Home Prices Skyrocket in Greater East Side San Carlos.
March 29, 2018
Long considered the last bastion of affordability in San Carlos, the Greater East Side neighborhood appears to be rapidly shedding that reputation, if recent home sales are any indication. In recent years, the GESC neighborhood was probably the only place that you could find a home in San Carlos for under $1,000,000. In fact, it wasn't until 2013 that the first $1M sale registered on the MLS for this area, and it took nearly another year for the second home to break that mark. The rest of San Carlos had long shattered that milestone by then.
Fast forward to the present, and now we are wondering if we will ever see a home in GESC to sell for under $1,000,000 again. The last home to sell for under $1M in GESC was nearly a year ago, and that was a home on Holly Street — arguably one of the toughest streets to sell a home on in all of San Carlos. But even Holly Street seems to have joined the million dollar club, with the last 3 homes sales on that street easily eclipsing $1,000,000. How times have changed…
Those who call the east side of San Carlos “home” are probably not surprised by the sudden popularity of their neighborhood. The lot sizes are comparable to White Oaks and Howard Park, they are in the same highly desirable school district, and probably the best kept secret of all is that much of GESC is closer to the downtown dining district of San Carlos than most other neighborhoods. Just a couple of blocks, and you're on north Laurel Street.
Keeping in mind that the sample size for 2018 so far is not statistically large, it still is a valid indicator of where pricing is headed in GESC:
The average price of the 6 homes that have sold so far this year has already surpassed the $1.5M mark, which represents a whopping 26% increase from just last year. By comparison, the average home price for all of San Carlos has grown by just 3% over the same time period. And the two homes that are pending sale in GESC along with the new listing at 66 Bayport Court should fall right in line with these projections.
So for those homeowners that are already enjoying the east side of San Carlos, congratulations! The value of your homes has grown by leaps and bounds over the past year — a situation that was frankly long overdue.
And for those of you who were hoping to find something something “affordable” in this part of San Carlos, that train may have already left the station. The only question remaining is how long it will take for us to see the first $2,000,000 sale here.