San Carlos Address Does Not Guarantee a Sale
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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nothingne said:
Susan
All of those weaknesses of this property existed when it sold for 730K in Aug 06. People didnt like 2/1 or being on a major artery then either.
Citing them as reasons why its price is going down doesnt make sense. Its going down because the market is weak, and lower priced properties are being hit first.
In 2006 a nice 2/1 place in White Oaks was 850K in 2006 and this place was 730K. This place is now 600K, is that 2/1 in White Oaks worth 250K more?
February 11, 2008 6:22 PM
susan.brady said:
Yes, but it was a different market then. People were in a buying frenzy. Today they are much more particular and careful. And we have no way of knowing how long that property was on the market back in 06. Properties like this will sell, it is just a matter of finding the right buyer with the right price, which is more difficult than White Oaks.
February 12, 2008 7:42 AM