Real Estate Market Report Q3 2011, South Palo Alto

Michael Dreyfus

Michael Dreyfus has had 23 years of repeated success in residential real estate. He currently ranks as one of the leading sales agents in the Silicon Valley/ Peninsula area. His recent sales have been often and varied, including some of the highest sales recorded in Palo Alto, Woodside and Atherton. He has also sold homes in Menlo Park, Los Altos, Los Altos Hills, Mountain View, Portola Valley, San Carlos, San Mateo, and has established a specialty in the high end market and the neighborhoods of North Palo Alto. In addition, he has represented clients in high-end resort purchases throughout California. Michael works both as a sales agent and as the owner and managing broker of Dreyfus Sotheby's International Realty, a boutique real estate brokerage which specializes in the lower Peninsula market and offers clients locally-focussed, high-quality real estate services. Michael is an industry thought leader who has been interviewed on CNBC, Bloomberg TV, ABC News and Fortune/CNN/Money. He writes a monthly real estate column for The Palo Alto Weekly. Michael started Dreyfus Properties in 2000 and has grown it into one of the leading boutique firms in the Silicon Valley with offices in downtown Palo Alto and on Sand Hill Road in Menlo Park. Dreyfus Properties, through it agents, offers custom real estate solutions with an emphasis on personal service and professionalism, all with a razor focus on the lower peninsula residential real estate market. Prior to Dreyfus Properties, Michael was a sales leader with both Coldwell Banker and Prudential California Realty, consistently placing as his office's top sales agent and in the top 1% of sales agents internationally. He is a licensed Real Estate Broker and Attorney-at-law. He is a member of the National and California Association of Realtors, and the Silicon Valley, San Francisco, Tahoe/Sierra and Southern California multiple listing services. He is active in the community, having served in various school and athletic positions, on the Board of Directors for the Palo Alto Art Center Foundation, and currently as a director on the Save the Bay foundation board. He resides with his wife and three children in the Professorville neighborhood of Palo Alto.

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SOUTH PALO ALTO
Incredible interest rates are starting to affect South Palo Alto, with a nice 5% rise over last years average prices. On top of that inventory dropped nearly 40% from the previous year. Multiple offers continue to be common, although that is more a function of marketing choices rather than a reflection of a super-heated market. South Palo Alto neighborhoods include Green Acres, Barron Park, South Palo Alto, Midtown, and Ventura.

Barron Park
A reduction in the average and median sale prices was accompanied by a dramatic uptick in sales with 8 in the neighborhood versus only 1 the year before. Average days on the market was a low 26 days.

Green Acres
THE hot neighborhood. Laughing at seasonal fluctuations that seem to affect other mere mortal neighborhoods, Green Acres posted its 5th consecutive quarterly increase in prices with this quarters average and median coming in a stunning 71% and 60% over Q3 2010. All this has been done while also having a steady rise in the number of homes sold. If you’re thinking of selling in this neighborhood, run don’t walk.

Midtown
An uncharacteristic drop in reliable Midtown’s values from the same quarter last year, masks the steady consistency of values in this popular neighborhood. Inventory is off 38% from the previous year forecasting continued stron performance for the neighborhood.

South Palo Alto
Median sale price rose while average price fell as interest rates helped the entry level part of the market the most. Inventory remains low, off 44% from the same quarter last year. Days on the market before sale dropped to 14, the lowest level in several years.

Ventura
Still climbing up, Ventura posted its third consecutive rise this year with a 2% and 3% rise in average and median sale price. Inventory ticked up a bit from the previous quarter, but is down a startling 61% from the same quarter last year.