We have a new price record for Brittan Heights. I sold this 3/2 condo in October 2018 and closed escrow in November with a final sale price of $1,340,000.

This exceptionally rare top level, corner 3/2 home at Brittan Heights was recently remodeled and has all the best features a homeowner could desire. Enjoy its high-vaulted ceilings and the grand views of the lush green canyon and foothills from the privacy of the living room , dining area and patio.  The kitchen opens up to the living and dining room, it has wood cabinets, stone counter tops and newer appliances. The living room has an impressive gas fireplace & recessed lighting.  There are double pane windows and sliding glass doors throughout, wood floors in the living spaces, all new interior doors, elegant plumbing fixtures, and a new furnace. All bedrooms also have vaulted ceilings, Plantation shutters and ceiling fans.  The master bath has a unique open concept with dual vanities, tile floor, recessed lights and a large stone shower enclosure with tall frameless glass doors. The hall bath has marble floors, a marble tub/shower enclosure and extra tall sliding glass doors.  The carport is located right next to the building entry, there are multiple nature parks nearby, it’s just minutes from the freeway, and to either downtown San Carlos or Redwood City.

Mark  650-346-1595   mark@vabrato.com

Well we had a couple recent record sales for 3/2s at Brittan Heights, but it has been some time since a 2/2 has sold. This mid-level 2/2 which overlooks a courtyard and is nearby the tennis courts just sold off market for $1m. It appears to have been a nice clean unit with some updates, but nothing extravagant or killer canyon views.

The two recent 3/2 Brittan Heights sales exceeding $1M were pretty incredible considering the prices

• $1,125,000 sale price for 3330 Brittan Ave. #1, San Carlos CA 94070
• $1,302,000 sale price for 3324 Brittan Ave. #9, San Carlos CA 94070

When seen on a chart this sudden surge in prices is even more spectacular. While I was thinking that Brittan Heights had to break the $1m ceiling considering what was happening to home prices in San Carlos, I did not expect such a surge. Now we will have to wait and see if these were aberrations or a true trend new baseline price for Brittan Heights condos?

 

Wow! Brittan Heights was dabbling in the high $900k range just a few months ago and suddenly $1,302,000 for a 3/2 top unit! This is a nicely updated unit, but still not the best views that Brittan Heights has to offer – is there more upside to a unit like that? The exact location was 3324 Brittan Ave. #9, San Carlos CA 94070.

Brittan Heights not only finally broke through the $1 million barrier, but just shot right past it. This 3/2 home (3330 Brittan Ave. #1, San Carlos CA 94070) just sold for $1,125,000. While it’s a very nicely updated unit, it was a downstairs unit without canyon views. Makes you think what an updated top level unit with canyon views might sell for today?

This gorgeous 2/2 mid level unit just sold off market for $950,000. It had all the hot points; open kitchen tastefully done, updated baths, lots of hard flooring surfaces, some decent views and a nice color pallet.

So if a mid level 2/2 sold for $950,000 then what could a top level tastefully updated 3/2  condo with full canyon views go for?

I’ve been wondering when Brittan Heights will break the $1m barrier and it seems that as things start going crazy with prices, then they cool off temporarily and the $1m ceiling is once more out of reach. However, this $975k sale is a new all time high. No doubt this was a beautiful home, but it was not a home with the preferred unobstructed canyon views. A $1m price tag would value such a home at $800 per SqFt. of living space which is not outrageous for the location. Let’s see if 2017 is the $1m year?

Home prices has recently risen again in San Carlos and surrounding communities and Brittan Heights homeowners are benefiting from these market changes. Several 2/2 condos have recently sold between $850,000 to $880,000 , there was 3/2 that sold for $950,000 and a 1/1 sold for $650,000. While these may not be all time record highs for 3 and 2 bedroom condos, they do demonstrate more of a continuing overall trend of increases prices rather than a few random outliers.

So as of the date this was written (4/28/2017), the HOA is still not inspecting Brittan Heights units between sales. However, that doesn’t mean that sellers do not have to fix non-compliant alterations. They do look at photos of the places when they are put up for sale. Furthermore, I often see either HOA board members or someone from the architectural committee stop by the open houses. So while there are no official point of sale inspections anymore, violations will nonetheless frequently get noted by the HOA and violation letters sent out demanding corrections.

Recently, a couple places with hard surface floors were put up for sale (my own listing included) and the HOA did send out such a letter to my clients. My clients got their letter before we even started showing the home, so I believe we got busted purely from the online photos of the place. We will of course allow the buyers to add some elegant carpet at our cost before the close of escrow… but there go those beautiful hard surface floors!

On average, Brittan Heights 2/2 condos only increased in value by 2.8% in 2016. The average 2/2 unit sold for $806k in 2016 vs. $784k in 2015. Not much difference there. There were approximately the same number of 2/2 sales in both years.

On average, 3/2 Brittan Heights condos increased in value by 7% in 2016. The average 3/2 unit sold for $882k in 2016 vs. $822k in 2015. Here too there were approximately the same number of 3/2 sales in both years. However, there was one 3/2 that sold for $955k in 2016 which skews the average a bit. If you remove these single outliers from 2015 and 2016, then prices have been relatively flat at around $850k since 2015.

Market seems to be slowing down and San Carlos is not immune either.

 

Over the last several years when an owner went to sell their Brittan Heights home, the HOA would do an inspection inside.  If the HOA discovered noncompliant or unapproved modifications, then to the best of my knowledge, while the HOA would not halt the sale of the property, it would require that the buyer be notified that the Board could require that the buyer make corrections at the buyer’s own expense unless the issue was resolved prior to close of escrow. This often introduced some uncertainty and delays into a sale since the buyer often wanted the problem corrected or the parties waited for the HOA to rule on whether it would require corrections at all 

As of October 2016, the HOA inspection seems to no longer be required. However, this is not to say that they may not return again, so play it safe, get approval on modifications to your home.

The real estate market seems to be slowing down overall. It first started with the local luxury market a few months ago and it seems like its bleeding down to all segments of the market. A true test of the market is coming right now. Back in June 2015 the condo at 3327 La Mesa #8 [mid-level] was listed for $739,000 and sold for $910,000. This was a really nicely updated unit with a sleek kitchen and lots of desirable additions.

Well, this exact same unit is once more for sale and in the same pristine condition that it was one year ago. I think the sale price of the unit will shed some light on the direction of the Brittan Heights market.

Well we’ve had one sale this year at $955,000. That was a nice 3/2, but it was a bottom unit. I have to believe that an excellent top level 3/2 unit overlooking the canyon could break that $1M barrier. It has been an incredible ride since 2012. Brittan Heights units have about doubled in price over the past four years. Low inventories seem to continue to plague our local market so let’s see where this year takes us?

Well since I originally wrote the note above I must admit that the market has slowed down. I don’t think that $1M ceiling will be broken in 2016.

A taste of Tahoe in the Hills of San Carlos! This wonderfully updated 2-bedroom, 2-bath home with vaulted ceilings and grand views of the hills is just waiting for a new owner. The family room has a fireplace with built-ins on either side. The remodeled kitchen is open and bright. This home has 2 full remodeled bathrooms, in-unit laundry room, plantation shutters, updated lighting, ceilings fans, and much more. The complex has 4 pools, 2 tennis courts and a club house plus there are tons of parks and walking trails nearby. Finally, easy access to 280 and it’s in San Carlos – the City of Good Living & Good Schools! Offered at $785,000 and sold for $850,000.

 

February 2016 saw a new record sale for Brittan Heights – a 3/2 bottom floor unit, not on the canyon, sold for $955,000. The address was 3382 Brittan Ave. #6.  Now mind you, it was a nicely done up unit, the open kitchen and baths had been updated and it was tastefully furnished. However, the question then becomes, what will a nicely updated 3/2, top level unit with canyon views sell for then? Could it be $1,000,000? Time will tell.

2015 was another year where the number of condos that came up for sale was once again down. In 2015 there were 22 condos put up for sale – keep in mind that in the early 2000’s there were about 35-40 condos put up for sale each year.

Of the 22 condos put up for sale this year, 19 sold, one is pending, and two others were not able to be sold. While the real estate market seems to be softening in terms of buyers fighting over homes, low inventory like this should help support current values at Brittan Heights.