Archive for the ‘Menlo Park’ Category

Shadow Inventory of Foreclosed Homes-Fact or Fiction?

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You may have heard media stories of a so called “shadow inventory” of foreclosed homes that banks are holding off the market. According to a story in the San Francisco Chronicle, Rick Sharga, vice president of RealtyTrac, which compiles nationwide statistics on foreclosures said, “We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market.” He went on to say, “California probably represents 80,000 of those homes.”
The story suggests that there will soon be a torrent of bank owned homes flooding the market. I’m not here to second guess the data reported in the Chronicle article or the data compiled by RealtyTrac, however, I continually marvel at how media stories differ from everyday life experience. In the Bay Area, the inventory of homes for sale has been decreasing for many months and at the same time the number of sales has increased as has the median price.
According to bay area sales activity, in San Mateo County, the median price is up for the seventh month in a row, the number of homes for sale is down 25% from one year ago and the number of days on the market average down to its lowest point since September of ‘08.
In Santa Clara County, the median price is up for the sixth month in a row, the number of homes for sale is down 40% from one year ago and the number of days on the market average is down to its lowest point since March.
For Alameda County, the median price is trending up since the low in March, the number of homes for sale is down 49% from one year ago and the number of days on the market is down to its lowest point in a year.
In Contra Costa County, the median price is up for the sixth month in a row, the number of homes for sale is down 51% from one year ago and the number of days on the market is at its lowest point in a year.
A basic market fundamental is supply and demand. Keep in mind that a market in balance is considered a six month supply of homes for sale. For the four counties above, the highest is San Mateo County with 2.75 month of inventory and the low is Contra Costa County with 1.75%.
Shadow inventory or not, I can confidentially report that there is every indication that what we need in the Bay Area is more inventory. Multiple offers are common and, although qualifying for a loan takes, well, qualifications, there appear to be plenty of qualified buyers eager to buy in the Bay Area.


Ten Reasons To Love Menlo Park

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1. Schools, Schools, Schools! Menlo Park, like Palo Alto and Mountain View, have some really outstanding schools. Students in this district are consistently high performers and many gain admission to top universities after high school.  There are two public elementary school districts:  Menlo Park and Las Lomitas. As well as many private schools which include: Trinity, Phillips Brooks, St. Raymond, St. Joseph’s (part of the Sacred Heart Schools), and Peninsula School.

2. Burgess Park. located next the Civic Center, this park features a little league baseball field, a regulation baseball field, an open play field, lighted tennis courts, a soccer field, picnic areas, and children’s playgrounds. The Burgess pool, rec center, sports center, and skate park are adjacent to the main park area. There’s also a lovely and relaxing duck pond here that’s a great place to relax and read a book.

3. Huge Library. Menlo’s library (a quick walk from Burgess Park) is one of the town’s focal points, especially for children and families. My two sons always enjoyed the Summer Reading Programs, and Storytimes are another free, entertaining, educational, and kid-approved favorite. Professional storytellers spin their magic at scheduled times throughout the week. On certain days, the stories cater to younger or older kids. The online live homework help program is one of the library’s new services. It’s totally free, and many of the tutors also speak Spanish.

4. Annual Connoisseurs’ Marketplace. This is the summer festival for summer festival lovers – and one of the best events in the area. There’s hardly anything more enjoyable than wandering a tree-lined street while local bands play during this popular festival of visual, performing, and culinary arts. It’s always the third weekend of July on Santa Cruz Avenue. This year, Organic Alley will highlight samplings of the finest organic food the area offers. Old favorites like the cooking demos and the kid’s fun zone will be up and running. The festival is always as eco-friendly as possible, and it embodies community values and the sense of civic responsibility cherished in Menlo Park and the Bay Area.

5. The Guild. This independent movie theatre is the place for real film lovers. Hard-to-find independent and foreign films play here, and the space itself has art-deco touches everywhere and velvet curtains surrounding the movie screens. Plus, it’s free refills on Mighty Leaf Tea AND all you can drink coffee (two great touches that make movie-going a lot less draining on your wallet and more pleasurable.) This is not your basic space-age blockbuster twelve screen Cinemax, and sometimes you have to put up with crackly sound or finicky seats. Nevertheless I’ve never had a bad experience here–the movies are always thought provoking, and sometimes the manager thanks you personally for coming.

6. Santa Cruz Avenue. This is the main drag of Menlo Park, where great shopping and world-class restaurants are crammed in side by side. You have endless options here – craft shops, clothing boutiques, interior design stores, bistros – literally anything you need. During lunch time it’s crawling with business professionals eating at sidewalk tables, and there are always shoppers resting on benches or teenagers hanging out in the coffee shops.

7. Every Kind of Home. Wonderful housing options here as well.  New homes, green homes on Willow, ranch homes on huge lots, condos, town homes, and tons of rentals near downtown ensure you’ll find exactly what you’re looking for in Menlo Park when it comes to your living needs.

8. Caltrain Station. You can get anywhere from here! You can also get here from anywhere on Santa Cruz Avenue, which is the biggest plus of all. This station is literally steps from Cafe Barrone and Kepler’s Books, so if you arrive a little early you can always grab a magazine or a cup of coffee to ease your wait.

9. Kepler’s Books. When the final Harry Potter book came out last summer, Kepler’s threw the bash of the century. There was a brass band, tents selling magic charms, Hogwart’s culinary staples, and a sorting hat. Kids of all ages wandered around in robes with magic wands tucked under their arms, and it seemed like everyone from the Bay Area decided Kepler’s was the place to snag this  seventh wonder. My favorite touch was the keepsake ticket handed out at the beginning. You paid for the ticket, and traded the ticket in for the book. The line of Potter fans snaked out the door and around the corner, and the Kepler’s staff did everything possible to make sure the night went smoothly. This place has a great history, and is one of the last independent bookstores standing in the Menlo Park/Palo Alto area. If they don’t have something in stock, they’re always happy to order it for you.

10. Menlo Medical Clinic. The staff here is friendly and accommodating, and the clinic gives off a good – we actually care about your health vibe – instead of that sterile, impersonal feeling. The lab staff is well trained, and it’s very clean. The doctors in this group are among the best in their fields, and everyone in the facility is professional and helpful. MMC is affiliated with Stanford Hospital, so coming here with any illness or ailment guarantees you’ll receive the best medical attention possible.


Mom, daughters working together

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Daughters follow mother into real estate business

SFGate.com recently published a story about the mother/daughter/daughter team of Intero’s Pat Kalish, Jane Kalish and Judy Kalish Blond. 

The team spoke to the reporter at Intero’s Menlo Park office, where both daughters said they never intended to follow their mother’s career path, the report said. Pat has been in the business for more than 30 years, the article said, and now mostly sells homes in Palo Alto, Menlo Park and Los Alto. Jane says helping her mother in the real estate business when she was younger made her move into the industry easier because she knew many agents, the story said.

“I was born into a good reputation,” she told the reporter. “That’s quite a bonus.”

According to the article, the three work together to make sure the needs of their clients are met, but they also want to ensure that each of the women can “sustain herself independently.”

The article also discusses the extra effort the Kalishes bring to the job. For instance, the article says Pat bought backyard toys for the son of one of her clients after the family bought a new home. The three also deliver wine and plants during the holidays, the article said.

“We try to make personal contact with all of our clients at least once a year,” Pat Kalish said in the article. “I’ll stop in and say hi or go out for coffee.” 

You can find the full article here.

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