Tag Archives: Selling a home

Palo Alto’s 17 New Homes, March 15

What a week!  Palo Alto debuted 17 homes this week, with many homes priced at the lower end of Palo Alto pricing.    See below for an overview of this week’s listings:

1041 Fife Avenue -  5 bedrooms | 4.5 Bathrooms | 3,557 SF House | 10,000 SF Lot.  Located in the coveted Crescent Park Neighborhood, this recently built home offers a fairly traditional floor plan, but has opened up the kitchen to create a great room.  Given the large lot and very comfortable layout of this home, this home makes an excellent choice for a growing family or anyone who likes to entertain.  Listed for $3,950,000.

3449 Ramona Street - 3 Bedrooms | 1 Bathroom | 1,027 SF House | 6,250 SF Lot.  This Midtown starter home has a lot going for it.  A light remodel has updated several of the home’s older features, and the bamboo floors are a nice touch.  The washer/dryer combination in the kitchen is interesting, but nonetheless, it is a good use of space.  Listed for $1,298,000.

733 Colorado Avenue - 2 Bedroom | 1 Bathroom | 811 SF House | 4,620 SF Lot.  Another Midtown starter home, this home is definitely for a young couple or an older family without children who are looking to downsize.  Fortunately, the floor plan is simple and works well for the home’s size.  Anyone looking at this home should also look at 3507 Park Boulevard, which is very similar.  Listed for $998,000.

256 Walter Hayes Drive - 6 Bedrooms | 3 Bathrooms | 2,389 SF House | 6,240 SF Lot.  Located in the Green Gables Neighborhood, this home is unique because of its 6th bedroom.  Some light remodeling to the home (floors and kitchen) would really make it shine.  A few of the bedrooms felt small to me, but given the home size and number of bedrooms, the overall layout is impressive.  Listed for $1,895,000.

919 Clara Drive - 4 Bedrooms | 2 Bathrooms | 1,535 SF House | 6,720 SF Lot.  This Midtown home offers many of the amenities those looking for a starter home will find attractive.  The light remodel that has been done to the home adds a nice touch.  The backyard is mostly hardscaped, so there is not much lawn in the backyard.  Also, be aware that the property has no garage.  Listed for $1,298,000.

360 Everett Avenue, #4B - 2 Bedrooms | 2 Bathrooms | 1,762 Unit | HOA Fees: $771 / Month.  A very spacious unit with an oversized balcony and large bedrooms, this unit has a lot going for it.  The dues on this building are high for 2 bedroom unit, but the complex offers a lot in return.  Typically the view from this level in this building would be of other complexes, but a nice line of trees blocks the view of the neighbors.  Listed for $1,295,000.

1512 Mariposa Avenue - 3 Bedrooms | 2.5 Bathrooms | 1,571 SF House | 6,000 SF Lot.  Located in the Southgate Neighborhood, this home is super cute inside.  The size makes this home an ideal option for a family with a child.  The guest house is a neat addition, but it comes at the expense of a garage.  Street parking in Southgate can be tricky, so the garage would have been nice.  This property is priced low at $1,295,000.

3291 Berryessa Street, #1 - 3 Bedrooms | 2.5 Bathrooms | 1,775 SF Unit | HOA Fees $329 / Month.  This unit is all about the modern look and feel.  Taking a nod from the loft style units which have been the craze recently, this two year old unit has some modern touches in both the exterior and interior.  If condo living is for you, and you want lots of space (and a two car garage), this home may be a nice option.  The dues are also low, which is a definite plus.  Listed for $1,250,000.

2450 Cowper Street - 3 Bedrooms | 2 Bathrooms | 1,920 SF House | 8,340 SF Lot.  Located on Midtown, this home is an older property which has been well taken care of.  The kitchen has some nice touches, but a new buyer may want to consider some light remodeling throughout the house.  Given the spacious size of the home (for a starter home) and the spacious backyard, this home is worth taking a look.  Listed for $1,695,000.

450 Lowell Avenue - 2 Bedrooms | 1.5 Bathrooms | 1,367 SF House | 7,500 SF Lot.  Located in the heart of Old Palo Alto, this home is a rare find.  Although the home is on the smaller side, the lot is something to marvel at.  The large lot size and A+ location of this home are what steal the show.  This home will be a good barometer for lot value in Old Palo Alto.  Listed for $2,595,000.

256 Fulton Street - 3 Bedrooms | 2 Bathrooms | 2,055 SF House | 5,000 SF Lot.  Located in Crescent Park near the border with the Downtown North and Willows Neighborhood, this neat home offers the ability for residents to walk to Downtown Palo Alto.  Given the smaller lot size, this home is laid out really well, with a nice open floor plan.  The kitchen could use some light touch up, but even the tiles look nice with the rest of the home.  Listed for $1,950,000.

1801 Waverly Street - 5 Bedrooms | 3.5 Bathrooms | 2,982 SF House | 9,000 SF Lot.  This is an impressive home in the heart of Old Palo Alto.  the fifth bedroom is a nice addition to an already stunning home.  The traditional floor plan is still able to create some nice gathering spaces, as the living room and dining room are both oversized.  The master suite on the top floor is something to be seen, and the master suite on the first floor is a nice touch.  Listed for $3,295,000.

1143 Guinda Street - 4 Bedrooms | 3 Bathrooms | 2,532 SF House | 7,500 SF Lot.  This home is a light remodel away from being a stunning house.  The homes on Guinda have been selling very well over the last year and a half, and this home is a good example of why.  The countertops throughout the home could use some refreshing with a different material, but I think the home’s layout make this home a hidden gem.  The backyard and carport are a nice addition to avoid the need to park on the street.  Listed for $2,595,000.

836 Colorado Avenue - 5 Bedrooms | 3 Bathrooms | 2,330 SF House | 6,322 SF Lot.  Everyone loves a putting green and hot tub, and this house has both.  Located on Colorado Avenue, and arterial street for Midtown, this home has an interesting layout, with three of the bedrooms on the main floor and two bedrooms on the second floor.  Unusual, but a nice touch for older families who want to avoid stairs, or parents with teenagers, who want to avoid, well, the teenagers.  The kitchen and living room flow well, but the backyard could have been worked better to feel less choppy.  Listed for $2,288,000.

746 De Soto Drive - 3 Bedroom | 2 Bathroom | 1,914 SF House | 8,190 SF Lot.  A 1952 built Eichler home in nearly original condition.  Located in the Green Gables Neighborhood, this home has the standard Eichler floor plan.  Plan on saving some funds for a remodel to the kitchen, bathroom, and possibly the floors.  With that said, people do love the layout and indoor/outdoor feel of Eichlers, and the location is prime.  Listed for $1,800,000.

 292 Carolina Lane - 4 Bedroom | 2 Bathroom | 2,064 SF House | 7,192 SF Lot.  Built in 1951, this home has an Eichler feel with a few modern touches.  The remodel to the floors and kitchens  is a nice touch, but wood paneling in the bonus room did not flow with the rest of the home.  The lack of a garage is also a downside to the home.  However, given the overall home size and price, and location a block offset from Charleston Road, this home may be worth a look.  Listed for $1,688,000.

3375 Stockton Place - 4 Bedroom | 2 Bathroom | 1,716 SF House | 6,400 SF Lot.  Eichlers, Eichlers, Eichlers.  This home and neighborhood is a haven for Eichler construction.  Although this home has not seen much remodeling since its initial build in 1958, the home seems to be well maintained. With a little TLC, this home could be a neat starter.  Listed for $1,299,900.

Preparing Your Home for Sale – Part Two

Part one of this article examined budget staging and preparation, but living
in the mid-Peninsula many sellers have larger, more expensive homes that
benefit from more extensive preparation and staging.  We examine below
additional steps in preparing your home for sale that will help you attain the
highest possible sales price.  First review the steps of part one, including:
thorough cleaning, painting, de-cluttering, and lighting, then add some or all
of the items below to your list, depending on your price range, target client,
and overall desirability of your home.

Fix Items in Need of Repair

Completing all home inspections before listing your home is a critical part of
selling in the mid-Peninsula.  Use those reports to correct any items that are
in need of repair so you can present a home that is fully functioning and safe
for the new buyer.  Any deferred maintenance that is apparent will create
doubt in the buyer’s mind that the home will be trouble free in future.

Focus on the Most Inconvenient Items

Refinishing hardwood floors isn’t terribly expensive or difficult to do, but it
requires moving you and most or your furniture out of your house for about
a week.  Buyers, upon closing, usually want/need to move into their new
home right away and don’t want to wait the extra week for caring for floors.

Replacing carpets is essential and instantly cleans up any high traffic areas
to provide a clean palette for the staging furniture.  Stained or worn carpets
make the home seem “tired” and conjure ideas in the buyer’s mind of the
cleanliness of the people living there.  It is always best to make your home
seem as new as possible, as if nobody has ever lived there before.

The Details

As simple as it may sound, replacing old hardware on doors (hinges and
handles) with current finishes of hardware makes a huge impact.  Walking
through a home littered with dated brass fixtures reminds the buyer of
everything they will have to change in future.  Change out outlet cover plates
that don’t match or that are discolored and make sure they are all the same. 
Paint your front door.  Change your house numbers.  Update your mailbox. 
Every one of these details, however simple, will create a finished, polished
look to your home.

Lighting Fixures

Another relatively inexpensive, yet very effective, way to update your home
is to change out any lighting fixtures that don’t match the style of the home. 
Keep in mind your target audience, review the style of your home, then buy
and install fixtures that the audience would find attractive or desirable. It’s
not necessary to spend a fortune on lighting, but it is critical that you don’t
buy the cheapest fixtures from the hardware store – it will show!

Replace Appliances, if needed

Matching appliances will give your kitchen a more seamless look and feel,
especially if they are current models that are still in style.  More expensive
homes will require thought about the brand, function, and popularity of the
appliances, but most homes will benefit from mid-range appliances that look
new and appeal to your target audience. 

Landscape Curb Appeal

First impressions are everything when selling your home and this applies to
your front landscaping. Well-manicured plants, shrubs, and lawns will give an
instant impression that the home has also been cared for throughout your
ownership.  New plantings, including brightly colored flowers or shrubs, will
give a fresh, clean feeling to the yard and will welcome buyers into your
home. Once the landscaping is complete, a new layer of mulch/bark will give
a “finished” look to the surroundings and brighten the entire landscape.  If time 
and budget permit, do the same for the back yard; anything you do in advance
to make your home look effortless to a new buyer will produce a higher sales
price.

As you can see there are many things you can do to improve your chances of
getting the highest price for your home, some of which are listed above and
in the previous article. As the list price of the home increases, so does the
amount you will need to spend to get ready for sale.  In most instances you will
more than recoup the money invested, but it is essential to spend wisely, and
choose your real estate adviser carefully.

For further information about preparing your home, or for information on  luxury preparation, visit www.650pro.com or www.dreyfusproperties.com

To Hold or Sell Your Home

The big increase in prices, extreme lack of inventory and record low interest rates this year are creating a perfect storm of a seller’s market. If you’ve been on the sidelines waiting for the market to improve, this may be just the time to finally put your house up for sale. The big question for homeowners on the fence is:

Do I hold or sell?

Should you put your house on the market now to benefit from recent uptick in the market or should you hold on and hope that housing prices continue their upward spiral?

That’s a good question! If only I had a crystal ball, I could give you the perfect advice.  But, since that’s not the case, let’s think about this…

Although we can never tell if the market will move up or down, we do know that the market tends to move in cycles.  Look at the graph below, which shows the median sale prices in Palo Alto, from 2004 through 2012.  It is based on 4,214 listings in Palo Alto.

Sales prices

From this data, it would appear that 2013 might be a year similar to 2012, perhaps with a slight increase in price. If that’s the case, there’s little difference between selling now and holding on a bit longer.

But there are lots of factors that could influence sales prices.

For example, record low interest rates are driving buyers into the market NOW. Should the rates increase, the buyer pool is likely to shrink.  This will lessen demand, and in turn, decrease sale prices. A downturn in the stock market or loss of confidence in the economy could also dampen buyers’ enthusiasm and result in lower prices.

Rather than try to predict the unpredictable, it’s better to look at what makes sense in your individual situation:

If you are considering downsizing, now is a fantastic time to sell.  You may pay more for a smaller home than you would have in the past few years, but you will also make much more on the sale of your larger property.

If you want to buy a new home before you sell your current home, now is a good time to sell. Currently, there are some lending options available, like bridge financing, that make it possible to buy your next home as you get ready to put your current home on the market.

If you are 55 or over, you may be able make a one time transfer of your tax basis to your new home, making it a great time to sell and make a profit on your current home, while keeping its low property tax basis—even if your new home is worth more.  As with any tax related information, be sure and check with your CPA or tax attorney to see if you qualify.

If you want to more up to a larger home, but don’t qualify for the tax base transfer, it makes sense to hold onto your house if your 55th birthday is within striking range.

There are many more factors to consider when deciding whether to hold or sell. Contact me and I’ll be happy to walk you through all the options and help you make the best decision for you.

The Power of Staging, on a Budget – Part One

Selling a home is like going on a first date:  You always check out your competition
in advance, clean your house in case you bring somebody home, and hide all of
your baggage because who needs to see that? 

Listing your home for sale isn’t much different, though many owners tend to forget
the basics, which is why we will review them here.

One Chance at a First Impression

Every time a potential buyer walks into your house you want to it show its best, though
many common mistakes are enough to keep buyers from returning.  The basics of
staging are: keep it clean, keep it simple, and keep it neutral.

Clean, Clean, Clean

The first thing you notice when you walk into a home is its cleanliness, which not only
includes clutter and dust/dirt, but also smells.  Hiring a house cleaner to come in and
do a thorough cleaning is a terrific idea as they will generally see (and clean) many
of the areas you might overlook because you have lived with it for the past number
of months/years.  A reputable cleaner will also be sure they do an outstanding job
so that you will refer them to your friends.

Be careful, however, to not go too far in the other direction!  Many people will have their
home cleaned and then install air fresheners in every room, which can have the
opposite effect.  Buyers may stop to comment on the fresheners or may think that you
are trying to cover up another odor – either way, you want their attention on your home,
not on the smells!

De-Clutter

This is the favorite buzz word for many Realtors, and for good reason.  The more “stuff”
you have on display, the less the buyers will be looking at the home.  Many agents will
advise sellers to start packing for the move – that will get you excited for your next home
which also gets your home in great condition for selling!  Again, you never want to
distract buyers from the actual purchase – if they are looking at your ski trip photos on
the mantle, they won’t be seeing the beautiful mantle and fireplace… guaranteed.

Paint – the Biggest Impact for the Least Money

Neutral colors are what any stager will recommend, and that does NOT mean white! 
White is a terrific color to make things look clean and simple, but very often also makes a
home look cold and sterile – the last thing you want buyers thinking.  Neutral, warm colors
are the best way to go, and you should be consistent with that color palette throughout the
home.  Think beige, slate, or sage (or a combination of those).  You’ll notice that any new or
professionally staged homes will stick with beiges and any related colors because that
appeals best to most buyers, is least distracting, and is the warmest without being
overpowering.

Work with What You Already Have

It sometimes is not necessary to buy new furniture to help with your staging.  Very often
you may need to purchase a few small items to complete the room, but usually your own
furniture will suffice.  One thing you may need to do is rearrange the way it is set up to
make the space more appealing to potential buyers. For example, “framing” a seating area
by creating an intimate conversation area will demonstrate how the room can be used
for entertaining guests.

Lighting

Opening blinds, cleaning windows, and turning on lights will all have a huge impact on a
buyer’s impression of your home.  If you have dark, heavy curtains and very few lights,
buyers will see a cave-like environment that is not very inviting.  Dirty windows will have
the same effect, keeping out light, and then the buyer may also start wondering what other
simple maintenance you have neglected.  Keep lighting fixtures clean and simple, and
replace old, burned-out bulbs to give the impression of a light, bright, well-maintained space.

Case Study

The pictures below show two nearly identical living rooms of two neighboring condominiums
in the same building.  The picture on the top shows what the condo looks like without
staging – dark, dreary, cave-like.  The picture on the bottom shows what the home looks like
with new paint, proper lighting, open blinds, and with a few pieces of staging furniture.  All
things equal, which condo would you buy?



Your Effort = Your Return

Staging a home for sale can range from simple fixes to more expensive alterations. 
Regardless of how much money you spend on preparation, the simplicity of your staging
and cleanliness of your home will have the biggest impact on getting a buyer to write an
offer.  Remember, you usually only get one shot at making a first impression, so give it
your best!

Palo Alto tops Menlo Park again this week in multiple offers

Palo Alto’s roll continues.

Pending sales — homes under contract, that is — is a great window on how the market is moving because it’s the most forward-looking indicator of market trends. We pay close attention to pending sales to get a feel for where the market is heading. This week, our poll of listing agents with properties that went pending in 30 days or less confirms that Palo Alto is hot. 

A few more homes went under contract in Menlo Park than Palo Alto last week. But Palo Alto saw much more competitive bidding.  Only 1 of Menlo Park’s 6 pending sales saw multiple offers. In Palo Alto, multiple offers were presented at 3 of 5 homes that went into contract last week, according to Dreyfus Properties’ poll of listing agents.

*Time Period: July 18 – 25
**Results based on email poll of listing agents with properties that went pending in 30 days or less.
_________________________

 

Portola Valley & Woodside bust out in Q2, led by high end sales

After a long period of inactivity, Portola Valley and Woodside have finally busted out with a positive quarter, led mostly by high end sales in both cities. Portola Valley showed a 32% rise in average sale prices, a number that is actually higher in that it does not reflect several over $10 million dollar off-market sales. Likewise. Woodside posted a 20% rise. It, too, had several unreported sales in the over $10 million dollar market. Woodside Hills and Woodside Glens showed sharp signs of recovery. All in all, it appears that the buyers are back in rural markets of the mid-peninsula.
 

Portola Valley & Woodside
 

PORTOLA VALLEY  |  WOODSIDE

Brookside Park
Significant drops in average and median sales prices from the same quarter last year masks the positive news that sales are up 300%, as buyers responded to seller’s realistic pricing. Inventory also plummeted to a 30 day supply as the market shifted sharply in the sellers favor.

Central Portola Valley
Wow. The hill busted out with over 60% bumps in the median and average sales price as the high-end buyers leapt off the fence. Several mega “quiet sales” also occurred. They are not reflected in the official numbers making this one of the best quarters seen in the neighborhood since the go-go days.

Ladera
Ladera continues its strong performance as one of the least volatile neighborhoods in Portola Valley. Except for a disappearing act in the first quarter of 2009, the neighborhood has performed remarkably well through the last downturn and continues to show steady price improvements on a quarter by quarter basis.

Los Trancos/Vista Verde
Schizophrenic numbers reflect a high end sale in the Buck Meadows neighborhood mixing with some entry level sales in Los Trancos.

Portola Valley Ranch
PV Ranch bounced back from a few week quarters with some solid sales. Low inventory bodes well for increased prices.

Santa Maria / Russell Area
Prices reached a two year high as inventory dwindled and under contract sales rose in the neighborhood.

Central Woodside
The sweet spot of Woodside matched Central Portola Valley as prices surged up the charts after two years in the doldrums. Multiple high-end “quiet sales” also went down as a flurry of sales occurred in the later part of the quarter. Under contract sales were up 100%, but inventory also rose dramatically as pent-up sellers listed in response to the new prices.

Emerald Hills
Prices held firm but inventory dropped and sales tripled forecasting potential price appreciation in the coming quarters.

Hidden Valley
Volume is so low in this neighborhood that statistics are insignificant, so we leave it off our graph. That being said a $20 million property on Hidden Valley sold after a year on the market. Another example of the return of the elite home buyers.

Woodside Glens
Finally some price recovery after a tough 2010. Inventory still remains way too high and even climbed dramatically in the second quarter, up 50% over the year before.

Woodside Hills
The best performing neighborhood in Woodside and Portola Valley. Inventory dropped over 50% from the previous year resulting in a surge in sale prices. Sales were also up 300% as buyers recognized that the deals were disappearing and jumped in to purchase. 

It’s a Seller’s Market in Palo Alto

Palo Alto continues its meteoric charge and shows no sign of stopping. Inventory dropped 20% from May numbers last year while sales rose 6%, and under contract sales were up a staggering 60%. Days supply of inventory has gone from 81 days in May 2010 to 27 days for last May. This is a dramatic swing from a neutral market to a seller’s market. Newly hired executives, relocating, are driving the market.

South Palo Alto
South Palo Alto continues its teat with under contract sales up 47% and number of sales up 17% over the same time last year. Average price is up 7%, while the median rose 3%, indicating action in the higher price homes in the neighborhood. Average days on the market plummeted to 13 days for properties sold in May.

North Palo Alto
North Palo Alto, with its higher price point, has caught up to the heat experienced late last year in South Palo Alto. Under contract sales jumped 90% from May of last year. Anecdotally, June is seeing as many as 5-7 offers on properties in the $1,500,000 to $3,000,000 range, with some properties selling for as much as 20% to 30% over list price. We expect June statistics to show dramatic increases in average and medium prices.

Palo Alto Forecast
We see the market continuing to ratchet up into next year. Newly minted executives from the developing social network companies as well as established local players are chasing a dwindling inventory of homes. We anticipate a bit of leveling off in Palo Alto as price-shocked buyers lean toward the relative bargains in Menlo Park and Los Altos. Once those prices adjust to normal differentials, however, Palo Alto is poised to push forward again, as it is still considered the safe bet for moving into the area from far away. What’s next? The locals get back into the move-up market.