All of San Carlos has watched the construction of 1001 Laurel Street over the past few years. At long last, it appears near completion. The project is a powerful one. Just by its size alone, it represents an eye-catching addition to downtown San Carlos. There are many interested spectators. Most of San Carlos is wondering about price points and just how fast the units will sell. However, the most interested spectators are not San Carlos residents at all. They are residential and commercial real estate investors and they are taking a close look at some possible big changes in the lower Howard Park area. Over the last year and a half I have been speaking with two such groups who are going to monitor the success of 1001 Laurel Street. They believe there is a group of buyers who will pay a decent amount of money for higher-end multi-family complexes just west of Laurel Street. These are not your everyday multi-family projects. They will be complete with infinity pools, green building standards, spacious units and a rich architectural design. One of them will have a Melrose Place-feel, for those of you who used to watch the television show. As the projects get closer to starting, I will post designs and more details.
In the mean time, let’s take a closer look at 1001 Laurel Street. 1001 Laurel Street is made up of 90 condominium units starting in the $500,000s. From everything I have seen so far, the complex appears to be well built, stylish, a great courtyard and the location is city-central. It has a lot going for it. So let’s take a look at who they are most likely targeting as possible buyers:
(1) Entry Level Home Buyers. A new home starting in the $500,000s…..not likely in San Carlos, however, it is a possibility at 1001 Laurel. New construction, maintenance free and a more manageable price point should attract some younger home buyers who were previously unable to afford San Carlos.
(2) San Carlos Families with an Older Parent(s). In my discussions with the other pending San Carlos projects, we isolated this as a key buyer group. I think it is much more prevalent than many believe. There are many San Carlos families that have an older parent, not living in the area, who they would like to move closer to their San Carlos home. 1001 Laurel may give those families the opportunity to do just that. 1001 Laurel is reasonably close to most homes in San Carlos. By its location alone, it would be easy for many elderly folks to walk Laurel Street and the units are mostly maintenance free.
(3) Investment. With a slowdown in the market, lower price points, and the maintenance-free new construction, some families may view 1001 Laurel as a very solid investment. Purchasing a $700,000 condominium with a $350,000 down payment would allow the owner to come very close to covering his full mortgage payment each month, given a reasonable rental value.
For more complete information on the 1001 Laurel Street project, please click here.
More 1001 Laurel-like developments? Yikes…