Good News/Bad News

The good news is that the San Carlos market is hitting on all cylinders right now.  The bad news is that some appraisers think San Carlos is stuck in 2009. There is no bigger tug-of-war being fought right now than along the appraisal front….not just for home buyers, but for homeowners looking to refinance as well.

What’s Going Wrong?

With record-low interest rates and an escalating market, those trying to obtain a refinance or purchase a home in San Carlos are finding out that the most difficult part of the process is not their credit worthiness, but rather it is surviving the accompanying appraisal that is part of both a refinance and a home purchase. In a nutshell, some of the appraisals coming back to the banks are so badly off the mark, in terms of the true market value of a property, that they are single-handedly killing the financing.

How Does An Appraisal Kill The Financing?

Simply put, most banks will not lend beyond 80% of the appraised value.  Note the key difference between appraised value and contract value.  In other words, it really doesn’t matter what price the contract states.  The bank will ignore that and only lend 80% of whatever the appraiser says it may be worth.  If a buyer only has a 20% down payment or the homeowner only has 20% equity, the deal will not happen if the appraisal comes in at less than the contract price because the ratios will be thrown off.

Here’s  A Recent Example

This is a real example that took place within the last two weeks.  I have slightly changed (although proportionally) the sales numbers to protect the anonymity of the property.

Property A’s List Price: $950,000

After being on the market for less than a week, Property A acquired 5 offers.  The five offers were as follows:

1.  $1,015,000 (20% down)

2. $1, 010,000 (20% down)

3. $1,000,000 (25% down)

4. $985,000 (all cash)

5. $960,000 (20% down)

The sellers accepted #1 above, for $1,015,000.  The appraisal was conducted.  The appraiser was aware of the other four offers as well as the length of time on the market (a week) and all other pertinent factors.  The appraisal was returned to the buyers at $939,000. Other than being grossly off the mark with comparable properties, the appraiser somehow justified appraising the property for not only less than the list price, but substantially less than all five offers.  No matter what anyone says, including appraisers, realtors or sellers, the true value of a property is what the market is willing to pay for it.  In this case, it was evident that the market was on an entirely different level than the appraiser.

In the above scenario the appraisal missed the contract value by $76,000.  The only way for the buyers to complete the purchase would be to add another $76,000, cash, to their 20% down payment or lose the home.

Why Appraisals Are Off The Mark

There are many different reasons for appraisals coming up short.  For starters, my experience has been that some appraisers are unaware of just how fast the market can change in San Carlos.  A quick market shift, as we have seen in the first 45 days of 2012, can have a significant impact on values.

There were many positive regulations to come out of the mortgage meltdown of the previous four years.  Mortgage guidelines were completely reformed.  However, some of these guidelines were so stringent and lacking in common sense that we are left scratching our heads.  Some of these guidelines touch on the appraisal aspect of mortgage lending.  For instance, your mortgage broker at Big Bank can no longer have any communication with the appraiser.  When the appraisal is ordered, your file goes into Big Bank’s system and will randomly get assigned to an appraiser who may, or may not, have familiarity with San Carlos.  While all banks will assure you that their appraisers are local and are intimately familiar with the San Carlos market, don’t believe it. Big Bank will have a database of what they consider to be competent and local appraisers.  However, when I get the call from the appraiser for a buyer of mine and the number coming up on the phone has a (707) area code…you have to wonder just how local the expertise is going to be.  Additionally, when you receive your appraisal report and your home is being compared to homes that do not utilize San Carlos schools or are even in a different town, you have to wonder just how accurate the appraisal may be. You may also question the appraiser’s understanding of San Carlos in general.

Those Looking To Refinance Have it Worse

Those looking to refinance have it worse when it comes to the appraisal aspect of the process.  When an appraiser is conducting an appraisal for a home purchase, the appraiser knows the contract price ahead of time because he or she will have a copy of the contract.  When an appraiser is conducting an appraisal for a refinance, often times the number the homeowner is trying to hit is not revealed to the appraiser…so there is really not an immediate data point to start from.  The result is more appraisals miss on the refinance side, than on the purchase side.

Not Always The Fault Of The Appraiser

This is not intended to be a post throwing all of the blame on appraisers.  The system under which we are all involved within the real estate industry is broken in different areas.  The appraisal part is one that happens to stick out more than others because its importance to the process.  There are some excellent appraisers out there who understand the value in only taking on areas which are truly local to them. Additionally, appraising is a tough, thankless job in many cases.  There is very little upside and a ton of liability. The system as a whole needs to be reorganized so that buyers and homeowners are guaranteed an accurate appraisal. In the end, everyone, including the banks will benefit from more accurate appraisals.

It Will Get Worse This Spring

Winning your multiple offer may only be the first hurdle that many buyers will have to clear this spring.  There are ways to improve your odds both as a buyer and seller in dealing with the appraisal issue.  Talk about this issue thoroughly with your agent and have a plan in place to circumvent the effects of the appraisal process.

A Swift Market Shift

In yesterday’s post I made mention of just how fast the San Carlos market went into overdrive.  Today, we will look at the causes behind this dramatic shift.

The Perfect Storm

Take the following ingredients:  (1) extremely low inventory levels, (2) 30-year fixed mortgage rates dipping below 4%, (3) an improved local economy, (4) intense buyer demand, and my personal favorite (5) the Facebook effect, and you have the perfect storm for a dramatic and powerful shift in San Carlos real estate.  Let’s take a closer look at each of these key ingredients.

(1) Low Inventory Levels  As redundant as it may be to mention low inventory levels again (since this has been the main culprit affecting our market over the past 12 months), the truth of the matter is that inventory levels have gone from low to almost non-existent.  We are currently left with a mere 24 homes on the market in San Carlos.  Of those 24, 16 have been on the market for at least 90 days.  Even more surprising is that we have 34 homes that are pending.  It is rare that you would have more pending homes than active homes in a particular market. It is even more startling to have a 24:34 ratio of active versus pending properties.

(2) Mortgage Rates  The 30-year fixed mortgage rate has fallen below 4%.  Outside of some government backed programs during the Great Depression, mortgages have never come so cheap.

(3) Improved Local Economy  There is no doubt that our local economy has picked up.  While we clearly are not clicking on all cylinders, we have improved substantially.  For more on this topic, please click here, for a recent post on driving forces in our local economy. Additionally, I believe that the one surprising factor for many would be just how large of a down payment many buyers have for their future home in San Carlos.  The amount of buyers with a down payment of a million dollars or paying all cash for a house would shock many who follow our market.

(4) Intense Buyer Demand  San Carlos has four major price zones for buyers looking for single family residences:  under $750,000, $850,000-$1,000,000, $1,200,000-$1,500,000 and $1,800,000 and higher.  All four of these price zones are impacted with buyers. In previous years, I might have gotten one or two calls a week from agents asking if I knew of anything coming up in San Carlos.  Now, I am getting one or two calls a day. It has been this way since early January.

(5) The Facebook Effect  While it has probably been overblown, the truth of the matter is that it is already having an impact.  For those who say it is impossible for a single company to have a trickle down effect into a town such as San Carlos, I would refer you back to the Google IPO. There was a definitive impact in San Carlos, not just after the IPO, but in the years that followed. Many realtors will be able to tell you at least one story of losing a multiple offer to an all-cash Google offer. Remember that even though Facebook is scheduled for a late spring IPO, many option holders will not be able to immediately liquidate their stock and purchase homes.  Assuming they have completed their vesting schedule, most common stock in private companies is issued with restrictions, including a timetable of when a stock holder can sell their stock.  One of those restrictions usually states that the owner of the stock cannot sell their interest on the open market after an IPO for anywhere from 120-180 days.  With this in mind, any hard impact of funds derived from a sale of Facebook common stock would probably not hit our market until early 2013.  Currently, it is the perception of Facebook and the liquidated wealth that would follow an IPO that is having some effect on our market.

Jolted

Toward the end of 2011, and during the first few weeks of 2012, I have described the San Carlos market as one in transition.  That transition being one of moving from a buyer’s to a seller’s market.  While this may very well be true, it is not telling the enitre story of what is really happening in our market. Many of us thought the market would be improved this year, but I do not think anyone involved in San Carlos real estate could have predicted what is currently happening.  What is becoming decisively evident, is that our market is not one under a methodical transition, rather it is one that is currently being jolted back toward sellers.

By The Numbers

It’s a harsh reality for many buyers, some of which are now kicking themselves for waiting so long to enter the market. Almost everything that I have seen in recent weeks is a multiple offer situation for new homes coming on the market.  I had one agent, who I know and trust, tell me yesterday that he cannot remember a transition that has been so decisive and in such a short amount of time.  If you do not want to take my word for it, take a look at the numbers:

*  We currently have 27 Active homes on the market, and by the end of today that number will be 25.  This is exactly half of the amount of homes we normally have on the market at this time.

*  Our Pending homes currently outnumber our Active homes.  Currently, there are 32 homes pending in San Carlos.

*  Current amount of Active homes between $850,000 and 1,400,000 in White Oaks and Howard Park: 0.

Breaking It Down

It is easy to run on emotion. I have spoken to a few buyers lately who are upset with themselves for not reacting sooner and are now reacting more on emotion than perhaps considering the bigger picture.  Our market goes through stretches where it is crazy, but it will settle back down. Right now we are being thrown somewhat harshly back toward a seller’s market and the residual effects are forcing many new buyers into situations they do not have familiarity with, such as multiple offers, multiple counter offers and strategies that have not been used around in here in some time.

My advice for buyers:  understand that the market has changed substantially and quickly.  Adjust your strategy accordingly, have a definitive plan, use data points, but temper enthusiasm with a healthy dose of the much bigger picture.

* Tomorrow’s post will focus on the causes for the market shift.

Morty’s Restaurant

Morty’s Restaurant is getting ready to open its doors on April 1st.  Taking the spot of the Cantina restaurant on the 1000 block of Laurel, Morty’s Restaurant is the product of San Carlos resident Michael Shifrin.  Michael was kind enough to sit down with me over the weekend and discuss the vision behind Morty’s.

Filling a Need

Michael was very candid in saying that he was not aiming to be another “Town” or “The Office,” rather he was concentrating on being Morty’s.  From what I have seen, Michael and his crew understand San Carlos.  Michael is a 20-year San Carlos resident and appears to be acutely aware of how San Carlos works and its needs with regard to downtown options.  For instance, residents have been clamoring for more family friendly options in downtown San Carlos.  Aside from offering some truly wonderful dishes on their main menu, Morty’s has an extensive kids menu as well. Nothing surprises me more than restaurants opening in downtown San Carlos without a kids menu. Morty’s has everyone in your family covered.

The Layout

Morty’s will offer a variety of seating options. Outdoor seating will be available in front of the restaurant as well as the back patio.  The back patio will be heated by a wood fire pit. The inside of the restaurant will highlighted by an “L” shaped bar and plenty of indoor seating.

The Menu

Before getting to the menu, it is important to note that Morty’s will bake all of their own breads and pizza dough, grind their own meats and make their own juices, all in-house. The menu was assembled by Michael and his head chef, who was formerly a chef at 231 Ellsworth, Scratch and the British Banker’s Club.  Here is just a sampling of their menu:

Sampling of Appetizers

Mediterranean Ahi tuna tartar with toasted almonds, basil, kalamata olives, capers, olive oil and fried wontons

House made mozzarella and heirloom tomato caprese

Moroccan style meat balls with apricots and cumin current cream

Sampling of Sides

Beer battered onion rings with dill and or buttermilk dipping sauce

Fries, garlic fries, sweet potato fries

Sauteed spring vegetables

Sampling of Salads

Sundried pear arugula salad, blue chees, fresh pears, sundried pears, Belgium endives, candied pecans, port wine fig dressing

Cesar salad, with garlic crostini in a parmesan basket

Butter lettuce salad, Hydroponic butter lettuce, herbes de’provance, French brie, baby heirloom tomatoes, citrus champagne vinaigrette

Sampling of Entrees

Fire grilled rib eye, French fried potatoes and bearnaise sauce

Slow braised short ribs, braising greens, spring vegetables, port wine sauce and crispy onions

Pan seared salmon fillet.  Roasted garlic and fresh basil potato cake. Sweet corn, baby heirloom tomatoes, lemon butter a jus

Morty’s will also offer a wide array of custom burgers and pizzas

Sampling of Cocktails

Bloody Morty

Pomegranate martini, garnish cinnamon rim and pomegranate seeds

Cucumber basil gin martini, garnish cucumber slice

Meyer lemon raspberry martini

Lychee martini, garnish lychee popsicle

White chocolate maritni, with godiva choc liquor, creme de cacao and absolute vanilla vodka

Coming Soon

I was very impressed with Michael Shifrin and his ideas for Morty’s.  Give them a try this spring.

Going Live!

On Friday, February 24th, at 9:00 am, the San Carlos Blog will present its first live audio broadcast.  The live broadcast will last approximately 25-30 minutes and will take place on each subsequent Friday at 9:00 am. You will simply be able to click a button on our page and the audio will stream directly to your computer.

Weekend Preview

The “Weekend Preview” will be a closer look at all homes to come onto the market during the week and preview the San Carlos real estate market as we head into the weekend.  The goal of the Weekend Preview will be to give you a head start and an insider’s view on your weekend home search as well as fill you in on status changes of homes on the MLS for San Carlos.

Not Limited to Real Estate

While the focus of the broadcast will be what is happening in San Carlos real estate for that particular week, a smaller portion of the broadcast will be dedicated to current community events as well.

Have a Friday Announcement?

Toward the end of the broadcast we will be giving Friday Announcements for different events in San Carlos.  Do you have an event that you would like broadcast?  Just send us a quick note (ideally before the broadcast) with all of the relevant information and it will be announced live.

Interactive

The best part about the Weekend Preview is that it will be interactive.  Have a question about a specific property or the San Carlos market?  Not a problem.  Feel free to email during the broadcast to bob@bredelhomes.com or forward your question over Twitter to @sancarlosblog. We will make sure to address it during the broadcast.

Podcast Also Available

Can’t listen to the live broadcast? Not a problem. All broadcasts will be made available as a podcast and you will be able to listen to them when convenient.

Warning

While the real estate information in the broadcast will be very useful, my experience with broadcasting is pretty much non-existent.  In fact, some of my friends have already told me that they will be clearing their schedules for the 24th at 9:00 am, as they believe the first broadcast will provide some serious entertainment. If you have friends such as this, you know exactly what I mean. Anyway, stick with it for the first few weeks and I think we can round it into form. Thanks!

Arbitration in San Carlos Purchase Contracts

As you near the end of our local PRDS Purchase Contract that is commonly used in San Carlos, you will stumble upon an elective clause dealing with binding arbitration.  If both the seller and buyer elect arbitration by initialing next to the clause, binding arbitration will be the sole legal avenue for the buyer and seller should they encounter a dispute which they cannot resolve themselves.

How Arbitration Works

Binding arbitration is an alternative dispute resolution to the normal lawsuit making its way through the California Superior Court system.  By selecting arbitration, the buyer and seller are essentially agreeing to forgo a trial by judge or jury and have their disputes forever settled by a third party arbitrator.  An arbitrator is usually a retired judge or an attorney with many years of experience and specific arbitration training.  The discovery rules for arbitration are usually more relaxed than the parties would encounter if their cases were heading through the court system.  The process itself is more informal as well. Arbitration was also born out of the idea of a more cost-effective alternative dispute resolution mechanism, but that is not necessarily the case anymore.  In fact, many arbitrations can be just as expensive as normal court cases.

Preference for Arbitration

In most purchases in San Carlos, buyers seem to prefer including the binding arbitration clause.  I tend to agree with the inclusion, with certain exceptions noted in the section below. Arbitration can be a very reasonable alternative to the normal trial action in the Superior Court system.  It tends to be less stressful and in some cases, more cost effective.

Reasons to Pass on Arbitration

There are a few very good reasons to pass on arbitration.

(1) If you have a seller who is moving out of the country, obtaining an order to show personal jurisdiction over that person through arbitration is going to be difficult and time consuming.  It would be far easier to institute an action against a seller who is then out of the country if you have all of the long-arm statutes available to plaintiffs involved in a non-arbitration matter in the court system.

(2) If you have (a) a seller who seems to be less than forthcoming on the disclosure documentation; or (b) a home that is naturally susceptible to possible disclosure issues that may have been missed….arbitration may not be the best course of action for you.  Why?  With an egregious or obvious error by the seller, it will be far most cost effective to go and get a summary judgment against the seller, than it would be to sit through an arbitration.

Keep This in Mind

Just because you and the seller do not include arbitration on the purchase contract does not mean that you will not end up there eventually, anyway.  Every judge in San Mateo County will first mandate that all parties try and work out their differences through a mediator.  If the mediation proves unsuccessful, most judges will encourage the services of arbitration.

* Disclaimer Sorry, but they make me insert this disclaimer whenever I am talking about legal options on the San Carlos Blog.  Nothing in this post should be considered legal advice or forming any type of attorney-client relationship.  While I still hold my license to practice law in California, this post and this site are about my services as a realtor, only. Any real estate decisions should only be made with the counsel of your own attorney and realtor. Thanks!

(1) Train Depot.  The massive bricks used to make the San Carlos Train Depot are the same bricks that were used to construct Stanford University. In the late 1800′s, Timothy Guy Phelps, an original landowner in San Carlos, called on his good friend Leland Stanford for help in building a train depot in San Carlos.  Excess bricks arrived shortly thereafter.

(2) Nathaniel Brittan.  The last name is very familiar to those in San Carlos, but did you know that Nathaniel Brittan had three daughters….Elizabeth, Belle and Carmelita….Three streets in Howard Park currently hold those names at the request of Brittan.

(3) Old Bertini.  Old Bertini, as he was known to residents in San Carlos in the earlier 1900s, owned a rather large parcel of land that is now occupied by Burton Park. That parcel was to be sold for a housing development.  It wasn’t until Pop Burton refused to back down and insist that part of that parcel be used for a city park, that the development plans were halted and Burton worked in conjunction with Bertini to salvage part of the parcel from development and Recreation Park was created, later named Burton Park.

(4) Olympics.  In the summer of 1984, the City of San Carlos came to a standstill as the Olympic torch was carried down El Camino Real.

(5) The Church Lady. A famous Saturday Night Live character made popular by San Carlos native, Dana Carvey, is supposedly based on a woman Carvey encountered at the church on Cedar and Magnolia.

(6) First Charter.  San Carlos Charter Learning Center was the first charter school established in California.

(7) Water Under Your House?.  There can be a wide variety of reasons for this in San Carlos, but also keep in mind that there was a reason Black Mountain Water decided to establish their distribution center here.  The springs in the San Carlos hills are filled with water.  The property once used by Black Mountain water still remains vacant today, on Alameda de las Pulgas, between Melendy and Madera.

(8) 1961 National Champions.  In 1961, a group of San Carlos boys, ages 13-15, won the Babe Ruth World Series.  The team was coached by Bob Flanagan.  The large baseball diamond at Burton Park is named in his honor.

(9) Hills vs. Flats.  With a few pocket exceptions, San Carlos is the only town on the peninsula where it is more expensive to live in the flats, than in the hills.

(10) From Knight to Giant.  San Carlos native, Barry Bonds, attended Arundel School.

Heating Up

The San Carlos housing market is starting to heat up.  For those who have been in the market for the past few years, the coming months may be a bit of a new experience.  When listings are at a premium, buyers and their agents will need to have a polished strategy in place.  If you find yourself house hunting in San Carlos this year, here are a few thoughts that you may want to consider:

In Transition

The San Carlos market is very much in transition.  A historical perspective shows that while the majority of the last 60 years have been positive years for San Carlos real estate, for those periods of time when San Carlos had to work itself out of a recession, a transitional period takes place in the real estate market.  These transitional periods have one dominating force:  low inventory.  However, what makes this transitional period extraordinarily unique is that the transitional period has never been accompanied by mortgage interest rates around 4%.  Just how low is an interest rate of 4% historically?  It has never existed unless you were to take into account some of the government incentivized mortgage solutions coming out of the Great Depression.  I was recently talking with one longtime San Carlos realtor who told me that she remembered popping champagne when mortgage rates finally dropped below 15% in the early 1980s.  The point is that we are in uncharted territory when it comes to the size of the recession that appears behind us, coupled with historically low interest rates.

Some Buyers May Have Missed the Bottom

I wrote in a post earlier this week that realtors should stay away from predicting the economy and I will stand by that statement.  The only thing myself or any other realtor should be commenting on is past data points and what we are currently seeing in our market today.

I remember the exact day the San Carlos market suddenly stopped moving.  It was October 10, 2008.  The stock market had taken a tremendous hit and our market hit a wall almost instantly. An examination of all of the numbers over the last three and a half years reveals that the true bottom of the San Carlos market probably took place somewhere between eight to twelve months ago. There is no doubt that things have picked up over the last few months, which has led us into a market which will be very stingy with inventory.

Moving From a Buyer’s to a Seller’s Market

There is not a single San Carlos seller who is going to recapture their 2007 value on their home in 2012.  However, most will realize a noticeable difference from the four previous years both in terms of interest and value. As mentioned above, the first sign of a transitioning market is low inventory.  We are right in the middle of it right now and will likely be there for 2012.  Given the number of people trying to get into San Carlos right now, I believe you are going to see a logjam of buyers with the inventory that we do have and that can only increase value.

Serious Buyers Will Land Their New Home

While the inventory will be tight, and frustrating at times, buyers who have done their research, are working aggressively with a San Carlos agent and have their financing secured…..will find their home in 2012. Those who are taking more of a casual approach and are not ingrained in the market on a daily basis will still be looking for a home in 2013. 

What to Expect

Multiple offers will be back this spring.  We saw them on occasion in 2011.  They will be more prevalent in 2012.  The best thing you can do for a multiple offer situation is be prepared for it.  Recognize that for many price ranges and areas in San Carlos you will be a part of a multiple offer process.  There are many things you can do ahead of time to give yourself a better chance in these types of situations.  Have your agent give you some pointers on how to prepare for the process now. A big problem with multiple offer situations is that many of the offers that come in are from buyers who were unprepared for the situation…and the way the offers are written and presented highlight the unpreparedness.  If you are a buyer looking for your next home in San Carlos in 2012, do your homework now.  Get your financing in order. Work with a San Carlos agent and educate yourself on our market.

SCTH partners with SCEF

In what has been a long time coming, myself and Dr. Young of Young Orthodontics are proud to announce that San Carlos Treasure Hunters has partnered with the San Carlos Educational Foundation for the benefit of San Carlos schools.  This very unique and special version of San Carlos Treasure Hunters is for parents, only. We completed our sixth year of San Carlos Treasure Hunters on October 29th. A record 72 teams, totaling 230 kids and 120 parents competed for the ultimate prize.  After hearing the requests for several years, we were finally able to put together San Carlos Treasure Hunters….for Parents.  While the normal San Carlos Treasure Hunters (for kids) is always free, the parents’ version will have team spots that can be purchased through Spring Fling.  There will also be two very special Platinum Teams which can be purchased during the live auction segment of Spring Fling (see more on the Platinum Teams further down in the post).

How It Works

The parents’ version works in a similar fashion to the regular San Carlos Treasure Hunters.  Teams of four will study the San Carlos History Book, which will be provided to each team. Teams will also study San Carlos parks and any other materials associated with this year’s story, The Legendary J.P Harlow And The Treasure of 1929.

The event is scheduled for the evening of Saturday, May 19th.  This also happens to be the Saturday of Hometown Days.  The event will kick-off at 5:30 at Burton Park.  The first team to find all ten hidden clues around the city and solve the mystery of J.P Harlow, will find the treasure chest keys and receive a fabulous prize.

The Pre & Post Parties

We want everyone to have fun.  If you choose to have some adult beverages at the Pre & Post Parties, please make sure that one of your team members is the designated driver for the entire night.  This is the one rule that will be strictly enforced.  The hunt will end with the post party at The Office Bar and Grill. The winning team will be revealed and we will go over all clues and put the whole thing together for you.

Purchasing a Team

Purchasing a team is a fantastic way to support San Carlos schools.  Teams can be bought out for $500.  Teams are allowed four players.  Get together three friends and the cost is only $125, each…..or two couples can each pay $250 and form a team. Teams can be purchased at Spring Fling.  There will also be an option forthcoming through the Spring Fling site, which will allow you to purchase a team in advance.  Please note that we are only accepting the first 25 teams.

Two Platinum Teams

The live auction at Spring Fling will allow you the opportunity to purchase one of two Platinum Teams.  If you have already purchased a regular team, you can upgrade your team to a Platinum Team by having your $500 purchase apply to any live auction bid for one of the Platinum Teams.

There are two Platinum teams that will be up for bid during the live auction. No need to worry about a designated driver, as I will be your designated driver for one of the teams, and Mayor Andy Klein will be the other. Team Bredel or Team Klein….the choice is yours. We both know San Carlos very well and will get you to your destinations in record time (while abiding by all posted speed limits, of course).  We will take care of your every need during the hunt so that you can focus on winning.  Additionally, both teams will receive a personal crash course study session prior to the hunt and VIP apparel.

Please watch the San Carlos Blog for more details as we get closer to Spring Fling on March 3rd.

* To be taken directly to the San Carlos Treasure Hunters site, please click here.