$5m, $6m…$7m+ Emerge as New Price Points in Central Menlo Park
Up until now, these price points were rarely seen in Central Menlo and reserved for those properties with unusually large lot sizes of 15,000sf, 20,000sf or greater. However, in 2015, there have been at least 7 homes that have sold for over $5m on lot sizes closer to the typical 10,000sf. In the third quarter, 3 homes sold with prices of $5.3m+ on streets like N. Lemon, Hillview and Atkinson. During the second quarter, Central Menlo’s price point reached an all time high with two sales of $7.7m+ and $6.3m+. The median sales prices were up by 106% over Q3 in 2014 and 47% over Q3 in 2013.
What Makes Menlo Park So Desirable?
In my opinion, a picture says a thousand words, but I’ll add one more…walkability. Not only can central Menlo residents walk to schools, parks, downtown and even Stanford via the bike bridge, the streets and neighborhoods are pedestrian and bike friendly and generally pretty peaceful. I took this picture while walking one day. The kids were playing hockey in the street. I stopped to appreciate the fact that they actually could have a neighborhood street game, a bit like the old days. So perhaps, this is one reason why people choose to build and buy homes in Central Menlo Park. The good news for buyers is that you don’t have to pay $5m to live in Central Menlo, but if you’re looking for a brand new home on a great street, continue to keep an eye on this neighborhood!
