Mount San Carlos?
January 23, 2008
A volcano is probably the best analogy that I can think of that describes the real estate market in San Carlos right now. Picture Mount St. Helens the week before it erupted: quiet and peaceful on the outside, but an insane amount of pressure building beneath the surface. The huge disparity between the number of buyers and and the available listings in San Carlos right now is creating a similar effect.
How else can you explain how a home that backs up to a middle school and faces a busy park sells in less than a week, with multiple (I've heard as high as eight) offers? Or, how a the most expensive home on Birch disappeared faster than it takes to get a table at Town on a Friday night??? 🙂
Simple. It's the economics of supply and demand. And right now the demand below the surface of “Mount San Carlos” is far greater than the supply of listings, and it's creating a lot of angst with potential buyers. Need more proof? On this week's broker's tour, there were three first-time homes on tour in all of San Carlos. Three! And not one of them was in White Oaks.
Recession in San Carlos? Please. More like impending eruption. Kudos to the sellers on Birch, Arroyo, Ruby, and Saint Francis for deciding to sell in January. Their foresight appears to have paid off handsomely.