Arn Cenedella

Archive for the 'Menlo Park Real Estate' Category

Allied Arts Menlo Park real estate 2009 year in review

Allied Arts is a very charming area in Menlo Park going west from El Camino (behind the Oasis!) just north of Stanford Shopping Center, Hospital, and Stanford University.  The streets have college names Harvard Princeton Cambridge etc. Allied Arts is close to downtown Palo Alto and not far from downtown Menlo Park – very convenient location with pretty tree-lined streets.

The Allied Arts neighborhood was originally developed around 1930 +-.

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

Lot sizes run from 5000sf to 9000sf typically.

Let’s take a look at the Allied Arts real estate home market has done over the past five years.

The average and median price for single family homes in Allied Arts in 2009 was basically unchanged from 2008.
Average price increased 7.3% from $1,464,560 to $1,571,920.
Median price dropped 3.4% from $1,400,000 to $1,352,500.

The number of sales was constant – 25 in 2008 and 26 in 2009.

My sense is market is stabilizing.

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

Search for homes, townhouses, and condominiums in Allied Arts and downtown Menlo Park.

Menlo Park Real Estate tour #2

Menlo Park Real Estate tour #2, originally uploaded by ArnCenedella.

Looking for a brand new 3100sf home in a fabulous Allied Arts location? Check out 100 Princeton Aveue listed at $2885000 4 bedrooms 3.5 baths on 9000sf lot. Call Arn 650 575-6114 to see
Arn Cenedella
650 575-6114

Menlo Park Real Estate #1

Menlo Park Real Estate #1, originally uploaded by ArnCenedella.

Are you looking for a newer single family home in downtown Menlo Park within walking distance of Draegers or Left Bank? Check out 1335 Hoover st listed at $1195000! 3 bedrooms 2.5 baths built in 2000. Call me to see. Arn 650 575-6114
Arn Cenedella
650 575-6114

Foreclosure Opportunities in East Palo Alto and Menlo Park

One of the most active and strongest markets on the San Francisco Peninsula can be found in the Belle Haven area of Menlo Park and in East Palo Alto.

Most of the listings in these areas are either short sales or foreclosures.

Run-down fixer uppers can be found sometimes below $200,000 and generally between $200,00 and $250,000.

These homes when repaired can rent for $1800 per month or perhaps sold for $300,00 or more.

Buyers need a fair amount of cash to compete in this market but good properties can be found.

I have helped numerous buyers this year in East Palo Alto and Belle Haven area of east Menlo Park purchase REO foreclosure homes and attractive prices.

One client used funds from his IRA to pay cash for a rehabbed home that generates about a 6% cash return on purchase price.

Others clients have purchased REO fixers, rehabbed them, and sold at a profit.

One of my clients, a former tenant, was able to buy their first home in East Palo Alto with FHA financing – amybe $10,000 total cash investment – will receive $8000 first-time buyer credit – and have total fixed ownership monthly payments of like $1700. They are quite happy.

Whether buy, fix and flip or buy and then rent or buy to live in, all present good options in today’s real estate market.

Please contact me at 650 566-5329 or [email protected] to learn more.

I am happy to discuss your options with you – no cost – no obligation.

Menlo Park condominium market

Let’s take a look at the condominium market in Menlo Park, California.

Many of the condominiums in Menlo Park are located in Sharon Heights with the balance near downtown or the Civic Center/Burgess Park area.

The number of condominiums sold in Menlo Park decreased steadily during 2008 but then increased in spring 2009. The number of condo sales in Menlo Park has stabilized at about 5 per month since June 2009 – similar to the trend seen in San Carlos.

In early 2009, days of inventory for condos in Menlo Park was a very high 600 to 700 – meaning there were lots of condos and townhouses for sale with very few sales. Days of inventory dropped in June 2009 and has stabilized at a still very high 180 days on market. Typically about 90 days of inventory is considered a balanced market. So clearly it is still a strong buyers market for condos in Menlo Park.

The number of Menlo Park condominiums sales year to date has dropped from a high of about 90 in 2006 to the current number of about 42.

The average sales price to list price for Menlo Park condominiums has increased about 92% in early 2009 to about 96% currently.

To search for Menlo Park condominiums and townhouses, click here.

Menlo Park real estate home tour November 17, 2009

Here is a list of properties that will be on the Menlo Park real estate tour on Tuesday November 17, 2009.

1791 Oakdell Dr., Menlo Park

$1,749,000

1980 Avy Dr

$2,098,000

1332 Mills St

$899,000

291 Oakhurst Pl

$1,099,000

723 18th

$838,000

1105 Trinity Dr

$2,595,000

Menlo Park Real Estate Market Update

Here is a snap shot of the Menlo Park real estate market.

Trends At a Glance	Sep 2009	Previous Month	Year-over Year
Median Price	$1,110,000	$1,150,000 (-3.5%)	$1,350,000 (-17.8%)
Average Price	$1,223,280	$1,440,310 (-15.1%)	$1,413,100 (-13.4%)
No. of Sales	23	21 (+9.5%)	19 (+21.1%)
Pending Properties	47	38 (+23.7%)	21 (+123.8%)
Active	95	90 (+5.6%)	127 (-25.2%)
Sale vs. List Price	97.2%	99.1% (-2.0%)	97.9% (-0.8%)
Days on Market	49	61 (-20.9%)	26 (+84.5%)

The average and median sales prices in Menlo Park are basically unchanged from August 2009.

Unlike San Carlos, more Menlo Park homes sold in September 2009 (23) than did in August 2009 (21).

Unlike San Carlos, the sales price to list price ratio decreased from 99.1% to 97.2%.

Days on market decreased from 61 to 49.

For more Menlo Park market data, click here.

Menlo Park real estate market Average Days on Market 2005 to present

Here is showing how average days on market for single family homes in Menlo Park has changed since 2005.

Average days on market has increased from about 30 days in 2006 to about 110 days in 2009.

Menlo Park real estate market Inventory 2005 to present

Below please find chart detailing inventory for sale of single family homes in Menlo Park.

From July 2005 to July 2007, typically there were about 60 homes in Menlo Park for sale at any one time.

Inventory increased since that time and peaked at 140 homes for sale in Menlo Park in July 2009.

Inventory has dropped since that time. Currently, there are about 120 homes for sale in Menlo Park.

Menlo Park real estate market Median Price 2005 to present

Here is a chart showing median price in Menlo Park from 2005 to present.

The median price in July 2005 for a single family home in Menlo Park was about $1.65 Million.

The median price dropped significantly from that time to a low of $850,000 in January 2008.

In reality, actual market values in Menlo Park did not drop that amount. The very low median price is more a reflection of the fact the many low-priced homes in the Menlo Park area easy of Highway 101 sold during that time period.

Since January 2008, the median price in Menlo Park has rebounded to about $1.35 Million.