Wednesday, February 25, 2009
State of The City Address
Don’t miss the 2009 State of The City Address presented by Mayor Bob Grassilli – “ A Year of Change – and Challenge”. The event is being help on Wednesday, March 18, 2009 from 7:30-9:00am at the San Carlos Library, 610 Elm Street, 2nd Floor. Cost is $20 per person and includes a continental breakfast. Deadline for reservations is March 13th. You can register online at www.sancarloschamger.org.
San Carlos Homes and Rain
Rain, rain, go away. Not really, I know we need it. It always seems as if we either don’t have enough rain or are complaining that we have too much. Unless you live at the top of one of our beautiful hills in San Carlos, chances are rain can have an impact on your property. I have owned 3 homes in different areas of San Carlos. Each one has had rain considerations. It’s not uncommon, just something to be aware of and stay on top of.
Water run off from the hills can accumulate under your home or in your basement. Many homes in San Carlos have sump pumps installed. When water accumulates, they turn on and pump the water out, typically into your sewer pipes. This works great, but you want to make sure that you periodically test your sump pump. They do not last forever. We’ve had sump pumps overload and fail. Not fun.
Water sensors can be installed so that an alarm will go off if water accumulates. This is a helpful back-up system.
Most insurance companies do not cover sump pump failures. You may want to check with yours for a rider that would cover such damage as they are typically reasonably priced ~ $30 for a year.
If your water table is low (not very deep). You may also want to consider installing a well to use for irrigation during the non-rainy months. It will save you money and help conserve at the same time!
Water run off from the hills can accumulate under your home or in your basement. Many homes in San Carlos have sump pumps installed. When water accumulates, they turn on and pump the water out, typically into your sewer pipes. This works great, but you want to make sure that you periodically test your sump pump. They do not last forever. We’ve had sump pumps overload and fail. Not fun.
Water sensors can be installed so that an alarm will go off if water accumulates. This is a helpful back-up system.
Most insurance companies do not cover sump pump failures. You may want to check with yours for a rider that would cover such damage as they are typically reasonably priced ~ $30 for a year.
If your water table is low (not very deep). You may also want to consider installing a well to use for irrigation during the non-rainy months. It will save you money and help conserve at the same time!
Friday, February 20, 2009
San Carlos Elementary School Ratings
Below are a listing of San Carlos public elementary schools and their rating on a scale, from 1- poor to 10 – outstanding, from Great Schools website - www.greatschools.net
Arundel – 9 out of 10
200 Arundel Rd.
San Carlos, CA 94070
(650) 508-7311
Brittan Acres - 9 out of 10
2000 Belle Ave.
San Carlos, CA 94070
(650) 508-7307
Heather – 7 out of 10
2757 Melendy Dr.
San Carlos, CA 94070
(650) 508-7303
San Carlos Charter Learning Center – 9 out of 10
750 Dartmouth Ave.
San Carlos, CA 94070
(650) 508-7343
White Oaks – 10 out of 10
1901 White Oak Way
San Carlos, CA 94070
(650) 508-7317
Arundel – 9 out of 10
200 Arundel Rd.
San Carlos, CA 94070
(650) 508-7311
Brittan Acres - 9 out of 10
2000 Belle Ave.
San Carlos, CA 94070
(650) 508-7307
Heather – 7 out of 10
2757 Melendy Dr.
San Carlos, CA 94070
(650) 508-7303
San Carlos Charter Learning Center – 9 out of 10
750 Dartmouth Ave.
San Carlos, CA 94070
(650) 508-7343
White Oaks – 10 out of 10
1901 White Oak Way
San Carlos, CA 94070
(650) 508-7317
Monday, February 16, 2009
2009 Stimulus Package Details Emerging
President Obama is scheduled to sign the American Recovery and Reinvestment Act of 2009 tomorrow in Colorado. Details of the $787 billion dollar plan are slow to surface but here are the top real estate related tidbits as currently being reported.
Homebuyer Tax Credit – The bill provides for an up to $8,000 tax credit (capped at 10 percent of the home price or $8,000) that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The tax credit phases out for individuals earning more than $75,000 and couples earning more than $150,000.
The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
FHA, Fannie Mae and Freddie Mac Loan Limits -The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any “sub-area”, i.e. an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.
The inclusion of these loan limit provisions in the final bill is a victory for homeowners, buyers and Realtors. While these new limits were included in version of the original stimulus bill approved by the House, the bill first approved by the Senate did not.
Energy Efficient Housing Tax Credits & Grants - Through 2010, homeowners will be able to claim a 30% tax credit up to $1,500 (up from 10%) for purchases of new furnaces, windows and insulation. There is also $5 billion for weatherization assistance for low income households and $2 billion for federally assisted housing (section 8) efficiency efforts.
Homebuyer Tax Credit – The bill provides for an up to $8,000 tax credit (capped at 10 percent of the home price or $8,000) that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The tax credit phases out for individuals earning more than $75,000 and couples earning more than $150,000.
The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
FHA, Fannie Mae and Freddie Mac Loan Limits -The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any “sub-area”, i.e. an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.
The inclusion of these loan limit provisions in the final bill is a victory for homeowners, buyers and Realtors. While these new limits were included in version of the original stimulus bill approved by the House, the bill first approved by the Senate did not.
Energy Efficient Housing Tax Credits & Grants - Through 2010, homeowners will be able to claim a 30% tax credit up to $1,500 (up from 10%) for purchases of new furnaces, windows and insulation. There is also $5 billion for weatherization assistance for low income households and $2 billion for federally assisted housing (section 8) efficiency efforts.
Wheeler Plaza Redevelopment
Since the late 1990's, the Wheeler Plaza surface parking lot and adjacent City-owned properties have been periodically considered by the community as a potential development site for a mixed use project that would add residential and retail space, increase parking, and expand upon the vibrancy of the downtown.
Wheeler Plaza is currently owned by the City of San Carlos (“City”) and used as a free parking lot to accommodate downtown patrons. Located behind Foodville and Le Boulanger. The Redevelopment Agency also owns two parcels adjacent to Wheeler Plaza - a retail building on one side (fronting on San Carlos Avenue) with 3 stores and a 6 unit rental housing development on the other side of the parking plaza. These properties are also part of the Wheeler Plaza Redevelopment process.
In October 2008, the City issued Requests for Qualifications for qualified firms or individuals to redevelop the parcels. After careful review and interviews, on Monday, February 9th, the City Council directed staff to begin negotiations with Silverstone communities. Stay tuned…
Wheeler Plaza is currently owned by the City of San Carlos (“City”) and used as a free parking lot to accommodate downtown patrons. Located behind Foodville and Le Boulanger. The Redevelopment Agency also owns two parcels adjacent to Wheeler Plaza - a retail building on one side (fronting on San Carlos Avenue) with 3 stores and a 6 unit rental housing development on the other side of the parking plaza. These properties are also part of the Wheeler Plaza Redevelopment process.
In October 2008, the City issued Requests for Qualifications for qualified firms or individuals to redevelop the parcels. After careful review and interviews, on Monday, February 9th, the City Council directed staff to begin negotiations with Silverstone communities. Stay tuned…
Friday, February 13, 2009
2008 Home Sales Statistics for San Carlos
The real estate sales statistics for the year have recently been posted and as always, we wanted to be the first to share them with you. While San Carlos remained strong for quite a long time during this downturn, in the end, it was not immune to it. The average sales price for a home in San Carlos in 2007 was $1,138,429; it dropped 6% in 2008 to $1,072,498. While this decline is not as drastic as many areas, it is still noteworthy. Inventory of homes was up significantly from 2007 to 2008, but the average days on market only went up slightly. Percent of list price received went from just over asking in 2007 to just below asking in 2008.
While this is not exactly positive news, in light of what is going on in the rest of our country, it’s also not too bad. If you sell your home now, you might get less for it, but you can also buy a new home for less – it’s all relative.
Please be aware that due to the downturn for the year in San Carlos, home equity lines are being reviewed by many banks. Banks may freeze the lines at the current value and request a review to reinstate them. If you have an equity line with credit available that you may need in the near future, you may want to withdraw it now to avoid any problems.
If you have specific questions about the value of your home or the activity in your specific area, we will be happy to provide you with it. Simply call or e-mail us with your request.
We are happy to help!
While this is not exactly positive news, in light of what is going on in the rest of our country, it’s also not too bad. If you sell your home now, you might get less for it, but you can also buy a new home for less – it’s all relative.
Please be aware that due to the downturn for the year in San Carlos, home equity lines are being reviewed by many banks. Banks may freeze the lines at the current value and request a review to reinstate them. If you have an equity line with credit available that you may need in the near future, you may want to withdraw it now to avoid any problems.
If you have specific questions about the value of your home or the activity in your specific area, we will be happy to provide you with it. Simply call or e-mail us with your request.
We are happy to help!
Wednesday, February 11, 2009
Areas in San Carlos
There are 6 designated real estate areas in San Carlos. They are roughly divided by the main streets in San Carlos: Alameda de Las Pulgas, Brittan, El Camino Real and San Carlos Avenue.
1) Area 350 Alder Manor - brown
2) Area 351 Beverly Terrace - purple
3) Area 352 White Oaks/El Cereno - red
4) Area 353 Howard Park - blue
5) Area 354 Clearfield Park - yellow
6) Area 355 Cordes - green
For more information on an area or to see which area you live in, please contact us.
Decline on Property Value Tax Reduction Alert:
The San Mateo County Assessor's Office asked the San Mateo County Sheriff's
Office to send out the following cautionary note regarding unsolicited
property tax reduction offers.
In the past week, San Mateo County property owners have been blanketed with solicitations from private companies that are luring people to spend money to reduce their property taxes. These companies cannot guarantee reduction in property taxes to anyone. The law establishes which properties are eligible for this property tax relief program known as a "Decline in Value."
A "Decline in Value" request is FREE to any homeowner. We need your help to get the word out--tell your constituents, employees, friends, neighbors and family NOT to get ripped off--do NOT pay for these services. If anyone should ask, this is how the Decline in Value program works:
First, a property owner requests a Decline in Value review by filling out a simple form and sending to the Assessor's office (online, by fax, mail or in person). It only takes a couple of minutes to complete.
Second, our offices review the request. If a property's assessed value is more than its market value as of Jan. 1, the property owner will be eligible for a temporary reduction in assessed value. We will start the process that will lower their property tax bill or earn them a property tax credit.
Third, if the property is ineligible for relief, we will advise the owner as to why their property did not qualify for a reduction.
Where can someone get a form? Decline in Value request forms are available online and in downloadable paper formats from our web site at www.smcare.org. We will also mail them to a property owner and forms are available in our office if a person stops by.
And lastly, properties that are reduced are reviewed by the office on an annual basis. If the property continues to qualify, it will remain on the program in future years until the property's value is regained.
Please help us spread the word. I've attached the press release that we sent to the media and samples of the solicitations. You will note that is very professional looking and that is why it may snare unsuspecting property owners into this scam.
Thank you,
Warren Slocum
In the past week, San Mateo County property owners have been blanketed with solicitations from private companies that are luring people to spend money to reduce their property taxes. These companies cannot guarantee reduction in property taxes to anyone. The law establishes which properties are eligible for this property tax relief program known as a "Decline in Value."
A "Decline in Value" request is FREE to any homeowner. We need your help to get the word out--tell your constituents, employees, friends, neighbors and family NOT to get ripped off--do NOT pay for these services. If anyone should ask, this is how the Decline in Value program works:
First, a property owner requests a Decline in Value review by filling out a simple form and sending to the Assessor's office (online, by fax, mail or in person). It only takes a couple of minutes to complete.
Second, our offices review the request. If a property's assessed value is more than its market value as of Jan. 1, the property owner will be eligible for a temporary reduction in assessed value. We will start the process that will lower their property tax bill or earn them a property tax credit.
Third, if the property is ineligible for relief, we will advise the owner as to why their property did not qualify for a reduction.
Where can someone get a form? Decline in Value request forms are available online and in downloadable paper formats from our web site at www.smcare.org. We will also mail them to a property owner and forms are available in our office if a person stops by.
And lastly, properties that are reduced are reviewed by the office on an annual basis. If the property continues to qualify, it will remain on the program in future years until the property's value is regained.
Please help us spread the word. I've attached the press release that we sent to the media and samples of the solicitations. You will note that is very professional looking and that is why it may snare unsuspecting property owners into this scam.
Thank you,
Warren Slocum
2/10 Broker Tour
It was slow for a while, but now that the holidays are over and Super bowl Sunday behind us, new homes are starting to come on the market. While this is normal for this time of year, we also hope it’s a sign that the market remains strong and recovery is on it’s way.
Highlights of Tuesday’s tour, 2/10/2009 in San Carlos:
There is a beautiful older – but completely renovated – 4 bedroom 2 ½ bath Tudor home on Madrona that was on tour today. It's a lovely home with a lot of character, charm plus designer touches and upgrades. It has wonderful views and a nice landscaped backyard. It also has a separate office that is currently being used as an artist studio. The office is not connected to the main house and is accessible from the front side. The main considerations I see are the many levels and stairs. You need to go upstairs to get into the house and the master suite (which is large and gorgeous) is also upstairs. Arundel Elementary and Carlmont High School districts. At $1,359,000 and the seller willing to buy down buyers interest rate up to 2 points on the loan – it’s definitely worth a look!
There were 2 homes in close proximately that were very different. One was a 3/2 on Clifford that was 1750 sq’ and tastefully upgraded for $962,000. The other was a 4/2.5 around the corner on Victoria Manor that was 2470 sq’ and listed for $1,399,000. Both are in Clifford Elementary and Sequoia High School districts. Victoria Manor was larger and on a quiet cul-de-sac, but it was not as appealing inside.
We have some clients interested in investment property, and there was a duplex on tour on Laurel Avenue. While we were unable to go inside, as it is tenant occupied, I drove by to check it out. It’s on a nice quiet part of Laurel with wide streets. The duplex was in nice condition and attractive from the outside. Each 2-bedroom 1bath unit has been professionally renovated. Private decks with yard full of fruit trees. Beautiful Bay view. Both units have full basements for home office or additional storage. Listed at $1,125,000 with a reported rental income of $50,280 per year. Not bad!
Highlights of Tuesday’s tour, 2/10/2009 in San Carlos:
There is a beautiful older – but completely renovated – 4 bedroom 2 ½ bath Tudor home on Madrona that was on tour today. It's a lovely home with a lot of character, charm plus designer touches and upgrades. It has wonderful views and a nice landscaped backyard. It also has a separate office that is currently being used as an artist studio. The office is not connected to the main house and is accessible from the front side. The main considerations I see are the many levels and stairs. You need to go upstairs to get into the house and the master suite (which is large and gorgeous) is also upstairs. Arundel Elementary and Carlmont High School districts. At $1,359,000 and the seller willing to buy down buyers interest rate up to 2 points on the loan – it’s definitely worth a look!
There were 2 homes in close proximately that were very different. One was a 3/2 on Clifford that was 1750 sq’ and tastefully upgraded for $962,000. The other was a 4/2.5 around the corner on Victoria Manor that was 2470 sq’ and listed for $1,399,000. Both are in Clifford Elementary and Sequoia High School districts. Victoria Manor was larger and on a quiet cul-de-sac, but it was not as appealing inside.
We have some clients interested in investment property, and there was a duplex on tour on Laurel Avenue. While we were unable to go inside, as it is tenant occupied, I drove by to check it out. It’s on a nice quiet part of Laurel with wide streets. The duplex was in nice condition and attractive from the outside. Each 2-bedroom 1bath unit has been professionally renovated. Private decks with yard full of fruit trees. Beautiful Bay view. Both units have full basements for home office or additional storage. Listed at $1,125,000 with a reported rental income of $50,280 per year. Not bad!
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