Price per Square Foot in San Carlos:A Look at 4 New Listings

Posted on 15 March 2010 by vvandervort

house in grocery cartOn Saturday, I wrote a post about the price per square foot in San Carlos for 3+ bedroom/2+ bathroom homes that sold under $950,000 in the last year.  Right at that same time, 4 new listings came up in San Carlos that give us the opportunity to compare their price per square foot to the averages I calculated for the last year.   You’ll need to read the previous post to get the most out of this one.

First off, there was some glitch in my Excel spreadsheet for my price per square foot calculations in San Carlos, so I now have new price per square foot numbers for the MLS areas in San Carlos compared to Saturday’s post.  The updated price per square foot numbers are below.  Remember, these are only for 3+/2+ homes that sold below $950,000.  For the rest of this post, when I refer to the average number, it is always the average for 3+/2+ homes that sold below $950,000.

Area 350 should be $544 per square foot.
Area 351 should be $481 per square foot.
Area 352 should be $526 per square foot.
Area 353 should be $574 per square foot.
Area 354 – this area was not looked at because the client I did these calculations for does not want the east side of San Carlos
Area 355 should be $463 per square foot.

In Area 350 (Alder Manor) we had 388 De Anza Ave come up priced at $899,000.  Based on the average, it should be priced at $783,510 (1470 sq. ft. x $544 per sq. ft).  However, it is priced at $612 per square foot.  The highest price per square foot in that area in the last year for a 3+/2+ home under $950,000 was $706 for 11 Gaylord Ct.

We didn’t get a 3/2 listed in Area 351 in San Carlos this last week, so I won’t look at anything there.

In Area 352 (White Oaks), 1423 Cordilleras Ave got listed.  Although this is listed above the $950,000 range that I looked at for these price per square foot numbers, I’m still going to analyze this one because it is close enough.   1423 Cordilleras Ave is listed at $989,516 and is 1620 sq. ft.  That breaks down to $611 per square foot.  Using the average from the last year of $526, then its value would be at $852,120.  It is not going to sell that low, which is a testament to where the market is at right now (um, that’d be appreciating).  However, I don’t think it should sell that high either.   The highest price per square foot in White Oaks in the last year for a 3+/2+ that sold under $950,000 was 88 Hilltop Drive at $668 per square foot.

In Area 353 (Howard Park) we have a rare gem in the Lyon & Hoag area – 908 Rosewood Ave.  This home is priced at $988,000.  Calculating the price per square foot is a little less clear cut because the MLS shows it as a 1500 sq. ft. home, but it is shown in the county record as being 1370 sq. ft.  My understanding from the listing agent is that the downstairs bedroom and bathroom were done with permits and should be in the square footage.  Sometimes the county record doesn’t get that updated.  I’m going to work with the 1500 sq. ft. number and therefore the price per square foot is $659.  If you used the average for that area in the last year that I calculated ($570 per square foot), then the house should have a value of $855,000.  That number is totally off though because there is no better location than that and the character of that home is amazing.  At yesterday’s buzzing open house, you could actually see buyers standing out front imagining it being their home in a month’s time.  (Did I mention that it is an appreciating market???).  The highest price per square foot in Area 353 in the last year for a 3+/2+ selling below $950,000 was $667 for 665 Cordilleras Ave.   

The last area I’ll make a comparison for is Area 355 (Cordes).  172 Lyndhurst Ave got listed at $899,888.  It is 1660 sq. ft, making it offered at $542 per square foot.  If we look at the average for the last year of $449, it would be priced at $745,340 – which again, it is a no brainer that it will have no difficulty selling above that and no problem at the list price either.  The highest price per square foot in that area in the last year for a 3+/2+ below $950,000 was $610 for 259 Vine St. 

Just a little FYI… the highest price per square foot numbers that were acheived in these areas in the last year were homes that were in the 1200/1300 sq. ft. range and that size home is always the one that will sell for the highest price per square foot.

This exercise seems worthless because the numbers don’t work out, but I think what can be gained from it, is that the numbers for price per square foot from last year are no longer applicable.  Remember your basic economics of supply and demand?  Looking back at the last year – especially 12 months ago, we were big on supply and low on demand.  The tables have turned! 

That’s it for today from Val, the San Carlos Data Gal.  Want more data?  Call Val at 650-740-6025.
business woman sitting on pie chart

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