Arn Cenedella

Archive for the 'Menlo Park Real Estate' Category

New listings in Allied Arts Menlo Park

There were several very interesting properties on tour today in the Allied Arts neighborhood of Menlo Park. Allied Arts is a very charming neighborhood located just north of Stanford and within wlaking distance to downtown Menlo Park and Palo Alto – not to mention that landmark – the OASIS!

723 Partridge, Menlo Park $1,595,000

Two houses on one lot – one could say 2 houses for the price of 1! 9,550sf lot.

Updated 3 bedroom 1 bath house in front and an older 2 bedroom 1 bath home in the rear.

This would be a great way to get into Allied Arts at an affordable price. Live in one and rent the other out to help with the payments.

This property is listed with Jim Byrnes.

Right down the street is a newer only 1 year old home at 810 Partridge. This is one a 4 homes built on 2 lots back in 2008. This 3 bedroom 2.5 bath home contains 1,530sf of living space plus a detached 1 car garage. Quality is high. Lot size is 4300sf. List price is $1,580,000. This property was purchased at $1,530,000 March 2008. This will be a good data point for the direction of the market over the past 12 months.

This property is listed by Dottie Monroe.

The last property is a big beautiful new home on one of Allied Art’s best streets – 324 Yale Rd, Menlo Park is listed at $3,525,000. This home is a 2 story home with fully finished basement area and contains over 4,000sf of living space – 5 bedrooms 4+ baths – on a 7500sf lot. This Craftsman style home will attract quite a bit of attention and will compete with other similar priced homes in west Menlo.

This home is listed by Steve Niethammer.

Three very different properties – appealing to many aspects of the market – all in wonderful Allied Arts.

University Heights County Area/Alameda Menlo Park 2008 Year in Review

Here is a review of the University Heights County Area/Alameda of Menlo Park, California residential real estate market in 2008:

Median price increased to $2,154,620 in 2008 from $1,585,500 in 2007 – an 3.5.9% increase.

Average price decreased to $1,960,410 in 2008 from $1,641,710 in 2007 – an 19.4% increase.

The number of sales decreased to 37 in 2008 from 59 in 2007 – a 37.3% decrease.

Current number of active listings is 6 compared to 7 at the same date in 2007 – an decrease of 14.3%.

The sales per list price ratio decreased to 99.3% in 2008 from 102.7% in 2007 – a decrease of 3.3%.

Days on market increased to 45 days in 2008 from 25 days in 2007 – an increase of 73.0%.

Days of inventory decreased to about 59 days in 2008 from about 68 in 2007.

Much of this data is shown in the charts below.

Market Data, for most cities on the San Francisco Peninsula, can be obtained by clicking on the market reports link above.

Flood Park Menlo Park 2008 Year in Review

Here is a review of the Flood Park neighborhood of Menlo Park, California residential real estate market in 2008:

Median price decreased to $945,000 in 2008 from $975,500 in 2007 – an 3.1% decrease.

Average price decreased to $945,781 in 2008 from $979,425 in 2007 – an 3.4% decrease.

The number of sales decreased to 27 in 2008 from 30 in 2007 – a 10.0% decrease.

Current number of active listings is 8 compared to 5 at the same date in 2007 – an increase of 60%.

The sales per list price ratio decreased to 99.3% in 2008 from 100.5% in 2007 – a decrease of 1.3%.

Days on market increased to 33 days in 2008 from 26 days in 2007 – an increase of 24.8%.

Days of inventory increased to about 122 days in 2008 from about 73 in 2007.

Much of this data is shown in the charts below.

Market Data, for most cities on the San Francisco Peninsula, can be obtained by clicking on the market reports link above.

The Willows Menlo Park 2008 Year in Review

Here is a review of the Willows neighborhood of Menlo Park, California residential real estate market in 2008:

Median price increased to $1,212,250 in 2008 from $1,119,500 in 2007 – an 8.3% increase.

Average price increased to $1,211,030 in 2008 from $1,182,940 in 2007 – an 2.4% increase.

The number of sales decreased to 38 in 2008 from 58 in 2007 – a 34.5% decrease.

Current number of active listings is 9 compared to 5 at the same date in 2007 – an increase of 80%.

The sales per list price ratio increased to 101.6% in 2008 from 103.1% in 2007 – a decrease of 1.4%.

Days on market increased to 33 days in 2008 from 26days in 2007 – an decrease of 24.8%.

Days of inventory increased to about 85 days in 2008 from about 50 in 2007.

Much of this data is shown in the charts below.

Market Data, for most cities on the San Francisco Peninsula, can be obtained by clicking on the market reports link above.

West Menlo Park 2008 Year in Review

Here is a review of the West Menlo neighborhood of Menlo Park, California residential real estate market in 2008:

Median price increased to $2,326,000 in 2008 from $1,983,50000 in 2007 – an 17.3% increase.

Average price increased to $2,422,640 in 2008 from $2,316,000 in 2007 – an 4.6% increase.

The number of sales decreased to 41 in 2008 from 52 in 2007 – a 21.2% decrease.

Current number of active listings is 10 compared to 5 at the same date in 2007 – an increase of 200%.

The sales per list price ratio increased to 100.2% in 2008 from 99.9% in 2007 – a increase of 0.2%.

Days on market decreased to 23 days in 2008 from 37 days in 2007 – an decrease of 36.2%.

Days of inventory increased to about 90 days in 2008 from about 45 in 2007.

Much of this data is shown in the charts below.

Market Data, for most cities on the San Francisco Peninsula, can be obtained by clicking on the market reports link above.

Allied Arts and Downtown Menlo Park 2008 Year in Review

Here is a review of the Allied Arts and Downtown neighborhoods of Menlo Park, California residential real estate market in 2008:

Median price decreased to $1,400,000 in 2008 from $1,415,000 in 2007 – a 1.1% decrease.

Average price decreased to $1,464,560 in 2008 from $1,638,820 in 2007 – a 10.6% decrease.

The number of sales decreased to 25 in 2008 from 37 in 2007 – a 32.4% decrease.

Current number of active listings is 7 compared to 1 at the same date in 2007 – an increase of 600%.

The sales per list price ratio dropped to 99.8% in 2008 from 102.7% in 2007 – a decrease of 2.8%.

Days on market increased to 30 days in 2008 from 24 days in 2007 – an increase of 25.3%.

Days of inventory increased to a little over 100 days in 2008 from about 60 in 2007.

Much of this data is shown in the charts below.

Market Data, for most cities on the San Francisco Peninsula, can be obtained by clicking on the market reports link above.

Menlo Park 2008 Year in review

Here is a review of the Menlo Park, California residential real estate market in 2008:

Median price increased to $1,392,500 in 2008 from $1,295,000 in 2007 – a 7.5% increase.

Average price increased to $1,555,810 in 2008 from $1,455,860 in 2007 – a 6.9% increase.

The number of sales decreased to 298 from 395 in 2007 – a 24.6% decrease.

Current number of active listings is 86 compared to 75 at the same date in 2007 – an increase of 14.7%.

The sales per list price ratio dropped to 99.6% in 2008 from 101.4% in 2007 – a decrease of 1.8%.

Days on market increased to 37 days in 2008 from 31 days in 2007 – an increase of 19.9%.

Days of inventory increased to nearly 120 days in 2008 from about 85 in 2007.

 Much of this data is shown in the charts below.

Market Data, for most cities on the San Francisco Peninsula, can be obtained by clicking on the market reports link above.

San Carlos Menlo Park Palo Alto inventory levels

76 homes for sale in San Carlos at the present time.

115 homes for sale in Menlo Park at the present time.

92 homes for sale in Palo Alto at the present time.

Inventory in all 3 cities has dropped in the past month as owners take their homes off the market for the holidays or perhaps some owners realize they can not sell their homes for the price they want.

San Carlos Menlo Park Palo Alto % of listings with prices decreases

What percentage of single family homes have had price reductions in San Carlos, Menlo Park, and Palo Alto?

See chart below tracking this data throughout the year.

At the beginning of 2008, about 47% of the homes listed in San Carlos had price reductions. This percentage dropped to about 35% during the psring buying season and then has steadily increased throughout the year to almost 50% of the home currently listed having undergone price reductions.

The pattern for Menlo Park homes in 2008 is similar – starting the year with 34% of the listings having price reduction decreasing in spring to about 30% and rising for the balance of the year to 43% of homes with price reductions.

The pattern in Palo Alto is different than in San Carlos and Menlo Park. Only 20% of the Palo Alto home listings had price reductions at the beginning of 2008. This percentage has increased steadily through the year to 40% at present.

It appears that the real estate slowdown effecting many other areas has finally started to hit Palo Alto as the year went on.

Investor Alert – SF Bay Area homes break even with 20% down

For many years, I have had numerous clients contact me looking to buy rental real estate on the San Francisco Peninsula that would “break even” with 20 % down. Until now,  I would say “that is not possible – you need 40% down to “break even” on a single family home.

Banks and have other lenders price their foreclosed homes very aggressively.

Multiple offers are not uncommon.

Let’s look at sample purchase for $250,000.

$250,000 less $50,000 down (20%) leaves $200,000 loan.

$200,000 at 6.5% has a monthly payment of $1,264.

Property taxes will be $250 per month.

 Insurance will be $75 per month.

Total monthly ownership cost $1,589.

Your typical 3 bedroom home in these areas will rent for $1800.

In a Section 8 program, the County will pay 80% to 90% of the contract rent leaving only a small amount to collect from the occupant tenant.

Buy San Francisco Peninsula real estate and break even with 20% down.

You used to have to go to Texes to get cash flow – now you can get it right here.

Contact me and let’s get started.