Archive for the ‘Palo Alto’ Category

Top 10 Silicon Valley Real Estate Trends for 2009

By Dawn Thomas | December 16th, 2009 0 Comments

As 2009 draws to a close – you’ll soon be reading lots of  top 10 lists for the movers, shakers, and trends of the year and the decade!   In the spirit of being just a little ahead of the crowd, here’s our list of the top Silicon Valley Real Estate trends of 2009:

1. Low Interest Rates – with More Strings –  Interest rates have been low this year, with periodic dips into historic record  ”low” territory.   These great rates, though, come with seemingly ever-changing requirements and conditions.  Selecting a great financing source who can get you great rates AND help you navigate through the process has never been more important.

2. We’ve Got to Keep It Together For Longer – With the changing lending guidelines, it’s been taking longer for properties to close escrow and having a signed purchase contract did not automatically mean a closed escrow in 2009.   Having a black belt negotiator on your real estate team has been critical this year.

3. “Turn Key” is Hotter than Ever – A few years ago – buyers could purchase a property & count on some quick appreciation to pay for a remodel in just a little time.  Now – buyers can’t count on home appreciation to finance a remodel in the near term & are looking for great condition, move-in ready homes to buy  (as if location and condition ever go out of style in the world of real estate!).  On the other hand – for buyers seeking to purchase a property in a high-demand area like Palo Alto or Cupertino – it may pay to look for properties needing some work.  If you can see the potential in a fixer – you may have fewer competing bids from other potential buyers.

4. Buying a Silicon Valley Foreclosure is not as Easy As It Sounds - Some of the busiest agents in any real estate office are the ones listing “Real Estate Owned” or REO properties for the banks.    Buying one of these properties means navigating a maze of bank-specific requirements for making the offer, competing against multiple offers (some properties are getting 20, 30 or even 50 offers), and positioning your offer against “all cash” investors.  Finding a deal & making sure it stays a “good deal” through the process is not for the faint-of-heart!

5. No Shortage of Short Sales – over the course of 2009 – we continued to see properties listed for less than what is owed to the lender(s) – resulting in a short sale requiring lender(s) approval to go through.   We’re starting to see short sale listings where the lender has approved a short listing price – allowing the whole process to go smoother and quicker.

6. The Year of the First-Time Buyer – with more affordable home prices, the First Time Home Buyer Tax Credit, and sweet interest rates – many of the homes sold in 2009 went to first time home buyers.   In the final months of the year – we are starting to see more and more “move up” buyers rousing the mid and higher-end price points.  Welcome!  Please bring friends!   This is a trend we want to see continue & grow in 2010!

7. Deal Hunting in Palo Alto – Where’s the deal on a single family home in Palo Alto for less than $300,000?  The media in 2009 did a fantastic job of painting the picture of real estate in free fall, and we went through a period in the spring where every day brought Internet inquiries looking for the extraordinary deal in Palo Alto.  According to the MLS – the least expensive Palo Alto single family home sold so far in 2009 went for $703,000 for a 67 year old, 703 square foot cottage with foundation issues.

8. Your Home May Have a Bigger Electronic Footprint than You Do - Social media sites like Facebook and Twitter are 2009 Trendsetters above and beyond the world of buying and selling dirt.  In real estate, though,  the savvy home seller now ensures that their Real Estate agent is marketing  their property through multiple Internet channels.    Wouldn’t  you want 30 million visitors at your open house – especially the ones who can’t leave foot prints on your new carpet?

9. Welcome to California! – We are working with an increasing number of clients who are relocating to Silicon Valley for a new job.  It looks like both our job market and our real estate market are picking up!   Welcome!

10. Less to Pick From, More Competition – And finally, in many areas of Silicon Valley – we are seeing fewer homes on the market.    In fact, for Silicon Valley overall – more homes are “pending sale” than are actively for sale.  For buyers – this means that there are fewer homes to consider and more competition to get  your offer accepted. For sellers – it means that there are fewer competing properties.  This sets the stage for an even brighter 2010!

We wish you the best holiday season & look forward to serving you and your referrals in 2010!

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Top Ten Reasons To Love Palo Alto

By Marcy Moyer | September 21st, 2009 0 Comments

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1. Schools, Schools, Schools!

Palo Alto has some of the greatest schools in the country. Whether your kid is seven or seventeen, going to school in Palo Alto guarantees access to incredible academic resources and enrichment programs.

Gunn High School is renowned for its competitive academics (and award-winning robotics team!) They send over twenty graduates a year to college right around the corner at Stanford University.

Palo Alto Children’s Theatre sponsors outreach programs in district elementary, middle, and high schools.

First-rate music programs are available at every turn, and choice programs like teacher-directed learning at Hoover, conceptual learning at Ohlone, and Connections at JLS are always options for parents interested in exploring a wide range of learning possibilities for their children.

2. Rolling Foothills, Open Spaces, Artfully Landscaped Public Gardens, Jasmine Flowers

Palo Alto is a community that treasures its trees and open spaces. The city is classified as an urban forest, and Palo Alto stays true to that description with 34 city parks and almost 4,000 acres of wildlife preserves. A local commitment to keeping businesses “green” ensures a healthy environment, as does a requirement forcing all new buildings to adhere to strict environmental codes. There’s also a Zero Waste Initiative and a dedication to alternative transportation.

3. Calling All Bookworms! Libraries in Palo Alto are truly exemplary.

Creativity blossoms during the interactive story-telling programs at the Children’s Library, and annual summer reading programs keep pages turning. Visits from famous writers dot the library’s schedule. Online programs offer opportunities to learn a new language or to survey newspapers from other countries. Libraries here are a community hallmark and a great enrichment resource.

4. Nationally Acclaimed Theaters

Catch the world premiere of an original play or a Shakespeare staple at TheatreWorks, the best repertory theatre in the Bay Area.

The current season includes the Pulitzer-Prize winning drama Doubt, August Wilson’s Radio Golf, and beloved musical Grey Gardens. Local theatre company the Palo Alto Players mount yearly productions in case you exhaust the shows at TheatreWorks.

The Palo Alto Children’s Theatre gives kids a place to test their acting chops.

5. Easy Access to San Francisco and San Jose

Two nearby CalTrain stops make getting to San Francisco, San Jose, and other Northern California locations a snap.

6. Red Mango Yogurt! Enough said.

If you’ve never tasted Red Mango’s creamy froyo perfection laced with your choice of mango, kiwi, strawberry, blueberry, coconut, blackberry, raspberry, chocolate chips, almonds, or basically any other delicious topping imaginable–that’s reason enough to move to Palo Alto. Or at least visit.

7. University and California Avenues

Both avenues embody Palo Alto’s quaint downtown appeal–personalized local shops and restaurants are nestled next to the Apple Store on University, and at night the thriving bar scene makes this area a prime destination for coeds and graduates.

Word-class Indian, Chinese, Thai, Mediterranean, and Italian restaurants are among the many dining choices.

8. Architecture.

Diverse housing styles make Palo Alto visually appealing. New homes with cutting-edge design line blocks alongside cottages, ranch homes, Eichlers, Tudors, and Spanish Style houses.

9. The Baylands.

The largest tract of undisturbed marshland remaining in the San Francisco Bay is hemmed in by Mountain View and East Palo Alto. The Baylands encompass 1940 acres of unique tidal and freshwater habitats. The best bird watching in the world is done right here. Wildlife observation platforms and picnic areas with barbecues make this spot a family favorite.

10. Locally Sustained Farmers Markets.

From mid-May through mid-December farmers markets downtown and on California Avenue are open every Saturday from 8AM to 12PM.

Local vendors offer a wide array of fresh produce and specialty items like grass-fed beef, artisan cheese, Bay Area wines, California-grown bananas, mangoes, and avocados. Local musicians provide a relaxing atmosphere for browsing samplings from nearby ranches and farms.

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