The White Oaks Blog

SCEF Day at Bianchini’s Market, San Carlos: May 16, 2012.

Chuck Gillooley — Tue, 15 May 2012 07:51:34 PDT

Benefit for San Carlos Schools.

For the entire day tomorrow, May 16th, the nice folks at Bianchini’s Market at 810 Laurel Street in San Carlos will donate 5% of their day’s sales to the San Carlos Education Foundation (SCEF). In addition, Bianchini’s has designated May as “SCEF Month”, and has set up donation jars throughout the store for people to donate to the Foundation throughout the month of May.

On the same day, enjoy a complimentary wine tasting with Spann Vineyards poured by Susana Lerner, Wine Rep & SCEF Parent. Susana will be pouring 5 Spann Vineyards wines, paired with some fantastic cheeses. Tasting is from 4:30-7 PM.

So do your shopping Wednesday at Bianchini’s — support this generous San Carlos merchant and help our schools in the process!
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The San Carlos Real Estate Week in Review: 5-12-12.

Chuck Gillooley — Sun, 13 May 2012 10:48:45 PDT

San Carlos Real Estate Summary.

New listings exceeded the number of pending sales this past week, resulting in a 24% uptick in the number of homes for sale in San Carlos. But even with 26 homes currently for sale, that represents about half of what we would see in a normal year at this point in the spring market. With the end of the school year just around the corner, it will be interesting to see what impact (if any) that will have on the temperature of the real estate market in San Carlos.

Here are the numbers for the week:

By The Numbers.

Below is a high-level snapshot of the market performance for single-family residences in San Carlos. This data is for the week ending 5-12-2012:

San Carlos Housing Data	5-12-12	Prior Week
Closed Sales for the Week:	8	10
Average Sold Price	$1,215,625	$1,069,360 (+13.7%)
Average $/Sq Foot	$523	$524
Sold Price vs Orig List (%)	101%	101%
Average DOM of Closed Sales	22	28
No. of Homes Pending Sale:	39	43
Inventory of Active Listings:	26	21 (+24%)
Average Price of Active Listings:	$1,368,188	$1,458,326 (-6.2%)
Average DOM of Active Listings:	26	32
Active-Pending Ratio:	0.67 : 1	0.5 : 1

The San Carlos Open House Page.

If you’re looking at open houses this weekend in San Carlos here’s the only link you’ll need: The San Carlos Open House Page. With one click, you’ll get a “live” list of all the homes and condos that will be open this weekend in San Carlos! It’s updated continuously from the MLS, so bookmark this link and you’ll never have to wander around town looking for open houses again.

Single-Family Homes SOLD in San Carlos:

2058 Carmelita Drive, San Carlos

Below is a list of the single-family home contracts that closed escrow this past week in San Carlos. Click on the address of each to see the complete details.

Address	Sold Price	Orig. List	Difference	DOM
2058 Carmelita Drive	$1,895,000	$1,825,000	-$70,000 (-3.7%)	44
1338 Pebble Drive	$1,703,000	$1,669,000	+$34,000 (+2.0%)	7
4 Porto Marino Lane	$1,350,000	$1,275,500	+74,500 (+5.8%)	9
175 Lyndhurst Avenue	$1,267,000	$1,367,000	-$100,000 (-7.3%)	42
205 Beverly Drive	$1,205,000	$1,125,000	+$80,000 (+7.1%)	10
837 Elm Street	$945,000	$945,000	$0 (0%)	0
2015 San Carlos Avenue	$720,000	$699,000	+$21,000 (+3%)	30
1064 Lupin Way	$710,000	$739,000	-$29,000 (-3.9%)	33

Note: The sold data provided above is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction.

(Click the “Homes Sold” sign below see all of the homes that have sold in San Carlos in the past 3 months.)

Homes Sold in San Carlos

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Single-Family Homes Pending Sale in San Carlos:

The following homes went “Pending Sale” this week. Click on the address of any of these homes for additional info:

Address	DOM (days)	List Price
3150 Melendy Drive	57	$1,267,000
398 Cedar Street	19	$699,000
332 Chesham Avenue	182	$799,000
2041 Brittan Avenue	9	$899,950
864 Bauer Drive	9	$1,179,000

Note: The pending data provided above is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction.

(Click the “Homes Pending Sale” sign below to see ALL the homes that are Pending Sale in San Carlos.)

Homes Pending Sale in San Carlos

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New Single-Family Home Listings in San Carlos:

1528 Saint Francis Way, San Carlos

Below are the new listings that hit the market this past week in San Carlos. Simply click on the address of each home to get the complete details.

Address	List Price	BR/BA	Sq Ft (home/lot)	Listed By
1528 Saint Francis Way	$1,895,000	4BR/3.5BA	3,375/6,325	Anna Wong, Alain Pinel Realtors
501 Walnut Streeet	$1,500,000	3BR/2.5BA	3,020/10,500	Janet Pepe Davis, Hometown Realty
2879 Roland Avenue	$1,368,000	4BR/3BA	3,220/24,567	David Young, Coldwell Banker
427 Ridge Road	$927,000	3BR/3BA	2,165/4,950	Alex Feldman, Alain Pinel Realtors
130 Acacia Court	$899,950	4BR/2.5BA	1,710/5,568	Tom Tornquist, RE/MAX
2233 Brittan Avenue	$799,000	3BR/1.5BA	1,490/6,875	Janet Pepe Davis, Hometown Realty
1532 School Street	$749,000	3BR/1.5BA	1,420/5,625	Lottie Kendall, Today Sothebys
140 Winding Way	$300,000	2BR/1BA	880/4,590	Jeannette Dane, Premier Properties

(Click the “Homes For Sale” sign below to see ALL of the homes currently for Sale in San Carlos.)

Homes for Sale in San Carlos

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Condos and Townhomes Sold in San Carlos:

Below are the condos/townhouses that sold this past week. Click on the address for all of the details:

Address	Sold Price	Orig. List	Difference	DOM
793 Elm Street #15	$510,000	$560,000	-$50,000 (-9.8%)	50

(Click the “Condos Sold” button below to see all of the condos and townhomes that have recently sold in San Carlos)

Condos Sold in San Carlos

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Condo/Townhouse Pending Sales in San Carlos

The following condos/townhouses are now pending sale:

Address	DOM (days)
1125 Royal Lane	14

(Click the “Condos Pending Sale” button below to see all of the condos and townhomes that are pending sale in San Carlos)

Condos Pending Sale in San Carlos

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New Condo/Townhouse Listings in San Carlos:

The following condo/townhouses listed this past week. Click on the address or MLS # or all the details:

Address	List Price	BR/BA	Sq Feet	Listed By
432 Portofino Drive #405	$648,000	2BR/2BA	1,655	Royce Cablayan, Coldwell Banker
1001 Laurel Street #311	$619,000	2BR/2BA	1,094	David Young, Coldwell Banker
775 Chestnut Street #2	$288,888	1BR/1BA	867	Naomi Iwasaki, Iwasaki Realty

(Click the “Condos for Sale” button below to see all of the condos and townhomes that are currently for sale in San Carlos)

Condos for Sale in San Carlos

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What’s Open This Weekend?

Click the “Open House” sign below to see ALL of the homes and condos scheduled to be open this weekend in San Carlos.

Open House in San Carlos

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Want Your Info Sooner?

I post sales data as it happens — just click on the buttons below to follow the White Oaks Blog on Twitter and the White Oaks Blog Page on Facebook

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(The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week.)

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The San Carlos Real Estate Week in Review: 5-5-12.

Chuck Gillooley — Sun, 06 May 2012 05:34:05 PDT

San Carlos Real Estate Summary.

Pending sales dropped significantly this week, with only 4 homes going into contract. This is most likely due to a lack of inventory to choose from, and not reflective of a lack of buyer interest. Several of the listings that hit the market this week will be pending this coming week too, as buyer interest remains strong. But to give you an idea of how lean the inventory is, there are currently only 2 homes for sale in all of the White Oaks, one in Oak Park, and zero in Howard Park. So for home buyers looking for the flats or wanting to stay close to downtown, there’s very little to choose from right now.

Here are the numbers for the week:

By The Numbers.

Below is a high-level snapshot of the market performance for single-family residences in San Carlos. This data is for the week ending 5-5-2012:

San Carlos Housing Data	5-5-12	Prior Week
Closed Sales for the Week:	10	11
Average Sold Price	$1,069,360	$758,091 (+42%)
Average $/Sq Foot	$524	$567
Sold Price vs Orig List (%)	101%	97%
Average DOM of Closed Sales	28	74
No. of Homes Pending Sale:	43	48
Inventory of Active Listings:	21	20 (+5%)
Average Price of Active Listings:	$1,458,326	$1,492,284 (-2.3%)
Average DOM of Active Listings:	32	35
Active-Pending Ratio:	0.5 : 1	0.42 : 1

The San Carlos Open House Page.

Single-Family Homes SOLD in San Carlos:

Below is a list of the single-family home contracts that closed escrow this past week in San Carlos. Click on the address of each to see the complete details.

1999 Eaton Avenue, San Carlos

Address	Sold Price	Orig. List	Difference	DOM
1999 Eaton Avenue	$1,725,000	$1,950,000	-$225,000 (-11.5%)	25
248 Bay View Drive	$1,400,000	$1,400,000	$0 (0%)	1
2713 Clifford Avenue	$1,200,000	$1,089,000	+$111,000 (+10.2%)	8
1030 Crestview Drive	$1,150,000	$1,069,000	+$81,000 (+7.6%)	8
104 Windsor Drive	$1,060,000	$1,049,950	+$10,050 (+1.0%)	6
917 Bauer Drive	$915,000	$995,500	-$80,500 (-8.1%)	12
1920 Belmont Avenue	$850,000	$799,997	+$50,003 (+6.3%)	6
1439 Cordilleras Avenue	$810,000	$879,000	+$69,000 (-7.8%)	185
29 Upland Avenue	$793,000	$749,000	+$44,000 (+5.9%)	13
819 Sunset Drive	$790,000	$595,000	+$195,000 (+32.7%)	14

Note: The sold data provided above is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction.

(Click the “Homes Sold” sign below see all of the homes that have sold in San Carlos in the past 3 months.)

Homes Sold in San Carlos

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Single-Family Homes Pending Sale in San Carlos:

The following homes went “Pending Sale” this week. Click on the address of any of these homes for additional info:

Address	DOM (days)	List Price
308 Chesham Avenue	11	$1,550,000
140 Pearl Avenue	7	$869,000
159 Leslie Drive	11	$1,165,000
325 Clifton Avenue	70	$1,388,831

Note: The pending data provided above is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction.

(Click the “Homes Pending Sale” sign below to see ALL the homes that are Pending Sale in San Carlos.)

Homes Pending Sale in San Carlos

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New Single-Family Home Listings in San Carlos:

111 Beverly Drive, San Carlos

Below are the new listings that hit the market this past week in San Carlos. Simply click on the address of each home to get the complete details.

Address	List Price	BR/BA	Sq Ft (home/lot)	Listed By
111 Beverly Drive	$1,895,000	4BR/4BA	2,850/7,300	Bob Bredel, Today Sothbeys
864 Bauer Drive	$1,179,000	4BR/2BA	2,100/6,800	Doug Gonzalez, Coldwell Banker
901 Crestview Drive	$1,099,000	4BR/2BA	1,970/9,576	Trish Ward, Intero
41 Walton Street	$979,000	3BR/2BA	1,650/6,700	Liz Pollard, Alain Pinel Realtors
2041 Brittan Avenue	$899,950	3BR/2BA	1,830/6,795	Alex Lehr, Lehr Real Estate
1640 Hull Drive	$699,000	2BR/1.5BA	1,590/6,200	Marc Romer, RE/MAX Star

(Click the “Homes For Sale” sign below to see ALL of the homes currently for Sale in San Carlos.)

Homes for Sale in San Carlos

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Condos and Townhomes Sold in San Carlos:

Below are the condos/townhouses that sold this past week. Click on the address for all of the details:

Address	Sold Price	Orig. List	Difference	DOM
13 Chicory Lane	$615,000	$739,000	-$124,000 (-16.8%)	239
3379 Avenue #6	$461,000	$426,000	+35,000 (+8.2%)	12
402 Drive #1	$451,000	$434,950	+16,000 (+3.1%)	7

(Click the “Condos Sold” button below to see all of the condos and townhomes that have recently sold in San Carlos)

Condos Sold in San Carlos

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Condo/Townhouse Pending Sales in San Carlos

The following condos/townhouses are now pending sale:

Address	DOM (days)
3356 La Mesa Drive #5	14
645 Prospect Street #104	35

(Click the “Condos Pending Sale” button below to see all of the condos and townhomes that are pending sale in San Carlos)

Condos Pending Sale in San Carlos

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New Condo/Townhouse Listings in San Carlos:

The following condo/townhouses listed this past week. Click on the address or MLS # or all the details:

Address	List Price	BR/BA	Sq Feet	Listed By
3327 Brittan Avenue #11	$449,000	2BR/2BA	1,040	Linda Bibbler, Merrill Properties
3338 La Mesa Drive #2	$425,000	2BR/1BA	1,040	Arlene Sullivan, Coldwell Banker

(Click the “Condos for Sale” button below to see all of the condos and townhomes that are currently for sale in San Carlos)

Condos for Sale in San Carlos

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What’s Open This Weekend?

Click the “Open House” sign below to see ALL of the homes and condos scheduled to be open this weekend in San Carlos.

Open House in San Carlos

___________________________________________________________________

Want Your Info Sooner?

I post sales data as it happens — just click on the buttons below to follow the White Oaks Blog on Twitter and the White Oaks Blog Page on Facebook

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(The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week.)

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Not a Friendly Place for First-Time Buyers.

Chuck Gillooley — Wed, 02 May 2012 23:22:35 PDT

Outside the Comfort Zone.

Last week we talked about how difficult the current competitive real estate market is for the move-up buyers in San Carlos. Many of these homeowners are effectively land-locked in their existing homes, simply because they can’t find a home to move up to. And when they do find one, they can’t put together a competitive offer because many of them have to sell their existing home first.

But move-up buyers aren’t the only ones feeling the pain. There’s another very significant group in the real estate machine that is probably not enjoying this market one bit : The first-time buyers.

Forget about the superheated market we’re in right now for a minute. Buying a house in a normal market is still a process that pushes most buyers outside their comfort zone. It’s the single biggest check that most have ever written in their lives, so it’s always accompanied with an avalanche of uncertainty, nervousness, and a large dose of second guessing.

So when the heat gets cranked up under a market like we’re experiencing now, first-time buyers get pushed even further out of their comfort zone.

Time and Space.

In a balanced real estate market, buyers can count on two elements that enable them to educate themselves on the home and therefore (hopefully) make rational decisions: Time and space. Buyers need time to see the home, sometimes multiple times, and to do their due diligence such as a studying a comparative price analysis, and conducting the full gamut of property inspections. Space is just the complementary effect of not having to worry necessarily about hordes of other buyers looking at the same house at the same time.

But in the crazy market that we’re experiencing now, time and space evaporate. Most homes right now in San Carlos are selling within 2 weeks of when they hit the market — some much faster. Today, if you wait until an open house to see the home for the first time, you may not have the time you need to understand the house, and to get comfortable with the amount of money that you’re about to part with.

Time is evaporating on the back-end of the transaction too. Instead of getting 1-2 weeks to conduct inspections, buyers are now being forced to crop the inspection time down to a matter of days. And that’s if they even have inspections done at all. Things are getting so competitive that non-contingent offers are becoming commonplace again.

And forget about being the only one to write an offer on a home. Even complete tear-downs are getting multiple buyers competing for the right to tear it down.

Driver’s Ed.

Buying a house is somewhat analogous to learning to drive a car. You want to tackle freeway driving for the first time perhaps on Highway 280 at about 2:00 in the afternoon, and NOT by navigating the Bay Bridge during rush hour. But the latter is what the market looks like right now, and it’s making first-time buyers feel rushed, frustrated, and VERY nervous.

But if you want to compete in this market, conventional wisdom may have to take a back seat. Buyers who are landing homes in today’s market are thinking outside the box in their approach to buying the home.

Of course many are simply spending outside the box to get what they want.
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The San Carlos Real Estate Week in Review: 4-28-12.

Chuck Gillooley — Sun, 29 Apr 2012 12:28:27 PDT

San Carlos Real Estate Summary.

After a couple of weeks of steadily increasing inventory, the buyers kicked it into gear again this past week and cropped the available number of home for sale in San Carlos back down to 20, a decrease of 31% from where the week started. Ouch. It certainly didn’t help matters that there were only 3 new listings to choose from. But for the time being, we’re back to a severely constrained market which is going to make it tough for buyers again.

Here are the numbers for the week:

By The Numbers.

Below is a high-level snapshot of the market performance for single-family residences in San Carlos. This data is for the week ending 4-28-2012:

San Carlos Housing Data	4-28-12	Prior Week
Closed Sales for the Week:	11	15
Average Sold Price	$758,091	$1,025,707 (-26%)
Average $/Sq Foot	$567	$535
Sold Price vs Orig List (%)	97%	99%
Average DOM of Closed Sales	74	21
No. of Homes Pending Sale:	48	46
Inventory of Active Listings:	20	29 (-31%)
Average Price of Active Listings:	$1,492,284	$1,333,334 (+12%)
Average DOM of Active Listings:	35	24
Active-Pending Ratio:	0.42 : 1	0.68 : 1

The San Carlos Open House Page.

Single-Family Homes SOLD in San Carlos:

238 Crestview Drive, San Carlos

Below is a list of the single-family home contracts that closed escrow this past week in San Carlos. Click on the address of each to see the complete details.

Address	Sold Price	Orig. List	Difference	DOM
238 Crestview Drive	$1,135,000	$1,088,800	+$46,200 (+4.2%)	9
2825 Tramanto Drive	$859,000	$925,000	-$66,000 (-7.1%)	67
628 Alameda	$850,000	$849,000	+$1,000 (+0.1%)	6
153 Fairbanks Avenue	$840,000	$825,000	+$15,000 (+1.8%)	7
22 Hilltop Drive	$826,500	$829,000	-$2,500 (-0.3%)	14
116 Club Drive	$805,000	$1,000,000	-$195,000 (-19.5%)	319
261 Cedar Street	$703,500	$700,000	+$3,500 (+0.5%)	0
1532 Greenwood Avenue	$695,000	$699,000	-$5,000 (-0.7%)	17
1119 Alameda	$695,000	$749,950	-$54,950 (-7.3%)	48
940 Holly Street	$480,000	$489,000	-$9,000 (-1.8%)	59
959 Holly Street	$450,000	$469,888	-$19,888 (-4.2%)	270

Note: The sold data provided above is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction.

(Click the “Homes Sold” sign below see all of the homes that have sold in San Carlos in the past 3 months.)

Homes Sold in San Carlos

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Single-Family Homes Pending Sale in San Carlos:

The following homes went “Pending Sale” this week. Click on the address of any of these homes for additional info:

Address	DOM (days)	List Price
1265 Eaton Avenue	5	$998,000
1 Lewis Ranch Road	55	$2,750,000
244 Highland Avenue	3	$1,049,000
15 Anchor Lane	9	$975,000
112 Brook Street	8	$700,000
46 Vine Street	5	$750,000
2836 Roland Avenue	13	$873,000
819 Sunset Drive	14	$595,000
125 Ruby Avenue	20	$1,225,000
233 Club Drive	15	$929,000
924 Montgomery Street	9	$525,000
1371 Orange Avenue	9	$679,000

Note: The pending data provided above is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction.

(Click the “Homes Pending Sale” sign below to see ALL the homes that are Pending Sale in San Carlos.)

Homes Pending Sale in San Carlos

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New Single-Family Home Listings in San Carlos:

53 Fay Avenue, San Carlos

Below are the new listings that hit the market this past week in San Carlos. Simply click on the address of each home to get the complete details.

Address	List Price	BR/BA	Sq Ft (home/lot)	Listed By
53 Fay Avenue	$1,328,000	3BR/2.5BA	2,368/6,000	Sandy Rostad, Coldwell Banker
159 Leslie Drive	$1,195,000	4BR/2.5BA	2,420/9,800	Laura Bertolacci, Today Sothebys
140 Pearl Avenue	$869,000	3BR/1.5BA	1,240/4,400	Bob Bredel, Today Sothebys

(Click the “Homes For Sale” sign below to see ALL of the homes currently for Sale in San Carlos.)

Homes for Sale in San Carlos

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Condos and Townhomes Sold in San Carlos:

Below are the condos/townhouses that sold this past week. Click on the address for all of the details:

Address	Sold Price	Orig. List	Difference	DOM
3362 La Mesa Drive #1	$540,000	$524,000	+16,000 (+3.1%)	8
3379 Brittan Avenue #6	$461,000	$426,000	+35,000 (+8.2%)	12
402 Portofino Drive #1	$451,000	$434,950	+16,000 (+3.1%)	7

(Click the “Condos Sold” button below to see all of the condos and townhomes that have recently sold in San Carlos)

Condos Sold in San Carlos

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Condo/Townhouse Pending Sales in San Carlos

The following condos/townhouses are now pending sale:

Address	DOM (days)
3336 Brittan Avenue #8	19
1555 Cherry Street #1	11

(Click the “Condos Pending Sale” button below to see all of the condos and townhomes that are pending sale in San Carlos)

Condos Pending Sale in San Carlos

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New Condo/Townhouse Listings in San Carlos:

The following condo/townhouses listed this past week. Click on the address or MLS # or all the details:

Address	List Price	BR/BA	Sq Feet	Listed By
1125 Royal Lane	$800,000	3BR/2.5BA	2,470	Mary Duvall, Coldwell Banker
222 Laurel Street #302	$419,950	2BR/2BA	940	John Sieling, Today Sothebys

(Click the “Condos for Sale” button below to see all of the condos and townhomes that are currently for sale in San Carlos)

Condos for Sale in San Carlos

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What’s Open This Weekend?

Click the “Open House” sign below to see ALL of the homes and condos scheduled to be open this weekend in San Carlos.

Open House in San Carlos

___________________________________________________________________

Want Your Info Sooner?

I post sales data as it happens — just click on the buttons below to follow the White Oaks Blog on Twitter and the White Oaks Blog Page on Facebook

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(The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week.)

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Rating: 5.0/5 (1 vote cast)

San Carlos AYSO 2012 Registration Starts Tonight.

Chuck Gillooley — Wed, 25 Apr 2012 18:12:00 PDT

Sign-Up Period Open.

San Carlos is definitely a soccer town. I was once told that more kids in San Carlos play soccer than any other recreational sport. And speaking of soccer organizations, San Carlos AYSO is one of the most well-run recreational sports organizations that I have ever been associated with — as a player or coach or a board member or a referee, I have been involved with San Carlos AYSO in some form for nearly 40 years! Yikes…

Well, it’s that time of the year to sign up for the fall season of AYSO soccer. Starting tonight you can register your child for another great season of San Carlos soccer. Here are the details:

Hello San Carlos Soccer Community-

Quick reminder that registration begins this Wednesday evening at the San Carlos youth center. Please make sure you visit www.eayso.org to pre-register your returning and new players for Fall 2012. For detailed instructions, go to http://www.sancarlosayso.org/scayso.shtml

Bring two copies of your signed EAYSO registration printouts for both players and volunteers, as well as your cash or check made out to San Carlos AYSO, to the SAN CARLOS YOUTH CENTER on any of the following dates: (And for those of you interested in shorter lines…. first Wednesday of registration tends to be the quickest.)
Wednesday, April 25th: 7-9pm
Saturday, April 28th: 10am-2pm
Wednesday, May 2nd: 7-9pm

The registration fee remains the same as the last few years: $125 for ages U5 & U6 and $145 for all other age groups.

Feel free to email me with any questions, and I look forward to seeing you at registration!

Regards,

Marten Mills
San Carlos AYSO Regional Commissioner
marten.mills@gmail.com

See you on the pitch in the fall!!
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Tough Sledding for Move-Up Buyers in San Carlos.

Chuck Gillooley — Wed, 25 Apr 2012 07:24:09 PDT

Stuck in the Middle.

You would think that any home seller in San Carlos would be absolutely thrilled with the current condition of the real estate market, with its tight inventory, endless stream of well-heeled buyers, double-digit multiple-offers, and prices soaring at a seemingly unabated rate. Who wouldn’t want to list their home in a market that so overwhelmingly favors the seller?

But there is a small legion of home sellers in San Carlos right now who would absolutely love to partake in the spoils of this market, but simply cannot. Unlike homeowners who are moving out of the area, or are perhaps downsizing, this group of sellers wants to stay in San Carlos– perhaps in a larger home or in a different neighborhood. They’re the move-up sellers, and right now they’re absolutely paralyzed in this market.

Infinite Selling Power, Zero Buying Power.

The primary problem that the vast majority of move-up sellers face is that they usually need to sell and close escrow on their current home first before they can complete the sale on their next home, since they’re “buying up” into a larger mortgage. Unless they just hit the IPO jackpot, or somehow have an unusually high amount equity in their existing home, this is a rigid requirement for most move-up buyers. So this means that once they’ve identified their target move-up home, they have to write an offer that’s conditional on them selling their current home first.

In a normally market that’s balanced and has a healthy level of inventory, many sellers would be open to taking a conditional offer from a buyer. But in the tightly constrained market that is seeing more non-contingent and all-cash offers, a conditional offer falls to the bottom of the stack just about every time. The ultimate irony here is that these very same market conditions serve to remove almost all of the risk from the conditional offer — the move up buyer can sell their house in a nanosecond in this white-hot market, but their buying power is negligible compared to non-conditional and non-contingent offers.

In other words, they have infinite selling power but zero buying power.

Conspicuous by their Absence.

Move-up buyers are a critical cog in the real estate food chain. In a typical market, not every home seller is retiring or relocating out of the area for job reasons. A significant chunk of the inventory that comes on the market is from those home owners who move within San Carlos, and they’re a vital piece of the machine — on one hand, they create supply, while on the other they help consume inventory.

But right now, many move-up buyers have reluctantly decided to ride out the storm. They’re using this time to stash away more money for a larger down payment, and are waiting for a balanced market that is more favorable to buyers. Many will pin the lack of inventory on the “Facebook Effect” (people waiting to list their home until that busload of FB millionaires cruises through town), but I’m convinced that the lack of move-up buyers is playing a far large role right now.

Their absence is definitely being felt…
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