White Oaks BlogCast: A Change in the Forecast for Interest Rates..

Interest Rates Due to Creep Upwards

Both buyers and owners in San Carlos have been enjoying historically low interest rates over the past few quarters, and low rates and availability of funds have done more to keep the San Carlos real estate market thriving than any other influence.  But some of the forces in play that have kept rates so low are about to change –  and virtually all of the experts in the mortgage industry feel that this will result in a rise in interest rates.  In this BlogCast, I’ll elaborate more on what changes are in store for the lending market going forward.   Just click on the play button below to hear more…

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Podcast: Will 2010 Be a Better Year for San Carlos Real Estate?

When the books close on 2009, the San Carlos real estate market will have experienced its second consecutive year of declining home sales.  So what’s in store for 2010?  Will this downward trend continue for another year, or will the market bounce back in 2010 to be a stronger year than 2009?  What factors will come into play in the new year?  These questions and more will be tackled in this podcast.

To hear the podcast, simply click on the play button below, or download the podcast by clicking the “download” link for listening at a later time.

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Podcast: Why are loans taking longer?

It’s a waiting game…

If you’re in the middle of a real estate transaction, you don’t need me to tell you that mortgage loans are becoming difficult to get pushed through, even after the buyer is “pre-approved” for a loan.    There are two primary reasons why this is happening:

1. New appraisal laws.
2. Tightened guidelines for loan underwriters.

The can result in delay that can range from several days to weeks for the final approval of a home loan.    This means that the planned escrow close dates are being delayed, which frays the nerves of both the buyers and the sellers (and the agents!)

For more information on why this happening, click the “Play Now” link below to check out the White Oaks Blog Podcast:

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(If you’d like to download this podcast, simply click on the Podcast icon at the top of the post.)

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Podcast: The San Carlos Week In Review – 1/17/09…

(The “San Carlos Week in Review” is a series comprised of an occasional podcast, and a summary of new listings and home sales in San Carlos for the prior week.  Between the two, you should get a great idea of what happened last week in San Carlos real estate.)

In this week’s podcast you’ll hear:

1. Past, present, and future of the White Oaks Blog.
2. Why it’s smart to sell your home in January.

Click on the player below link hear the podcast.  You can also download the file at the bottom of this post.  Enjoy!

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Here’s the scoop on what homes sold, and what new listings came on the market — click on the addresses for more details and photos:

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San Carlos Home Sales

• 3015 Brittan Ave: (Pictured Above)  Sale Price: $1,185,000. Original List Price: $1,375,555.   Difference: $190,555 (13.9% ) below original list.    DOM: 79 Days under MLS # 80839463.   Listed by Mary Ficklin of RE/MAX Today.
• 923 Elm St: Sale Price: $1,150,000. Original List Price: $1,050,000.   Difference: $100,000 (9.5% ) above original list.  No, this isn’t a typo.  But it backs up my assertion that there are still definitely well-prepared buyers looking for homes in San Carlos.  DOM: 4 Days under MLS # 80849347.   Listed by David Young of Coldwell Banker.
• 152 Leslie Dr: Sale Price: $1,100,000. Original List Price: $1,185,000.   Difference: $85,000 (7.2% ) below original list.    DOM: 16 Days under MLS # 80845810.   The home first hit the market back in August ‘08 when it listed for $1,298,000.  Listed by Eddie Azzopardi of Realty World Homesellers.
  

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San Carlos New Listings

• 1461 Crestview Dr: (Pictured Above)  $1,349,000 — 3BR/2.5BA, 2,860 sq ft on a 10,500 square foot lot.    MLS# 80902508, listed by Lisa Susnow of Coldwell Banker.
• 574 Vista Ave: $1,749,000 — 4BR/3.5BA, 2,490 sq ft on a 8,400 square foot lot.    MLS# 80902522, listed by Gregory Garcia of Atlas Realty.
• 2753 Bromley Dr:  $995,000 — 3BR/2BA, 1,710 sq ft on a 20,560 square foot lot.    MLS# 80902704, listed by Scott Dancer of Coldwell Banker.
• 3291 Brittan Ave:    $879,000 — 3BR/3BA, 2,260 sq ft on a 7,560 square foot lot.    MLS# 80902378, listed by Ken Wei of Greenfield Realty.
• 1651 Alameda: $685,000 — 2BR/1BA, 920 sq ft on a 4,480 square foot lot.    MLS# 80902356, listed by Esperanza Cowen of Keller Williams.
• 347 Fairfield Dr: $529,000 — 2BR/1BA, 820 sq ft on a 5,000 square foot lot.    MLS# 80902420, listed by Mary Yeargain of RE/MAX Today.
• 977 Holly St: $515,000 — 2BR/1BA, 910 sq ft on a 5,850 square foot lot.    MLS# 80902520, listed by Bob Bredel of RE/MAX Today.

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Back on the Market

• 117 Crestview Dr: (Pictured Above)  $1,145,000 — 4BR/3BA, 2,490 sq ft on a 8,610 square foot lot.    It originally hit the market in October of ‘08 at $1,298,000.  MLS# 80901580, listed by Debbie Wilhelm of Coldwell Banker.
• 132 Beverly Dr: $1,199,000 — 3BR/2BA, 2,060 sq ft on a 5,750 square foot lot.    It originally hit the market in June ‘08 at $1,299,000.  MLS# 80902713, listed by Julie Chen of Intero Real Estate Services.
• 1983 Belle Ave: $789,000 — 2BR/1BA, 1,070 sq ft on a 5,000 square foot lot.    It originally hit the market in July ‘08 at $849,000.  MLS# 80902614, listed by George Chopoff of RE/MAX Star Properties.

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Podcast: 2008 in Review, Key Trends for 2009 in San Carlos…

For many people, the end of 2008 simply couldn’t come soon enough.  It was a tough year in many respects, and the real estate market in San Carlos didn’t escape lightly, either.  Below is a quick snapshot of the key sales figures in San Carlos for 2008 and how they fared versus 2007.  I included the 2006 results as well for comparison.  Also, I have outlined what I believe will be the key factors that will shape San Carlos Real Estate in 2009.  I cover both in more detail in the podcast at the bottom of the page.

San Carlos Real Estate in 2008:

(Note that the percentage difference in parentheses refers to the difference  between the 2007 and 2008 figures.  2008 figures are were taken from MLS data as of 12/31 and should be considered approximate)

What’s in store for 2009?

The state of our economy right now is such a complicated mess, that it would be foolish to predict what’s going to happen in 2009.  However, I think there are 3 key trends that will have a definite impact on which direction the San Carlos real estate market heads in the new year:

1. Consumer Confidence.
2. Interest Rates.
3. San Carlos School Financial Crisis.

I discuss these three trends in more detail in the podcast below.

Podcast:

To hear the podcast, simply click on the player below and you can listen right from the blog.

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Here’s to the market bouncing back in 2009!  Happy New Year to all…

Podcast: The San Carlos Week In Review — 10/12/08

Welcome to the “San Carlos Week in Review” for the week of 10/12/08.   The “Week in Review” series is comprised of a 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!

In this week’s podcast you’ll hear:

1. New infusion of inventory in the $1.5M-$1.9M range.
2. Timing the real estate market

Click on the “Play Now” link below to hear the podcast.  Enjoy!

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Here’s what sold this week, and what new listings hit the market.  Click on the addresses for more information.

Home Sales

• 1671 Walnut St: (Pictured Above.)  Sale Price: $781,000. Original List Price: $798,888. Difference: $17,888 (2.2%) below original list.   DOM: 16 Days. MLS # 80833615, listed by Holly Noto of Coldwell Banker.

New Listings

• 3015 Brittan Ave: (Pictured Above)  $1,375,555 — 4BR/2.5BA, 2,890 sq ft on a 11,850 square foot lot.   This house has a huge, open floorplan and a nice pool and pool house in the back.  This one will surprise you…MLS# 80839463, listed by Mary Ficklin of RE/MAX Today.  (I will be holding this home open this Sunday from 2:00- 5:00PM.  Be sure to drop by and say hello)
• 1013 Rosewood Ave: $1,749,000 — 4BR/3.5BA, 2,768 sq ft on a 6,000 square foot lot.   This section of Rosewood between Brittan and Arroyo is one of the most picturesque streets in San Carlos — right up there with Carmelita.    MLS# 80840623, listed by Patricia Dwyer of Cashin Company.
• 928 Walnut St: $1,695,000 — 4BR/2BA, 2,000 sq ft on a 6,000 square foot lot.   This home has been gutted and redone entirely on the inside.  It’s definitely not the house it was a year ago!  It’s a “must see” on your open house tour this weekend.    MLS# 80840495, listed by John Shroyer of RE/MAX Today.
• 2607 Graceland Ave: $1,595,000 — 4BR/3BA, 2,400 sq ft on a 18,240 square foot lot.   Graceland is another one of those highly sought after streets in San Carlos.    MLS# 80840495, listed by David Young of Coldwell Banker.
• 117 Crestview Dr: $1,298,000 — 4BR/3BA, 2,490 sq ft on a 8,610 square foot lot.   It’s located at the far northern end of Crestview, right where the road is divided between San Carlos and Belmont, so it’s almost like a cul-de-sac.  MLS# 80839451, listed by Debbie Wilhelm of Coldwell Banker.
• 30 Hidden Valley Dr: $1,088,000 — 4BR/2BA, 2,240 sq ft on a 10,650 square foot lot.   This one is already in contract after only 5 days on the market, and reportedly with multiple offers — it never made it to the first open house!   What housing slump?   MLS# 80839511, listed by Heather Hansen of Alain Pinel Realtors.
• 1340 Elm St: $799,000 — 2BR/1BA, 1,280 sq ft on a 4,800 square foot lot.   Looks like a nice White Oaks starter home at a good price.   MLS# 80840606, listed by Loren Dakin of Alain Pinel Realtors.

Podcast: The San Carlos Week In Review – 10/3/08

Welcome to the “San Carlos Week in Review” for the week of 10/3/08.   The “Week in Review” series is comprised of a 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!

In this week’s podcast you’ll hear:

1. Financial mess hits home.
2. Is it risky to build a spec home in San Carlos?
3. New listings and home sales in San Carlos.

Click on the “Play Now” link below to hear the podcast.  Enjoy!

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Here’s what sold this week, and what new listings hit the market.  Click on the addresses for more information.

Home Sales

• 1425 Saint Francis Way:   (Pictured Above)  Sale Price: $985,000. Original List Price: $995,000. Difference: $10,000 (1.0%) below original list.   DOM: 6 Days.  MLS # 80827238, listed by Ken Nichols of Realty World Home Sellers.
• 2917 Franciscan Ct:    Sale Price: $1,020,000. Original List Price: $1,098,000. Difference: $78,000 (7.1%) below original list.   DOM: 93 Days.  MLS # 80814681, listed by Ann Kraemer of Coldwell Banker.
• 24 Chestnut St:    Sale Price: $917,000. Original List Price: $939,000. Difference: $22,000 (2.3%) below original list.   DOM: 17 Days.  MLS # 80832052, listed by Denise Aquila of RE/MAX Today.
• 1053 Cherry St:    Sale Price: $675,000. Original List Price: $679,000. Difference: $4,000 (0.6%) below original list.   DOM: 10 Days.  MLS # 80830801, listed by Bryan Jacobs of JV & Associates.

New Listings

• 1933 Eucalyptus Ave:      (Pictured Above)  $1,550,000 — 4BR/2.5BA, 2,855 sq ft on a 5,000 square foot lot.   This is a great house on a great street — consequently, it will likely sell quickly.   See my review below on this home…MLS# 80839201, listed by John Shroyer of RE/MAX Today.
• 1120 Dayton Ave:    $1,249,000 — 4BR/2.5BA, 1,800 sq ft on a 8,910 square foot lot.   MLS# 80839173, listed by Mike and Sandy Rostad of Coldwell Banker.
• 2071 Belle Ave:    $839,000 — 3BR/2BA, 1,300 sq ft on a 5,500 square foot lot.   MLS# 80839126, listed by Bob Bredel of RE/MAX Today.
• 436 Laurel St:    $829,000 — 2BR/1BA, 1,200 sq ft on a 6,975 square foot lot.   MLS# 80838745, listed by Valerie Palladino of Cashin Company.

Podcast: The San Carlos Week In Review – 9/28/08

Welcome to the “San Carlos Week in Review” for the week of 9/28/08.   The “Week in Review” series is comprised of a 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!

In this week’s podcast you’ll hear:

1. Good News — the return of some fast sales.
2. The “recipe” for a healthy real estate market.

(Update:  I erroneously used the link to last week’s podcast when I first released this post — the correct link is now in place.   Thanks to my colleague Drew Morgan at Carlmont Associates for catching it!)

Click on the “Play Now” link below to hear the podcast.  Enjoy!

Podcast: Play in new window | Download

Here’s what sold this week, and what new listings hit the market.  Click on the addresses for more information.

Home Sales

• 1660 Walnut St:    (Pictured Above)  Sale Price: $1,107,500. Original List Price: $1,100,000. Difference: $7,500 (0.7%) above original list.   I featured this one here a couple of weeks ago, and back then I was sure that it would sell quickly.  I was right!   Nice work by Shirley Kraus on pricing this one right.  DOM: 8 Days.  MLS # 80832481, listed by Shirley Kraus of Intero Real Estate Services.
• 82 Vine St:    Sale Price: $845,000. Original List Price: $889,000. Difference: $44,000 (4.94%) below original list.   DOM: 35 Days.  MLS # 80828150, listed by Gail Aknin of Cashin Company.
• 152 Sunnydale Ave:    Sale Price: $835,000. Original List Price: $849,000. Difference: $14,000 (1.6%) below original list.   DOM: 0 Days.  Sounds like it sold before it sold, if you know what I mean.  MLS # 80833973, listed by Gregory Strang of Alain Pinel Realtors.
• 240 Garnet Ave:     Sale Price: $828,000. Original List Price: $865,000. Difference: $37,000 (4.3%) below original list.   DOM: 30 Days.  MLS # 80825075, listed by Regina Pio Roda of Redfin.
• 227 Windsor Dr:    Sale Price: $800,000. Original List Price: $949,500. Difference: $149,500 (15.7%) below original list.   DOM: 149 Days.  MLS # 80789386, listed by Anna Olea-wijkstrom of Keller Williams.
• 198 Sycamore St:    Sale Price: $819,000. Original List Price: $819,000. No difference from original list.   DOM: 19 Days.  MLS # 80825672, listed by David Young of Coldwell Banker.

New Listings

• 6 Madrona St:    (Pictured Above)  $1,439,000 — 4BR/2.5BA, 2,940 sq ft on a 7,000 square foot lot.   MLS# 80837762, listed by Goldie Morabito of Coldwell Banker.
• 42 Club Dr:    $1,595,000 — 4BR/3.5BA, 4,090 sq ft on a 8,880 square foot lot.   MLS# 80838127, listed by Amy McEwan of Intero Real Estate Services.
• 3130 Melendy Dr:     $1,349,000 — 3BR/2.5BA, 2,570 sq ft on a 8,400 square foot lot.   MLS# 80836780, listed by Sophie Ravel of Keller Williams.
• 119 Exbourne Ave:    $985,000 — 3BR/3BA, 1,280 sq ft on a 8,600 square foot lot.   MLS# 80837884, listed by John Shroyer of RE/MAX Today.
• 2673 Thornhill Dr:    $949,000 — 3BR/2BA, 1,480 sq ft on a 5,650 square foot lot.   MLS# 80838076, listed by Lana Wong of Alain Pinel Realtors.
• 9 Cambridge St:    $789,000 — 2BR/1BA, 980 sq ft on a 4,095 square foot lot.   MLS# 80836785, listed by Justine Ford of RE/MAX Today.
• 500 Pearl Ave:     $778,000 — 2BR/1BA, 1,000 sq ft on a 4,400 square foot lot.   MLS# 80836812, listed by Eda Diridon of Carlmont Associates.