Public Safety – A Hot Topic.

The San Carlos Police Department has been in the news quite a bit these past few weeks, but not for reasons you might expect.   Last week, the City Manager of San Carlos announced that his “preferred path” to balance the City’s budget calls for outsourcing the law enforcement responsibility in San Carlos to the San Mateo County Sheriff’s Office.   (The other part of this proposal is to turn the Fire Department responsibilities to Cal Fire, but that will be addressed in a different segment.)

This announcement has raised major concerns within the Police ranks, as well as with the citizens of San Carlos — and rightfully so.   If you attended last night’s fantastic Police Town Hall Meeting, you saw the statistics first-hand –  San Carlos has one of the best police departments on the Peninsula, hands down.  So while the cost savings that the City Manager is proposing may look enticing on paper, there are far too many questions that need to be answered before any judgment should be rendered on this proposal.  One thing is for certain — ANY proposal needs to maintain this level of service, or it won’t be a good deal for San Carlos.

Interview:  The San Carlos Police Officer’s Association.

This week’s guest on Spotlight on San Carlos is Suzanne Sheppard, Vice President of the San Carlos Police Office’s Association.   In this interview, we discuss topics ranging from current staffing challenges in the department, to the latest budget proposal.   Click the play button below to hear the interview:

(If you’re reading this on email, click on this link to access the interview:  Interview — San Carlos POA)

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Inventory Analysis

If you haven’t noticed the trend yet, most new listings in San Carlos hit the market on either a Monday (to catch broker’s tour), or Friday (in time for the weekend open houses).   So if you’re looking for new listings, these are the two days to watch closely.  This past week, Friday brought us a strong surge of new listings as 5 new homes came on the market — and all were below the $1M mark, which is still the most active segment in San Carlos.   But with all of that new activity, we’re still below 30 homes for sale in all of San Carlos!

And for yet another week, there are more homes pending sale than there are active listings.

Here’s a snapshot of the San Carlos single family home market, as of 3/6. The previous week’s stats are in parentheses:

Single-Family Homes Sold in San Carlos:

Below are the single-family homes that sold this past week in San Carlos. Click on the respective addresses to get all the details.

2230 Carmelita Drive, San Carlos

2230 Carmelita Drive

• Pictured – Sale Price: $1,362,000. Original List Price: $1,399,950. Difference: $37,950 (2.7%) below original list. DOM: 14 Days, MLS #81004048. Listed by Wendi Selig of Coldwell Banker.

364 De Anza Avenue

• Sale Price: $812,000. Original List Price: $825,000. Difference: $13,000 (1.6%) below original list. DOM: 8 Days, MLS #81005656. Listed by Susie Dews of Coldwell Banker.

1345 Woodland Avenue

• Sale Price: $810,000. Original List Price: $839,000. Difference: $29,000 (3.5%) below original list. DOM: 10 Days, MLS #81003184. Listed by Norine Higgins of RE/MAX Today.

(Click the “Homes Sold” button below see all of the homes that have sold in San Carlos in the past 3 months.)

Homes Sold in San Carlos

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Single-Family Homes Pending Sale in San Carlos:

The following homes went “Pending Sale” this week — click on the address for more info:

• 335 Pearl Avenue, after 10 days on the market.
• 256 Devonshire Blvd, after 222 days.
• 124 Northam Avenue, 14 days.
• 1330 Hull Drive, 109 days.
• 2130 Eaton Avenue, 21 days.

(Click the “Homes Pending Sale” button below to see ALL the homes that are Pending Sale in San Carlos.)

Homes Pending Sale in San Carlos

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New Single-Family Home Listings in San Carlos:

Below are the new listings that hit the market this past week in San Carlos. Simply click on the address of each home to get all the details.

1951 Eucalyptus Avenue, San Carlos

1951 Eucalyptus Avenue

• Pictured: $1,795,000 – 4BR/3.5BA, 3,100 sq ft on a 5,000 square foot lot. MLS# 81009423. Listed by John Shroyer of RE/MAX Today.

500 Prospect Street

• $925,000 – 3BR/2BA, 1,480 sq ft on a 7,050 square foot lot. MLS# 81010398. Listed by Gabriel De Armero of RE/MAX Today

1136 Rosewood Avenue

• $829,000 – 3BR/1BA, 1,370 sq ft on a 4,880 square foot lot. MLS# 81009390. Listed by Stephen Hicks of Gateway Properties.

153 Park Avenue

• $799,900 – 3BR/1.5BA, 1,330 sq ft on a 5,550 square foot lot. MLS# 81010470. Listed by Dee Edmonds of Coldwell Banker.

715 Tamarack Avenue

• $779,000 – 2BR/1BA, 1,080 sq ft on a 6,477 square foot lot. MLS# 81010366. Listed by Justine Ford of RE/MAX Today

124 Plymouth Avenue

• $739,000 – 3BR/2BA, 1,300 sq ft on a 6,650 square foot lot. MLS# 81010470. Listed by David Young of Coldwell Banker.

1028 McCue Avenue

• $689,000 – 3BR/2BA, 1,340 sq ft on a 5,400 square foot lot. MLS# 81010589. Listed by Susan Mitchell of RE/MAX Today

Homes for Sale in San Carlos

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Condos and Townhomes Sold in San Carlos:

Below are the condos/townhouses that sold this past week. Click on the address for all of the details:

(no condos or townhouses sold this past week.)

(Click the “Condos Sold” button below to see all of the condos and townhomes that have recently sold in San Carlos)

Condos Sold in San Carlos

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Condo/Townhouse Pending Sales in San Carlos

The following condos/townhouses are now pending sale:

• no condos or townhouses went pending this past week.

(Click the “Condos Pending Sale” button below to see all of the condos and townhomes that are pending sale in San Carlos)

Condos Pending Sale in San Carlos

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New Condo/Townhouse Listings in San Carlos:

The following condo/townhouse listings came on the market this past week:

3354 Brittan Avenue #10

• $689,000 – 2BR/2BA, 1,040 sq ft. MLS# 81010023. Listed by Bill O’Leary of Cashin Company.

(Click the “Condos for Sale” button below to see all of the condos and townhomes that are currently for sale in San Carlos)

Condos for Sale in San Carlos

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What’s Open This Weekend?

Click the “Open House” button to see ALL of the homes and condos scheduled to be open this weekend in San Carlos.

Open House in San Carlos

Want your data sooner? Become a fan of the White Oaks Blog Page on Facebook where I post San Carlos home sales updates as they happen. Just click on the Facebook button below….



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(The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week.)

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“Stick-to-it-iveness”

This post also has absolutely nothing to do with real estate….or San Carlos.  But it is the 500th article on the White Oaks Blog.   My hands hurt just thinking about that number.  When I started this site in the fall of 2007, I couldn’t fathom finding the material (or the initiative) to write 5 articles, let alone 500.   But the odometer that keeps track of site data has been slowly clicking away, and after 500 posts, 1,349 comments, and probably about 300,000 words (I’m just guessing on this last one, but I’m probably not too far off ), here we are.   That’s a lot of ….whatever you want to call it.

What does this mean?  I don’t know… I guess if you stick to something long enough…well,  you get stuck to it.   It also means that if I get an early onset of arthritis, I’ll know exactly why.

A Long, Interesting Journey.

Far more interesting than the numbers, is the path this site has taken over the past two or so years.  What started out as a place to post real estate data slowly evolved into a community bulletin board of sorts — it didn’t take long to figure out that while people in San Carlos are certainly interested in real estate, they’re absolutely passionate about the issues that pertain to their neighborhoods, their schools, and their city.   This is a good thing!  And with all that has been happening in San Carlos over the past 3 years, both good and bad, there has been no shortage of things to write about.

This site has opened doors and has taken me places I would never have imagined going, like landing this impromptu 30-second gig on KCBS radio.  That was definitely a trip!

But the biggest surprise to me about this site, and the aspect I treasure most, is the personal connections that it has created for me.   I have made friends with many great people through the site that I probably wouldn’t have met otherwise — residents, City Council members, police officers, fellow bloggers…all different people, but all who share a common desire to make San Carlos a great place to live.

It has been an interesting journey, that’s for sure.

Thank YOU.

The bottom line is that this site would have never survived this long had it not been for the following and support of the readers.  You’ve graciously tolerated three different background changes to the site (now I know why people got so angry with Facebook!),  countless technical glitches, and hopefully a steady improvement in the quality of the writing.

The path this site has taken is a direct result of your feedback, through comments and emails.   Blogging is probably akin doing a radio show — you’re really pushing words into the abyss without having any idea if anyone is reading, or what they’re thinking about it.    So I’m truly thankful for those of you who have taken the time to read the site and comment on what’s written.  That feedback shapes the direction of the site more than anything else.

What’s Next?

There are lots of important topics to cover in the weeks and months ahead.   The budget crisis will continue to provide tons of food for discussion.  And I have great ideas for the new “Spotlight on San Carlos” interview series that should make it really fun (and save my fingers from all of that typing.)   I’ve even worked a deal with the Museum of San Carlos History, where they’ll allow me to post some historical photos of San Carlos in a weekly series.  Stay tuned for that in the coming weeks.

Will there be a 1,000th post on the White Oaks Blog?   I don’t know.   There’s a part of me that believes blogs will become the dinosaurs of social media in the not-too-distant future,  only to be replaced by “the next big thing”, whatever that may be.

But until that day comes, I’ll just keep keep typing away…

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Two Options Proposed.

Late today, the City of San Carlos issued a press release that outlines the two paths that are now being considered to close the city’s current $3.5M budget gap.   While the two options are quickly outlined in the City Budget Overview from the city website, they will be discussed in much more detail in the upcoming City Council Budget Workshop that will be held next Saturday, March 13 at 12:00 at the San Carlos Library.   But even with few details to draw from, one thing is very evident — both options take radically different approaches to solving the budget deficit.

The City’s “Preferred” Path:  Outsource Fire and Police Services.

You may have heard rumors to the effect that the City was considering outsourcing the Fire Department services to Cal Fire, and the Police Department services to the San Mateo County Sheriff’s Office.  Well, these are no longer rumors –  in today’s press release, City Manager Mark Weiss left no doubt that this is his “preferred path” to closing the budget deficit, since it accounts for $3M-$6M in potential savings.  This proposal also calls for outsourcing park maintenance, and for the installation of parking meters downtown for an additional savings of up to $500K.

The Other Path:  Cuts Across the Board.

The second option that is being considered is essentially an aggregation of the cuts that were proposed earlier in the 10%/20% budget reduction exercises that were conducted a few months back by each of the key departments.   The press release has more details, but some of the major elements of this proposal include:

• Eliminate 9 full-time City positions.
• Close Youth Center and Laureola Building.
• Eliminate 2 full-time police positions, and numerous part-time positions.

The press release is careful to state that this is only a “partial listing of anticipated program impacts”, which implies that more “program impacts” (aka cuts) are possible.

More Questions than Answers.

Obviously, the details of each proposal will be covered in much greater depth at the Budget Workshop on March 13, but the vague nature and notable exceptions of this press release certainly raise more questions than answers.  Here are just a few:

• Neither proposal mentioned a word about the possible closure of Crestview and Arguello Parks.  Is this now off the table, or are they one of those potential “program impacts” that are referred to above?
• What happens to the existing Fire and Police personnel?  Are they offered jobs and absorbed into the Sheriff’s Department and Cal Fire, respectively, or will they all lose their jobs?
• No mention of the closure of Fire Station 16 — what does this mean?

Answers to these questions (and others) will certainly shape the public’s opinion about the proposed options.

What Do You Think?

It’s important to remember that more details on both proposals will (hopefully) be forthcoming in the near future.  But based on what you see so far, what are your thoughts?  While the Fire and Police Departments account for nearly 60% of the total budget, is it fair to pin them with 100% of the responsibility to fix the budget?  How do you feel about outsourcing these vital services?  Do you want the San Mateo County Sheriff’s office to be responsible for the public safety of San Carlos?

Make your opinion heard.  Cast your vote in the poll below…

or feel free to leave a comment to this post.

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A New Feature!

I am pleased to announce a cool new addition to the White Oaks Blog  –  the “Spotlight on San Carlos”.  The Spotlight will feature a series of 1:1 interviews with people who have an impact on our lives daily lives in San Carlos; whether they are civic leaders, business owners, educators, or just a surprise guest or two.   It’s a feature that’s exclusive to the White Oaks Blog, and I hope you enjoy it.

Our First Guest:  Andy Klein.

Andy Klein is the newest member of the San Carlos City Council.  In a relatively short time on the Council, Andy has already had to tackle a number of issues that are critical to the future of San Carlos — most notably the budget deficit.  Andy was gracious enough to take time out of his busy day to chat with the White Oaks Blog.  Here’s the interview:

(Note:  for those of you who subscribe to the blog via email, you’ll need to either visit the site directly to hear the interview on the audio player, or you can download it directly by clicking here:  Andy Klein Interview)

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Great Neighborhood, Great Home…

Whenever a home comes on the market on Eucalyptus Avenue in San Carlos, it’s definitely newsworthy.     Although it only spans two blocks, Eucalyptus is arguably one of most well known streets in all of San Carlos, due to the spectacular Halloween and Christmas displays they host every year.   But there’s much more to Eucalyptus than just holiday glitter.

A big draw for Eucalyptus is its location.  It’s only a block or so from Burton Park, and an easy jaunt to the northern “restaurant row” of Laurel Street.  Even more important to families with school age kids, it’s an easy walk to both Brittan Acres Elementary and Central Middle Schools.  So with the exception of rainy days, you should never have to drive the kids to school from kindergarten all the way to 8th grade!

But for my money, the best part about Eucalyptus is the neighborhood itself.  It’s an extremely tight knit group of neighbors, many who have lived on the street for decades.   Consequently, everyone seems to know everyone else — and if you don’t, you certainly will after the annual block party.   Ask anyone who lives there and they’ll tell you it’s a great place to raise a family.

1951 Eucalyptus Avenue.

This home, which just came on the market today, is a spectacular 4-bedroom, 3.5-bath gem that has been completely rebuilt from the ground up.  It’s being offered at $1,795,000 by John Shroyer of RE/MAX Today.   I just took an extensive tour through this home, and it’s just as elegant on the inside as it is striking from the outside.  First-class touches are everywhere, from the rich hardwood floors both downstairs and upstairs, to the subtle wainscoting that runs throughout the home.   The layout is intelligent, with very little wasted space — this is important, because putting a 3,100 square foot home on a 5,000 square foot lot doesn’t leave much margin for error.

1951 Eucalyptus Ave, San Carlos

The kitchen (pictured at the right) is just spectacular, and it flows well with the family room and dining room.  The bedrooms are generously-sized, and the upstairs laundry room is one of the biggest I’ve seen in a house this size (trust me, this is important if you have kids!)  The yard is tastefully landscaped, again making the absolute best use of the space available.

For complete details and more photos of this great home, click here:  1951 Eucalyptus Avenue, San Carlos.

The Total Package.

If a newly-built home in San Carlos is high on your priority list, then you really need to see this place.   As you’ve read here many times, there aren’t many homes currently for sale in San Carlos to begin with — but you can count the number of newly built ones on one hand.   So when you factor in the quality of this house and its location, 1951 Eucalyptus Avenue is the total package.

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Waiting out the Market.

Bottom of the market? Economic recovery? That’s not how a growing number of potential home buyers are assessing the current real estate market right now. Despite many indicators that have pointed toward a gradual recovery in 2010, there’s a contrary view that’s starting to gain some footing, and it’s making these buyers and real estate investors nervous: Double-Dip Recession.

What is a Double-Dip Recession?

Investopedia defines a double-dip recession as follows:

“When gross domestic product (GDP) growth slides back to negative after a quarter or two of positive growth. A double-dip recession refers to a recession followed by a short-lived recovery, followed by another recession.”

While nobody is standing up and saying that we’re heading back into a recession, the news this past week certainly raised questions about the validity of our current “recovery”, as this article from CNBC discusses: Double-Dip Recession Fears Creep Back into the Market. For some home buyers, this specter is enough to keep them on the sidelines, even despite record-low interest rates. Here’s why…

More Inventory, Lower Prices…

There’s no question that the market in San Carlos right now favors the seller. There are simply way more buyers than available listings, and this imbalance has helped keep San Carlos home prices stable. But this imbalance has also been enough to make some buyers put their home purchase on the back burner for the time being. It only takes a couple of multiple-offer losses to take the starch out of anyone’s desire to buy a home.
Those who subscribe to the likelihood of a double-dip recession believe that this event will not only nullify this imbalance, but sway the pendulum back in favor of the buyer. Consequently, they’re willing to wait for the following events to transpire:

• Price Drop. Some buyers are reluctant to buy now because they’re afraid their home value may drop in the event of another downturn. It’s a legitimate concern, but also a short-term mindset. The value of everything drops during a recession — housing is no different — so they’re willing wait for a better deal on any house later, than to buy their first choice now.

• Inventory Increase.   Whether it’s a cause or effect, unemployment and recession are usually joined at the hip.   Another extended period of unemployment will simply break the back of many homeowners who are currently struggling to stay afloat.  This will increase the number of listings (distressed or otherwise) as people simply give up the fight and move on.  Higher inventory means lower prices, and potentially better choices for buyers.

What to Do?

If you’re scratching your head wondering whether it makes sense to jump in now and buy a home, or wait until the direction of the economy becomes more clear,  you’re definitely not alone.   Banking on another recession happening is a calculated risk — regardless of what happens, there’s a unanimous opinion that interest rates will rise this year, so even if you do hold out for a better deal, it may cost you more to finance it.

In the end, your own personal needs will dictate which direction is right for you.   Some people simply need to buy right now, and have a long-term horizon absorb the ebbs and flows of housing prices.  Others have the luxury of time, and are willing to wait out the market.  But this increasing stand-off will have an interesting impact on the spring market, especially if the specter of another recession lingers.

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Inventory Analysis

Not only did inventory remain low this week — it actually dropped again, as pending sales outpaced new listings.  Once again, we’re below 30 homes for sale in all of San Carlos.  Interesting to note that those 29 homes that are on the market have been there for an average of 83 days — so while some homes are moving quickly, not all of them are.

Here’s a snapshot of the San Carlos single family home market, as of 2/27. The previous week’s stats are in parentheses:

Single-Family Homes Sold in San Carlos:

Below are the single-family homes that sold this past week in San Carlos. Click on the respective addresses to get all the details.

1944 Eaton Avenue, San Carlos

1944 Eaton Avenue

• Sale Price: $985,000. Original List Price: $959,000. Difference: $26,000 (2.7%) above original list. DOM: 63 Days, MLS #80955638. Listed by Dan Robinson of RE/MAX Today.

15 Buckland Court

• Sale Price: $905,000. Original List Price: $978,000. Difference: $73,000 (7.5%) below original list. DOM: 34 Days, MLS #80937501. Listed by Raquel Nikravesh.

1101 Orange Avenue

• Sale Price: $790,000. Original List Price: $779,000. Difference: $11,000 (1.4%) above original list. DOM: 2 Days, MLS #81004505. Listed by Dan Robinson of RE/MAX Today.

1357 Rosewood Avenue

• Sale Price: $738,000. Original List Price: $738,000. Difference: $0 (0.0%) from original list. DOM: 65 Days, MLS #80957836. Listed by Leonard Bialer of Bialer & Associates.

(Click the “Homes Sold” button below see all of the homes that have sold in San Carlos in the past 3 months.)

Homes Sold in San Carlos

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Single-Family Homes Pending Sale in San Carlos:

The following homes went “Pending Sale” this week — click on the address for more info:

• 60 Harford Avenue, after 94 days on the market.
• 309 Old County Road, after 28 days.
• 117 Beverly Drive, 12 days.
• 700 Best Court, 76 days.
• 350 Oakview Drive, 5 days.
• 120 Palm Avenue, 11 days.

(Click the “Homes Pending Sale” button below to see ALL the homes that are Pending Sale in San Carlos.)

Homes Pending Sale in San Carlos

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New Single-Family Home Listings in San Carlos:

Below are the new listings that hit the market this past week in San Carlos. Simply click on the address of each home to get all the details.

324 Oakview Drive, San Carlos

324 Oakview Drive

• Pictured: $1,295,000 – 4BR/3.5BA, 3,490 sq ft on a 6,375 square foot lot. MLS# 81008746. Listed by Bob Bredel of RE/MAX Today.

885 Sunset Drive

• $999,999 – 4BR/3BA, 2,600 sq ft on a 8,100 square foot lot. MLS# 81008742. Listed by Mahin Adeeb of Intero Real Estate Services.

11 Willow Glen Way

• $899,000 – 3BR/2BA, 1,280 sq ft on a 4,482 square foot lot. MLS# 81009007. Listed by Regan Byers-Cinelli of Cashin Company.

Homes for Sale in San Carlos

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Condos and Townhomes Sold in San Carlos:

Below are the condos/townhouses that sold this past week. Click on the address for all of the details:

3280 La Mesa Drive

• Sale Price: $544,000. Original List Price: $559,000. Difference: $15,000 (2.7%) below original list. DOM: 84 Days, MLS #80954550. Listed by Sean Clar of RE/MAX Star Properties.

(Click the “Condos Sold” button below to see all of the condos and townhomes that have recently sold in San Carlos)

Condos Sold in San Carlos

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Condo/Townhouse Pending Sales in San Carlos

The following condos/townhouses are now pending sale:

• 222 Laurel Street #111, after 5 days on the market.

(Click the “Condos Pending Sale” button below to see all of the condos and townhomes that are pending sale in San Carlos)

Condos Pending Sale in San Carlos

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New Condo/Townhouse Listings in San Carlos:

The following condo/townhouse listings came on the market this past week:

(there were no new condo or townhouse listings this week.)

(Click the “Condos for Sale” button below to see all of the condos and townhomes that are currently for sale in San Carlos)

Condos for Sale in San Carlos

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What’s Open This Weekend?

Click the “Open House” button to see ALL of the homes and condos scheduled to be open this weekend in San Carlos.

Open House in San Carlos

Want your data sooner? Become a fan of the White Oaks Blog Page on Facebook where I post San Carlos home sales updates as they happen. Just click on the Facebook button below….



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(The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week.)

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Photography is Art.

Hey, it’s Friday…and this post has absolutely nothing to do with real estate, or San Carlos for that matter.    But it has everything to do with amazing photography, and the stories that are behind the pictures (and the lenses).  Ansel Adams once said that he felt photography was not considered an art form by the “experts” of his era, and it was this slight that drove him to become one of the world’s greatest photographers.   Make no mistake, photography IS art.

A few months back, I read about a website that had just been created that was a essentially a collaboration of the work of four very accomplished Bay Area photographers.   Rather than continue to publish their work independently, the group formed a website called Caliber to showcase their collective works.  Much of their work is based on the scenery in San Francisco — who could blame them?  It’s one of the most photogenic cities on the planet.

But a fair amount of their posts are based on the interesting people of San Francisco, most of which are candid shots like the one on the right.  There’s even an occasional series that’s called the $2 Portrait that is simply compelling.   During his daily travels throughout the City, photographer Troy Holden is often asked for money by a homeless or downtrodden person – in return for giving them $2, they agree to let Troy take their picture, and while Troy is shooting their portrait, he finds out a little bit about that person.  The stories are often times amazing, and incredibly sad at the same time.

See the World Through Their Lens.

If you love photography, or San Francisco (or both), you need to check out Caliber. The photography is breathtaking, and the commentary behind the pictures is equally compelling.   It’s a great reminder of why you chose to live near the City in the first place….

In cased you missed it embedded in the post, here the link again:  Caliber.

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The Hangover Continues for San Mateo County.

It’s hard to believe that it was nearly a year and half ago when Lehman Brothers stunned the world by announcing they were filing for bankruptcy, an event that essentially began the downward spiral of the financial markets in September of 2008.   Hundreds of millions of dollars of investments and pension funds vaporized overnight, leaving an indelible black mark on many communities — especially those in California.   It also exposed the critically flawed investment strategies of many our “experts” that foolishly decided to place a huge percentage of their portfolio with one firm.

While many communities suffered significant losses when Lehman bellied up, they couldn’t hold a candle to the damage done to San Mateo County.  And while many of these other communities have been able to patch up the damage and move on, San Mateo County is still suffering the effects of this catastrophe.

San Mateo County Bore the Brunt.

There’s an absolutely outstanding article from the Wall Street Journal that I have included at the bottom of this post that summarizes the effect of the Lehman Brothers collapse on San Mateo County  — I highly recommend reading this.  No other municipality in the nation lost anywhere near the $155M of County of San Mateo funds that evaporated; consequently the impact was felt much deeper here, particularly in the education sector.  Consider the following:

• San Mateo County’s loss of $155M was nearly 4 times greater than any other municipality.
• Education accounted for $63M, or 41% of the total loss.
• The public school system was the single biggest loser, at 25% of the total loss.
• San Carlos School District lost an estimated $630,000.

As we read about how San Carlos  and surrounding communities (such as Burlingame) and their respective school districts that are struggling to stay afloat, it’s important to remember how the hole got so big in the first place.   Here’s the article from the Wall Street Journal:  Lehman’s Ghost Haunts California.

(special thanks to blog reader Kelly for the tip on this article.)

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