Arn Cenedella

Archive for the 'Menlo Park Real Estate' Category

1100 Pine Street, Menlo Park – new listing at $979,950

I have just listed 1100 Pine Street in Menlo Park at $979,950.

Pine is a very quiet tranquil tree-lined street only minutes to downtown and the Menlo Park Burgess Park Civic Center. It is an easy walk to Cal Train, Left Bank, the library, and Dreager’s.

17 years old – pristine condition – 3 bedrooms 2.5 baths.

See virtual tour

The real estate market on San Francisco Peninsula has heated up

In my previous few posts, I documented that the number of homes sold in San Carlos Menlo Park and Palo Alto during the second quarter of 2009 was TWICE the number of homes sold in the first quarter of this year.

The numbers tell the story – but stories also illiminate the numbers.

I recently wrote an offer for a buyer client of mine on a property listed listed at $619,000.

My clients offered $670,000 “as is” - had a solid pre-approval and a 35% cash down payment.

This offer had only an appraisal contingency and would close in 30 days.

The buyers had read and approved all reports, inspections, and disclosures.

So basically the offer was as clean an offer as any seller could want.

Offers were due earlier this week in the early afternoon of the offer day.

In the morning, I checked with seller agent and was told there were 8 offers.

By the end of the day, there were 25 offers on this property!

I am not sure what property sold for but it was over $700,00 and I suspect closer to $750,000 by the time the dust settled.

I have heard of other properties priced in the $400,00 to $500,00 range in Redwood City selling for $100,000 over list.

So if you are waiting for the bottom, I think we may have already hit bottom and have started back up.

This is certainly true under $1,000,000 price range.

Prime west Menlo Park new tour listings – a sneak preview!

The number of new listings typically increases after Labor Day.

Here are the new listings in west Menlo Park – a very desirable residential area originally built with good quality ranch style homes on 1/4 acres lots. Many homes undergo major remodels and second story additions and maybe 10 to 15 new homes are built each year.

1024 Louise Street

5 bedrooms 3.5 baths

#2,195,000

1075 Lemon Street

3 bedrooms 3 baths

$1,949,000

1830 Oak Avenue

4 bedrooms 4.5 baths

$1,795,000

11 Nancy Way

3 bedrooms 2 baths

$1,399,000

Search for west Menlo Park homes (area 303)

Allied Arts Menlo Park tour listings 2/15/09

Generally, the number of new listings increases after Labor Day after a typically slow month of August.

Here are some tour properties in Allied Arts or downtown Menlo Park:

823 College Avenue

5 bedrooms 4+ baths

$3,195,000

1009 Santa Cruz Ave

3 bedrooms 2.5 baths

$1,475,000

Search for Menlo Park homes in Allied Arts and downtown

Menlo Park real estate data

Here is real estate data for Menlo Park over the past three years on a quarterly basis.

As we saw in San Carlos, sales volume and the sale to list price ratio increased in Menlo Park.

Second quarter 2009 stronger than first quarter 2009.

San Carlos Menlo Park and Palo Alto markets are on the upswing!

The real estate markets in San Carlos, Menlo Park, and Palo Alto are showing signs of strength.

It is my humble opinion that the market has stabilized and is on the upswing.

Don’t take my word for it, let’s look at the data comparing the first quarter 2009 with the second quarter in 2009 for San Carlos, Menlo Park, and San Carlos. Next month, I will update these figures and show third quarter activity which I expect will be even stronger than the second quarter.

San Carlos

Trends At a Glance Apr-Jun 2009 Previous Quarter Year-over Year Median Price $895,000 $950,000 (-5.8%) $950,000 (-5.8%) Average Price $924,144 $985,752 (-6.2%) $1,076,940 (-14.2%) No. of Sales 62 33 (+87.9%) 75 (-17.3%) Pending Properties 19 20 (-5.0%) 28 (-32.1%) Active 59 72 (-18.1%) 74 (-20.3%) Sale vs. List Price 98.0% 96.7% (+1.4%) 99.5% (-1.5%) Days on Market 41 41 (+1.0%) 35 (+16.3%)

The number of closed sales increased to 62 homes in the second quarter from 33 in the first quarter – 87.9% increase.

Menlo Park

Trends At a Glance	Apr-Jun 2009	Previous Quarter	Year-over Year
Median Price	$1,137,500	$915,000 (+24.3%)	$1,637,500 (-30.5%)
Average Price	$1,373,500	$931,196 (+47.5%)	$1,776,390 (-22.7%)
No. of Sales	102	50 (+104.0%)	108 (-5.6%)
Pending Properties	33	26 (+26.9%)	27 (+22.2%)
Active	90	132 (-31.8%)	112 (-19.6%)
Sale vs. List Price	98.1%	97.5% (+0.5%)	101.2% (-3.1%)
Days on Market	53	53 (+0.4%)	28 (+90.3%)

The number of closed sales increased to 102 in the second quarter from 50 in the first quarter – a 104% increase.

Palo Alto

Trends At a Glance	Apr-Jun 2009	Previous Quarter	Year-over Year
Median Price	$1,372,500	$1,287,500 (+6.6%)	$1,550,000 (-11.5%)
Average Price	$1,568,630	$1,451,820 (+8.0%)	$1,780,320 (-11.9%)
No. of Sales	114	48 (+137.5%)	122 (-6.6%)
Pending Properties	24	28 (-14.3%)	43 (-44.2%)
Active	117	140 (-16.4%)	75 (+56.0%)
Sale vs. List Price	98.0%	97.4% (+0.6%)	102.3% (-4.1%)
Days on Market	41	43 (-4.6%)	25 (+61.7%)

The number of closed sales increased to 114 in the second quarter from 48 in the first quarter – a 137.5% increase.

In all three cities, inventory has dropped from the first quarter to the second quarter.

In San Carlos, inventory dropped from 72 homes to 59 homes.

In Menlo Park, inventory dropped from 132 homes to 90 homes.

In Palo Alto, inventory dropped from 140 homes to 114 homes.

Days on market in San Carlos, Menlo Park, and Palo Alto has remained stable in all three cities – between 41 to 53 days on market.

Average and median prices increased in Menlo Park and Palo Alto while dropping slightly in San Carlos.

Please understand I am not saying prices will start to jump up 10% to 15% per year. But in my 31 years in the San Francisco Peninsula market, I have been through many cycles and typically the start of a rally is characterized by increasing sales volume, decreasing inventory while prices remain flat. If the trend of increased sales and lower inventory continues, then one can predict prices can start to increase.

It will be interesting to see if the third quarter sales data shows a continuation of the trend. I believe it will.

Market Snap Shot – San Carlos Menlo Park and Palo Alto

San Carlos real estate 7 day market snap shot shows the following:

Palo Alto real estate 7 day market snap shot shows the following:

In Palo Alto 94301, here is the current data:

In Palo Alto 94303, here is the current data:

In Palo Alto 94306, the current data is shown below:

Here is the data for Menlo Park:

Menlo Park CalTrain

Menlo Park CalTrain

Originally uploaded by ArnCenedella

Here is a picture of the Menlo Park Cal Train station. CalTrain is the main public transit on the San Francisco Peninsula running between San Francisco and San Jose. The CalTrain station is a 2 minute walk from 1100 Pine St Menlo Park. Arn
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Burgess Park Menlo Park

Burguess Park Menlo Park

Originally uploaded by ArnCenedella

Here is picture of Menlo Park Civic Center and Burgess Park. In addition to 2 pools, there are 2 ball fields and a gymnasium. In the distance you can see the City Buildings including library. Menlo Park is a great place to live. Arn
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Burgess Pool Menlo Park

Burgess Pool Menlo Park

Originally uploaded by ArnCenedella

Here is a picture of the Burgess City of Menlo Park public pool. This is only a few minutes walk from 1100 Pine St. Menlo Park just listed at $949000
Arn
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