Monthly Archives: June 2013

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Palo Alto’s New Homes, June 28

In anticipation for the 4th of July, I think many sellers held back this week.  Expect more of the same next week.  After that I think we’ll see a nice push with more inventory.  See below for this week’s new homes:

858 Lathrop Drive – 4 Bedrooms | 2.5 Bathrooms | 3,146 SF House | 18,960 SF Lot | $2,389,000.  ELIGIBLE STANFORD FACULTY & STAFF ONLY.  A very neat, angular house with lots of space.  I liked that the home has seen some updating, as many of the Stanford homes need work.  Although the kitchen update gets the home modernized, the countertops make the room appear dark.  The bedrooms are well sized, but I think having a bedroom that close to the communal areas was a strange move.  The library is neat.  I should also mention that the view from the back deck is nice, but not over the top.

1527 Castilleja Avenue – 2 Bedrooms | 1 Bathroom | 1,189 SF House | 6,000 SF Lot | $1,200,000.  Priced at lot value.  These cottages are ripe for a tear down project, and this home’s standard sized lot make it a nice choice to build on.  The interior is not in terrible shape and the layout works, but the size makes the home feel cramped at times.  Either plan to heavily remodel and add on, or build new.

3206 Waverley Street – 5 Bedrooms | 3 Bathrooms | 2,640 SF House | 6,300 SF Lot | $2,498,000.  Large, fairly new home in Midtown.  Expect this home to sell well over the listing price.  The layout is familiar to those who have seen new construction in the area.  Big spaces, a spiral staircase, and a big backyard are the main features of this home.  The kitchen has a nice open feel to it and the way it’s set up makes it feel bigger than it is.  The crown molding throughout is a nice touch.  The master bathroom was underwhelming to me, as it has a sharp feel and a smaller corner shower.  Altogether, this home is a fantastic option for a large family who likes to entertain.

3127 David Avenue – 2 Bedrooms | 2 Bathrooms | 1,389 SF House | 6,656 SF Lot | $1,525,000.  Eichler-esque Mackay home in south Palo Alto.  This home will need some work.  The kitchen, bathrooms, and backyard could all use some updating, and with this style of home, you’ll want to take a careful look through the disclosures.  The layout is a bit nicer than most Eichlers and kept with the Eichler feel of big windows for natural light, but the bathrooms still felt very small.

3491 Janice Way – 4 Bedrooms | 2 Bathrooms | 1,659  SF House | 7,000 SF Lot | $1,498,000.  Larger Eichler on a really nice, quiet street.  Standard Eichler 4 bedroom floor plan with the bedrooms on one side with a master suite and one bathroom off the hallway.  There have been some nice updates to this home like the flooring, but there’s still a lot that needs to be done.  The lot size is on the larger size at 7,000 SF, and I think there’s a good value for the price with this home if you’re willing to do some remodeling.  Don’t expect it to last long on the market.

3149 Stockton Place – 3 Bedrooms | 2 Bathrooms | 1,402 SF House | 6,000 SF Lot | $1,298,000.  Cute cute cute!  This house has undergone a fairly extensive remodel and definitely shines because of it.  The spaces are all decently sized, and the home’s positioning on the lot allows for a large backyard.  Although the kitchen was nothing exciting, I have to say this home was impressive for the size.  As is typical with this agent, the property has been priced well below market value, so expect the final sale price to be higher…likely above the $1.4M mark.

2898 Louis Road – 2 Bedrooms | 2 Bathrooms | 1,015 SF House | 5,315 SF Lot | $998,000.  Small starter home or investment property on Louis Road.  If you like corner lots and don’t mind a small home or street noise, this home may be a strong purchase.  Priced as a starter home at lot value, this property was somehow able to pack two reasonably sized bedrooms and bathrooms into a small home.  The closet space definitely suffered, but altogether not a bad choice for the price.  A good alternative to a condo.

889 Federation Way – 1 Bedroom | 1 Bathroom | 822 SF Unit | $354 per Month HOA | $499,000.  Starter condo in South Palo Alto.  The unit itself is quite nice.  I think the Altair complex did a good job designing their units to create a nice open feel.  This unit, although only 822 square feet, feels big due to the large living room and open kitchen.  The dues in this complex are not very high, and the complex offers a lot of solid amenities for the price.  I would call this a strong first time buyer purchase.

3540 La Mata Way – 4 Bedrooms | 2.5 Bathrooms | 2,500 SF House | 11,250 SF Lot | $1,850,000.  Older home on one of my favorite streets in Barron Park.  The home itself is quite large but has not seen much updating since its construction in 1963.  However, the backyard and front yard are all nicely maintained and shine.  The over-sized, 11,250 SF lot allows for more building, and in Barron Park, you can add a basement if you decide to remodel or add-on.  This little street is a gem, and you should definitely take a look at this home as its layout and big spaces make it a wonderful option for a family.

 

A Great Second Quarter!

What a fantastic second quarter I’ve had! After representing three
successful buyers in Q1, the next quarter I listed and sold three great
Menlo Park homes:

Central Menlo

1255 Santa Cruz
Avenue, Menlo Park, a new 4bed/3.5bath, 2700 sf single level home. We
were on the market only 15 days when we received a great offer. I felt
our listing price was at the top of the market range at $2,390,000, but
we sold the home at $2,300,000.

The Willows

116
Blackburn Avenue, Menlo Park, a 3bed/1bath, 1170 sf home with  separate
studio including a full bath. We came on the market Memorial weekend and
sold 12 days later with four offers. I felt our listing price of
$1,150,000 was right on the mark but we sold it for well over the list
price.

Linfield Oaks

360 Linfield Drive, Menlo Park, a
3bed/1.5bath, 1718 sf home with a remodeled kitchen, new windows and
new recessed lighting. Again we were only on the market 12 days and sold
with four offers. We listed the property at $1,695,000 hoping to
attract several buyers and that is exactly what we did! This home too
ended up selling for over list price.

As we head into summer, we
generally see a slow down in the market and not much of an increase in
inventory. Many buyers become tired and will hold back on making offers.
If you’re in the market to buy a house I would continue to keep on it-
interest rates are creeping up slowly and buying sooner rather than
later could save you money in your mortgage payments.

house_rates

Do Rising Rates Mean Falling Prices?

Newsflash. Mortgage rates are on the rise, hitting above 4% last week for the first time in more than a year. Gone for now are the all-time-low 30-year fixed-3% rates that had us all running to our brokers to refinance in 2012.

How are these rising interest rates going to effect the housing market?

The short answer is: Not the way you might think.

Logic seems to dictate that rising mortgage rates would bring the cost of real estate down iin price because sellers would need to make their home prices affordable to buyers paying higher mortgage rates. Historically, however, this has not been the case.  According to Yale economist and S&P/Case-Shiller Home Price Index guru Robert Shiller, “There is not a tight fit at all between the two: high mortgage rates do not translate automatically into low home prices.”

The reasons for this seeming illogic are actually pretty logical, especially when you apply them to real estate in the boomtown of Silicon Valley.  Rising mortgage rates typically signal an improving economy, resulting in higher wages and rising inflation.  People are earning more, so they can afford to spend more on their homes.

Another reason home prices don’t necessarily come down with rising interest rates is that sellers are simply not always prepared to bring the cost of their home down.  Whether they can’t afford to or are unwilling to take a loss, most homeowners are going to buy another home after selling theirs.  When they do, they’re going to be stuck with higher interest rates just like you, and we can assume they don’t want to buy a lesser home than the one you’re hoping to buy.

With this in mind, if you find a home that’s right for you, I would suggest that you refrain from refraining.  Don’t wait around for rising interest rates to bring housing prices down.  It’s not going to happen. Since 2009, besides one brief three-month blip, average monthly 30-year fixed mortgage interest rates have been at or below 5%. This is completely unprecedented: average rates never even hit 5% prior to 2009. So what we consider “rising interest rates” are still pretty darn low.  And historically, once interest rates are on the upswing, they swing up quickly.

If I haven’t put a spring in your step yet, here’s another newsflash. The Case-Schiller index reported this month that house prices have returned to 2003 levels across the country. This combined with a robust local job market and a bullish stock market mean we are even less likely to see local housing prices go anywhere but up.

I absolutely stick to my golden rule that you should let the house, not the market, decide for you when making a home purchase — in other words, don’t buy a home you have serious reservations about because you feel like you just have to buy something.  But if you do find a home that is right for you, act now.   By waiting for a downtick in the local real estate market, you might just wait yourself into a market with higher housing prices, higher interest rates, and possibly even lower inventory as rising interest rates create a flurry of buying activity.

Do Rising Rates Mean Falling Prices?

Newsflash. Mortgage rates are on the rise, hitting above 4% last week for the first time in more than a year. Gone for now are the all-time-low 30-year fixed-3% rates that had us all running to our brokers to refinance in 2012.

How are these rising interest rates going to effect the housing market?

The short answer is: Not the way you might think.

Logic seems to dictate that rising mortgage rates would bring the cost of real estate down in price because sellers would need to make their home prices affordable to buyers paying higher mortgage rates. Historically, however, this has not been the case.  According to Yale economist and S&P/Case-Shiller Home Price Index guru Robert Shiller, “There is not a tight fit at all between the two: high mortgage rates do not translate automatically into low home prices.”

The reasons for this seeming illogic are actually pretty logical, especially when you apply them to real estate in the boomtown of Silicon Valley.  Rising mortgage rates typically signal an improving economy, resulting in higher wages and rising inflation.  People are earning more, so they can afford to spend more on their homes.

Another reason home prices don’t necessarily come down with rising interest rates is that sellers are simply not always prepared to bring the cost of their home down.  Whether they can’t afford to or are unwilling to take a loss, most homeowners are going to buy another home after selling theirs. When they do, they’re going to be stuck with higher interest rates just like you, and we can assume they don’t want to buy a lesser home than the one you’re hoping to buy.

With this in mind, if you find a home that’s right for you, I would suggest that you refrain from refraining.  Don’t wait around for rising interest rates to bring housing prices down.  It’s not going to happen. Since 2009, besides one brief three-month blip, average monthly 30-year fixed mortgage interest rates have been at or below 5%. This is completely unprecedented: average rates never even hit 5% prior to 2009. So what we consider rising interest rates are still pretty darn low.  And historically, once interest rates are on the upswing, they swing up quickly.

If I haven’t put a spring in your step yet, here’s another newsflash. The Case-Schiller index reported this month that house prices have returned to 2003 levels across the country. This combined with a robust local job market and a bullish stock market mean we are even less likely to see local housing prices go anywhere but up.

I absolutely stick to my golden rule that you should let the house, not the market, decide for you when making a home purchase — in other words, don’t buy a home you have serious reservations about because you feel like you just have to buy something.  But if you do find a home that is right for you, act now.  By waiting for a downtick in the local real estate market, you might just wait yourself into a market with higher housing prices, higher interest rates, and possibly even lower inventory as rising interest rates create a flurry of buying activity.

Palo Alto’s New Homes, June 21

It appears that the summer season has arrived.  Inventory is finally starting to stabilize near 10-15 homes per week, so we can expect a reasonable inventory for the next month or two of the season.  With interest rates on the climb, it will be interesting to see how home prices and inventory respond.  Keep in mind that you can receive this weekly write-up in your inbox by signing up here.

For this week’s new homes, see below:

OFF MARKET - 3 Bedroom | 1 Bathroom | 6,500 SF + Lot | Barron Park.  Starter home in Barron Park on a really nice lot.  Home needs some remodeling, but given the depth of the lot, this could be a nice property for someone who isn’t afraid of a home addition or remodel.  Keep in mind that Barron Park is not in a flood or earthquake zone, so you can build a basement.

OFF MARKET - 2 Bedrooms | 2 Bathrooms | Downtown Palo Alto.  Totally remodeled two bedroom condo walking distance to downtown Palo Alto.  Ground level unit.  I really liked the oversized master bedroom and fireplace.  Dues on this unit are on the higher end, but the complex is nice.

325 Channing Avenue, #110 - 2 Bedrooms | 2 Bathrooms | 2,052 SF Unit | $770 per Month HOA | $2,175,000.  Ground floor unit in one of the most sought after complexes in Palo Alto.  This is one of the larger units, and the floor plan has a really nice flow to it.  One of the features which may detract from the property a bit is the staging, which I think took away from the overall look of the unit rather than adding to it.  The bathrooms and bedrooms both have a nice size to them.  I’m not a huge fan of the kitchen layout, but it’s better than most of the units in the complex.  The pricing to me is feels big, but not entirely out of reason for a unit in this complex on the first floor.

101 Alma Street, #902 - 1 Bedroom | 1 Bathroom | 1,307 SF Unit | $617 per Month HOA | $599,000.  Simply put, the pricing on this is well below market value.  Although I’m not a big fan of this particular complex for most people, it is hard to argue the pricing for a 1,300+ SF unit on the better side of the building, and on the 9th floor.  The unit is original, but seems to be well maintained.  The flow on this unit is a little funky, but definitely workable.  Keep in mind the higher dues in the complex when looking at the unit.

130 Iris Way - 4 Bedrooms | 3 Bathrooms | 2,500 SF House | 6,600 SF Lot | $2,780,000.  Brand new construction in a busier section of the Duveneck neighborhood.  What I like best about this home is that it is a no frills home with a lot of usable space.  The Craftsman style home has a really nice back patio, and a solid flow on the first floor.  The build used nicer materials, but nothing flashy.  The four bedrooms are well sized and the downstairs has a nice open kitchen.  If you’re a family looking for a very usable and easy floor plan, this is a great option.  Be aware of the noise from Embarcadero, which you can hear from the backyard.

2031 Park Boulevard - 4 Bedrooms | 3 Bathrooms | 2,447 SF House | 7,500 SF Lot | $2,175,000.  Park Boulevard is a really interesting road in Palo Alto.  The home prices on this street run the gambit from high end to more modest pricing depending on which part of the street the home is located on.  This home is located on what could be considered the best block of Park Boulevard.  Some aspects of this home, like the bathrooms, feel dated, but the bones of this home appear solid.  There is a fair amount of dead space throughout the home, so it felt small for the size.  A nice backyard makes this home a nice property for someone looking to live near California Avenue.  Be aware of the train noise, which is sporadic but consistent throughout the day.

2105 Birch Street - 2 Bedrooms | 1 Bathroom | 1,128 SF House | 5,000 SF Lot | $1,199,000.  This home is priced for lot value.  The floor plan is nicely laid out for a 2 bedroom, but given the lot, this home would benefit from an extensive remodel or rebuild.  I’m not entirely sure the rebuild will be worth the cost if and when the purchase price exceeds $1,250,000.  This is a tricky house, and will be interesting to watch.

239 Matadero Avenue - 3 Bedrooms | 2 Bathrooms | 1,244 SF House | 7,100 SF Lot | $1,268,000.  Located in the Ventura neighborhood, this home was quickly remodeled to sell.  The floor plan is workable but there is a lot of work to be done to the home.  It is very likely that this home will be sold to either a developer or a first time home buyer.  Take a stroll through the neighborhood with this home in mind, and be aware of the train noise in the area.

556 Saint Claire Drive - 4 Bedrooms | 2 Bathrooms | 1,600 SF House | 6,500 SF Lot | $1,498,000.  This home is just begging for someone to come in with a vision and do a fun remodel.  The layout and bones of this home have a lot of potential.  I especially liked the brick fireplaces and exposed wood ceilings.  I have seen some really nice remodels utilizing those two elements recently, and this home is asking for it to be done.  The home itself does feel small, and two of the bedrooms felt undersized to me.

40 Christine Drive  - 5 Bedrooms | 4 Bathrooms | 3,232 SF House | 8,309 SF Lot | $3,098,000.  Fairly new home built by James Witt.  Usually we see James’ construction in Barron Park and Green Acres, but he went further south to build this property in 2005.  I liked the layout, but the home felt tired and boxy to me.  The rooms have high ceilings, which is a nice touch.  Although the kitchen is open, I think it was laid out poorly.  The range hood cramps the space, and I feel it should have been incorporated elsewhere to keep the space feeling open.  the 4th and 5th bedrooms felt small, and the fifth bedroom was too small for a queen bed to fit comfortably.  The backyard on this home is definitely impressive, and will likely be what sells the home.

879 Clara Drive | 4 Bedrooms | 3.5 Bathrooms | 2,183 SF House | 6,000 SF Lot | $2,488,000.  Fairly basic floor plan but a really nice layout that would work well for a growing family.  The kitchen area is modern (the home is only 7 years old) and does a good job flowing into the dining area.  I like that the builder designed bigger bedrooms rather than cramming a fifth bedroom into the property.  These bedrooms are all well sized and usable.  The lot is a standard size, so the backyard is a nice size but nothing extraordinary.  The location of this home makes for some light street noise in the backyard, but was not noticeable in the home.

3502 Arbutus Avenue - 4 Bedrooms | 3 Bathrooms | 2,183 SF House | 12,240 SF Lot | $1,988,000.  A very Eichler-esque home in South Palo Alto.  This particular property looks and feels  a lot like a standard Eichler, down to the bedroom and bathroom layout.  The galley style kitchen of the Eichler homes has been changed to more of an enclosed kitchen, but the large windows, exposed beams, indoor/outdoor feel of the living room all remain intact.  The home has seen some updating, but there is still a significant amount of work to be done to the flooring and kitchen area.  The lot size on this property is spectacular, and since it’s a pie shaped lot, much of the space is in the backyard.

3797 Ross Road - 3 Bedrooms | 2 Bathrooms | 1,247 SF House | 6,500 SF Lot | $1,299,000.  The exterior paint scheme of this property pretty much sums it all up.  The interior is cluttered, so it may be hard to get a feel for what this home could be.  You’ll need to make some changes throughout the home or rebuild completely, which is how the pricing was derived.  The backyard is nice, but for a slightly over standard sized lot that far south in Palo Alto, the price feels right at market value.

3197 Louis Road - 3 Bedrooms | 2 Bathrooms | 1,535 SF House | 6,500 SF Lot | $1,299,000.  Given the type of remodeling done to this property, I’m guessing it was a rental before being sold (big, cheap tiles in the kitchen are typically a dead giveaway).  I think this home could be a cute starter for a family with one, or maybe two children.  The bedrooms are not in bad shape and you could, if needed, move in now and remodel later.  Louis Road does get some street noise, but this is nice little property for the price.  With that in mind, I feel it’s definitely priced below market value.

886 Ilima Court - 4 Bedrooms | 3 Bathrooms | 2,075 SF House | 6,000 SF Lot | $1,828,000.  Large home for the lot size in Barron Park.  I liked that the home has seen some updates as of recent.  The bathrooms, floors, and kitchen all look nice and clean.  The home itself is about as big as you can get on a standard lot, but it is situated towards the back of the lot so the backyard feels a little small.  The bedrooms are all well sized, and the master suite is a nice value add on this particular home.  The price on this home feels right, if not a little bit low.  This might sound strange, but this property has a garage which will make a lot of weekend warriors happy.

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Palo Alto’s New Homes, June 21

It appears that the summer season has arrived.  Inventory is finally starting to stabilize near 10-15 homes per week, so we can expect a reasonable inventory for the next month or two of the season.  With interest rates on the climb, it will be interesting to see how home prices and inventory respond.  Keep in mind that you can receive this weekly write-up in your inbox by signing up here.

For this week’s new homes, see below:

OFF MARKET - 3 Bedroom | 1 Bathroom | 6,500 SF + Lot | Barron Park.  Starter home in Barron Park on a really nice lot.  Home needs some remodeling, but given the depth of the lot, this could be a nice property for someone who isn’t afraid of a home addition or remodel.  Keep in mind that Barron Park is not in a flood or earthquake zone, so you can build a basement.

OFF MARKET - 2 Bedrooms | 2 Bathrooms | Downtown Palo Alto.  Totally remodeled two bedroom condo walking distance to downtown Palo Alto.  Ground level unit.  I really liked the oversized master bedroom and fireplace.  Dues on this unit are on the higher end, but the complex is nice.

325 Channing Avenue, #110 - 2 Bedrooms | 2 Bathrooms | 2,052 SF Unit | $770 per Month HOA | $2,175,000.  Ground floor unit in one of the most sought after complexes in Palo Alto.  This is one of the larger units, and the floor plan has a really nice flow to it.  One of the features which may detract from the property a bit is the staging, which I think took away from the overall look of the unit rather than adding to it.  The bathrooms and bedrooms both have a nice size to them.  I’m not a huge fan of the kitchen layout, but it’s better than most of the units in the complex.  The pricing to me is feels big, but not entirely out of reason for a unit in this complex on the first floor.

101 Alma Street, #902 - 1 Bedroom | 1 Bathroom | 1,307 SF Unit | $617 per Month HOA | $599,000.  Simply put, the pricing on this is well below market value.  Although I’m not a big fan of this particular complex for most people, it is hard to argue the pricing for a 1,300+ SF unit on the better side of the building, and on the 9th floor.  The unit is original, but seems to be well maintained.  The flow on this unit is a little funky, but definitely workable.  Keep in mind the higher dues in the complex when looking at the unit.

130 Iris Way - 4 Bedrooms | 3 Bathrooms | 2,500 SF House | 6,600 SF Lot | $2,780,000.  Brand new construction in a busier section of the Duveneck neighborhood.  What I like best about this home is that it is a no frills home with a lot of usable space.  The Craftsman style home has a really nice back patio, and a solid flow on the first floor.  The build used nicer materials, but nothing flashy.  The four bedrooms are well sized and the downstairs has a nice open kitchen.  If you’re a family looking for a very usable and easy floor plan, this is a great option.  Be aware of the noise from Embarcadero, which you can hear from the backyard.

2031 Park Boulevard - 4 Bedrooms | 3 Bathrooms | 2,447 SF House | 7,500 SF Lot | $2,175,000.  Park Boulevard is a really interesting road in Palo Alto.  The home prices on this street run the gambit from high end to more modest pricing depending on which part of the street the home is located on.  This home is located on what could be considered the best block of Park Boulevard.  Some aspects of this home, like the bathrooms, feel dated, but the bones of this home appear solid.  There is a fair amount of dead space throughout the home, so it felt small for the size.  A nice backyard makes this home a nice property for someone looking to live near California Avenue.  Be aware of the train noise, which is sporadic but consistent throughout the day.

2105 Birch Street - 2 Bedrooms | 1 Bathroom | 1,128 SF House | 5,000 SF Lot | $1,199,000.  This home is priced for lot value.  The floor plan is nicely laid out for a 2 bedroom, but given the lot, this home would benefit from an extensive remodel or rebuild.  I’m not entirely sure the rebuild will be worth the cost if and when the purchase price exceeds $1,250,000.  This is a tricky house, and will be interesting to watch.

239 Matadero Avenue - 3 Bedrooms | 2 Bathrooms | 1,244 SF House | 7,100 SF Lot | $1,268,000.  Located in the Ventura neighborhood, this home was quickly remodeled to sell.  The floor plan is workable but there is a lot of work to be done to the home.  It is very likely that this home will be sold to either a developer or a first time home buyer.  Take a stroll through the neighborhood with this home in mind, and be aware of the train noise in the area.

556 Saint Claire Drive - 4 Bedrooms | 2 Bathrooms | 1,600 SF House | 6,500 SF Lot | $1,498,000.  This home is just begging for someone to come in with a vision and do a fun remodel.  The layout and bones of this home have a lot of potential.  I especially liked the brick fireplaces and exposed wood ceilings.  I have seen some really nice remodels utilizing those two elements recently, and this home is asking for it to be done.  The home itself does feel small, and two of the bedrooms felt undersized to me.

40 Christine Drive  - 5 Bedrooms | 4 Bathrooms | 3,232 SF House | 8,309 SF Lot | $3,098,000.  Fairly new home built by James Witt.  Usually we see James’ construction in Barron Park and Green Acres, but he went further south to build this property in 2005.  I liked the layout, but the home felt tired and boxy to me.  The rooms have high ceilings, which is a nice touch.  Although the kitchen is open, I think it was laid out poorly.  The range hood cramps the space, and I feel it should have been incorporated elsewhere to keep the space feeling open.  the 4th and 5th bedrooms felt small, and the fifth bedroom was too small for a queen bed to fit comfortably.  The backyard on this home is definitely impressive, and will likely be what sells the home.

879 Clara Drive | 4 Bedrooms | 3.5 Bathrooms | 2,183 SF House | 6,000 SF Lot | $2,488,000.  Fairly basic floor plan but a really nice layout that would work well for a growing family.  The kitchen area is modern (the home is only 7 years old) and does a good job flowing into the dining area.  I like that the builder designed bigger bedrooms rather than cramming a fifth bedroom into the property.  These bedrooms are all well sized and usable.  The lot is a standard size, so the backyard is a nice size but nothing extraordinary.  The location of this home makes for some light street noise in the backyard, but was not noticeable in the home.

3502 Arbutus Avenue - 4 Bedrooms | 3 Bathrooms | 2,183 SF House | 12,240 SF Lot | $1,988,000.  A very Eichler-esque home in South Palo Alto.  This particular property looks and feels  a lot like a standard Eichler, down to the bedroom and bathroom layout.  The galley style kitchen of the Eichler homes has been changed to more of an enclosed kitchen, but the large windows, exposed beams, indoor/outdoor feel of the living room all remain intact.  The home has seen some updating, but there is still a significant amount of work to be done to the flooring and kitchen area.  The lot size on this property is spectacular, and since it’s a pie shaped lot, much of the space is in the backyard.

3797 Ross Road - 3 Bedrooms | 2 Bathrooms | 1,247 SF House | 6,500 SF Lot | $1,299,000.  The exterior paint scheme of this property pretty much sums it all up.  The interior is cluttered, so it may be hard to get a feel for what this home could be.  You’ll need to make some changes throughout the home or rebuild completely, which is how the pricing was derived.  The backyard is nice, but for a slightly over standard sized lot that far south in Palo Alto, the price feels right at market value.

3197 Louis Road - 3 Bedrooms | 2 Bathrooms | 1,535 SF House | 6,500 SF Lot | $1,299,000.  Given the type of remodeling done to this property, I’m guessing it was a rental before being sold (big, cheap tiles in the kitchen are typically a dead giveaway).  I think this home could be a cute starter for a family with one, or maybe two children.  The bedrooms are not in bad shape and you could, if needed, move in now and remodel later.  Louis Road does get some street noise, but this is nice little property for the price.  With that in mind, I feel it’s definitely priced below market value.

886 Ilima Court - 4 Bedrooms | 3 Bathrooms | 2,075 SF House | 6,000 SF Lot | $1,828,000.  Large home for the lot size in Barron Park.  I liked that the home has seen some updates as of recent.  The bathrooms, floors, and kitchen all look nice and clean.  The home itself is about as big as you can get on a standard lot, but it is situated towards the back of the lot so the backyard feels a little small.  The bedrooms are all well sized, and the master suite is a nice value add on this particular home.  The price on this home feels right, if not a little bit low.  This might sound strange, but this property has a garage which will make a lot of weekend warriors happy.

Why I Love Central Menlo Park

Did
you ever watch “Leave it to Beaver” and dream about moving in next door? If so,
do I have the neighborhood for you!

Central
Menlo Park is just about as close as you can get to the quintessential,
traditional small town. Bordered by Valparaiso Avenue, San Francisquito Creek,
and Arbor Drive, the neighborhood is full of charming, family homes and has a great
sense of community and a friendly, down-to-earth feel.

You
often see people strolling down the wide, tree-lined streets walking their dogs
or on their way downtown for dinner. Kids ride their bikes to friends’ houses
or to one of the great local schools. (Oak Knoll Elementary, Hillview Middle,
and Menlo-Atherton High) In the summer, many of the streets shut down for an
annual, old-fashioned block party where neighbors share conversation and
potluck dishes.

Certain
blocks even have a 50s look to them, with their updated and remodeled ranch
style homes on spacious lots. It’s notable that the lots tend to be larger in
Central Menlo than in the rest of Menlo Park—12,000-16,000 square feet are
typical, and you can even find some lots that are as large as a half acre.
Central Menlo tends to be a “move up” neighborhood for families looking for
more space and a bigger yard and that’s good for resale value. There is a nice
mix of residents, including young families, families with high school age kids,
and people who’ve lived there for the last 50 years.

Central
Menlo has four local parks—Tinker, Jack W. Lyle, Nealon, and Fremont. Nealon
features a dog park, barbeque field, tennis courts, and a senior center.
Fremont Park hosts a free summer concert series where family and friends gather
on blankets to picnic and enjoy music and the lovely Menlo Park weather.

It’s
a fantastic location—close enough to walk or bike to restaurants, shopping, and
Stanford University. If you commute out of town, it is centrally located between
San Jose and San Francisco, and there is easy access to Highway 280, Los Altos,
and Woodside.

I have
a wonderful listing the just sold in Central Menlo. Listing Contact me with any questions on this home or any others in the area.

Palo Alto’s New Homes, June 14

A trickle of inventory hit Palo Alto this week, with homes staying mostly below the $3M mark.  This is an interesting change from previous weeks, when many homes above the $4M were coming on the market in the Old Palo Alto and Professorville neighborhoods.  See below for this week’s new listings:

293 Bryant Street – 2 Bedrooms | 2 Bathrooms | 1,320 SF Unit | $484 per Month HOA | $1,089,000.  Charming town home in Downtown Palo Alto.  I absolutely loved this unit.  Although the building is on the older side, it’s bursting with character.  The unit itself has been well remodeled, and the staging did a solid job making the living areas feel spacious.  Since it is a town home, you’ll want to look into the HOA.  The dues seem fair to me.  Only downside I could point out is that the parking is uncovered.  Excellent property and don’t expect it to last long on the market.

51 Crescent Drive – 4 Bedrooms | 5 Bathrooms | 6,374 SF House | 23,522 SF Lot | $12,800,000.  If you didn’t know Palo Alto well, you wouldn’t know that this litte street existed.  Similar to most of the lots in this section of Palo Alto near University Avenue, the lot on this property is about half an acre.  The finishes and detailing on this home are extremely high end and set up to impress.  The backyard is also very well manicured and set up.  If you’re looking to entertain, this home is well suited for that.  The price to me feels very big given the home’s proximity to University Avenue and also that it is not in the middle of a neighborhood.  However, as with all properties in Palo Alto over $8M, it will be exciting to watch.

2320 Tasso Street – 4 Bedrooms | 3.5 Bathrooms | 2,371 SF House | 5,000 SF Lot | $2,295,000.  Mostly outdated home in Old Palo Alto.  I liked the layout of this home.  Although many of the spaces felt segmented, there was some nice space to the kitchen and living area.  There is some work to do to this home in order to get it back to the modern era, but it may be worth it for someone who’s looking to live in the home 10 years or more.  The third and fourth bedroom felt small to me, but altogether the home has a surprising amount of space.

2957 Waverley Street – 6 Bedrooms | 4.5 Bathrooms | 3,571 SF House | 14,675 SF Lot | $2,798,000.  Newer construction in Midtown.  Clocking in at just 9 years old, this midtown home has a lot to offer.  The home itself is bout 2,600 square feet, and feels fairly small in the bedrooms.  This home seems to have been built for a larger family, and some of the floorspace downstairs is sacrificed to make that happen.  I really liked the three car garage (who doesn’t) and the immense size of the backyard are all big pluses.  This home is priced low, so don’t expect it to last long on the market.

3135 Avalon Court – 3 Bedrooms | 3 Bathrooms | 2,503 SF House | 7,770 SF Lot | $1,998,000.  Home with remodeling in all the right places.  Although much of the home will need light remodeling, the work done to the kitchen was stellar.  This home is quite spacious and sits on a larger lot.  The only limiting factor to this home is that there were only three bedrooms, and one of them was quite small.  The gathering areas on this particular home feel very large.  This home would be a good match for someone who likes to entertain.

3494 South Court Street – 3 Bedrooms | 2 Bathrooms | 1,424 SF House | 6,250 SF Lot | $1,195,000.  Lot value home on South Court.  There isn’t much to say about this particular property.  It will need lots of updating.  However, for the right buyer who isn’t afraid to get their hands dirty, this could be a good match.  Given that lot value for this area is closer to $1.3M, expect this home to move quickly.

3710 Lindero Drive – 4 Bedrooms | 2 Bathrooms | 1,877 SF House | 7,835 SF Lot | $1,495,000.  Eichler-esque home bordering Lindero and Alma.  The updating that the sellers have done was well executed; the home looks nice without an over the top remodel.  I liked the wood beams throughout the home, but it also makes me think that the roof insulation is minimal.  Although the backyard is nice and large, there is a noticeable amount of noise.

4369 Miller Avenue – 3 Bedrooms | 1 Bathroom | 1,130 SF House | 9,315 SF Lot | $1,199,000.  Lot value property in Monroe Park.  This home needs a lot of work, and is even being advertised as a tear down home.  The interior spaces are well laid out, but there are obvious signs of damage and age throughout the home.  Folks, this home is well priced for a lot, but I would be hesitant to buy it unless you’re happy with a heft remodel or rebuild.

3732 Feather Lane – 2 Bedrooms | 2.5 Bathrooms | 2,153 SF Unit | $270 per Month HOA | $888,000.  2 year old unit with Palo Alto schools.  I personally think these units are a bit cramped, but this unit in particular was not so bad.  The attached garages cause the unit to feel pushed in on the first floor.  The master bedroom and second bedroom are both nicely sized.  Altogether, not a bad purchase and this unit will be interesting to watch.

2460 W Bayshore Road #7 – 2 Bedrooms | 1 Bathroom | 906 SF Unit | $447 per Month HOA | $525,000.  Another nice starter condo on Bayshore.  These units have a basic two bedroom, one bathroom floor plan, but it’s functional.  This particular unit was lightly remodeled, but I would have liked to see more done with the kitchen cabinetry, which is obviously dated and painted over.  The bedrooms are both a nice size, and so I think that this unit could be a fantastic match for a young individual or couple looking to step into Palo Alto.

 

photo cropped

Palo Alto’s New Homes, June 14

A trickle of inventory hit Palo Alto this week, with homes staying mostly below the $3M mark.  This is an interesting change from previous weeks, when many homes above the $4M were coming on the market in the Old Palo Alto and Professorville neighborhoods.  See below for this week’s new listings:

293 Bryant Street – 2 Bedrooms | 2 Bathrooms | 1,320 SF Unit | $484 per Month HOA | $1,089,000.  Charming town home in Downtown Palo Alto.  I absolutely loved this unit.  Although the building is on the older side, it’s bursting with character.  The unit itself has been well remodeled, and the staging did a solid job making the living areas feel spacious.  Since it is a town home, you’ll want to look into the HOA.  The dues seem fair to me.  Only downside I could point out is that the parking is uncovered.  Excellent property and don’t expect it to last long on the market.

51 Crescent Drive – 4 Bedrooms | 5 Bathrooms | 6,374 SF House | 23,522 SF Lot | $12,800,000.  If you didn’t know Palo Alto well, you wouldn’t know that this litte street existed.  Similar to most of the lots in this section of Palo Alto near University Avenue, the lot on this property is about half an acre.  The finishes and detailing on this home are extremely high end and set up to impress.  The backyard is also very well manicured and set up.  If you’re looking to entertain, this home is well suited for that.  The price to me feels very big given the home’s proximity to University Avenue and also that it is not in the middle of a neighborhood.  However, as with all properties in Palo Alto over $8M, it will be exciting to watch.

2320 Tasso Street – 4 Bedrooms | 3.5 Bathrooms | 2,371 SF House | 5,000 SF Lot | $2,295,000.  Mostly outdated home in Old Palo Alto.  I liked the layout of this home.  Although many of the spaces felt segmented, there was some nice space to the kitchen and living area.  There is some work to do to this home in order to get it back to the modern era, but it may be worth it for someone who’s looking to live in the home 10 years or more.  The third and fourth bedroom felt small to me, but altogether the home has a surprising amount of space.

2957 Waverley Street – 6 Bedrooms | 4.5 Bathrooms | 3,571 SF House | 14,675 SF Lot | $2,798,000.  Newer construction in Midtown.  Clocking in at just 9 years old, this midtown home has a lot to offer.  The home itself is bout 2,600 square feet, and feels fairly small in the bedrooms.  This home seems to have been built for a larger family, and some of the floorspace downstairs is sacrificed to make that happen.  I really liked the three car garage (who doesn’t) and the immense size of the backyard are all big pluses.  This home is priced low, so don’t expect it to last long on the market.

3135 Avalon Court – 3 Bedrooms | 3 Bathrooms | 2,503 SF House | 7,770 SF Lot | $1,998,000.  Home with remodeling in all the right places.  Although much of the home will need light remodeling, the work done to the kitchen was stellar.  This home is quite spacious and sits on a larger lot.  The only limiting factor to this home is that there were only three bedrooms, and one of them was quite small.  The gathering areas on this particular home feel very large.  This home would be a good match for someone who likes to entertain.

3494 South Court Street – 3 Bedrooms | 2 Bathrooms | 1,424 SF House | 6,250 SF Lot | $1,195,000.  Lot value home on South Court.  There isn’t much to say about this particular property.  It will need lots of updating.  However, for the right buyer who isn’t afraid to get their hands dirty, this could be a good match.  Given that lot value for this area is closer to $1.3M, expect this home to move quickly.

3710 Lindero Drive – 4 Bedrooms | 2 Bathrooms | 1,877 SF House | 7,835 SF Lot | $1,495,000.  Eichler-esque home bordering Lindero and Alma.  The updating that the sellers have done was well executed; the home looks nice without an over the top remodel.  I liked the wood beams throughout the home, but it also makes me think that the roof insulation is minimal.  Although the backyard is nice and large, there is a noticeable amount of noise.

4369 Miller Avenue – 3 Bedrooms | 1 Bathroom | 1,130 SF House | 9,315 SF Lot | $1,199,000.  Lot value property in Monroe Park.  This home needs a lot of work, and is even being advertised as a tear down home.  The interior spaces are well laid out, but there are obvious signs of damage and age throughout the home.  Folks, this home is well priced for a lot, but I would be hesitant to buy it unless you’re happy with a heft remodel or rebuild.

3732 Feather Lane – 2 Bedrooms | 2.5 Bathrooms | 2,153 SF Unit | $270 per Month HOA | $888,000.  2 year old unit with Palo Alto schools.  I personally think these units are a bit cramped, but this unit in particular was not so bad.  The attached garages cause the unit to feel pushed in on the first floor.  The master bedroom and second bedroom are both nicely sized.  Altogether, not a bad purchase and this unit will be interesting to watch.

2460 W Bayshore Road #7 – 2 Bedrooms | 1 Bathroom | 906 SF Unit | $447 per Month HOA | $525,000.  Another nice starter condo on Bayshore.  These units have a basic two bedroom, one bathroom floor plan, but it’s functional.  This particular unit was lightly remodeled, but I would have liked to see more done with the kitchen cabinetry, which is obviously dated and painted over.  The bedrooms are both a nice size, and so I think that this unit could be a fantastic match for a young individual or couple looking to step into Palo Alto.

 

Palo Alto’s New Homes, June 7

It might just be me, but I feel that the market is starting to lose a little steam.  Inventory seems to be reflecting that this week, with only 6 new listings hitting the market.  See below for this week’s new homes:

800 High Street #116 – 4 bedrooms | 2 Bathrooms | 1,638 SF Unit | $505 per Month HOA | $2,047,000.  This is a polarizing complex to many buyers because it is pricey but near Alma.  The location of the unit in this building is average; It’s in a quieter section of the building, but also on the first floor.  The unit could have been helped by incorporating some staging and removing some of the owner’s belongings.  Given some of the negatives, the price feels big to me.

1432 Hamilton Avenue – 4 Bedrooms | 2.5 Bathrooms | 2,720 SF House | 7,500 SF Lot | $2,995,000.  Really well done Cape Cod style home in Crescent Park.  This house was able to overcome my one gripe with Cape Cod style homes…typically the upstairs ceilings make the spaces feel cramped.  This home does not have that issue, but instead feels expansive upstairs.  These homes tend to feel a bit more segmented than modern style homes.  The backyard is nice; there’s enough grass but it wouldn’t be a burden to maintain.  The only issue to point out is that the home is at a T-intersection with Island Drive, which will deter some buyers.

1525 Webster Street – 3 Bedrooms | 3.5 Bathrooms | 2,871 SF House | 13,200 SF Lot | $3,250,000.  Neat house with a fair amount of traffic noise.  The layout of this home was nice, but sometimes it felt a little disjointed.  I liked the updates to the kitchen and floors, but I would have liked to see some more updating to the bathrooms.  The backyard is really nice and expansive.  Keep in mind the backyard also abuts Embarcadero, so you will notice road noise.

4317 Silva Avenue – 3 Bedrooms | 2 Bathrooms | 1,900 SF House | 11,050 SF Lot | $1,649,000.  If there’s one house that just needs to be seen just because it’s an interesting house, this is the one.  The location in Monroe Park is not ideal, but the home is basically being priced just over lot value.  The exterior and layout of the home feels a bit like a hallway, but the preparation of the home was well done (clean with surfaces refinished as needed).  Keep in mind that with this property you will be in the Los Altos School district.

4206 Rickey’s Way #N – 3 Bedrooms | 2.5 Bathrooms  | 2,081 SF Unit | $295 per Month HOA | $1,448,000.  These newly built town homes and condos are really neat.  This particular town home is a great match for a family that is starting out, and wants something new and done for under $2M in Palo Alto.  Although I’m not a big fan of the step up to the kitchen, I really enjoyed the spacious bedrooms.

4264 Newberry Court – 2 Bedrooms | 1 Bathroom | 1,100 SF House | 6,000 SF Lot | $1,150,000.  Standard 2 Bedroom Eichler configuration in original condition.  Although the condition of the home is fairly nice for its age, my worry is the amount of noise brought on by Alma and CalTrain.  For lot value, this property does make some sense, but for a buyer, you’ll want to be ready for some remodeling work.