Alright, for the three people in San Carlos who have not been through this house, this post is not for you. I cannot think of a recent property which has generated more questions on pricing than 1950 Eucalyptus Avenue. Originally priced at $1,895,000, this home has been reduced to $1,698,000. This price buys you a new home with 4 bedrooms, 3 1/2 baths and 2,750 square feet of living space in the middle of Howard Park. The builder of this home is Joe Ravella. Joe is a well respected builder in San Carlos and Redwood City, known for building high-end, quality homes. So why has this home not sold?
Granted, the home is located across from Christmas and Halloween central, but there are enough people in San Carlos who enjoy that type of atmosphere (including myself) to negate that issue. I think the number one reason for this home not selling is that buyers are waiting for a recent, suitable, comparable property to enter into contract. Their wait may finally be over. 125 Somerset in Edgewood Park is a few years old, also built by Joe Ravella. This home is 450 square feet smaller and while it is in close proximity to 1950 Eucalyptus, it does not have the San Carlos name or schools behind it. This home was listed at $1,695,000 and went sale pending in one day. Because the volume of sales is down considerably in San Carlos, buyers will need to start to look beyond San Carlos for signs of market stability. This is especially true in the one million dollar and higher range.