Monthly Archives: March 2013

Palo Alto’s New Homes, March 29

What a week!  There were only a few new properties to come on the market for Palo Alto this week, with a majority of the homes being in North Palo Alto.  Below you will find a summary of the available homes and one off-market opportunity which became available this week:

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OFF MARKET - Crescent Park | Forest Avenue | $7,000,000.  Located in a premium location on an extraordinary lot, this is a LARGE house with a fantastic basement.  The overall floor plan of the home is well spaced out, and the four upstairs bedrooms all have their own bathrooms.  The master suite has a view which leads out to one of the larger backyards in the area.  Below the main level is a full sized basement with an au pair suite and full exercise area.  The details of the home have all been updated while keeping true to the original style of the house.

40 Kent Place - 4 Bedrooms | 2.5 Bathrooms | 2,782 SF House | 7,020 SF Lot | $3,200,000.  Placed in one of the quite cul-de-sac in Crescent Park, this New England Colonial Style home is a rare find.  I’m not usually a fan of formal layouts in homes, but the remodeling helps with the overall flow of the layout.  The backyard and oak tree are a sight to see; the oak tree is by itself a feature of the home.  Given the location and size of the home, this would make a solid purchase for a family that would like to be near Eleanor Pardee Park.

253 Ferne Avenue - 3 Bedrooms | 2 Bathrooms | 1,298 SF House | 8,330 SF Lot | $1,495,000.  This home is an ideal pick as a starter home.  The home is located on the front of the lot, so there is plenty of room to expand the home towards the rear of the lot.    The home layout is similar to most other rancher style homes, with a large living room and galley style kitchen.  I do like that the kitchen has been opened up; this made the living room and kitchen feel a lot more spacious.

816 Embarcadero Road - 6 Bedrooms | 4.5 Bathrooms | 3,602 SF House | 9,680 SF Lot | $2,798,000.  There were some nice features of this home, especially considering that it is located on Embarcadero.  The side-loading garage makes it feel like the home is actually on Newell Road.  The floor plan is somewhat meandering, with a lot of rooms which felt unnecessary.  The upstairs also has a few areas that are not yet completed near the bedroom.  Given the size of this home, the price more than makes up for some of the issues.

4250 El Camino Real #133 - 1 Bedroom | 1 Bathroom | 885 SF Unit | HOA Dues $553 per Month | $519,888.  Located on the first floor of an FHA approved building (one of maybe 6 complexes in all of Palo Alto), this unit has undergone a neat remodel.  The complex itself is something to look into; the dues seem high to me given that the unit is only a one bedroom.  Nonetheless, the unit is well laid out, and is quite large for a 1 bedroom.

111 Washington Avenue - 2 Bedrooms | 2 Bathrooms | 1,113 SF House | 5,625 SF Lot | $1,199,000.  SOLD BEFORE TOUR

555 Byron Street #304 - 2 Bedrooms | 2 Bathrooms | 1,589 SF Unit | 1,432 SF Lot | $1,021,000 | $4,198 / Month HOA Fees.  Must be 55+ to qualify.  Although the monthly fees for these units is far and away the highest of any Palo Alto condo, the services provided are exhaustive to list.  The complex provides assisted living services for those who are active and want to be near downtown.  The unit itself is well laid out, and being in a corner gives the unit a lot of light.

991 Addison Avenue - 4 Bedrooms | 3 Bathrooms | 2,200 SF House | 5,500 SF Lot | $2,695,000.  Brand new construction in Community Center.  The layout of this home is fairly traditional, but with a great room (open kitchen/living room).  I liked the flooring and kitchen layout.  The back patio is well suited to entertain.  My only critique of the home is that the spaces feel narrow, especially in the hallways.  However, if you are a family which loves to entertain, this may be a great option for you.

Rent or Sell?

With home prices and rents surging and an extreme lack of inventory in both areas, homeowners deciding whether to sell their house or keep it and rent it out have a tough, but lucrative, choice to make.

So in the current market, does it make sense to rent, or continue renting, or sell now?

If you’re the logical sort, you might want to check out some of the simple online tools that help you analyze the numbers. (http://www.forbes.com/fdc/rentorsell.shtml)

Let’s look further at the pros and cons of both options:

Reasons to Rent:

· You don’t need the cash from selling right now.

· You prefer to have a regular, monthly cashflow.

· With low interest rates on savings and money market accounts and the high demand for rental properties, holding and renting your house may be the most productive use of your capital.

· You believe that your property will continue to appreciate.

Reasons to Sell:

· You need the cash from selling –either to buy a new house or to finance retirement, traveling, etc.

· Prices are high and demand is strong NOW. Who knows what the future holds? If you believe that a bird in the hand is better than two in the bush, now is a good time to sell.

· You believe that the price of your house is at a peak that won’t be going higher anytime soon.

· You may be able to get a tax break of up to $500,000 (for couples) on the profit from selling your house.

· You don’t want to deal with all the headaches that come with renting.

Beyond all the logical reasons to rent or sell, you also need to consider your temperament and emotions around your home.

My friends are a perfect example of how a strictly financial decision wasn’t the best. They were making a move a few years ago when the real estate market was down. They didn’t need the cash and could rent the house to cover their mortgage and other expenses. They figured that hanging on and renting their house until the market improved was the best logical choice.

However, they quickly discovered that renting was not for them because:

· They learned that renters, even of high value properties, often have bad, even horrible, credit histories. One family that seemed ideal had a credit report that showed hundreds of thousands of dollars of debt—mostly to Neiman Marcus and Saks.

· They loved their family home and worried about that renters wouldn’t take proper care of it.

· They realized that they didn’t want to deal with persnickety tenants who might bug them about any little problem.

· They discovered that California law heavily favors renters vs. landlords and they didn’t want to risk time-consuming and costly measures if they ended up with a problem tenant.

To summarize, know your situation.  If you are moving out and do not wish to deal with possible tenant issues, vacancies in a changing market, marketing the property or other issues, now is a fantastic time to sell.  However, if you don’t mind the possible headache of dealing with tenants, and are not able to get a sensible sale price, it may be worth renting the property out.

Call me for an in-depth analysis on your situation and to find out whether it would be better to rent or sell your property.

Menlo Park and Redwood City New Homes – March 26, 2013

Inventory has been fluctuating substantially week by week, and based on
the booked schedules of stagers and home inspectors I would imagine
the first week in April will be a busy time.  Here is a recap of homes that
have listed on the MLS in the past week:


MENLO PARK


1144 CASTLE WAY $4,450,000 | 6 Bed/5 Bath | 4,612 ft./9,956 Lot 

In case you didn’t see it last time it was listed, Castle Way is back on the
MLS with a reduced price.  This recently built home offers plenty of space
for a growing family as well as great access to downtown, nearby parks, and
the bike path to Stanford.  Very nicely constructed with thoughtful finishes.

1361 SHERMAN AVENUE | $1,800,000 | 4 Bed/3 Bath | 3,010 ft./9,375 Lot

Sherman offers an expansive home in a central location, and by adding your
own touches you could have a house fit for entertaining all of your friends.


REDWOOD CITY


424 QUARTZ STREET | $1,449,000 | 4 Bed/2 Bath | 2,160 ft./11,682 Lot

Unique and charming are key words for this property.  You won’t find anything
like it out there and being tucked away on a flag lot on top of a hill in the
precious stones street, you get views of much of the city.  Don’t miss the
hide-away stairs to the rooftop for 360 degree views!

1227 FERNSIDE STREET | $775,000 | 3 Bed/2 Bath | 1,410 ft./6,272 Lot

A spacious fixer on a nice street makes this an ideal purchase for a first
time buyer.  This home offers a traditional layout for this neighborhood in
great proximity to Stulsaft Park, commute routes, and walking in Woodside
Hills.

614 LANCASTER WAY | $749,999 | 2 Bed/1 Bath | 1,250 ft./5,500 Lot

A spacious two bedroom home offers a clean slate for first time buyers or
those looking to downsize.  A gem with refinished floors and a quiet
neighborhood.

634 RUBY STREET $649,000 | 2 Bed/2 Bath | 1,190 ft./6,175 Lot

What a house!  This is my pick for a tremendous starter home in Redwood City,
located in a nice pocket near the park.  Ruby offers endless charm and
character with large bedrooms and a very efficient layout.  Excellent choice
for first timers!

Palo Alto’s New Homes, March 22

Palo Alto seems to be having an oscillation problem in terms of inventory.  In contrast to the nearly 20 homes which hit the market last week, this week only offered 9 new listings and a few off-market opportunities.  See below for an overview of each property:

OFF MARKET - Downtown Palo Alto | Bedrooms 1  |  Bathrooms 1 | Home 680 SF | 1,260 SF Lot.  I really like the fact that you can walk downtown, yet are on a quiet street.  Although on the smaller side, the layout and backyard make the space feel large. Newly remodeled kitchen, refinished hardwood floors, and new carpeting in the bedroom make this unit feel contemporary.  This unit is a win-win for a starter condo…entry level price and low HOA Dues.  Price upon request.

OFF MARKET - Crescent Park | Bedrooms 4  |  Bathrooms 2.5 | 2,800 SF House  |  7,000 SF Lot.  This updated New England colonial home on a cul-de-sac location makes this property a rare find.  Although I’m not usually a fan of formal layouts, the remodeling helps with the home’s flow.  I also like that you can walk downtown from this property yet the street is quiet.  Price upon request.

OFF MARKET - Professorville | Bedrooms 5  |  Bathrooms 4.5 | 3,800 SF House |  9,200 SF Lot.  A totally turn-key Craftsman style home which would be a perfect match for a larger family who likes to entertain.  One neat feature of the home is that it has a 4th bedroom upstairs.  Traditional floor plan.  The side yard is also a force to be reckoned with and has enough space for summer parties and entertaining guests.  Price upon request.

722 Ashby Drive - Bedrooms 4  |  Bathrooms 4 | 4,302 SF House  |  9,360 SF Lot.  This Crescent Park home feels much larger than the listed size.  The kitchen layout and flow into the dining room make this home a solid purchase for a growing family.  The open spaces also provide lots of space to entertain.  Given the location and size of the home and lot, this home has a lot to offer. Listed for $4,995,000.

249 Kipling Street - 4 Bedrooms | 2.5 Bathrooms | 1,655 SF House | 4,400 SF Lot.  This home rocks!  Built in 1906, the floor plan on this home is surprisingly open for the time period it was built.  The remodeling work throughout the home is well done, and the home feels larger than most 1,600 square foot homes.  Although the lot size is on the smaller side, there is still a small yard, and better yet, Johnson Park is across the street.  My only critique is that the stairway to the cellar is not for the timid.  Expect this home to sell well over list price.  Listed for $1,995,000.

122 Santa Rita Avenue -  4 Bedrooms | 2 Bathrooms | 2,040 SF House | 5,625 SF Lot.  Location is the biggest selling point for this particular property.  The home itself has undergone a light remodel for the sale, and the finishes look good.  The layout on this particular property is long and narrow, with an open kitchen and modern appliances.  I am impressed with the amount of backyard space that this home has for the lot size.  Listed for $1,998,000.

140 Tennyson - 4 Bedrooms | 3.5 Bathrooms | 1,875 SF House | 3,750 SF Lot.  Brand new construction in Old Palo Alto.  It’s nice to see new construction in Palo Alto that isn’t over the top.  This home has some nice finishes, and does a really good job utilizing the space.  Given the small lot size, the home is well positioned.  The upstairs layout could be re-worked a little bit, but for most families it should be fine.  Unfortunately, there is no real yard.  Expect to pay a premium for the new construction.  Listed for $1,998,000.

396 Stanford Avenue - 3 Bedrooms | 2 Bathrooms | 1,240 SF House | 7,500 SF Lot.  Located in Evergreen Park, this home has potential for anyone looking for a starter home.  This corner lot home has a more traditional layout, and a kitchen which could use a bit more space.  Some of the home could use a light remodel, but the exterior of the home and lot are well tended to and attractive.  This home was sold two years ago and is now on the market for about the price it sold for in late 2011.  It will be an interesting property to watch!  Listed for $1,495,000.

439 Maureen Avenue - 4 Bedrooms | 3 Bathrooms | 2,127 SF House | 6,200 SF Lot.  This cute Midtown home has some very interesting angles to it.  The roof line makes for some nice vaulted ceilings throughout a good portion of the home.  I especially liked the upstairs master bedroom, which has its own deck.  The kitchen felt a little cramped, but overall not a bad home.  Listed for $1,849,000.

2777 Kipling Street - 2 Bedrooms | 1 Bathroom | 880 SF House | 5,750 SF Lot.  This starter home in Midtown is on the smaller side, but has potential to be something nice with some work.  The house is dated, and a significant remodel will be needed to make the home feel up to date.  However, this is not a bad purchase, as an expansion or rebuild would put a future homeowner in a desirable location.  Listed for $1,295,000.

3953 Laguna Avenue - 4 Bedrooms | 4 Bathrooms | 2,810 SF House | 6,877 SF Lot.  Victorian inspired home in Barron Park.  This home will have appeal to those looking for a more traditional floor plan.  The kitchen and dining rooms are separate, and there are several nice living spaces.  I really enjoyed the upstairs master bedroom; the vaulted ceilings add a nice feel to that space.  The home could use a light remodel in the bathrooms and kitchen, but overall the home looks good.  Keep in mind that Laguna Avenue is an arterial street for Barron Park, so you will get some traffic noise throughout the day.  Listed for $2,250,000.

4137 Thain Way - 3 Bedroom | 2 Bathroom | 1,629 SF House | 4,225 SF Lot | HOA Fees $631 / Month.  Upper level Barron Park condo.  This is really a 2 bedroom, 2 bathroom condo with an office, but nonetheless, the unit has a lot of space.  I would have liked to see some more updates in the home, as some of the surfaces are dated.  The HOA Fees seem high to me given that there is no Earthquake insurance, but I like the fact that there is a reserve fund.  Listed for $925,000.

A Realtor Buys a House, Part 4 – The Must Have List

We currently live in a 3 bedroom tract house that was built
in 1953, probably in about a week. It was great when I was one of four people
bidding on it when I was single. The “two car” garage that barely held a
compact car and motorcycle was sufficient for my needs, and initially I didn’t think the
tiny bathrooms and the dark, galley style kitchen were that objectionable. I
had plans to remodel the kitchen and open up a wall to the living room anyway.
The yard was fine, it had some fruit trees and it wasn’t too much to maintain.

Over the last 6 years a few things bugged me more and more,
like a pebble in your shoe, so when we decided it was time to move, I made a
list of Must Haves, things I wouldn’t compromise on.

· 
Larger yard, 1/4 acre minimum

· 
True 2 car garage, 3 cars preferable (it’s amazing how much stuff a baby has and the car required to haul it all!)

· 
3 bedroom minimum, preferable 4

· 
Good floorplan

· 
No weird geological issues, slopes, etc.

· 
Late in the game, my wife added “Walk to downtown
Woodside”.

Seems pretty easy, right? Ha!

The last one is a killer. The south side of Woodside Road in
Woodside is where you find Larry Ellison’s Japanese village, Tom Siebel, Michelle
Pfeiffer and Charles Schwab. A nice neighborhood, but a little out of our price
range. The other side isn’t much better with horse properties and multi-acre
estates starting in the $5M range. Then there is “The Glens” with all kinds of
interesting homes that were originally built as various lodges and vacation homes for people from San Francisco.
The geology of the Glens is pretty wild, with lots of creeks, rock formations,
narrow little ravines, and narrow, winding streets. Suburbia it isn’t. It is a
very closely knit neighborhood and Halloween there is fantastic.

When you make your must have list, you need to write it down
and carry it through every house. It will save you from yourself. We looked at
a house three times that was 1 for 6 on that list trying to talk ourselves into
it because it was a good location and we liked some of the aesthetics and finishes. It would have
been a disaster. All it had was walk to town.

So – sit down when you aren’t in the heat of the moment,
make your “Must-Have” list and stick to it. No matter how cute the kitchen in
the two bedroom place is, if you need three, walk away.

Thanks for reading……..

A Realtor Buys a House – A New Dad’s Journey Through Hell – Part 1
A Realtor Buys a House, Part 2 – Laying the Groundwork

Top 5 Tips for Winning in a Multiple Offer Situation

Top Five Tips for
Winning in a Multiple Offer Situation

In today’s real estate market, with an abundance of buyers
and a shortage of inventory, many desirable properties are receiving multiple
offers—often over asking price. As a buyer it’s scary to think that you have to
compete in an auction to get the house you want.

So what do you do when you find a house you love and are
ready to buy, but find yourself in a multiple offer situation? How can you
improve your odds of making the winning offer?

In my 20 years of working as a real estate agent, I’ve been
through multiple offer scenarios many times—on both sides of the table. I know
what a seller’s agent is looking for and I also know how to present my buyer’s
offer to win the deal. Here’s a countdown of my best tips:

5.  Bid over asking price.

Many times a property will be
listed with a price that seems too good to be true. It is. The agent is pricing
the house low to attract a lot of “buzz” that will result in multiple bidders.
But in the current market, even houses that seem fairly priced are getting
multiple offers over asking price. The trick is to anticipate the level of
interest, know how much to bid and make sure that the seller’s agent is willing
to work with you if you need to go back and forth on price.

4.  Get your financing and paperwork in order.

In this fast-paced market, deals
wait for no lenders. Sellers want to be certain when they accept your offer
that your loan will go through and you can close escrow within their timeframe.
Make sure you are pre-approved and ready to go.

3.  Be prepared to have few or no
contingencies.

In many cases a seller will have
inspections done before they put the house on the market and expect you to
accept their reports. Of course, you can ask to have your own inspections done,
but this may make your offer less favorable than that of another buyer without
this constraint. If you want your own inspection, you can arrange to have it
done before you present your offer to avoid this.

And the contingency of selling
your current home before you buy is a thing of the past in this market. If you
need the cash from the sale on your existing home to buy the next one, your
best move is to sell it first or find some bridge financing.

2.  Don’t be difficult to work with.

If you or your agent exhibit signs
of being too demanding or high maintenance, the seller’s agent may advise their
client to take another offer to avoid the hassle. Make sure you are reasonable
and pleasant in all your interactions.

And the #1 most important tip to winning in a multiple bid situation…

Work with an experienced, respected agent with deep local knowledge in
the area where you want to buy.

An active, local agent knows the
inventory, knows the community and knows her fellow agents. She can advise you
how much to bid, recommend lenders to help you get pre-approved and tell you
what contingencies are important. The seller’s agent will have confidence that
she can move things along easily and quickly.

In this competitive market you
need an experienced agent who you can trust. My clients are made up of 85%
referrals from people I have helped happily buy and sell houses. Call me and
let me help you find the perfect home at the right price for you.

Next Blog: Anatomy of a Multiple
Offer Win—And We Didn’t Have the Highest Bid!

Palo Alto’s 17 New Homes, March 15

What a week!  Palo Alto debuted 17 homes this week, with many homes priced at the lower end of Palo Alto pricing.    See below for an overview of this week’s listings:

1041 Fife Avenue -  5 bedrooms | 4.5 Bathrooms | 3,557 SF House | 10,000 SF Lot.  Located in the coveted Crescent Park Neighborhood, this recently built home offers a fairly traditional floor plan, but has opened up the kitchen to create a great room.  Given the large lot and very comfortable layout of this home, this home makes an excellent choice for a growing family or anyone who likes to entertain.  Listed for $3,950,000.

3449 Ramona Street - 3 Bedrooms | 1 Bathroom | 1,027 SF House | 6,250 SF Lot.  This Midtown starter home has a lot going for it.  A light remodel has updated several of the home’s older features, and the bamboo floors are a nice touch.  The washer/dryer combination in the kitchen is interesting, but nonetheless, it is a good use of space.  Listed for $1,298,000.

733 Colorado Avenue - 2 Bedroom | 1 Bathroom | 811 SF House | 4,620 SF Lot.  Another Midtown starter home, this home is definitely for a young couple or an older family without children who are looking to downsize.  Fortunately, the floor plan is simple and works well for the home’s size.  Anyone looking at this home should also look at 3507 Park Boulevard, which is very similar.  Listed for $998,000.

256 Walter Hayes Drive - 6 Bedrooms | 3 Bathrooms | 2,389 SF House | 6,240 SF Lot.  Located in the Green Gables Neighborhood, this home is unique because of its 6th bedroom.  Some light remodeling to the home (floors and kitchen) would really make it shine.  A few of the bedrooms felt small to me, but given the home size and number of bedrooms, the overall layout is impressive.  Listed for $1,895,000.

919 Clara Drive - 4 Bedrooms | 2 Bathrooms | 1,535 SF House | 6,720 SF Lot.  This Midtown home offers many of the amenities those looking for a starter home will find attractive.  The light remodel that has been done to the home adds a nice touch.  The backyard is mostly hardscaped, so there is not much lawn in the backyard.  Also, be aware that the property has no garage.  Listed for $1,298,000.

360 Everett Avenue, #4B - 2 Bedrooms | 2 Bathrooms | 1,762 Unit | HOA Fees: $771 / Month.  A very spacious unit with an oversized balcony and large bedrooms, this unit has a lot going for it.  The dues on this building are high for 2 bedroom unit, but the complex offers a lot in return.  Typically the view from this level in this building would be of other complexes, but a nice line of trees blocks the view of the neighbors.  Listed for $1,295,000.

1512 Mariposa Avenue - 3 Bedrooms | 2.5 Bathrooms | 1,571 SF House | 6,000 SF Lot.  Located in the Southgate Neighborhood, this home is super cute inside.  The size makes this home an ideal option for a family with a child.  The guest house is a neat addition, but it comes at the expense of a garage.  Street parking in Southgate can be tricky, so the garage would have been nice.  This property is priced low at $1,295,000.

3291 Berryessa Street, #1 - 3 Bedrooms | 2.5 Bathrooms | 1,775 SF Unit | HOA Fees $329 / Month.  This unit is all about the modern look and feel.  Taking a nod from the loft style units which have been the craze recently, this two year old unit has some modern touches in both the exterior and interior.  If condo living is for you, and you want lots of space (and a two car garage), this home may be a nice option.  The dues are also low, which is a definite plus.  Listed for $1,250,000.

2450 Cowper Street - 3 Bedrooms | 2 Bathrooms | 1,920 SF House | 8,340 SF Lot.  Located on Midtown, this home is an older property which has been well taken care of.  The kitchen has some nice touches, but a new buyer may want to consider some light remodeling throughout the house.  Given the spacious size of the home (for a starter home) and the spacious backyard, this home is worth taking a look.  Listed for $1,695,000.

450 Lowell Avenue - 2 Bedrooms | 1.5 Bathrooms | 1,367 SF House | 7,500 SF Lot.  Located in the heart of Old Palo Alto, this home is a rare find.  Although the home is on the smaller side, the lot is something to marvel at.  The large lot size and A+ location of this home are what steal the show.  This home will be a good barometer for lot value in Old Palo Alto.  Listed for $2,595,000.

256 Fulton Street - 3 Bedrooms | 2 Bathrooms | 2,055 SF House | 5,000 SF Lot.  Located in Crescent Park near the border with the Downtown North and Willows Neighborhood, this neat home offers the ability for residents to walk to Downtown Palo Alto.  Given the smaller lot size, this home is laid out really well, with a nice open floor plan.  The kitchen could use some light touch up, but even the tiles look nice with the rest of the home.  Listed for $1,950,000.

1801 Waverly Street - 5 Bedrooms | 3.5 Bathrooms | 2,982 SF House | 9,000 SF Lot.  This is an impressive home in the heart of Old Palo Alto.  the fifth bedroom is a nice addition to an already stunning home.  The traditional floor plan is still able to create some nice gathering spaces, as the living room and dining room are both oversized.  The master suite on the top floor is something to be seen, and the master suite on the first floor is a nice touch.  Listed for $3,295,000.

1143 Guinda Street - 4 Bedrooms | 3 Bathrooms | 2,532 SF House | 7,500 SF Lot.  This home is a light remodel away from being a stunning house.  The homes on Guinda have been selling very well over the last year and a half, and this home is a good example of why.  The countertops throughout the home could use some refreshing with a different material, but I think the home’s layout make this home a hidden gem.  The backyard and carport are a nice addition to avoid the need to park on the street.  Listed for $2,595,000.

836 Colorado Avenue - 5 Bedrooms | 3 Bathrooms | 2,330 SF House | 6,322 SF Lot.  Everyone loves a putting green and hot tub, and this house has both.  Located on Colorado Avenue, and arterial street for Midtown, this home has an interesting layout, with three of the bedrooms on the main floor and two bedrooms on the second floor.  Unusual, but a nice touch for older families who want to avoid stairs, or parents with teenagers, who want to avoid, well, the teenagers.  The kitchen and living room flow well, but the backyard could have been worked better to feel less choppy.  Listed for $2,288,000.

746 De Soto Drive - 3 Bedroom | 2 Bathroom | 1,914 SF House | 8,190 SF Lot.  A 1952 built Eichler home in nearly original condition.  Located in the Green Gables Neighborhood, this home has the standard Eichler floor plan.  Plan on saving some funds for a remodel to the kitchen, bathroom, and possibly the floors.  With that said, people do love the layout and indoor/outdoor feel of Eichlers, and the location is prime.  Listed for $1,800,000.

 292 Carolina Lane - 4 Bedroom | 2 Bathroom | 2,064 SF House | 7,192 SF Lot.  Built in 1951, this home has an Eichler feel with a few modern touches.  The remodel to the floors and kitchens  is a nice touch, but wood paneling in the bonus room did not flow with the rest of the home.  The lack of a garage is also a downside to the home.  However, given the overall home size and price, and location a block offset from Charleston Road, this home may be worth a look.  Listed for $1,688,000.

3375 Stockton Place - 4 Bedroom | 2 Bathroom | 1,716 SF House | 6,400 SF Lot.  Eichlers, Eichlers, Eichlers.  This home and neighborhood is a haven for Eichler construction.  Although this home has not seen much remodeling since its initial build in 1958, the home seems to be well maintained. With a little TLC, this home could be a neat starter.  Listed for $1,299,900.

How to Buy a Condo in Palo Alto

The Good News: You’ve decided to take the plunge and buy a condo in Palo Alto! Congratulations!

The Bad News: Inventory is low, prices are high and figuring out possible HOA issues is giving you a migraine.

Advice: Take two aspirin and hire a local real estate agent who knows condos and can help you navigate the sales process.

Here are a few of the reasons you need to work with agent who is a condo expert:

In 2013, the average condo in Palo Alto sold within 10 days of being put on the market. That means that a buyer would have to go through the property, become pre-approved for a loan, examine all the property disclosures, sign everything and prepare an offer within a week and a half. Yikes! An experienced agent can help you clarify what you’re looking for, get all your paperwork in order and give you real-time information about market conditions so that when it comes time to buy, you’ll make the winning offer.

There are weird loan requirements for condos. Many condos have hidden issues that may affect the loan.  For example, if a property is comprised of more than 30% rental units, as opposed to owner-occupied, many conventional lenders will either require an exception, or not loan on the property. Knowing the specifics about local condos in advance will avoid a possible deal-killing surprise when you are ready to close on a sale.

Trouble with appraisers creates another loan problem. Appraisers often have trouble catching up to Palo Alto’s market prices.  This is especially true with condominiums, which have their own quirks. A knowledgeable agent can help guide appraisers and provide them with up-to-date comps to head off any problems.

HOA Documents are important. You need to make sure that you are well aware of all the issues that can be hidden in the documents, such as the building’s financial situation, reserves, rules and regulations. If necessary, an agent can recommend an HOA document specialist who can do a “wellness check” of the condo’s HOA.

If you’re thinking of buying a condo, be sure to work with someone who understands the local condo market. Call me to learn more about how I can help you purchase the condo that’s right for you in Palo Alto.

A Realtor Buys a House, Part 3 – Fun With Financing, Getting a Mortgage Without a Job

A lot of people don’t know this about real estate agents,
but we don’t have jobs. Not only do I not get paid by the fine folks at Dreyfus
Properties, Inc., but I have to pay for office space, etc., so money goes out
until something sells and the deal closes. That makes for highly variable, 1099
based compensation and causes mortgage bankers to either be busy when I call,
or they run and hide when I ask about a mortgage, especially a big one.

So like everyone, the pre-approval process is key, and we
started early to know our budget and what the monthly payments, etc. would be.
I knew the basics, but my banker was able to give some scenarios and ideas for
how to structure things since we wanted to buy before selling our current home.
It’s less hassle in terms of not having to move into a rental or something, but
added stress on the financial side.

We provided two years of 1099’s, tax returns, a bunch of bank
and retirement fund statements, etc., whatever they asked for. A couple of days
of number crunching and we were given a pre-approval for our purchase and
estimated payments. So far, so good.

Just like I tell my clients, get your pre-approval done
beforehand. We had a pretty good idea what we could afford and feel comfortable
with going in, based on my experience. It’s easy to start shopping above your
budget, but it’s really depressing when you have to come down to your budget
after looking at things you can’t afford. It works the same with cars, houses
and jewelry. It’s much more fun test driving a Maserati than a Mercury.

So we have our pre-approval, researched our preferred
neighborhoods and made a list of “must have” criteria that we required in our
new house.

The search begins . . . .

Thanks for reading.

A Realtor Buys a House – A New Dad’s Journey Through Hell – Part 1

Palo Alto’s New Homes, March 9

What a change one week makes!  Last week it seemed at inventory would finally be on its way for Spring.  However, this week we saw a significant reduction in the number of new homes.  Only 8 homes were introduced this week, one of which is off-market.  See below for an overview:

OFF MARKET - Crescent Park Home with 3 Bedrooms and 1 bathroom.  On the smaller side, but could work for a family looking for a higher end starter home.  Given the lot size (7,000+ square feet), there is room for a possible expansion.  The home has an interesting floor plan and could use some newer finishes.  Call me for the listing price.

3500 South Court - New Construction in South of Midtown.  This 2,400 square foot home has all the right finishes and a generously spaced layout.  My only critique is that a few of the bedrooms felt small, given the size of the home.  However, I think that is unavoidable given that the home has a fifth bedroom in its floor plan (usually with this size home we see four bedroom floor plans).  Expect to pay a premium for new construction.  Listed for $2,598,000.1550 Castilleja Avenue - Located in the Southgate Neighborhood, this neat 4 bedroom, 2 bathroom home has 2,144 square feet of living space on a 6,200 square foot lot.  This is a cute home that has been well taken care of.  As for the location, I consider Southgate one of Palo Alto’s hidden gems, so long as you are not completely turned off by some train noise from the nearby Caltrain.  Although the home is older, the touches and remodeling are all kept within the architectural style.  If you like Spanish architecture, this home may be a nice option.  Listed for $2,495,000. 1830 Newell Avenue: A newer property on the smaller side (1,965 square feet).  Constructed in 2001, this home features 4 bedrooms and 2.5 bathrooms.  The home is well placed on a 6,600 square foot lot, leaving a large backyard.  The floor plan on this home is more on the traditional side, without much of an open feel.  For someone looking for a turn-key, traditional style home in a great neighborhood (Leland Manor), this may be a solid match.  Listed for $2,395,000.

2001 Webster Street - Rarely are homes like this for sale in the Old Palo Alto neighborhood.  This home features over 5,000 square feet of living space on an 8,757 square foot lot.  The home is only 9 years old, and is one of my favorite architectural styles, Santa Barbara Mediterranean.  The 5 bedrooms in this home are well laid out and over-sized, and the spaces seem to never end.  The backyard is on the smaller side, and a large pool takes up a substantial portion of the backyard.  Listed for $6,375,000.

3281 Berryessa Street, #3 - Given that the complex is only about 12 years old, these town homes are just starting to be sold by their pioneering occupants. Located in Leland Manor, this 3 bedroom, 2 bathroom unit has a well planned floor plan with 1,307 square feet of living space.  I would seriously consider a look if you are looking for a starter property in Palo Alto.  Although there is no real yard to speak of, the complex has some nice amenities. Listed for $828,000.

890 Mockingbird Lane - Located in what can technically be considered Palo Alto Hills, this property is perfect for a family looking for a lot of land near town.  As with many lots in Palo Alto Hills, the lot size is just about 1 acre.  The 2,360 square foot home has some updated features, and nicely laid out kitchen/dining area.  Given the lot size, I would expect more of a yard, but you can’t win them all.  Also, there will be significant street noise, as the property backs up to Arastradero, and is located near Foothill Expressway.  Listed for $2,495,000.

3413 Thomas Drive - This Eichler home could make a solid starter home for a new family who really wants a fourth bedroom.  An impressive atrium in the center of the home provides an interesting indoor/outdoor feel to the entire home.  Some light remodeling has been done to the home, but there remains some areas that a new owner could improve.  Given the proximity to Highway 101, expect some street noise.  Listed for $1,499,000.