1781 Arastradero Rd. in Palo Alto, listed by Meera Gupta from Coldwell Banker's Fremont office, has it all plus some. Today’s broker tour (September 21, 2007) didn’t have many properties (There were a total of 16 properties including 3 condominiums and 1 house that only qualifying Stanford Faculty could buy - I guess the rush of properties after Labor Day has subsided) so there was not much competition. Actually, on any day there wouldn’t be a whole lot of competition for this unusual property. This part of Arastradero could easily be mistaken for Portola Valley, if you don’t know the lay of the land. But its not. Palo Alto Schools top the list of qualifications for this stunning property of some 12,000 square feet of living space (per the dedicated web site) on almost 13 acres (per RealQuest) with 7 bedrooms and more than 9 bathrooms.

Take a look at the master bedroom suite featured below, then be sure to check out the virtual tour at www.paloaltoexclusiveestate.com.

47 View St. in Los Altos takes the cake today…it has to. Listed for $23,900,000 by Alain Pinel Realtors, it violates one of the rules of real estate investment; it is the nicest house in the neighborhood. On the other hand, it would be the nicest house in almost any neighborhood. With a stated lot size of 1 acre, you can sort of get around the rule by considering that it is its own neighborhood. There are a few other large lots in the neighborhood but no property comparable to this. What you get here is the advantages of a very large estate located just a stone's throw from the charming Los Altos Village. Hard to beat.

Listed as 5 Bedrooms and 4+ Bathrooms, with its indicated 12,169 square feet of living space, I’m sure it could accommodate most of the family and friends you’d care to have stay over. For details, check out the virtual tour at www.47View.com or click here for the mls information.

 

I'm not sure I'm ready to visit Afghanistan itself, but I'm definitely ready for the food.

Kabul Afghan Restaurant. I've eaten at the San Carlos location many times over many years and really enjoy the quiet yet exotic atmosphere and excellent service. All the waitstaff appear to me mature men without much in the way of smiles - they are all business and very professional. The food is excellent over a variety of selections. In broad categories, the food tends to be either skewered meats or stewed meats or vegetables. These main courses are served with either white rice (South Asian style long grain fluffy rice with each grain separated and light) or seasoned (a sort of pilaf that is called pilau). I've often tried their chicken kebab and the tender white skewered and grilled chicken is simply the best chicken I've tasted anywhere, ever. The vegetable dishes, which can be ordered as main courses, are moderately seasoned and scrumptious. Most remarkable is the steamed pumpkin with yogurt cream sauce. It is a light textured very sweet dish that could almost double as a desert.

After many years of loyal patronage of the San Carlos restaurant, last night I was driving on El Camino in Sunnyvale. I'd just finished a client meeting and was starving. I noticed the Sunnyvale Kabul sign and decided I had to give it a try. Prominently displayed at the restaurant is a sign that says it is unrelated to any other restaurant. Nonetheless, the decor and menus are virtually identical. Fortunately, the food preparation measures up as well. If Sunnyvale is closer, be sure to give that store a try.

Gosh, I wish they'd give it a try in Palo Alto; I'm sure the restaurant style and cuisine would be very popular there.

Here are the contact information for the two restaurants:

135 El Camino Real San Carlos, CA 94070-2403 Phone: (650) 594-2840

833 W El Camino Real Sunnyvale, CA 94087-1154 Phone: (408) 245-4350

705 Burlingame Ave Listing Information705 Burlingame Ave Listing Information Here it is. All decked out. New surfaces everywhere, on a wide street in a choice part of Burlingame just down the street from Burlingame Highschool. 705 Burlingame Avenue listed by Alain Pinel Realtors for $1,768,000. There are 4 bedrooms, 2.5 remodeled bathrooms and indicated to be 2,500 square feet in the home. Although the 5,000 square foot lot is not large, there is plenty of room in a lushly landscaped back yard. Check it out this week end. This is definitely a Palo Alto type home in a gorgeous location.

Ultra modern with a strong Asian influence, this remarkable architectural accomplishment inspires hope and confidence. Sturdy bronzed iron girders join sea gray granite tile all supporting large multi-storied open living and entertaining spaces punctuated with warm wood floors and cabinets. Not for everyone, priced at $15 million and listed by Coldwell Banker, this home at 14790 Manuella Rd. in Los Altos Hills has just been completed. Custom everything. Breathtaking everything. Located just a stone's throw from the Palo Alto border, this area benefits from the use of coveted Palo Alto Schools. Over 10,000 square feet in home, approximately 1.1 acres per listing information.

14790 Manuella Rd., MLS Listing Information

 

Palo Alto Real Estate Market - Where is it headed?  We all want to know! 

 

As the national real estate market continues to exhibit signs of a meltdown, we in the local SF Mid Peninsula Real Estate Market still survey a scene where the only pandemonium to be seen is the continued frenzy over some local real estate offerings.  To be sure, the number of active listings is up over the last couple of months, but come on.  This is the beginning of the fall selling season.   Palo Alto Inventories are still remarkably low.  They have been hovering in the 30s (for single family residences - SFR) and today there are 49 homes to sell.  We have not seen over 60 all year and it popped up to over 150 in 2003 when there was a little short lived stagnation in the market. 

Condos & Townhouses have a similar story; there are only 13 available.  The highest inventory we've seen in the past 5 years was in spring of 2003 when it was about triple the current paltry inventory.

As for demand, there is no question that some buyers have taken themselves out of the market because the loans they wanted just aren't available anymore (e.g., 100% financing).  Some others have decided to wait a bit on the sidelines.  But we had an overabundance of buyers before the financing crisis hit and even with some buyers out of the race (temporarily), there are still more buyers than housing available.

We are at the beginning of the fall season with little inventory and lots of people wanting to complete their housing search.  This does not look like a recipe for a local real estate downturn.  Lets see what the coming few weeks brings in clarity.

I got an email a few days ago from the COO of a relatively new competitor in the area where I sell (SF Mid Peninsula).  They are opening a new office down the street and they are looking for agents to come work for them.  Reflecting on the meeting, I find that I am attracted to the new company and I'm wondering why.  Here's what I think:

1.  The new company is new.  Just the fact that it is new is appealing.  In addition, they have done a good job at developing an image and have invested a huge amount in a brand new building and great finishes.

2.  Because they are starting a new company, they are really slogging it out.  They have huge energy and it shows.  On top of that, they have a great esprit de corps... it seems like a great big club where everyone likes being together.

3.  The energy of the guy who contacted me was electric and appealing.

1445 Greenwood Avenue in San Carlos, listed by Coldwell Banker, takes the cake.  It is a well laid out 3 bedroom 2 bathroom home with nearly 1,800 square feet in the house on more than a 5,000 square foot lot in the prized White Oaks section of San Carlos.  Priced at $1,150,000 it is a must see for anyone thinking about moving and for whom the basic parameters work.  From the front door with its rich fuscia color and sparkling brass kickplate to the well cared for and updated interior, this home is highly appealing.  Excellent schools add to the mixture to make it an attractive alternative to Palo Alto or Menlo Park.   

Categories:

Affordable Housing - Equity Sharing

I recently started work on a pro-bono consulting project sponsored by Stanford's ACT (Alumni Consulting Team) and focused on improving availability of affordable housing. Specifically, the objective is to develop a program for people in the 80-120% of AMI (Area Median Income) category to buy a home. It turns out that the price of housing, particularly where I am in the SF Mid Peninsula area in California, makes housing particularly unaffordable.

After some weeks, we are zeroing in on shared equity as a way of achieving the objective. Conceptually, we would plan to raise a pool of money that would be available for qualifying people to use to help in their downpayment. There would be no regular interest due but when the home is sold the original principle plus a pro rata share of the "profit" would be repaid to the fund.

In researching the feasibility of the concept, I've been able to discuss experience with a similar program that is targeted toward teachers in San Jose. The program has helped many teachers and appears to be very successful.

I'd be very interested to hear of other programs that the AR community is aware of that I might contact to learn their experience. I'd also like to hear any experience that any of you have had with equity sharing whether of an institutional or private investment type.

Hope to hear on the following:
1. Equity sharing programs that are in place to help make housing more affordable.
2. Experience you have had with equity sharing institutional programs.
3. Experience you have had with equity sharing private investment programs.
4. Anything else you think might be relevant to the topic.

Also, please check out my blog site: www.MidPenRE.com

 

SF Mid Peninsula Market Watch - Week ending August 26, 2007

Media reports regarding the condition of the mortgage industry continue to have a perplexing effect on buyers.  Some potential buyers aren't even attempting to qualify for loans for fear of rejection, and others are simply confused by what the media is reporting and think that reasonable loans don't exist any more.  The reality is that credit tightening has only affected a small percentage of buyers.  The fact is that they could be missing a good buying opportunity by waiting, or not trying to qualify.  I would be happy to introduce you to a reliable lender who can guide you through some of the confusion.  This remains a great time to buy a home, and a chance to leverage the many opportunities now available.

 

The word from other Coldwell Banker offices in areas of the East Bay and North Bay is that sellers are beginning to lower their listing prices; meaning there are bargains to be had.  In other areas, multiple offer situations and tighter inventory render it absolutely crucial for buyers to be working with a strong, solid lender.

 

Traditionally, this is vacation time.  The kids are getting ready to go back to school, and things slow down a bit in the housing market.  While our offices witnessed a slight dip in activity overall, many were surprised to see that our more than 500 open homes were well attended by potential buyers.  San Francisco and much of the Peninsula continue to enjoy some multiple offer situations, and in certain situations homes are selling for as much as 20+ percent over asking.  Please check out the table for a summary of sales.  An influx of fresh homes after the Labor Day weekend should help mitigate the tight inventory situation in our upper-end markets.

 According to Coldwell Banker data, our SF-Peninsula combined median sales price hit an all-time high of $1.230M in May, and has dropped each month since, to $1.059 in July.  While this is not necessarily a trend, it is indicative of more activity in the tough $800K to $1.3M range which has been needed. Of the offices reporting, listing inventory increased for four offices, decreased for six offices and remained steady for 17.  Sales activity decreased for seven offices, but remained steady for 17 and increased for 3.    

Categories: