Arn Cenedella

Archive for the 'San Carlos Real Estate' Category

Is the Market Turning?

It is probably too early to tell but the market does seem to be picking up in the past few weeks.

Perhaps some of this is just the typical seasonal spring pick-up or perhaps prices have fallen far enough so that many buyers feel current prices represent good value.

I can tell you that I am working with two first-time buyers at the current time. Both are looking around $800,000 – one in Sunnyvale and Cupertino and one in Redwood City, San Carlos, or Belmont.

Generally I plan to show each buyer 5 or 6 homes every week but it seems typically around 2 of those homes sell by the time the buyer can take a look.

The next few weeks should be interesting.

Hank Plante of KCBS gives his report on the strengthening market in San Francisco.

San Carlos Market Update

How is the San Carlos real estate market doing over the past 6 months?
Is one price range range stronger than another?

The first quartile is the highest 25% priced homes in San Carlos.
The second quartile is the upper middle 25% priced homes in San Carlos.
The third quartile is the lower middle 25% priced homes in San Carlos.
The fourth quartile is the lowest 25% priced homes in San Carlos.

As the chart below shows; over the past 6 months prices have remained basically flat though the median price in the first quartile (highest priced homes) has dropped slightly.

Average days on market has increased in San Carlos over the past 6 months.

The most expensive homes have the longest average days on market and the third quartile (homes priced around $1M) have the lowest average days on market.

The third quartile is the entry level price range for homes west of El Camino in San Carlos.

The market action index indicates the relative strenght of the market.

A market action index under 30 indicates a buyers’ market.

As the chart below indicates: in all prices ranges in San Carlos, the current market is a storng buyers’ market.

The lower price ranges (3rd and 4th) quartiles are slightly stronger than the two higher price ranges.

In my opinion, the market for the upper price range homes is slower because there are few “move-up” buyers in the current market – i.e. those that have a house to sell and wish to buy a more expensive house. These potential “move-up” may not want to sell their homes at a price below the peak eventhough the price of the house they buy will also have dropped (in some cases, more) or they may think their house will not sell or they are just too concerned about the economy and the job market and therefore prefer to stay put instead of taking on a larger mortgage to buy a more expensive house.

San Carlos street closures starting March 9, 2009

The City of San Carlos issued a press release – see below – that Morse St between Laurel and El Camino and portions of Laurel Street near the new mixed use development at 1001 Laurel Street will be closed for approximately 2 weeks starting March 9 to allow completion of the sidewalks and streets around the complex.

My question is how will I get to the Cantina? and Jim DiPaola’s a Cut Above Hair Salon? Lucky I saw Jim on Wednesday and got trimmed up!

FOR IMMEDIATE RELEASE
 PRESS RELEASE #030609

Downtown Street Closures Planned Starting March 9, 2009
1001 Laurel Street builder to complete street and sidewalk work

Contact : Robert Weil, Public Works Director/City Engineer, Public Works Department    (650) 802-4202
   [email protected]
Jason Anderlite, Palisade Builders    (650) 610-9928

SAN CARLOS, CA – March 5, 2009 -  The City of San Carlos has approved a request by the builder of the 1001 Laurel Street project to close portions of Morse Blvd and Laurel Street so that they can complete the street and sidewalk improvements required of their project.

The 1001 Laurel project is a new four-story mixed use project with 90 condominium residences and street-level retail. When the City Council approved the project in October 2006, the developer was required to repave one block of Morse Boulevard and one half block of Laurel Street and to improve the intersection of Morse Boulevard and Laurel Street.

Unfortunately, it is not possible to complete these improvements without street closures. To minimize future impacts to the neighborhood, the developer has agreed to complete other needed capital improvements in the vicinity of the project.

Morse Boulevard will be closed between El Camino Real and Laurel Street for two weeks starting next Monday, March 9.  After that, a portion of Laurel Street will be closed from Arroyo Avenue to Brittan for up to four days.

During the Laurel Street closure, local traffic will continue to be allowed on the block between Arroyo Avenue and Morse Blvd.  The Laurel Street closure is anticipated to start on March 23, 2009, but the developer will not be permitted to start until the forecast shows four straight days of clear weather.

For questions about construction and access, the public should contact the construction superintendent, Jason Anderlite of Palisade Builders, at (650) 610-9928.  Updates to the construction schedule will be posted on the project’s web site, www.1001Laurel.com.

Although the street closures will have a temporary impact on traffic flow and commerce, the end result will include decorative sidewalks and newly paved streets in the vicinity of the project.

San Carlos Real Estate Updated Friday 3/6/09

Last week, here were the numbers:

17 new listings this week in San Carlos

6 pending sales this week in San Carlos

59 available listings currently in San Carlos

25 pending sales currently in San Carlos

This week, here are the numbers:

10 new listings this week in San Carlos

2 pending sales this week in San Carlos

63 available listings currently in San Carlos

19 pending sales currently in San Carlos

Is it a good time to buy?

That is the $64Million question on many folks’ minds.

Here is my “take”:
In my San Francisco Peninsula market, I would say:
Are there good values to be found? Yes.
Are we at botttom? Probably not. I expect contiuned downward pressure on prices. (In most San Francisco Peninsula cites, values are down maybe 10% to 20% from the peak in 06/07)
Is it a good time to buy? Yes: 1)  if you find a house you  really like  in the community where you want to put down roots 2) you have a long-term perspective – say 10 years and 3) your job situtation is pretty stable and 4) you buy comfortably within your financial means – this is not the time to stretch.

Jay Thompson The Phoenix Real Estate Guy provides a similar perspective on the Phoenix market which has been hit much much harder than our own market.

What say you?

What do my Homescopes blog buddies around Northen California have to say?

Palo Alto Menlo Park Redwood City San Carlos Market Action Index

They say a picture is worth a thousand words.

A Market Action index at 30 indicates a balanced market.

Above 30 is a sellers’ market.

Below 30 is a buyers’ market.

On the San Francisco Peninsula in the cities of San Carlos, Redwood City, Menlo Park, and Palo Alto; we were in a sellers market until about July 1, 2007. Very strong sellers market in 2005 cooling somewhat in 2006 but staying biased towards sellers until about Fall 2007 when the index dropped quickly below 30 into the 20 range and now all 4 cities are between 15 and 20.

From the shape of the graph, we appear to have hit a level point.

Are we near the bottom? Or is this just a temporary pause before we continue down?

I can tell you in the $700K to $900K, homes do seem to be selling.

I have two active qualified buyer clients in this price range – one looking San Mateo Belmont San Carlos and the other looking in Cupertino Sunnyvale – and many homes I want to show them are sold before we get there.

Is market picking up with spring quickly approaching?

Inventory Levels Palo Alto Menlo Park Redwood City San Carlos

All 4 communities saw inventory levels drop at the end of the year.

All 4 communities have seen inventory levels increase through 2009.

Palo Alto has experienced the greatest increase in inventory levels – very interesting!

11 unit apartment building for sale in San Carlos

440 Walnut St, San Carlos has just come on the market at $2,000,000 and is listed by Jocelyn Jamias of NAIBT Commercial.

This property consists of 10 one bedroom one bath apartments and 1 two bedroom one bath apartment and is located just 2 blocks from downtown.

Current gross income is $141,900 – priced at 14.1x gross income and offers a 4.4% CAP rate.

Rents are below market so this property offers an opportunity for rental increases.

Did you know you can buy this building using your 401K or other IRA funds?

Contact me and let’s find you a good investment.

San Carlos Real Estate Updated Friday 2/27/09

17 new listings this week in San Carlos

6 pending sales this week in San Carlos

59 available listings currently in San Carlos

25 pending sales currently in San Carlos

 San Carlos market fairly balanced – entry level homes are selling quickly.

San Carlos real estate tour February 17, 2009

Here are the real estate tour properties for San Carlos, CA on Tuesday February 17, 2009

Condo/Townhouses

3330 Brittan Ave #1                     3/2                     1239sf                      $538,000

19 Buttercup Lane                        3/2.5                  1793sf                      $799,000

15 Violet Lane                                3/2.5                 2330sf                      $875,000

Single Family Homes

1160 Walnut St                            2/1                      1060sf                      $839,000

90 Cedar St.                                 3/2                      1490sf                      $839,000

1521 Cedar St.                             5/3.5                   2528sf                      $1,599,000

6 Madrona St.                              4/2.5                   2940sf                      $1,299,000