Tag Archives: Redwood City

Goodbye Old Palo Alto… Hello Old Redwood City!

Where the Heck is Old Redwood City?

Peninsula residents are always looking for the next big thing, from
electronic gadgets, websites, start-ups, to neighborhoods.  Yes,
neighborhoods.  More established neighborhoods like Old Palo Alto,
Crescent Park, and Central Menlo Park are being taken by storm by
the newest moniker to hit residential real estate: Old Redwood City.

Once you and the other established-city bullies stop clamoring about how
Redwood City used to be called a variety of other schoolyard names, you’ll
see how this super-neighborhood is taking the Peninsula by storm. 
(Super, coming mainly by the size and how it encompasses a few other
smaller niche neighborhoods – but also because of its qualities.)

“Old Redwood City” is area that encompasses a few other areas within its
boundaries: Edgewood Park, Wellesley Crescent, and Mount Carmel
northwest of and including Brewster Ave. Within these boundaries you will
find some of the oldest and most historical housing stock in Redwood City,
as well as nearly every type of architecture you can imagine: Colonial,
Spanish Revival, Tudor, California Bungalow, mid-Century, etc.

The lots in Old Redwood City tend to be well-sized and spacious, ranging
anywhere from 6500 square feet to 1.5 acres, and the closer you get to
San Carlos (without entering San Carlos), the larger the lots and homes. 
This is a neighborhood reminiscent of the best parts of Palo Alto, having
just as much charm and character, just as many (if not more) trees and
greenery, and wide, tree-lined avenues transecting the neighborhood. 
Within this grid you will find narrower, less busy cross streets with deeper
lots but less frontage.

Around Old Redwood City you will find plenty of pedestrians throughout
all seasons of the year: runners, people walking dogs, parents with kids,
elderly people out for a stroll.  The quantity and variety of pedestrian
demonstrates how the neighborhood is conducive to and safe for nearly
everybody.  A neighbor of mine is in her eighties and can be seen
strolling the neighborhood at all times of the day!  The nearby Stafford Park
is a local favorite gathering spot for walkers, families, and those looking for a
great picnic spot.  A large play structure and interactive fountain entertains
the youngsters, while a summer music series entertains kids of all ages. 
Neighbors brings chairs, blankets, picnic baskets, adult libations, and
many of their friends – what a great way to enjoy the summer!

If you haven’t been enticed by this article, go for a drive (or better yet a walk)
through Old Redwood City and see what all of the buzz is about. And keep
an eye out for Part two of this article, where we will further discuss the
economics of exploring a new neighborhood known as Old Redwood City!

 

Playing to Win in a Multiple Offer Scenario

If the last time you bought or sold a house was several years ago or anywhere outside Silicon Valley, you may need to forget everything you know about how deals get done.  The process of making an offer, waiting for a counteroffer, and then negotiating back and forth until you come to an agreement is used about as often as a rotary telephone.

This is a more typical scenario for an attractive, well-priced house:

  1. The home goes on the market on Friday.
  2. Two open houses are held on the weekend.
  3. Offers are reviewed on the following Wednesday.
  4. There are multiple offers and the best one wins.
  5. The house goes into escrow shortly thereafter.

Whereas buying a house used to be a game of poker, the process is now played more like blitz chess. You need to have your strategy down before you play, and then you have to move fast in order to be successful.

To illustrate, here’s a recent example of how I won in a multiple offer:

I recently met a set of buyers looking to purchase a home in Los Altos.   After a little bit of searching and a Saturday open house, we found a home that the buyers fell in love with.  Unfortunately, 7 other buyers also fell in love with the home and we were looking at a cutthroat multiple offer situation.  Here is how we prepared for success:

My buyers needed a loan, but were not preapproved—an absolute essential in this market. I have a lender who works 24/7, so I connected my buyers with him on Sunday. By Monday afternoon, their loan was preapproved.

The seller of this property had already done a property inspection, but not a pest inspection. My buyers wanted their own inspections to feel comfortable making a non-contingent offer—an effective strategy in today’s market. Because I do this a lot, I have a few inspection companies who can work for me on short notice, so I was able to get both inspections done that Monday.

Lastly, we had to figure out what a winning bid would be and come up with the best offer we could make that my buyers would feel comfortable with before the Wednesday offer date. I had already done comparables on sold houses, but I also knew agents with houses that were in escrow, so I was able to get up-to-the-minute sales prices for similar houses. We looked at what was going on in the market, considered my buyers’ finances, and came up with a solid, non-contingent offer at a price we were comfortable with.

Sold! On Wednesday, there were eight offers on the house, including some all cash offers (one buyer came in with a cashier’s check).  The sellers, as is usually the case, did not issue any counter offers. And, most importantly, we won!

It’s dizzying to think that all of this happened in less than a week, but that is the nature of our market today.

To summarize:

When possible, do your due diligence ahead of time so you have peace of mind about your offer.

If you’re going to go for it, go for it. Don’t go in thinking you’ll get a second chance, because you probably won’t.  In situations such as this, it pays to have an agent with strong connections who can move quickly.

photo cropped

Playing to Win in a Multiple Offer Scenario

If the last time you bought or sold a house was several years ago or anywhere outside Silicon Valley, you may need to forget everything you know about how deals get done.  The process of making an offer, waiting for a counteroffer, and then negotiating back and forth until you come to an agreement is used about as often as a rotary telephone.

This is a more typical scenario for an attractive, well-priced house:

  1. The home goes on the market on Friday.
  2. Two open houses are held on the weekend.
  3. Offers are reviewed on the following Wednesday.
  4. There are multiple offers and the best one wins.
  5. The house goes into escrow shortly thereafter.

Whereas buying a house used to be a game of poker, the process is now played more like blitz chess. You need to have your strategy down before you play, and then you have to move fast in order to be successful.

To illustrate, here’s a recent example of how I won in a multiple offer:

I recently met a set of buyers looking to purchase a home in Los Altos.   After a little bit of searching and a Saturday open house, we found a home that the buyers fell in love with.  Unfortunately, 7 other buyers also fell in love with the home and we were looking at a cutthroat multiple offer situation.  Here is how we prepared for success:

My buyers needed a loan, but were not preapproved—an absolute essential in this market. I have a lender who works 24/7, so I connected my buyers with him on Sunday. By Monday afternoon, their loan was preapproved.

The seller of this property had already done a property inspection, but not a pest inspection. My buyers wanted their own inspections to feel comfortable making a non-contingent offer—an effective strategy in today’s market. Because I do this a lot, I have a few inspection companies who can work for me on short notice, so I was able to get both inspections done that Monday.

Lastly, we had to figure out what a winning bid would be and come up with the best offer we could make that my buyers would feel comfortable with before the Wednesday offer date. I had already done comparables on sold houses, but I also knew agents with houses that were in escrow, so I was able to get up-to-the-minute sales prices for similar houses. We looked at what was going on in the market, considered my buyers’ finances, and came up with a solid, non-contingent offer at a price we were comfortable with.

Sold! On Wednesday, there were eight offers on the house, including some all cash offers (one buyer came in with a cashier’s check).  The sellers, as is usually the case, did not issue any counter offers. And, most importantly, we won!

It’s dizzying to think that all of this happened in less than a week, but that is the nature of our market today.

To summarize:

When possible, do your due diligence ahead of time so you have peace of mind about your offer.

If you’re going to go for it, go for it. Don’t go in thinking you’ll get a second chance, because you probably won’t.  In situations such as this, it pays to have an agent with strong connections who can move quickly.

200212-omag-empty-nest-600x411

Empty Nester? A Condo May Be For You!

Congratulations, Empty Nester! You’ve launched your kids out into the real world! Of course you miss them—at least a little—but look on the bright side. Now that you’re not driving carpool and helping with homework you’ve got more free time, freedom and a little more disposable income to spend on the things in life you enjoy.

Maybe now is the time to think about downsizing from your big, family home into something cozier and easier to manage that matches your new lifestyle. A condo might be just the thing for you!

Think about it: No more landscaping to maintain. No more cleaning the gutters or worrying about the roof or whether or not to paint the house this year. And a smaller space means less to clean!

By downsizing into a condo, you’ll save money on your mortgage and utilities—money that can be socked away for a rainy day, spent on hobbies and interests or travelling.  And getting away for those long vacations will be easier and more spontaneous when you don’t have to worry about hiring a housesitter or someone to take care of the yard.

If you’re thinking about using some of your newfound free time to get in shape, you’ll be interested to know that some condo complexes offer amenities like a pool or exercise facilities, making it convenient to work out where you live. The Palo Alto on Alma hyperlink http://101alma.com/ Street offers an updated fitness center and a pool with cabanas. You can save more money by cancelling your gym membership.

Since you’re not cooking for the kids anymore, you might want to spend more time exploring the diversity of wonderful restaurants in downtown Palo Alto. The Woodmark condos adjacent to Heritage Park on Channing Street put you within strolling distance of University Avenue and all the great dining and shopping opportunities there. From the Woodmark, you’ll also be able to walk to Whole Foods, two movie theatres and the Gilman Street farmer’s market downtown.

Oh, and there’s one more benefit to condo living—your kids can’t decide to move back into their old rooms!

Empty Nester? A Condo May Be For You!

Congratulations, Empty Nester! You’ve launched your kids out into the real world! Of course you miss them—at least a little—but look on the bright side. Now that you’re not driving carpool and helping with homework you’ve got more free time, freedom and a little more disposable income to spend on the things in life you enjoy.

Maybe now is the time to think about downsizing from your big, family home into something cozier and easier to manage that matches your new lifestyle. A condo might be just the thing for you!

Think about it: No more landscaping to maintain. No more cleaning the gutters or worrying about the roof or whether or not to paint the house this year. And a smaller space means less to clean!

By downsizing into a condo, you’ll save money on your mortgage and utilities—money that can be socked away for a rainy day, spent on hobbies and interests or travelling.  And getting away for those long vacations will be easier and more spontaneous when you don’t have to worry about hiring a housesitter or someone to take care of the yard.

If you’re thinking about using some of your newfound free time to get in shape, you’ll be interested to know that some condo complexes offer amenities like a pool or exercise facilities, making it convenient to work out where you live. The Palo Alto on Alma hyperlink http://101alma.com/ Street offers an updated fitness center and a pool with cabanas. You can save more money by cancelling your gym membership.

Since you’re not cooking for the kids anymore, you might want to spend more time exploring the diversity of wonderful restaurants in downtown Palo Alto. The Woodmark condos adjacent to Heritage Park on Channing Street put you within strolling distance of University Avenue and all the great dining and shopping opportunities there. From the Woodmark, you’ll also be able to walk to Whole Foods, two movie theatres and the Gilman Street farmer’s market downtown.

Oh, and there’s one more benefit to condo living—your kids can’t decide to move back into their old rooms!

Should I Stay or Should I Go? Renovating vs. Selling

Having trouble deciding whether you should remodel your place and stay put or search out a more suitable pad?  Read on for some considerations which should hopefully help you with this decision:

Many of my clients like their house enough, but it’s just not the right one for them.  If they could tweak the floor plan, upgrade the kitchen, and build out an extra family room – it would be perfect.  Except for the howling dog, the drummer who works practices with his band twice each week, and the constant roar of the El Camino traffic.  Or, the neighborhood is perfect, the neighbors periodically bring baked goods – but the half-sized lot won’t allow for the extra bedroom you need and the pool you have always wanted.

Neighborhood is key.

As you always hear, you can change almost anything about a house except for the neighborhood.  This is where I always start with clients who aren’t sure.  Are you happy where you are, should you have a house more suited to your needs?  Are you near a busy street or another nuisance that drives you crazy on a regular basis?

Will you be able to recoup any money invested when it is time to resell?

It’s great that you might want to double your square footage, put in a custom kitchen and that hand-excavated 10,000 bottle wine cellar you have always wanted.  But when you go to sell in 10, 20, or (heaven forbid) a job change forces a THREE year plan, will you be able to get out of your home without a decent sized “haircut” to your investment?  Look around your neighborhood at what has recently sold.  Compare that with how your neighborhood has fared over the years.  Do you already have the biggest, most expensive house on the block?  If so, you may not want to over-improve your current home beyond the standards set by the neighborhood.

Does renovation make financial sense?

Do you have the cash needed to make the necessary repairs, or are you already maximized on your monthly debt and have no cash reserves to cover any unexpected “bumps” in your proverbial road?  Would taking an additional loan put you in an uncomfortable financial position?

Can you endure living through construction?

I probably should have put this at the top of the list because it is where most people will stop reading.  Living through construction isn’t fun, it disrupts daily routines, and puts an extra layer of stress upon everybody in the household/construction zone.  Renovations can be fun when you’re choosing finishes, but what about when the four month project is going on eight months and you can’t possibly endure anymore take out dinners?  I’m not saying all projects go over time and budget, but how would you deal with the situation if it did?

Tally up your responses to these questions and ask others for their input if needed.  Only you will have the right answer for your personal situation, but a real estate professional can help with a “before” and “after” valuation to determine if the cost of the improvements/changes to your home would be a wise investment.  Your favorite Dreyfus agent would be happy to have a more in-depth conversation with you!

Should I Stay or Should I Go? Renovating vs. Selling

Having trouble deciding whether you should remodel your place and stay put or search out a more suitable pad?  Read on for some considerations which should hopefully help you with this decision:

Many of my clients like their house enough, but it’s just not the right one for them.  If they could tweak the floor plan, upgrade the kitchen, and build out an extra family room – it would be perfect.  Except for the howling dog, the drummer who works practices with his band twice each week, and the constant roar of the El Camino traffic.  Or, the neighborhood is perfect, the neighbors periodically bring baked goods – but the half-sized lot won’t allow for the extra bedroom you need and the pool you have always wanted.

Neighborhood is key.

As you always hear, you can change almost anything about a house except for the neighborhood.  This is where I always start with clients who aren’t sure.  Are you happy where you are, should you have a house more suited to your needs?  Are you near a busy street or another nuisance that drives you crazy on a regular basis?

Will you be able to recoup any money invested when it is time to resell?

It’s great that you might want to double your square footage, put in a custom kitchen and that hand-excavated 10,000 bottle wine cellar you have always wanted.  But when you go to sell in 10, 20, or (heaven forbid) a job change forces a THREE year plan, will you be able to get out of your home without a decent sized “haircut” to your investment?  Look around your neighborhood at what has recently sold.  Compare that with how your neighborhood has fared over the years.  Do you already have the biggest, most expensive house on the block?  If so, you may not want to over-improve your current home beyond the standards set by the neighborhood.

Does renovation make financial sense?

Do you have the cash needed to make the necessary repairs, or are you already maximized on your monthly debt and have no cash reserves to cover any unexpected “bumps” in your proverbial road?  Would taking an additional loan put you in an uncomfortable financial position?

Can you endure living through construction?

I probably should have put this at the top of the list because it is where most people will stop reading.  Living through construction isn’t fun, it disrupts daily routines, and puts an extra layer of stress upon everybody in the household/construction zone.  Renovations can be fun when you’re choosing finishes, but what about when the four month project is going on eight months and you can’t possibly endure anymore take out dinners?  I’m not saying all projects go over time and budget, but how would you deal with the situation if it did?

Tally up your responses to these questions and ask others for their input if needed.  Only you will have the right answer for your personal situation, but a real estate professional can help with a “before” and “after” valuation to determine if the cost of the improvements/changes to your home would be a wise investment.  Your favorite Dreyfus agent would be happy to have a more in-depth conversation with you!

The Mistake that Could Cost You $200,000+ When You Buy Your Next Home

Anyone who’s ever bought a home is familiar with the mountains of paperwork involved. When it comes time to close escrow and sign on the dotted line, most buyers give a cursory look to the multitude of pages of contract documents and leave it up to their agent to tell them what it all means.

And that usually works out fine, but there is one little-known part of the contract that could cost you hundreds of thousands of dollars if you or your agent aren’t careful. This issue is particularly relevant here in the mid-peninsula where we are seeing an increase in the number real estate transactions by foreign persons.

 

The Foreign Investment in Real Estate Property Tax Act of 1980 (FIRPTA)

  • According to FIRPTA, when a foreign person sells property in the United Sates, that transaction is subject to income withholding tax.
  • The “Seller’s Affidavit of Non-Foreign Status” and California Tax Withholding Status is a one page document in a purchase contract that is filled out by the sellers and acknowledged by the buyer in a property purchase.
  • In the past, agents would fill out this document and give a copy of the form to all buyers offering on a property.  However, because the form includes the sellers’ social security numbers, the growing concern over identity theft has halted this practice.
  • Now agents typically put a line through the form and expect the title company to complete the paperwork.
  • If a line is drawn through this page, then a minimum of two forms (including social security numbers or tax identification numbers) are required to close escrow:
    • Either a “Seller’s Affidavit of Non-Foreign Status” or a California Withholding Exemption Escrow Release
    • California Form 593-C, Real Estate Withholding Certificate

 

What Can Go Wrong and How it Can Cost You Big Bucks

If the seller does not have an “Exempt Status,” that is, if he/she is a foreign citizen or non-resident alien, then the U.S. government requires 10% of the purchase proceeds be withheld for taxes. The state of California requires an additional 3.3% to be withheld.

Assuming an average price of $2,000,000 in Palo Alto and that adds up to  $266,000.

And here’s the scary part: The government follows the property, not the individual, to collect the money. This means that if one simple detail slips through escrow and the seller is not exempt, YOU, the Buyer, are on the hook for up to 13.3% of the purchase price of your home to the government AFTER the sale!

Can you imagine, stretching your savings and income to buy a house, and a few weeks later opening your mail to see a nasty letter from the government informing you that you owe them hundreds of thousands of dollars?

It’s details like this that make you realize the true value of a licensed, knowledgeable, hands-on real estate agent and an equally competent escrow officer.

Paperwork

The Mistake that Could Cost You $200,000+ When You Buy Your Next Home

Anyone who’s ever bought a home is familiar with the mountains of paperwork involved. When it comes time to close escrow and sign on the dotted line, most buyers give a cursory look to the multitude of pages of contract documents and leave it up to their agent to tell them what it all means.

And that usually works out fine, but there is one little-known part of the contract that could cost you hundreds of thousands of dollars if you or your agent aren’t careful. This issue is particularly relevant here in the mid-peninsula where we are seeing an increase in the number real estate transactions by foreign persons.

 

The Foreign Investment in Real Estate Property Tax Act of 1980 (FIRPTA)

  • According to FIRPTA, when a foreign person sells property in the United Sates, that transaction is subject to income withholding tax.
  • The “Seller’s Affidavit of Non-Foreign Status” and California Tax Withholding Status is a one page document in a purchase contract that is filled out by the sellers and acknowledged by the buyer in a property purchase.
  • In the past, agents would fill out this document and give a copy of the form to all buyers offering on a property.  However, because the form includes the sellers’ social security numbers, the growing concern over identity theft has halted this practice.
  • Now agents typically put a line through the form and expect the title company to complete the paperwork.
  • If a line is drawn through this page, then a minimum of two forms (including social security numbers or tax identification numbers) are required to close escrow:
    • Either a “Seller’s Affidavit of Non-Foreign Status” or a California Withholding Exemption Escrow Release
    • California Form 593-C, Real Estate Withholding Certificate

 

What Can Go Wrong and How it Can Cost You Big Bucks

If the seller does not have an “Exempt Status,” that is, if he/she is a foreign citizen or non-resident alien, then the U.S. government requires 10% of the purchase proceeds be withheld for taxes. The state of California requires an additional 3.3% to be withheld.

Assuming an average price of $2,000,000 in Palo Alto and that adds up to  $266,000.

And here’s the scary part: The government follows the property, not the individual, to collect the money. This means that if one simple detail slips through escrow and the seller is not exempt, YOU, the Buyer, are on the hook for up to 13.3% of the purchase price of your home to the government AFTER the sale!

Can you imagine, stretching your savings and income to buy a house, and a few weeks later opening your mail to see a nasty letter from the government informing you that you owe them hundreds of thousands of dollars?

It’s details like this that make you realize the true value of a licensed, knowledgeable, hands-on real estate agent and an equally competent escrow officer.

bike-share

Regional Bicycle Share Pilot Project

Coming to the Bay Area in August 2013 – Bike sharing!

The Bay Area Air Quality Management District (Air District) in partnership with the City and County of San Francisco, San Mateo County Transit District, City of Redwood City, County of San Mateo, and Santa Clara Valley Transportation Authority is working to pilot bike sharing in the Bay Area.

A main goal of the pilot is to evaluate bike sharing’s potential to effectively reduce vehicle traffic and improve local air quality.  Bike sharing offers a clean and healthy alternative to polluting single-occupancy vehicles, by providing a means for completing first- and last-mile trips in conjunction with regional transit, as well as stand-alone short distance trips.

The pilot system will launch in two phases. The first phase will deploy a fleet of approximately 700 bicycles and 70 kiosk stations and is anticipated launch in August 2013.  Within 3-6 months after the first set of equipment has been deployed, it is anticipated that additional equipment will be added to grow the system to include a fleet of at least 1,000 bicycles. The communities participating in the pilot include: San Francisco, Redwood City, Mountain View, Palo Alto, and San Jose. More program announcements and updates will follow later this spring.

Bicycle stations will be located near transit hubs, high-density residential areas and key destination points such as shopping areas and employment centers making it easier to quickly and conveniently connect to and from transit or make a short distance trip by bike.

The results from the pilot will be used to assess opportunities for expanding the program to include other Bay Area communities.

In order for System to reach its full potential (between 6,000 to 10,000 bicycles) additional funding from a combination of user fees and private sponsorships will be needed. To this end, the Air District is currently developing a Request for Sponsorship and interested in sponsoring the system should contact the Air District at (415) 749-8660.

 

Pilot City Name Title of Contact Contact Email Contact Website
Palo Alto, Mt. View, San Jose Aiko Cuenco [email protected] Santa Clara VTA
4th & King, Redwood City, Mtn. View, Palo Alto, and San Jose Diridon Caltrain Stations Douglas Kim, Samtrans Planning Director [email protected] Samtrans
Redwood City Redwood City Bike Share Liaison [email protected] Redwood City
San Francisco Bicycle Sharing Program Manager [email protected] SFMTA
San Mateo County Peggy Jensen [email protected] N/A

 

(from the Bay Area Air Quality Management District press release: http://www.baaqmd.gov/Divisions/Strategic-Incentives/Alternative-Transportation/Bike-Share-Pilot.aspx)