Arn Cenedella

Archive for the 'Menlo Park Real Estate' Category

New listings in the Flood Park area of Menlo Park

The Flood Park neighborhood of Menlo Park runs between Bay Road and HWY 101, north of Willow Road and South of Marsh Road. Property values in this neighborhood are similar to those in the Willows.

Showing properties 1 - 3 of 3. See more Flood Park Area *.
(all data current as of 2/5/2012)

1. $778,000 : 1055 Berkeley Av, Menlo Park
   
   2 beds, 1 full bath

   Home size: 1,517 sq ft

   Lot size: 10,018 sq ft
   
2. $959,000 : 12 Heritage Pl, Menlo Park
   
   3 beds, 3 full baths

   Home size: 1,868 sq ft

   Lot size: 3,017 sq ft
   
3. $749,000 : 311 Sheridan Dr,
   
   3 beds, 2 full baths

   Home size: 2,360 sq ft

   Lot size: 5,940 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

For closed sales data in the Flood Park area of Menlo Park, click here.

New listings in the Willows area of Menlo Park

The Willows neighborhood offers some of the most affordable housing in Menlo Park.

Older small homes in the Willows start in the $700,000 to $800,000 range and newer larger and updated homes are available $1,200,000 to $1,500,000

Showing properties 1 - 5 of 8. See more Willows / O'Conner Area *.
(all data current as of 2/5/2012)

1. $1,515,000 : 225 Lexington Dr, Menlo Park
   
   4 beds, 3 full baths

   Home size: 1,850 sq ft

   Lot size: 6,256 sq ft
   
2. $895,000 : 227 Elliott Dr, Menlo Park
   
   3 beds, 2 full baths

   Home size: 1,350 sq ft

   Lot size: 7,455 sq ft
   
3. $1,350,000 : 374 Oconnor St, Menlo Park
   
   0 beds, 0 baths

   Lot size: 19,635 sq ft
   
4. $1,470,000 : 269 Oconnor St, Menlo Park
   
   5 beds, 5 full baths

   Home size: 2,615 sq ft

   Lot size: 10,822 sq ft
   
5. $1,049,900 : 369 Oconnor St, Menlo Park
   
   3 beds, 2 full baths

   Home size: 1,620 sq ft

   Lot size: 7,360 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

For closed sales data in the Willows neighborhood in Menlo Park, click here.

Deadline for San Mateo County Property Tax reductions is Feb. 15

If you believe your home’s value is below the assessment provided by San Mateo County, you may petition the County to reduce your assessment and thereby reduce your property taxes.

If you have purchased a home within the past 3 or 4 years, its value may very well be below your purchase price.

If this is the case, please go to: http://smcare.org/assessor/homeownerresources/form_declineapp.asp

I need to be clear – just because your home’s value has dropped, you are not automatically entitled to a property tax reduction. So if you bought your home 10 years ago for $800,000 and at the peak it was worth $1,100,000 and now is worth $950,000, you WILL NOT be entitled to a reduction.

One is only entitled to a property tax reduction if the San Mateo County assessment is above what you believe the current market value is.

The request can be made over the web and if you need any comparable sales to bolster your case, just let me know.

Menlo Park Neighborhood Real Estate Review 2010 part 3

I have reviewed previously reviewed the 2010 real estate market for the following neighborhoods in Menlo Park:
Allied Arts/Downtown Menlo Park
West Menlo
West “County” area along Alameda also known as University Heights
Sharon Heights and Stanford Hills

In this post, I will review the Civic Center area of Menlo Park located near Burgess Park and City Hall and the Willows neighborhood of Menlo Park.

Civic Center area Menlo Park near City Hall and Burgess Park

 

The average and median price in the Civic Center area of Menlo Park was approximately $1.3M in 2010.

Average days on market in this neighborhood of Menlo Park decreased slightly from 54 in 2009 to 51 in 2010.

The number of homes sold near the Menlo Park Civic Center decreased in 2010 to 20 from 19.

The sale price to list price ratio remain fairly stable: 96.6% in 2010 and 96.8% in 2009.

To search for homes near the Civic Center and Burgess Park in Menlo Park, click here.

The Willows neighborhood of Menlo Park

 

The average and median price in the Willows Menlo Park was approximately $1.05M.

Average days on market dropped big time from 71 in 2009 to 20 in 2010.

The numbers of homes sold in the Willows Menlo Park was steady: 37 in 2010 and 38 in 2009.

The sale price to list price ratio was 101.5% in 2010 up from 96.8% in 2009.

To search for homes in the Willows, just click here.

Menlo Park Neighborhood Real Estate Review 2010

Menlo Park contains 11 different geographic mls neighborhoods.

To see a map showing these Menlo Park neighborhoods, click here.

From this map, you can search for current listings or obtain sales data for each neighborhood by clicking on the particular neighborhood of interest.

Let’s look at how several of these Menlo Park neighborhoods did during 2010.
You may run your cursor over the charts to obtain numerical data.

Allied Arts/Downtown Menlo Park

Average and median price in Allied/Arts Downtown ranged from $1.3M to $1.45M.

Days on market in Allied Arts/Downtown decreased from 60 days to 56 days.

36 homes sold in 2010 in Allied Arts/Dowtown up from 26 in 2009.

Homes in Allied Arts/Dowtown sold for 97.0% of list price in 2010 up from 94.2% in 2009.

To see current listings in Allied Arts and downtown Menlo Park, click here.

Central Menlo Park aka West Menlo

 

Average and median price in west Menlo Park ranged from $2.0M to $2.3M.

Days on market in west Menlo Park decreased from 61 days to 45 days.

60 homes sold in 2010 in west Menlo Park up from 45 in 2009.

Homes in west Menlo Park sold for 97.4% of list price in 2010 up from 96.6% in 2009.

To see current listings in west Menlo Park, click here.

Should you have any questions on the Menlo Park real estate market, do not hesitate to call me at 650 566-5329.

More Menlo Park real estate data

Let’s take a longer term historical look at the Menlo Park real estate market.

The median price in Menlo Park increased 10% from 2009 to 2010 increasing to $1,204,780 from $1,085,000.

The average price in Menlo Park increased 6% from 2009 to 2010 increasing to $1,314,430 from $1,239,810.

The numbers of homes sold increased 9.2% to 344 from 315 the year prior.

The sales to list price ratio increased 1.5% to 99.4% from 98.0% the year prior.

Days on market decreased 18.7% to 45 days on market from 55 days on market in 2009.

Looking at this data graphically:

Prices and Sales

 Days of Inventory

 Sales Year to Date

Sale Price to List Price Ratio

All of these market metrics show a similar trend – peak prices and numbers of sales in 2007 – significant drop in 2008 – slow recovery 2009 and 2010.

 

Menlo Park real estate 2010 year in review

The Menlo Park real estate market has been in a slight decline the past 2 years.

As the chart below indicates, the median price in all price ranges in Menlo Park has declined over the past two years.

This may be due to greater number of homes selling in the lower price ranges than in the higher prices ranges – a trend that is quite common. Entry level buyers are using lower prices and very low interest rates to enter the market while move-up buyers are staying in their current residences.

Read the rest of this entry »

Menlo Park real estate has strong Q2 2010

The following data will show that single family home market in Menlo Park saw a very strong second quarter 2010 (Q2 2010).

Move cursor over chart columns to see numeric data displayed.

All market metrics in Menlo Park moved in a positive direction:

Median price up 29.8% to $1,242,750 from $1,212,970
Average price up 11.0% to $1,345,900 from $1,212,970
Number of Menlo Park homes sold up 81.5% to 98 from 54
Number of pending sales of Menlo Park homes up 43.2% to 63 from 44.
Days on market down 29.9% to 38 days from 54 days.

It is interesting to note that the second quarters in 2008 and 2009 were stonger than the first quarters in 2008 and 2009. It will be intersting to see what the third quarter brings. My gut sense is that the market has shifted in a positive direction but maybe the storng Q2 is just the typical spring market activity.

2010 mid year review Menlo Park real estate

Let’s take a look at the Menlo Park single family home real estate market over the past two years.

The median price in Menlo Park in October 2008 was $1.05M and then increased steadily to a high of $1.38M in July 2009. The median price then decreased to $1.1M in March 2010 and since that time has increased to $1.3M in July 2010.

The median days on market for single family homes in Menlo Park was 75 days. Median days on market increased significantly to 160 days in April 2010. Since April 2010, days on market dropped substantially to 100 days. Again this data points to a recent revival of the Menlo Park market over the past few months.

The market action index measures how strong the market is at any time. 30 indicates a balanced market. Below 30 is a buyer’s market.

The market action index in Menlo Park was 21 in October 2008 and dropped to 16 (stronger buyer’s market) in April 2009. The market action index is now around 20 – indicating a buyer’s market.

So the Menlo Park real estate appears to be gaining strength over the past few months.

The $64Million question: Is this a start of a long term trend or are we headed for a “double dip” in the local housing market? Stay tuned for more.

To track the Menlo Park real estate market on a city wide basis or on a neighborhood by neighborhood basis, just click here.

Menlo Park Real Estate Market Data

Click on these flash charts to obtain additional market data.

Highest price quartile

Second highest price quartile

Third Highest Quartile

Lowest Priced Quartile