San Carlos Housing Market
October 4, 2009
Hi All, I thought this was an interesting article about the San Carlos housing market. By Shaun Bishop San Mateo County Times, In the nearly two years it took to construct a new four-story condominium complex in downtown San Carlos, the housing market took a nose dive. The developer behind the project at 1001 Laurel St. did not know how well the condos would sell when the 90-unit building opened just over a month ago. “We were all very concerned,” said John Baer, senior vice president of development for The Matteson Companies. So far, though, Baer said he is pleased that the company has purchase agreements for 17 condos and hundreds of other potential buyers on the interested list, despite the recession. “We think we’re early in the positive cycle,” he said. The project is just a couple of blocks from the heart of the city’s burgeoning downtown, a feature that local real estate agents and city officials say has helped the housing market in San Carlos remain relatively strong. “I think San Carlos is pretty unique because their downtown is easy to get to,” said Tatum Clark, a real estate agent for Intero in San Carlos. “Pretty much anybody who lives in San Carlos can walk there within 10 to 15 minutes.” The median price of condominiums in San Carlos was $545,000 in the first six months of this year, down about 9 percent from the same period in 2008, according to the San Mateo County Association of Realtors. That was a less severe drop than the county as a whole, which had a median condo price of $410,000 in the first six months of 2009, down 22 percent from last year. The median price of a single-family home in San Carlos was also relatively resilient, about $918,000 in the first half of 2009, down just 10 percent from that period last year. Countywide, the median price of single-family homes was down 28 percent to $635,000. David Young, a real estate agent with Coldwell Banker in San Carlos, said the lack of subprime buyers in San Carlos resulted in fewer foreclosures, so there was less downward pressure on prices. “I think the prices have trickled down, not fallen off the table like in other areas,” Young said. Local officials and real estate agents also cited high-quality schools in the San Carlos area as a selling point for families looking to settle on the mid-Peninsula. However, 1001 Laurel is targeted at empty-nesters, young professionals and single people, Baer said. Starting prices range from $449,500 for a one-bedroom, one-bathroom condo to $753,500 for a three-bedroom, three-bathroom unit. The one-bedroom condos average 700 square feet in size while the three-bedroom units average 1,400 square feet. One of the first buyers is Art Wong, 86, who purchased two adjacent condos in one corner of the second floor and plans to knock out a wall to combine them. He decided to leave Los Altos Hills after living there for 46 years, saying he wanted to be able to easily walk to stores and restaurants. In Los Altos Hills, “If you don’t drive, you’re stuck,” he said. San Carlos City Manager Mark Weiss said city officials heard concerns from some residents during the construction of 1001 Laurel that the building looked too imposing. However, he said he has not received any complaints recently. “It seems to be much more accepted and well-received in the community now,” he said. Downtown shops and restaurants trying to get by in the recession will welcome the new customers from the development, said Sheryl Pomerenk, CEO of the San Carlos Chamber of Commerce. “(Those are) people who will mostly get everything done downtown, which is great,” she said
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