of Active Listings: 11 9
Average Price of Active Listings: $1,574,864 $1,607,111
Average DOM of Active Listings: 17 16
Average $/Sq Foot (List) $733 $673
Active-Pending Ratio: 0.25 : 1 0.25 : 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: 4-19-14.

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The combination of Easter and the final week of spring break seemed to keep the San Carlos home sellers on the sidelines this past week.  While there were only 3 new single-family listings to debut and not a single condo or townhouse, the buyers who stayed in town kept the market jumping.   7 homes were put into contract, which has once again driven the available inventory of homes in San Carlos into the single-digit range.    The active/pending ratio in San Carlos dropped to 0.25 — one of the lowest levels that I have seen in quite some time.

In a traditional year, the month of May is one of the most robust listing periods in year, as sellers rush to get their homes to the market before the Summer break is upon us.   Home buyers are praying that this trend will happen again this year, because as of right now, there are only 9 homes to choose from in all of San Carlos – and that number will drop significantly next week without some new inventory to backfill.

Here are the details from 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 4-19-2014:

San Carlos Housing Data 4-19-14 Prior Week
Closed Sales for the Week: 4 5
Average Sold Price: $1,211,000 $1,656,200
Average $/Sq Foot (Sold) $804 $868
Sold Price vs Orig List Price: 107% 117%
Average DOM of Closed Sales 17 9
No. of Homes Pending Sale: 36 31
No. of Active Listings: 9 13
Average Price of Active Listings: $1,607,111 $1,302,808
Average DOM of Active Listings: 16 7
Average $/Sq Foot (List) $673 $697
Active-Pending Ratio: 0.25 : 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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Stunning New Listing in White Oaks.

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UPDATE:

This home is now listed on the MLS — the address is 2349 Eaton Avenue, and you can see all of the pictures on the MLS and on the virtual tour link:

Stop by the open houses this weekend!

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I am pleased to announce my newest listing in the White Oaks neighborhood of San Carlos.   This incredible three bedroom home has been meticulously updated throughout, with painstaking attention paid to every last detail.   The incredible chef’s kitchen is the centerpiece of this home, and it flows seamlessly into the dining and living areas, providing you with an open floorplan that is perfect for family living — but equally adept when you are entertaining guests.   The dramatic vaulted ceilings and exposed beams give this home an abundance of warmth and character.

There’s even a completely finished, detached room in the back that’s ideal for a home office or a workout room.  The entire yard is completely landscaped, with the back yard enveloping you in the scenery and serenity that only creek-side Eaton can provide.

This is not your ordinary “cosmetic” upgrade.  Here is just a glimpse of the scope of this project:

  • The home was taken down to the studs, and the layout of the kitchen and living areas dramatically changed.
  • Completely new chef’s kitchen with granite counters and top-end stainless steel appliances.
  • Master bath and hallway bath completely remodeled.
  • New dual-pane windows throughout the home.
  • Elegant hardwood floors, crown molding.
  • All new electrical, plumbing, furnace, and all ducting.
  • New landscaping front and back — elegant slate walkways, deck, and patio area.
  • Project was fully permitted, including the detached office/workout room.

The Scoop.

Here are the specifications of this marvelous home:

  • 3 bedrooms with 2 full bathroom, single level.   The master bathroom is en suite.
  • All bedrooms are on the same level and in the same area of the home.
  • 2- car garage with electric door and keypad access.
  • Main home is approx 1,733 sq feet (per architect plans, buyer to verify to their satisfaction.)
  • Detached office/workout room is approx 162 sq feet (per architect plans, buyer to verify to their satisfaction.)
  • Lot size is slightly over 5,700 square feet.
  • In the boundaries of White Oaks Elementary, Central Middle, and Sequoia High Schools (buyer to verify enrollment status.)
  • Price:  $1,800,000

Per the seller’s instructions, this home is being offered strictly off-market and is to be shown by appointment only to serious and fully qualified buyers.  Please contact me directly (or have your agent do so) to get more information about the location and to schedule a private showing of this wonderful White Oaks home.

Don’t miss this opportunity to own the very best of White Oaks!
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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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$2M Home Sales in San Carlos? Get Used To It.

2 Mil

When a home sells for $2,000,000 or more in San Carlos, it’s still an event that catches anyone’s attention who follows the San Carlos real estate market.   That’s because despite the breathtaking run-up in property values in this town over the past two years, homes with $2M+ price tags are still relatively few and far between.

In 2005, 2012 and 2013, the only years on record since 2000 where there was any significant number of homes to break this barrier, they only comprised about 4% of the total home sales in San Carlos.   And in that total period of time since 2000, $2M homes were a scant 1.6% of the total volume.

But that is about to change.   Take a look at the chart below which shows the number of $2M+ homes that have sold in San Carlos since 2007:

2 Million

So far in 2014, there have already been 8 sales of $2M or more in San Carlos  — and that’s just in the first 3.5 months. There are 2-3 homes that are currently pending sale that should close above this threshold, and a similar number that are currently on the market that should do the same.    So at this rate, we will set the record for the highest number of $2M+ sales in San Carlos before we even hit the mid-point of the year!   Now that‘s a strong market.

(Author’s Note:  The statistics above are extracted from homes sales that were reported to the Multiple Listing Service.  It does not account for homes that were sold off-market and not reported to the MLS.)

Time to Sell?

The local micro-economy is obviously driving this trend upward.   Larger, newer homes are being built in San Carlos at an unprecedented pace, and well-funded buyers who want to live in San Carlos are gladly stepping to the plate to pay $2M or more for a home that would probably cost them 25%-50% more just down the road in Menlo Park.

For some current homeowners in San Carlos who are thinking of retiring, or who need to relocate out of the area, this huge upswing in pricing has caused them to dramatically re-think their exit strategy.  Even if it means selling earlier than they planned and renting for a few years, many are cautiously watching the market for signs that it is hitting its peak.   It’s not at all unlike trying to time the stock market.

Do you have questions about what your San Carlos home is currently worth in this market?    I would be more than happy to provide you with a thorough analysis of your home’s value at absolutely no cost.  You might be very surprised what your home will fetch in this incredible market…
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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: 4-12-14.

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Spring break seemed to take a little wind out of the open house sails over the past two weekends.  With the exception of a few of the new listings, most open houses that I attended yesterday were eerily quiet.   Because the various schools and colleges in the area don’t take the same week off, this phenomenon has been spread out over the past few weekends.  It hasn’t appeared to rein in the appetite of home buyers in San Carlos, though, since they took another 7 homes off the market this past week.

A couple of homes that closed this week fetched prices over $2M — something that was unheard of a few years ago in sleepy San Carlos, but is now something much more commonplace in this red-hot market.   We’ll talk about that more later this week on the blog.

Here are the details from 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 4-12-2014:

San Carlos Housing Data 4-12-14 Prior Week
Closed Sales for the Week: 5 4
Average Sold Price: $1,656,200 $1,438,500
Average $/Sq Foot (Sold) $868 $773
Sold Price vs Orig List Price: 117% 105%
Average DOM of Closed Sales 9 11
No. of Homes Pending Sale: 31 30
No. of Active Listings: 13 13
Average Price of Active Listings: $1,302,808 $1,311,258
Average DOM of Active Listings: 7 10
Average $/Sq Foot (List) $697 $684
Active-Pending Ratio: 0.42 : 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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The San Carlos Real Estate Week in Review: 4-5-14.

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It’s hard to say whether it was just a slow week because of spring break, or if it’s because the market might be finally showing some signs of pushing back — but while it was another fairly busy week with 9 homes going into contract, several of these homes only got 1 or 2 offers.  One of them had to take a significant price reduction to get there.   On top of that, there are at least two homes in the active inventory list that had set offer dates for last week and came up empty.

Now before anyone draws any conclusions, it’s important to note that the showpiece homes like 1355 Central and 156 Normandy seemed to do quite remarkable this past week, as you will see when the sales prices are posted.   But for the first time since the beginning of the year, there seems to be the first sign of a pause in this runaway real estate market in San Carlos.   And while we can’t draw a trend from just one week’s worth of data, we will know a lot more about the appetite of this market in the coming 2 weeks.

Here are the details from 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 4-5-2014:

San Carlos Housing Data 4-5-14 Prior Week
Closed Sales for the Week: 4 6
Average Sold Price: $1,438,500 $1,436,833
Average $/Sq Foot (Sold) $773 $782
Sold Price vs Orig List Price: 105% 117%
Average DOM of Closed Sales 11 10
No. of Homes Pending Sale: 30 24
No. of Active Listings: 13 16
Average Price of Active Listings: $1,311,258 $1,467,234
Average DOM of Active Listings: 10 14
Average $/Sq Foot (List) $684 $659
Active-Pending Ratio: 0.43 : 1 0.67 : 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.
Get the best coverage on the San Carlos real estate market delivered right to you!
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Poll: Where’s the Best Sushi in San Carlos?

Sushi

Despite what it may seem, Laurel Street and the rest of the downtown dining district of San Carlos is not just comprised of Italian restaurants.  Among the various culinary delights, there is a surprising number of sushi restaurants that have cropped up in the City of Good Living, which means sushi lovers in San Carlos don’t have to exile to San Mateo, Burlingame,  or even Palo Alto to get their fix anymore.

But how does San Carlos rank on the Sushi scale?   Do we have legitimate contenders, or are we still in the minor leagues?   Cast your vote in the White Oaks Blog Poll in the right sidebar — since there are so many to choose from, you can vote for two of your favorites.     Feel free to give a shout out to your favorite San Carlos place in the comment section below,  or let me know if I missed any restaurant that should be considered in the poll.
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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
Realtor, San Carlos Resident

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