A home damaged in an accidental kitchen fire selling for $1.6 million in San Carlos is the latest poster child for the Silicon Valley's sky-high real estate. (Last spring, this burned-out San Jose property got all the attention.)

The two-bedroom, two-bath home at 1180 Alameda is described in the listing as a "major fixer" and a "great opportunity" — in other words, the perfect abode for HGTV enthusiasts who enjoy spending their weekends painting walls and sanding floors.

"It's a bit of a project, but I think it offers the opportunity for a family to get into San Carlos and do it the way they want to do it," says listing agent Debbie Lamica.

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Tucked between Belmont and Redwood City, San Carlos is a cozy suburb with high-scoring schools, a boutique-filled downtown and the feel-good motto "The City of Good Living."

"There's an old-fashioned country feel in the city itself," says Lomica. "Everyone is friendly. They do the farmers' market thing, and people bring their kids and dogs."

All this good living comes at a price. The median home value in San Carlos is nearly $2 million, according to Zillow, astonishingly higher than the U.S. average of $222,800. The median list price per square foot in San Carlos is $969, which is higher than the San Francisco-Oakland-Hayward Metro average of $488. This particular property, with 2,350 square feet, is selling for $680 per square foot.

Lamica thinks her listing could jump in value to $2.5 million after an overhaul — but that will take some sweat and equity.

The blackened kitchen needs to be torn out and replaced, and a large portion of the roof needs to be redone. The upper level has damage from smoke and the lower level from water. But, it has "good bones," Lomica assures, and once the remodel is complete, the new owners will own a home suited to their tastes in a desirable community.

In the Bay Area, that's worth something.