Arn Cenedella

Archive for the 'Menlo Park Real Estate' Category

Menlo Park Real Estate Tour March 23, 2010

Here are single family homes in Menlo Park on tour Tuesday March 23, 2010.

Some are new listings and some are older listings with price reductions.

Click on address to get more detail information.

35 Oak Hollow Way 4/3.5 $2,800,000

1105 Trinity Drive 3/2.5 $2,595,000

1015 Monte Rose Drive 3/2 $1,649,000

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The number of homes for sale in San Carlos, Menlo Park, and Palo Alto is down from 2009.

Spring is typically the time of year when the number of homes for sale increases.

The number of homes for sale in San Carlos, Menlo Park, and Palo Alto has increased from the first of the year but it is interesting to note that in all three cities, the number of homes for sale in March 2010 is less than the number for sale in March 2009.

It is my opinion that the market is in kind of a log jam where only sellers who need to sell are putting their homes on the market. These sellers might be owners who need to sell for financial reasons or for job transfers or change in life events – birth of a child, marriage, divorce, illness, etc.

The typical seller is our market area often sells their existing residence in order to “move up” to a larger residence or perhaps to a better neighborhood. Many of these sellers seem to be sitting the market out this spring. Perhaps they still have job security concerns where they are reluctant to take on a larger mortgage or perhaps the value of their house has fallen the past few years so that the equity in the current house is not large enough for the needed 20% on a larger home.

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Fun places in downtown Menlo Park

A major community get together place in Menlo Park is the Plaza on El Camino between Ravenswood and Santa Cruz Avenues one block from the CalTrain Station where Kepler’s Bookstore, Cafe Borrones, and the British Bankers Club are located.

My office is two blocks down El Camino and I come to this Plaza on a regular basis especially when the weather is nice. Nothing better than sitting outside Cafe Borrone’s with some friends for lunch or after work.

Please share with me your opinion of Keplers, Cafe Borrone, and the BBC.

It is a priviledge to work with Habitat for Humanity

Last summer, I was chosen by Habitat for Humanity to be their exclusive buyer agent for Habitat’s Neighborhood Revitalization Program. Coldwell Banker and I donate the majority of any commissions earned on these purchases back to Habitat.

This Habitat program has been funded in part by contributions from the City of Menlo Park.

The City has considered buying properties in Belle Haven and doing the rehab work. Instead the City has made a wise decision IMHO in helping Habitat with their program. The bottom line is Habitat can do a better job doing what they always have done than the City that has no experience in these types of programs.

Last night, the City authorized additional funding for this program.

This will allow Habitat to continue their mission of restoring abandoned dilapidated homes to provide low cost affordable housing to deserving families.

For those unfamiliar with Habitat’s program, let me provide a little information.

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Real Estate Market to Rebound in 2011

so says Warren Buffet…………

The Real Estate Bloggers report that Warren says:

“within a year or so, residential housing problems should largely be behind us”

“prices will remain below “bubble levels”"

“many families that couldn’t afford to buy an appropriate home a few years ago now find it well with their means”

Click here for full article.

I would say Don’t bet against Buffet.

What has happened to our local real estate market over the past 12 months?

Let’s take a look at inventory levels for single family homes in Palo Alto, Menlo Park, and San Carlos over the past 12 months.

As we can see, the number of homes for sale in Palo Alto, Menlo Park, and San Carlos dropped during 2009 reaching a low right around the holiday season where many homeowners just take their homes off the market.

Since the first of the year inventory levels have increased:

Currently, there are about 90 homes for sale in Palo Alto and Menlo Park and about 50 homes for sale in San Carlos.

What is striking is that the number of homes for sale March 1, 2009 compared to March 1, 2010 is that in all three cities, current inventory is much less than 12 months ago.

Inventory in Palo Alto has dropped from 135 to 90.

Inventory in Menlo Park has dropped from 130 to 90.

Inventory in San Carlos has dropped from 85 to 50.

This bodes well for our real estate market. When inventory drops, buyers are competing for fewer properties.

We are starting to see multiple offers in Palo Alto, Menlo Park, and San Carlos especially in the “entry level price range” – $1.2M and below for Palo Alto and Menlo Park and $1M and below in San Carlos.

Let’s take a look at the Market Action Index for Palo Alto, Menlo Park, and Palo Alto.

A value above 30 indicates a sellers’ market. A value below 30 indicates a buyers’ market.

As you can see the market action index has increased steadily over the past 12 months. What was a very “cold” market – ie poor for sellers – 12 months ago has “warmed” significantly over the past 12 months. It still is a buyers’ market but much less so than 12 months ago. If the Market Action Index continues to improve at the same rate, we will see a balanced market in about another 18 to 24 months. Of course, no one can predict the future and many things can either accelerate or reverse the trend of the past 12 months.

The market action index in Palo Alto has increased from 18.5 to 21.5.

The market action index in Menlo Park has increased from 17.5 to 21.0.

The market action index in San Carlos has increased from 16.5 to 20.5.

Let’s look at price per square foot in Palo Alto, Menlo Park, and San Carlos.

The median price per square foot has decreased minimally in all three cities.

So what’s my overall take?

Prices certainly has not yet started to jump up but the market is getting stronger – inventory has dropped and the market action index has increased. We are setting the stage for a solid market moving forward.

As a buyer, I would not be in any great hurry to buy but we are near the bottom. So keep looking and when you find a house you like that you can purchase at a good value, go for it.

After 32 years in the local real estate market, I can tell you when the market turns upward, it turns upward QUICKLY. Interest rates certainly are headed up. So don’t make a “panic” purchase as many did in 2004 and 2006 but be realistic.

Menlo Park REO foreclosure 1150 Hollyburne $287,500

Another excellent REO opportunity has come on the market in the Belle Haven area of Menlo Park.

1150 Hollyburne Menlo Park is a 2 bedroom 1 bath home listed by New Light Realty at $287,500.

Unlike many REOs, this home is actually in pretty good shape with an update kitchen and bath. Yards and fencing are in good shape. New laminate floors have been installed. Some fresh paint and maybe some new carpet in bedrooms and this home will be in move in condition.

Click here for more info

Here are a few videos of the property.

Call me if you would like to see this property and learn more about these opportunities.

1107 Sevier Ave., Menlo Park foreclosure REO for sale

I have written several times about the real estate potential available in east Menlo Park and East Palo Alto.

Property values in these areas have dropped about 50% from their peak.

First time buyers can now buy a single family home on the Peninsula at an affordable price.

Investors can buy fix and flip or buy fix and rent for longer term investment.

1107 Sevier is a 3 bedroom 1 bath home listed at $249,900.

Below you will find a few “amateur” videos of the property. Contact me if you would like to see.

County area near the Alameda in Menlo Park real estate 2009 year in review

There is an unincorporated area of Menlo Park along and just off the Alameda. Think “Dutch Goose” a long time Menlo Park landmark where throwing your peanut shells on the floor is mandatory!

The homes built in this area were typically smaller and of slightly lower quality than what is found in west Menlo Park. More original custom (ie non tract) development can be found in this area.

As we see elsewhere in Menlo Park and up and down the San Francisco Peninsula, many of the original homes are now being replaced by new high quality two story homes.

This area of Menlo Park within the outstanding Las Lomitas School District.

Let’s take a look at how the county area along Alameda Menlo Park real estate home market has done over the past five years.

The average and median price for single family homes in this county area of Menlo Park in 2009 was decreased substantially from 2008.
Average price decreased 23.6% from $1,960,410 to $1,498,270.
Median price dropped 35.0% from $2,154,620 to $1,400,000.

The number of sales increased quite a bit – 37 in 2008 and 49 in 2009.

The number of homes sold in the county area of west Menlo Park increased in 2009 but is still slightly lower from the number of sales in 2006 and 2007.

The days of inventory chart below is striking – very low days of inventory in 2005, 2006 and 2007.

The days of inventory in the county area of west Menlo Park is about the same as in 2008 and only slightly higher than in prior years.

To search for homes in the county area of west Menlo Park, just click here.

Prime west Menlo Park real estate 2009 year in review

“Prime” west Menlo Park is the area of Menlo Park just “west” of downtown Menlo Park up to the the “county” area along the Alameda. Head out Santa Cruz Avenue away from El Camino and you will drive through prime west menlo.

Prime west Menlo Park was originally developed in the 1940 and 1950s after WWII. Good quality one story ranch homes ranging from 1800sf to maybe 2800sf were built on large 1/4 acre lots. A 1/4 acre lot is approx. 100′ x 100′ so about double the size of your typical 50′ x 100′ lot.

Many of the original homes are now being replaced by new high quality two story homes.

This area of Menlo Park is served primarily by highly rated Oak Knoll Elementary and Hillview Middle School.

Let’s take a look at how the west Menlo Park real estate home market has done over the past five years.

The average and median price for single family homes in west Menlo Park in 2009 was decreased from 2008.
Average price decreased 9.2% from $2,422,640 to $2,199,790.
Median price dropped 16.4% from $2,326,000 to $1,945,000.

As we can see, the upper end of Menlo Park was weaker than the more moderate price range market, something we see up and down the Peninsula. The lower level and mid price level within each city generally was a stronger market than the upper end.

The number of sales increased slightly – 41 in 2008 and 45 in 2009.

The number of homes sold in west Menlo Park increased slightly in 2009 but is still down significantly from the number of sales in 2005 and 2006.

The days of inventory chart below is striking – very low days of inventory in 2005, 2006 and 2007.

The days of inventory decreased in 2009 but is still higher than the days of inventory in 2005, 2006, and 2007.

To search for homes in west Menlo Park, just click here.