Unfinished Homes Spell “Opportunity” for San Carlos Buyers…
February 11, 2009
“The best-laid plans of mice and men/
often go awry”
This line from the Robert Burns poem “To a Mouse” exemplifies how a sudden, harsh turn in the economy can derail even the smartest plans for developing new homes, or even remodeling existing homes. I hail from the semiconductor industry, and I have seen my fair share of commercial buildings in Silicon Valley that have been built and never occupied…or worse yet, never even finished. That's more common in commercial real estate when there's a sudden economic downturn; after all, the fortunes in technology swing far faster than the buildings that will house them. But what about residential real estate… in San Carlos?
Make no mistake; San Carlos is not being spared the wrath of this stormy economy. But out of every crisis springs opportunity, and if you're handy in the home-building trades (or you have good buddies who are, and may owe you a favor) there are a couple of opportunities for you to purchase a nice home in San Carlos at a steep discount. The catch? All you need to do is finish the work… Here are the details; be sure to click on the address links to see the interior photos. This will give you a better idea how much work will be required to finish both of these homes:
This home was supposed to be the fourth of 5 homes to be built in the Oakview Knolls development of White Oaks. But if a picture is worth a thousand words, then these few words that are on the MLS paint a pretty clear picture of what's happening here:
“This almost complete new home is among a 5 home development that will not be finished by the developer. Three of the wonderful, spacious, high quality homes have been completed. What is needed: flooring, light fixtures, plumbing fixtures, A/C & heating units, cabinetry, countertops, security system, & landscaping.”
The home is 2,835 square feet and is listed at $1,195,000. Compare that to the two smaller but finished homes at 260 Oakview Drive and 290 Oakview Drive that are both listed at $1,525,000, and you can see the potential for some serious savings here.
This 2,260 square foot unfinished home is being offered at $879,000. This equates to $389/sq foot, compared to the overall average of about $570/sq foot in all of San Carlos. Like 280 Oakview, you get a lot of square footage for a small price with this home.
What you'll need…
As I mentioned above, you'll need access to folks in a variety of trades to finish these homes. If you can do the work yourself, all the better. It's also important to know that getting a first mortgage on an unfinished home is more difficult, especially now that credit is extremely tight and banks are already nervous about lending money in this environment.
But if you're looking for a great deal in San Carlos while still having the ability to put your personal touch on the finish work, be sure to check both of these out.