Today’s Daily Stat Leader is a very good example of the old and wise adage, “Location, location, location.” You can have the cutest, best-kept, or largest home in one of the Peninsula’s best cities, but if it isn’t in a good neighborhood, or is located in a mixed-use area, or—as in today’s case—sits on a heavily traveled street that serves as a main feeder to Highway 101, you just aren’t going to fare well in terms of price. Typically, the home will be long on market, trying to find that certain buyer willing to put up with the location deficiency. Which is exactly what is happening at 1008 Holly Street, located in San Carlos, one of the fairly stable (real estate-wise) cities on the Peninsula; homes have not gone down too far in price, sell quickly, and are still experiencing bidding wars, and the school system is most sought-after, but even these factors are not helping this home. Originally listed 115 days ago on October 19th, the owner has only reduced the price once, on January 28th, and that price cut was only 4%. This is a case where the home appears to have been nicely upgraded and well maintained, but has the additional burden of being a 2/1, which is not the ideal size in today’s day and age. People clamor for bigger and better, particularly if they have school-aged children. Last sold on October of 2006 for $730,000, this is a short sale. My guess is that it will probably sit for awhile longer, and need to go through at least one more large discount before it will sell, probably in the low $500′s.
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