Buyers, sellers, investors, welcome back to another installment of Real Estate Jargon, aka, simple explanations of real estate terms not normally found in nature. Compensation to real estate brokers, seller's broker and buyer's broker, is typically a commission paid by the seller upon completion of a real estate transaction.  However, here in California, the standard California Association of REALTORS® residential listing form (CAR Form RLA) states in Section 29:  "If applicable, upon Close of Escrow, Buyer agrees to pay compensation to Broker as specified in a separate written agreement between Buyer and Broker."  That written agreement is usually a standard form Commission Agreement (CAR Form CA). Why would a buyer agree to pay his broker separately, rather than having the seller pay?... 02/28/2011

Buyers, sellers, investors, welcome back to another installment of Real Estate Jargon, aka, simple explanations of real estate terms normally not found in nature. Real estate purchase contracts have a lot of moving parts and smart negotiators know how to align those parts to create an offer that stands out from the others.  Even in down markets, some properties receive multiple offers and the winning offer can be tough for a seller to choose. Today, we'll take a look at making an offer stronger with "non-refundable" and "pass-through" security deposits. Of the dozen+ features that a buyer might use to make his offer most attractive, one of them is including either a non-refundable or pass-through feature regarding his purchase deposit.  To re-cap the process, when a buyer makes an offer... 02/05/2011

How does December 2010 real estate compare to the past two Decembers in Palo Alto? * With all the doom and gloom in the news about the state of real estate I decided to look at what was actually happening in our local market.  The average sales price in Palo Alto has actually increased since 2008 by about 30K or has increased by about 2% in value for single family homes.   Inventory was down in December 2010 compared to December 2009 and 2008, but the number of homes sold has increased by about 39% compared to 2008 and has increased by 19% compared to 2009.   Ten homes came on the market in December 2010. Of the 36 homes sold, the average list price was $1,432,148 and the average sales price was $1,444,320 (101% of list price) and with an average of 41 days to sell. Twenty nine homes ca... 01/31/2011

Buyers, sellers, investors, welcome back to another installment of Real Estate Jargon, aka, simple explanations of real estate terms normally not found in nature. Ever drive through a neighborhood you really like and see a house that is worn out beyond repair?  Bingo!  You've just landed at the end of the rainbow and found the pot of gold!  Home hunters and investors with a few bucks to spend often look for just this type of property.  Load-bearing walls that sag, front porch with half the floor boards missing, huge holes in the roof, ancient wiring and plumbing that leaks like a screen door.  If it's in the right location, it's a gem. It's also a "tear down."  A tear down is a structure that's not worth saving and can be removed to make way for a new, better structure and landscaping. ... 01/23/2011

Buyers, sellers, investors, welcome back to another installment of Real Estate Jargon, aka, simple explanations of real estate terms normally not found in nature. There are many ways to sell a home here in the good ole USA.  Sellers are free to sell it themselves, to hire a broker to sell it for them, or to not sell at all.  One way to sell is to offer the property "off market." Unfortunately, even many real estate professionals confuse "off market" with "off the market."  Simply stated, "off the market" means that a property was for sale at one time but is no longer.  "Off market" means that the property is for sale, but the seller doesn't want to market the property publically or through traditional real estate marketing channels.  Although it's usually in the best interest of the sel... 01/09/2011

I recently wrote about pre-foreclosures - distressed properties for which the owner has been notified by their lender that they are late on their mortgage payments.  Although these properties are not always listed for sale, it's possible to initiate a sale and potentially help the current owner out of a tight spot.  Many owners won't list their property for sale because they don't want the embarrassment of a For Sale sign in their yard or they don't think they can get the price they want.  Some see foreclosure as unavoidable and a short sale as a long, painful and fruitless process.  As buyers looking for a fair deal, perhaps we can help. I searched for current pre-foreclosures in Palo Alto and found 28 properties listed.  Here are examples of properties that have gone into pre-foreclos... 12/29/2010

Palo Alto is a community with a lot going for it.  Best of all, home values have remained stable over the past few years in most neighborhoods and prices have even gone up in a few.  During a routine property search for a relocation client this morning, I stumbled across an interesting fact:  In Palo Alto, there is only one bank owned property and one short sale property listed on the MLS (single family homes only). The lone single family home currently listed as bank-owned: Type Bed/Bath Price Square Feet Single Family 5/3 $1,169,000 2,065 The lone single family home currently listed as a short sale: Type Bed/Bath Price Square Feet Single Family 3/2 $995,000 1,646 Is this a sign of economic conditions improving?  Of the housing market rebounding?  I'm not sure, so I'll let the fact spe... 12/29/2010

If you want to sell your home but it is worth less than your mortgage then you are not alone. A large percentage of homeowners are in this situation.  Fortunately, in the last year many banks have made the process of doing of short salesmore efficient and are approving short sales in record numbers.  However, many homeowners want to keep their privacy while this is happening. If you are a Palo Alto homeowner, or a homeowner in the surrounding areas like Menlo Park, Los Altos, Portola Valley, Woodside, Redwood City, or Mountain View, and do not want your neighborhood to know what is going on then I have a solution for you, a more private short sale. A more private short sale would eliminate the following if that is your wish: 1. Sign 2. Newspaper ad 3. Broker's open house 4. Public open ... 12/23/2010

Palo Alto is known for shady streets, great schools, a vibrant downtown, and many neighborhoods that have continued to hold their value.  Home to nearby Stanford University (actually located in the town of Stanford), many of the world's most successful high technology companies, great shopping and public transportation, Palo Alto continues to be a great place to live, work and play. Is it possible to buy a single family home in Palo Alto for under $800,000?  Yes.  Here are two homes currently listed for under $800,000: Type Bed/Bath Price Square Feet Single Family 2/2 $779,000 770 Single Family 2/1 $775,000 968 Is it possible to buy a condo in Palo Alto for under $600,000?  Yes.  Here are 11 condos currently listed for sale under $600,000: Type Bed/Bath Price Square Feet Condo 2/1.5 $59... 12/23/2010

  Have you noticed that there is an increase in the number of trust and sometimes probate sales in Palo Alto and the surrounding  areas?  Here is a logical explanation for this.  The World War 2 generation is unfortunately dying off.  Many people in this generation lived in their homes for many years, and did not keep up with the latest interior design styles even if they were good at maintaining their homes.  Some people spent too long living without help the homes may have smells, stains, or deferred maintenance. If you are an executor or personal representative for one of these homes it may be your responsibility to sell a home and you are faced with some big decisions.  Most estate attorneys will tell you need to sell the home "As-Is" and not to do any structural repairs. But what a... 12/20/2010

Everyone likes to to look for homes when it is sunny.  Open houses during the spring and summer in Palo Alto are always crowded.  Some people think open houses are a Palo Alto recreational activity, much like soccer games, or concerts i the park.  Well, if you are just curious about the market or like looking at other people's homes, then house shopping only in good weather is a great way to be entertained. However, if you are serious about buying a home, shopping in the rain is one of the best things you can do for your due diligence.  In addition to the obvious benefit of seeing if there are any leaks through the roof, you can also find more subtle, but just as damaging leaks through windows or sliding glass doors.  You can see how the gutters are performing,  You can see if water po... 12/17/2010

  Every year on Christmas Eve, Stanford Theatre on University Ave. in Palo Alto shows Frank Capra's classic film It's a Wonderful Life, starring Jimmy Stewart and Donna Reed. For the last 21 years, this special showing has been a Christmas tradition, and every year it sells out. It is THE place to be on Christmas Eve in this wonderful little city.   The theater is gorgeous, built in the 40's and renovated in the mid 80's by Dave Packard, or Little Dave as he is known around here. His father, Big Dave, was one of the founders of Hewlett Packard, who famously started Silicon Valley in a garage on Addison St. Before the show begins, a huge Wurlitzer organ rises from under the stage and plays Christmas music. Then Dave comes onstage to talk about the theatre and the film. Last night he talk... 12/14/2010

Are you waiting for the rash of short sales and REO properties in Palo Alto so you can snatch a bargain. or just curious about them? Well, not much has changed in the last few months. There are a few of these types of sales, but not many. Short sales, as in other places, are more common than foreclosures. Most banks are at least giving homeowners the option to try to do a loan modification or short sale before foreclosing. These options do not always work, but they are worth a try. Active Short Sale Listings:  1 condo  2 Single family homes Pending short sale listings:  5 condos  2 Single Family Homes Closed Short Sales since Jan 1, 2010:  2 Condos  2 Single Family homes   Foreclosures: Active listings:  0 Pending:   1 Single Family Home Closed since 1/1/10:  3 condos   1 single family ... 11/30/2010

With Thanksgiving safely "in the can," it's time to prepare for my favorite secular holiday of the year - Festivus.  Though it lacks the historical background of that other, and grudgingly more popular, December holiday (founded year 0), Festivus (founded 1966) has a growing following among those looking for a deeper relationship with family and friends.  Come December 23rd, the world - or at least a few of us with nothing better to do that day - will celebrate Festivus, that wonderful, mostly obscure holiday for the rest of us. Yes, it's time to retrieve that beautiful Festivus pole from the rafters in the garage, chase the spider webs and dust away with a solid suck from the old Hoover, and give it a polished look that says - so what?  Its simplicity and lack of any real meaning signi... 11/30/2010

Choral Concert in Palo Alto and Redwood City CA The Peninsula Cantare, a group of approximately 30 talented singers directed by Janice Gunderson, will be presenting their holiday concert, "What Sweeter Music" this weekend. Some beautiful music, both well-known and more obscure, will be performed for our enjoyment. We'll get our chance to join in an international sing-along before the show is over! Details: Saturday December 4, 7:30 PM - First Baptist Church of Palo Alto, CA Sunday December 5, 3:00 PM - Canada College Theater, Redwood City, CA Music will include selections by John Rutter, Rene Clausen, Henry Purcell, George Frideric Handel, Orazio Vecchi, Daniel Gawthrop General Admission Tickets: $20 Student/Senior Tickets: $15 For additional information, visit the Peninsula Cantare's w... 11/29/2010

Buyers, sellers, investors, welcome back to another installment of Real Estate Jargon, aka, simple explanations of real estate terms not normally found in nature. Have you ever needed to be out of your present home before you close escrow on a new one?  If so, you may have two options:   1.  Move in with your mother-in-law temporarily   2.  Ask the seller of the home you're buying if you can move in early and pay rent until escrow closes For most men, Option 1 is total humiliation and makes prison look good. If the home you're buying is vacant or the seller is moving out early, Option 2 might work.  If you and the seller agree, you will create a form of tenancy called "interim occupancy."  In short, it means you're renting your new home until escrow closes.  If you think that you may n... 11/24/2010

The beginning of a Palo Alto escrow is like the beginning of a teenage romance, everything is perfect. You have found your soul mate and all promises are meant to be kept.  You never dream that your heart will ever be broken. It doesn't matter that one party is a jock and the other an intellectual, one is a Democrat and one a Republican, or one likes to party and the other is a vegan. And then reality sets in. I don't think I have to go into gory detail.  Well, sometimes an escrow is like that but hopefully your escrow will have a better track record than a teenage romance. One way to help things along is to not set yourself up for failure. If you are a buyer or buyer's agent do not expect to get a loan approval in 15 days if you do not have every document into the lender a head of tim... 11/23/2010

I am not a lawyer or an accountant so please do not construe this as legal or tax advice. However, friends do not let friends leave their estates to probates, so let’s just say I am your friend. Trust Sale in Palo Alto As a realtor who specializes in Probate and Trust sales, it does not matter to me whether the estate is being probated, or passed down through a trust.  But it does matter to the heirs, especially now that the estate tax will kick in after a million dollars starting in January, unless Congress  and the administration change it. How likely is that?  They can not even agree to have dinner together so changing the estate tax exemption any time soon is unlikely. So as of Jan. 1, 2011 when you die your heirs can get the first one million dollars of your estate tax free, but a... 11/21/2010

  VIEWS  SECURITY  LOCATION!!!!! Welcome to The Palo Alto. This unique condo has a winning combination of security, views and location.  The building has 24 hour security with a front desk concierge and locked doors.  The views from the balcony are spectacular! The downtown location is perfect for those wanting  to be close to the center of everything. There are 2 bedrooms and 2 baths, a cute kitchen with new counters, new carpet, fresh paint, central heat and air, 1,200 square feet of living space (per county records)  and a large balcony, with a portion  of balcony off the master that is enclosed.  Fabulous Palo Alto schools including Addison, Jordan, and Palo Alto High. (buyer to verify) Come see how living in Palo Alto can be easy and beautiful! Attractively Priced at $560,000. Marc... 11/19/2010

Real estate agents spend endless hours and lots of $$$ to make a property look good as it goes on the market.  Exterior upgrades, landscaping, interior de-cluttering, window coverings, fresh paint, and even staging.  Glossy color flyers, booklets and print advertising.  Video tours, photo galleries, property web sites and open houses.  Maximum effort to make the property as attractive as possible to increase its perceived value and raise the price. Are these tactics effective in getting investment buyers to pay more?  I certainly hope not. Some time ago, an investor asked to see a single family home that she thought would be a profitable rental due to its great location and attractive design (3 bed/2bath, 2 car garage).  It was a pit, needing new electrical, plumbing and flooring just t... 11/18/2010