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2 Comments
Bob,
I noticed we have had some houses in the White Oaks area purchased by contractors in the 800-900k range then remodeled and resold usually for 1.6 million and over. Many neighbors have been adding second stories and the cost seems to be in the 500k range. Just curious why more contractors aren’t buying here when there seems to be a reasonable profit to be made. There are quite a few homes on the mls which fall into the 800-900k range now. Are houses at the higher end (over 1.6) not selling as quickly and is the demand decreasing?
Dear Observer,
This is a loaded question. First, in order for the numbers to make sense for a total remodel, the square footage of the lot size has to justify it. Don’t forget that the majority of lot sizes in White Oaks are undersized due to the fact that the City of San Carlos cut the original lot sizes in half shortly after the Great Depression in order to make land more affordable in San Carlos. What were once 9,000-10,000 square foot lots, are now 4,500-5,000 square foot lots. You will notice that the major remodels in the White Oaks area are almost always completed on lot sizes that have larger than average square footage. The problem is that they are tough to come by. In order to make the numbers “work” for a contractor considering a property in White Oaks, the house needs to be close to a total tear down so that the acquiring price is not too high.
The market for homes over 1.6 million is very viable in San Carlos: Recently, 400 Alameda was listed at $1,599,000 and sold at $1,600,000 in 1 day, 1939 Birch listed at $1,750,000 sold at asking in one week, 134 Sunnydale just listed at $1,749,000 and is currently pending after only being on the market for 1 week, 2884 Roland is pending after only being on the market for 1 week….so I believe it is safe to say that the buyers in the 1.6 and higher market are around and actively looking in San Carlos. Don’t be fooled by some of the homes above 1.5 million that have sat on the market in San Carlos for some time….they are sitting for very obvious reasons.
Thank you for your question.
Bob Bredel
Realtor
REMAX Today