Buyers, sellers, investors - welcome back to another installment of Real Estate Jargon, aka, simple explanations of real estate terms not normally found in nature. Ever walk up to the front door of a property and see a blue box hanging from the doorknob, a nearby pipe, or other part of the building?  If it looks like the item in the picture - it's a Keysafe Supra iBox lockbox and it represents the latest in real estate entry technology. If you're selling a property in California, Section 12 of the standard California Association of REALTORS® listing agreement (CAR Form RLA) can be used to authorize your broker to place a lockbox on the property.  The lockbox contains a key that you give your broker with the expectation that other brokers will use the key to show your property at times t... 11/15/2010

The mountain of paperwork involved in buying or selling real estate can be intimidating.  From the presentations we review to pick a broker to the final transfer deeds, just a list of the documents that will be read and signed could fill a few pages. Is it really necessary to read everything?  Yes. Is it OK to delegate review of some of those documents to our broker?  Never. As the buyer or seller, you have a unique perspective in a real estate transaction.  No one knows more about the property than you.  No one cares as much about the property as you.  No one has as much at stake as you.  Your understanding of the process is absolutely critical. Even brokers and attorneys are sometimes confused by language found in real estate contracts (see my blogs "Real Estate Jargon: ...." for defi... 11/13/2010

With October ending on Halloween, was the townhouse/condo real estate activity a trick or a treat in Palo Alto, CA? 15 townhouses/condos came on the market in October 2010, the highest priced home was 1.125M and the lowest priced home was 435K.  2 are short sales. Of the 15 homes that came on the market in October 2010, 9 homes are still currently available.   The current inventory of condo/townhouses in Palo Alto, CA is 37 homes.  The price range for these homes is 3.495M at the high end and 338K at the low end.  2 homes are short sales and 1 home is bank owned.  17 homes were scheduled to close escrow in October 2010 and 15 homes completed escrow.  The price Range was 1.05M on the high end and 389K on the low end.   1 home was a short sales. The average list price was $714,193 and the... 11/05/2010

Palo Alto Public Record of Closed Sales Nov. 5 Week by Michelle Carr-Crowe, Your Homes in Top Schools Real Estate Specialist In Palo Alto the Public Record of recently closed sales ending the week of Nov. 5, 2010 shows a total of 4 new home sales. Two were condos/townhomes and two were single-family homes. PALO ALTO Condos/TownHomes ---------------------------------------------- 427 Alma Street #208, $595,000, 10-01-10, 950 SF, 2 BR, O. & A. Shakernia to P. & R. Huard 153 South California Avenue #F303, $127,500, 10-06-10, 546 SF, 1 BR, G. Ficocelli to H. Benikovsky   PALO ALTO Single-Family Homes ---------------------------------------------- 3888 Corina Way, $1,245,000, 09-30-10, 1,421 SF, 3 BR, Nilsson Trust to M. & A. Wong 3175 David Avenue, $1,425,000, 09-30-10, 1,896 SF, 5 BR, Bala... 11/05/2010

Palo Alto, CA Single Family Home Real Estate Stats October 2010 With October ending on Halloween, was the real estate activity a trick or a treat in Palo Alto, CA? 38 Single family homes came on the market in October 2010, the highest priced home was 2.988M and the lowest priced 849,888K  Only 10 homes listed in October 2010 were under a Million Dollars, 3 were over 2 Million and 2 were Short Sales.  20 of the 38 homes that went on the market in October 2010 were sold or under contract by the end of October. The current inventory in Palo Alto, CA is 78 homes.  The price range for these homes is 9.988M at the high end and 725K at the low end, only one house for sale in Palo Alto is listed as a short sale. Of the current inventory of 78 homes, 10 homes are listed at 4M or above.  20 homes... 11/02/2010

According to the MLS here is the state of the market for 10/28/2010...   Active listings:  88 Pending Sales:  60 Active Short Sales:  1 Active Bank owned: 1 Pending Short Sales: 1 Pending Bank owned: 0 Sold Short Sales 2010: 2 Sold Bank Owned in 2010: 1   What does this mean? Despite the reports of doom and gloom in the media for the national real estate market, and despite the hysteria on many web sites, as of now, the Palo Alto market is not being influenced by distressed properties.  This does not mean that it will not be in the future, but so far in 2010 there are not a lot of distressed properties on the market. So if you are looking for a bargain, this is not the place to find it. Not only are there not many distressed properties, but the ratio of listings to pendings is very hea... 10/30/2010

Halloween is upon us this weekend and the Bay Area offers plenty of different ways to celebrate.  Here are a few family-friendly ideas.     Halloween on the Farm - Lemos Farm (Half Moon Bay)   When my kids were younger, a visit to Lemos Farm was a Halloween-must, and I'm thrilled to see the tradition continues.  Head up there for the afternoon, get in on some last minute pumpkin shopping and take a ride on the spooky ghost train.  ( Open Daily through Halloween: 9 AM to 5 PM.  Free admission, but prices for events vary.)       Day of the Dead Celebration --  (Palo Alto, Various Locales)   Another place I seemed to take my kids just about every weekend was the Palo Alto Junior Museum, which is co-hosting Palo Alto's 2nd Annual Dia De Los Muertos Celebration.    Events throughout the day ... 10/29/2010

  HOA fees are high, and in Palo Alto they tend to be even higher than in surrounding areas. So are homeowners getting ripped off? Is someone behind a curtain making thousands of dollars off the backs of people living in townhomes and condos? The answer is an emphatic NO.   HOA fees are set to cover the costs of maintaining and fixing the development. If there is a professional management company hired to do this then they will get paid about 10% of the HOA fee.  That is the only money that does not go directly to the upkeep of the building.  Different developments will have different fees because they cover different things.  The basics that are covered are usually insurance and exterior maintenance like the roof, painting, landscaping, and exterior utilities. Many complexes also cover... 10/26/2010

Palo Alto, CA Single Family Home Real Estate Activity in September 2010 In September 2010, 74 single family homes came on the market in Palo Alto, CA.  The price range for these 74 single family homes was 4.995M at the high end and 699K at the low end.  15 of these 74 homes sold in September 2010 and 30 of these 74 homes went under contract.  So over 60% of the homes that went on the market in September 2010 were sold or under contract in less than 30 days. Overall 37 homes sold in Palo Alto in September 2010, average number of days on the market was 54 days.  Highest number of days was 453 days and the lowest number of days was 4.  The highest sale price was 7.95M and the lowest was 800K.  The average list price was 1.65M and the average sales price was 1.44M.  The average sales price ... 10/24/2010

Buyers, sellers, investors - welcome back to another installment of Real Estate Jargon, aka, simple explanations of real estate terms not normally found in nature. Ever walk or drive down a residential street and see a driveway between two homes that appears to not lead to either home?  Chances are it leads to a lot hidden behind those homes, typically referred to as a flag lot (also sometimes called a land lot). Take a look at our simple diagram of a residential block below.  It's a plat map with location and dimension data left off.  We see the shaded area as 104 Miller Street, a flag lot.  The entrance off Miller Street is a driveway leading to the larger area behind 102 Miller Street.  That shaded area kinda looks like a flag, so wahlah!  A flag lot.   How are flag lots created?  Ma... 10/24/2010

Every year the Palo Alto Weekly releases their “Best of... List” and this year got me thinking, “What do my family and I consider the best places to eat and shop in Palo Alto?”  This is an an ongoing series about personal favorites in my city.BEST COFFEEThis is an easy one -- Philz Coffee on Middlefield in midtown.  And while I know it gets a lot of flak (Long waits, pricey cups, no lattes, it’s not Le Creme) let me just say this, “some things are worth the wait, and the price.”Yes, three dollars is more than a cup of coffee at Starbucks.  Yes, you’re going to have to wait much longer than you would for something from a coffee pot at 7-11, but there is a reason this place has consistently been voted “The best coffee” in San Francisco...It’s.  Absolutely.  Fantastic.  Coffee.    Philz br... 10/19/2010

A lovely Eichler home is for sale in the Meadow Park neighborhood of Palo Alto CA. Meadow Park is located in South Palo Alto.  765 Gailen Ave. It just came on the market today, Oct. 7th 2010. Ken Deleon of Keller Williams Palo Alto is the listing agent. The home is a 4 bedroom 2 bathroom model . It is clean and modern as it still has many vintage touches such as original shoji style closet doors, fireplace, and layout. It has been tastefully updated with a granite kitchen. The generous lot size is 7281 square feet. This Eichler home boasts 1708 square feet, which was its original size, and has the added plus of a two car garage. The beauty of this Eichler home is that it is a "right size" home. It is ideal for downsizing seniors or families with children. The "download" generation appre... 10/07/2010

It's often said that a home is the biggest single purchase of our lives.  While this is true for most of us, it is certainly not the only big ticket item we buy in our lifetime.  Purchasing a car, paying for an education (especially at a private college), weddings, and furnishings for our home are expenses that typically require more than one paycheck.  If we plan to retire, much of our income is directed to one or more retirement accounts that we hope will equal more than the value of our home by the time we retire.  So, although our home may be the single largest purchase we make, it is just one of many significant financial obligations we take on.Whether purchasing a property as a home or as an investment (possibly both), it's always a good idea to consider how that financial commitm... 10/04/2010

  Every year the Palo Alto Weekly releases their “Best of... List” and this year got me thinking, “What do my family and I consider the best places to eat and shop in Palo Alto?”  This is the first installment in an ongoing series about personal favorites in my city. BEST BURRITOChipotle is the burrito of choice for the Weekly.  And while you shouldn’t get me started on how much I love a Chipotle burrito bowl, for me the best burrito is new-comer Sancho’s Taqueria on Lytton.   Sancho’s was opened at the end of last year by Adam Torres (a former cook at the Michelin-starred Village Pub) who also heads a Sancho's in Redwood City and La Tiendita in East Palo Alto. Although the burritos are gigantic, they certainly don't sacrifice quality for quantity.  What makes them the best is the absol... 10/04/2010

If you are a seller who is behind in your house payment, or are about to be you may be wondering what are your options and which is best for me.  Let me start out by saying that I am not trying to give legal or tax advice.  It is always best to ask a lawyer or accountant about your options.  But as a Santa Clara County short sale realtor I can offer some broad strokes that may apply to your situation. If you can not afford your mortgage you can: Try to get a loan modification.  You can ask your bank to lower your interest rate, decrease your principal, or lengthen to time period for your loan.  Please keep in mind that you need to qualify for the new loan. So, if you can not afford your mortgage because you lost your job, you probably will not qualify for a loan mod because you will no... 09/28/2010

How's the condo market in Palo Alto, California 94301? Last week I did an analysis of the condominium/townhouse market in downtown Palo Alto, California for a client. This particular client has owned her Palo Alto condo for many years, and her building is a popular one, in an excellent downtown location. She was concerned about the steep price declines seen all over the country, including California, and was afraid her Palo Alto property might have declined substantially. I was happy to have the following information to share with her, to let her know that prices for her type of property have declined only about 5% from their high point in 2007! And isn't it nice to see that 2010 prices are rising again? She is relieved to know she's likely to have the funds she needs to move to the ret... 09/19/2010

Elizabeth Weintraub, Short Sale Guru, wrote an amazing blog about the short sale process from the seller’s perspective.   She discusses the issue that when the buyer walks they do not lose anything and can go on and buy another house, but the seller potentially loses everything. They can try to get another buyer and another stab at selling the home, or they could get foreclosed. Getting fore-closed is getting to be the more likely scenario as many banks are refusing to postpone the foreclosure trustee sale or auction once the date is set.  Since so many sellers wait to initiate a short sale until they are really unable to make their payments and are close to foreclosure it does not give them unlimited time to go through the short sale process. Some banks are getting the sales through q... 09/16/2010

Welcome to this lovingly upgraded 2 story Midtown Palo Alto townhome in a fantastic location.   Exterior View  OPEN HOUSE THIS SATURDAY AND SUNDAY,  September 11th & 12th, 1:30-4:30. This home boasts pergo flooring throughout the home, corium kitchen counters, stainless steel appliances, a built in entertainment center, granite faced fireplace, granite vanity top in the half bath, and a spectacular back patio and deck.  Additionally there is a large kitchen, separate dining room, step down living room, and three bedrooms plus 2.5 baths. The complex has all new hard scape with gorgeous walkways and planters.   There is also a pool and spa, and underground parking with an elevator to the main level. The HOA fee of $575 covers exterior maintenance including the roof, painting, pool, and l... 09/12/2010

Real Estate Activity for August 2010 townhouse/condo Palo Alto CA In August 2010 in Palo Alto CA, 20 townhouse/condos were put on the market, 18 townhouses/condos were sold and 13 townhouses/condos went under contract.  The price range was 1.25M-360K* The average sales price of a townhouse/condo in Palo Alto CA in August 2010 was 15.75K below asking price.  By removing the one townhouse/condo that sold for 118K under asking price the average townhouse/condo sold for 9.74K under asking price.  The highest price paid over list price was 22K, only 1 townhome/condo sold at asking price in August 2010. The average days on market in August 2010 for townhouse/condo was 58 days,  by removing the condo that was on the market for 235 days the average days on market decreases to 46 days. If you wo... 09/06/2010

August 2010 Single Family Homes Activity Palo Alto, CA In August in Palo Alto CA, 36 homes came on the market, 41 homes were sold and 33 homes went under contract. * On average it took almost 44 days for a house to sell in Palo Alto, CA.  However, three houses sold in August were on the market for 400, 350 and 256 days!  If these homes are removed from the average, the average number of days to sell a house in Palo Alto, CA was 21 days in August. The highest priced home sold for 5.85M and the lowest priced home sold for 645K.  The average home sold for $1,550 over the asking price.  The highest price reduction was 650K and the highest price paid over asking price was 331K.   Only 6 homes sold for asking price.  Pricing in the higher end of the market is still very tricky and Palo Alto s... 09/06/2010