“The San Carlos Week In Review” for the week ending 11/29/08
Happy Thanksgiving, and welcome to the “San Carlos Week in Review” for the week ending 11/29/08. The “Week in Review” series is comprised of an occasional weekly podcast, and a summary of new listings and home sales in San Carlos the prior week. Between the two, you should get a great idea of what happened last week in San Carlos real estate.
Here’s what sold this week, and what new listings hit the market. Click on the addresses for more information.
Home Sales
- 119 Exbourne Ave: (Pictured Above) Sale Price: $930,000. Original List Price: $985,000. Difference: $55,000 (5.6% ) below original list. DOM: 31 Days. MLS # 80837884, listed by John Shroyer of RE/MAX Today.
- 805 Regent Ct: Sale Price: $1,010,000. Original List Price: $1,195,000. Difference: $185,000 (15.5% ) below original list. DOM: 144 Days. MLS # 80816610, listed by Margot Lockwood of Coldwell Banker.
- 124 Kelton Ave: Sale Price: $800,000. Original List Price: $849,000. Difference: $49,000 (5.8% ) below original list. DOM: 19 Days. MLS # 80838212, listed by Patricia Peterson of Coldwell Banker.
- 1381 Chestnut St: Sale Price: $800,000. Original List Price: $1,025,000. Difference: $225,000 (22% ) below original list. DOM: 19 Days under MLS # 80838212. The home originally listed 168 days ago under a different broker at $1,095,000 — so the sale price represents a drop of 27% from this price. The sale price of $800,000 translates into approximately $444/square foot, which is the second lowest value sell this year in White Oaks, according to the MLS.
New Listings
- 530 Walnut St: $1,350,000 — 4BR/3BA, 3,300 sq ft on a 8,525 square foot lot. MLS# 80846816, listed by John Shroyer of RE/MAX Today.
- 1335 Howard Ave: $999,950 — 3BR/2BA, 1,800 sq ft on a 5,280 square foot lot. MLS# 80847423 listed by Jim Tierney of NetEquity.
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Chuck –
What do you think the deal was with 1381 Chestnut St? While the property has what looks like no backyard, the price drop seems pretty significant for White Oaks – trend or anomaly?
Hi Fred,
Great questions. I don’t have any insight into why it sold at such an aggressive price. It’s a nice home, and I know it was on the market for quite awhile under a couple of different brokerages. But I would be speculating as to why it sold that price.
Regarding your second questions, there has indeed been a trend of declining prices in San Carlos over the past two quarters. Cash-strong buyers clearly have the upper hand, and are getting some very good deals. Offers that would have been considered an insult a year ago are now actually being entertained in some cases.
That being said, I still believe that this particular data-point is much more of an anomaly than a new benchmark, for two reasons. First, despite all of the price declines to hit San Carlos this year, the average sales price in White Oaks over the past 6 months is still $654/sq ft, so Chestnut’s price of $444/sq ft is simply off the charts. Of the 35 homes that closed in this period, only 4 (or roughly 10%) closed below $500/sq foot. So from a statistical perspective, it’s an anomaly.
The second reason I don’t think this will become the norm is that the majority of homeowners in White Oaks simply won’t sell their homes this low. I have seen at least half a dozen homeowners that have chosen to pull their homes off the market and either move back in, or rent them out as opposed to selling them at such a steep discount. With rents still holding strong in this market, it’s a smart strategy.
Does this mean that you won’t see any more of these “amazing deals”? Not at all. It’s clearly a buyer’s market now, and people simply have to sell. But I don’t see prices this low becoming the norm.
I hope this answers your question.
Chuck