With inventory creeping lower by the day, San Carlos buyers are becoming more frustrated and anxious as 2008 starts to come to a close. Low inventory has been the lead story for San Carlos real estate in 2008. In recent weeks I have had other realtors email me and ask about any properties that may be coming on in San Carlos that would be suitable for their clients. Unfortunately, for most of those instances I have been unable to give them any type of definitive answer.
Last week I had a blog reader ask if certain areas and price ranges were in more demand than others. Good question. Below is a list of the target properties and price ranges that are in demand. I do not have any hard stats to back up the following list other than : (1) needs of my buyers; (2) conversations and requests from other realtors; (3) indicated needs of San Carlos Blog readers; and (4) my analysis of sold properties in San Carlos over the past 12 months.
In ranked order, here are the areas and price ranges which are in the highest demand in San Carlos:
1. White Oaks/Howard Park. Specifically, the 1,200,000-1,500,000 price zone. Those homes that have a remodeled kitchen and can offer a 4th bedroom are in the highest demand.
2. White Oaks/Howard Park. Specifically, homes under $1,100,000. Those homes with 3 bedrooms and a minimum 5,000 square foot lot will do well. If there is some updating and over 1,500 square feet the home should move quickly.
3. Howard Park/Beverly Terrace/Cordes. Specifically any home under $800,000. Any single family residence will do….original condition, repairs needed, etc.
4. White Oaks/Howard Park. Specifically, homes between $2,000,000-$2,300,000. Believe it or not there are more than a few buyers looking for an exceptional house in the flatlands and are willing to pay top dollar to get it.
5. Beverly Terrace. Specifically, homes between $1,200,000-$1,750,000 which are remodeled and have a view of the bay.
As a final note, more and more buyers are looking for properties that have already been remodeled. Since construction loans have become so difficult to get in California and home equity lines are being called in by banks, the opportunity for some buyers to locate a property and remodel it themselves is turning into a more difficult proposition.