Rivermark offers among other things, a central, self-contained community in Santa Clara of newer single family homes and townhomes intermixed with urban amenities like shopping centers, major restaurants, retailers, service providers, schools, parks, walkways, paths and bike trails.  All within a stone’s throw of major Santa Clara commute routes on highways 101 and 880.  

You can see many of these amenities in a video we put together for a listing we sold recently on Billings Circle.  Despite a much cooler Rivermark real estate market we sold 4467 Billings Circle in 23 days using a conservative pricing strategy and aggressive marketing campaign.  

Rivermark of Santa Clara was a master planned community of the City of Santa Clara built on 152 acres of state land that was once the home of the Agnew’s hospital complex.  Rivermark is located in Santa Clara between Montague Expressway, Lafayette Street, Hope Drive and the Guadalupe River.

One of the most appealing features to Rivermark is its newness.  Rivermark represents a fresh and timely approach to community development with new homes, shopping centers, public buildings and business parks.  Unlike most homes in Santa Clara country, many of which were built post WWII, construction began along the Guadalupe River in Rivermark in 2002.  Since then major builders like Centex, Shea Homes, Lennar, Greystone and others have built a variety of real estate projects appealing to homebuyers of all ages and in all price ranges from upper end, single family detached luxury homes to basic, first time buyer townhomes and condominiums. 

All of these amenities combined with relaxed market conditions make Rivermark a good value for the savvy buyer.  Consider the Rivermark listing I mentioned at 4467 Billings Circle, gem of a home with one of the largest backyards in the development and a great family friendly floor plan.

During the frenzy of the Silicon Valley dot com boom buyers were outbidding each other for an opportunity to live in Rivermark.  Despite stormy real estate market news, well-located, properly priced and marketed Silicon Valley real estate is a good investment. 

Although some of the homes in Rivermark are similar in style and size, 4467 Billings Circle was priced at $1,099,000 taking into consideration the additional value of location and lot size in comparison to another home with the same floor plan on a smaller lot and less desirable location which had languished on the market for months priced at $1,010,000.  

Today’s home buyer is tech savvy and looking online for homes so in addition to the usual open houses, MLS and agent tour, 4467 Billings Circle had a starring role in it’s own video debuting on many popular social media sites including YouTube.

The shops on Lincoln Avenue have never been flashy, and in contrast to Santana Row and even downtown Los Gatos it is quite tame.  The residents of Willow Glen are proud and protective of their strip and can be quite vigilant when it comes to new development because of the fear of change.

However, lately there have been a lot of businesses on the Ave that have not been able to survive, especially in this economic downturn.  I was surprised to hear that two businesses recently have thrown in the towel and will close:  Vin Santo Ristorante and Willow Glen Liquors.  I am especially saddened to hear Vin Santo is closing because this is where my husband proposed to me. 

Willow Glen Liquors who is looking to stay in business but relocate off Lincoln, always has a wonderful selection of wines and as my personal mission to support local retailers, I buy my wines here instead of the BevMo directly across the street. 

The Ave is all abuzz this holiday season with holiday shoppers and faithful local residents supporting Willow Glen businesses, but what is going to happen once this flurry of shopping is over, when the decorations are boxed up and the excitement of Christmas is over?

Here are the plans.

Changes to Lincoln Ave. in Willow Glen

The latest news on the Ave is that there are ambitious plans to build a public plaza at the corner of Willow Street and Lincoln, where Willow Glen Frozen Yogurt & Ice Cream Co. now sits.  The proposed plan calls for construction of a three-story building that will include ground-floor retail, 26,000 square feet of office space on two floors, and a two-story parking structure, in addition to the public plaza. 

If the plans are approved, the opening date will be in spring 2012.  Also on the agenda is the opening of grocer Fresh & Easy (AKA Tesco) on the corner of Minnesota and Bird Avenue, where Albertsons used to sit.  Fresh & Easy is also going to locate in the Almaden Plaza upon the departure of Safeway; the opening of these two grocers is on track for 2009.

Willow Glen Residents’ Opinions

So, how do the local residents feel about these new changes?  As far as the Fresh & Easy grocery stores locating to Willow Glen, most are okay with this plan, however no one knows much about the British-based company.  The only concern is what has been reported in the news lately about Tesco, and what the quality of the food will be like. 

With the changes proposed for the Avenue, there are those that are very supportive about the plans to give Lincoln Avenue a badly needed facelift, and others who feel that the Avenue is fine the way that it is now, and do not want to see developers come in and ruin the look and feel of Willow Glen. 

Some people are very excited about the new plaza which will add an additional 150 new parking spaces, beautify the street and bring in new retailers.  With more retailers, Lincoln Avenue will bring in more business to Willow Glen, which will in effect be better for the economy of our town. 

On the flip-side, the nay-sayers are aggravated that more retailers equals more cars, more traffic, more development, and ultimately the demise of all history in town.  Another fear is that the older storefronts, such as Willow Glen Books, Hicklebees, the Thrift Box and Details Clothing will go out of business with bigger stores coming in, competing and pushing out ‘the little guys’.

A community meeting was held on December 17^th to discuss the plans with local residents; everyone was able to voice their opinions and ask questions at the meeting.  There was overwhelming support.  The next step is to have the proposed plans presented to San Jose Planning Department, who will either approve or reject the design.  It will be interesting to see how this unfolds, and I will share more information as it becomes available.

This has become desirable for many bay area residents that want to have entertainment, shopping and a social outlet waiting just outside their front door.  Many downtown businesses sense the high demand of residential-retail zoning, which is alluring many business districts to take advantage of this commercial high density epidemic.

The public concern for high density zoning is that it will bring unmanageable traffic and cars and high taxes and noise to the community.  On the flip side, some residents have voiced excitement and acceptance that it will bring money to the city, restaurants and better quality entertainment.  Moreover, it will lead to higher economic activity and productivity, save tax dollars, and increase property value.  As worrisome or exciting as it may be to the community, there is hardly an area untouched by this new wave of high density development; San Jose, Santa Clara, Sunnyvale, Palo Alto, Campbell, Los Gatos and even Willow Glen are all conforming to this new way of life.

An example of high density development that has majority of public acceptance is Sunnyvale Town Center’s new urban development project.  It has been underway for some time but the ultimate outcome will be 991,000 square feet of retail space, 315,000 square feet of office space and 292 ownership housing units.  There will be a 14-screen movie theater and a 200 room hotel located at Murphy and McKinley Avenues.  The 184-acres project encompasses a large block bounded by Mathilda, Washington, Sunnyvale and Iowa Avenues, known as the Town Center Mall.  The shops are planned to start opening in early 2009.  The vision of this new development is for a lively people-friendly place for shopping, working, living and entertainment. 

Sunnyvale residents are actually quite pleased with the new development, as it will bring in revenue for the city, increase visibility to the area, bring in restaurants, and retail and ultimately boost their home values.  Some residents of other neighborhoods are not quite as pleased.

Voices from Willow Glen

I have heard public outcries from the Willow Glen Neighborhood Association (WGNA) when they recently heard the news of the latest high-density development proposal.  The plan is to create a Community Benefit Improvement District (CBID), with “?mixed-used’ buildings along Lincoln Avenue with housing above retail; the project is said to attract better businesses on the avenue, and promote affordable housing. 

There has not been a very positive reception to the idea that the “?beloved’ Lincoln Avenue will potentially lose the charm and character that it has preserved over the years.  The majority of the public is outraged that big developers will come in and modify the old-fashioned downtown area and bring in retail chains and large department stores and push out the “?mom and pop’ businesses, thus destroying the neighborhood.  Another obvious concern of is the excess of cars and traffic that will result.

Lincoln Avenue is the centerpiece for a lot of residents in Willow Glen and to lose the small downtown feel would be tragic for some.  When comparing other high-density developments, the one key element that say Santana Row, Sunnyvale, Campbell and downtown San Jose have is several blocks to develop; Lincoln Avenue is only one long street with single family houses surrounding.  It will be interesting to see what the final outcome will be when business property owners in Willow Glen vote this month for the CBID initiative.

If you have a stance about this new high-density trend in your neighborhood, let your community know how you feel by participating in your local neighborhood association.  Feel empowered to take part in your community and get involved.  High-density building is part of the future; to better embrace this new wave of development, there is a lot of research available online to better educate yourself with this up-and-coming boom.

(c) Sara Greenwood for the Silicon Valley Real Estate Blog, 1SiliconValley.com

Recommended Reading:

• Creating a Better Standard of Living for Your Family
• Santana Row Neighborhood Information
• Consumer Rights When Purchasing New Homes
• Considering One HOA vs. Another

She’s hosting a neighborhood mixer in her home town with plenty of food, wine and non-alcoholic beverages too.  For more information and details on the event, please visit her page on Willow Glen 2.0.

They asked if we could pass along this information to the consumers and real estate agents who read and subscribe to the Silicon Valley Real Estate Blog.  The event they want to publicize is the free Livable Communities for Successful Aging forum:

It will be held on May 30th at the San Mateo County Events Center.  The purpose of the forum is to allow members of the community to identify characteristics of developments that will be attractive to residents as they age and remain in San Mateo County.

By the year 2030, the county’s health department estimates that about 30% of all residents will be 65 years of age or order (about 160,000 persons). 

The forum will focus on what people would like to see developed along the El Camino Real– not only what types of buildings but also the services that would be attractive enough that people would decide to move to the El Camino and to remain in San Mateo County. 

From that vision we hope that we can offer principles of a livable community that will be adopted by city councils and the county.  The forum is sponsored by the County of San Mateo, the San Mateo County Association of Realtors, and Samtrans.

For more information, please visit the Successful Aging website.

The exclusiveness to this area is because of the very convenient location to downtown.  It is only a ½ mile walk to the heart of where all the action is; downtown restaurants, unique shops, night clubs, coffee shops, and independent book stores are just a few of the niceties.  And if you get in now to one of these homes you won’t have to fight the parking situation of the ever-so-popular Mountain View Art and Wines Festival, coming September 7-8, 2008.

The builder of Wild Orchid development is Castle Companies, which is a family owned and operated builder in Northern California .  They have been around since 1966 and are recently building communities as far north as Yolo County , Napa Valley , down the East Bay and now into the Peninsula , which brings us to the Wild Orchid community.  The naming of these communities is as unique as each setting where these new developments are being built. 

Details on the Wild Orchid in Mountain View

The Wild Orchid development is nice, in the fact that there are only 2 floor plans to choose from:  Residence 1 which is a large 1844 square foot home with 3 bedroom 3.5 bathrooms and a 2-car garage.  Residence 2 has three elevation plans to choose from and range from 1,787-1,844 square feet; they are 3 bedroom, 2.5 bathrooms with a 2-car garage.  It is a small community of only 39 single family homes.

The detail and craftsmanship in these homes is beautiful.  As we know when we enter any model home, they are all shiny and glistening with new stainless appliances and marble floors, crown molding, stereo systems and beautifully stained hardwood floors.  The price point on these homes starts at $899K standard; however as I entered the model homes I noticed that all that gleam was an “?optional’ feature and will ultimately put a lot of weight on that $899K price tag.

The community is slowly being built in three phases.  The first phase of homes has a move-in date of July-August time frame; phase II will be ready in October, and phase III will be complete December, 2008.  So far, 1/3 of the homes are sold with a few others reserved.  The construction is coming along, but it appears that buyers are purchasing from the location map, sight unseen.  From talking with the sales manager at Wild Orchid, he told me that buyers that are inquiring and purchasing in the community are recently married, no children, young professionals that work in the surrounding area.  They are attracted to having an active lifestyle with the entertainment of night clubs and restaurants and coffee shops near-by.

Wild Orchid’s Location 

The site of these homes may be a little worrisome to buyers as it is located at a busy intersection, and adjacent to Landel School.  Some people don’t like the idea of living near schools because “?undesirable’ people tend to hang out in school parks after hours; however, Landel School is a great family public park, and there is a trailhead at the North corner of the school.  This is great for those that like to walk and hike; it is very popular with mommies that like to stroll with their babies and children. 

If you are interested in this new development and would like to be represented by an area specialist of this community, please contact me.  I have been through the community and the surrounding area, and this is truly a wonderful area to live, especially if you get excited about being close to a downtown area, and like the convenience of shops and restaurants.  Not to mention the convenience of CalTrain, freeways and the security of living amongst single family residences.  I enjoy working with prospective buyers looking at new developments in the Bay Area and I cooperate with many local developers; in addition, I have experience in the new home buying process, as I help to negotiate in the best interest of my client, and to make the home buying process as smooth and effortless as possible.

(c) Sara Greenwood for the Silicon Valley Real Estate Blog, 1SiliconValley.com 

Recommended Reading:

• Creating a Better Standard of Living for Your Family
• Consumer Rights When Purchasing New Homes
• The Beautifully-Staged Home: Nicely Remodeled or Cheaply Flipped
• Download the Silicon Valley Home Buyers Book 

With the exception of the building pictured here, located on Fair Oaks currently leased to Paramount Tumbling and Gymnastics, various new developments have sprung up throughout the area such as City Park and Verona by luxury builder Toll Brothers, Parkside Villas, Tasman, and Crossman Place built by popular local builders Barry Swenson and Palo Alto based Classic Communities. 

One of the very first developers to stake claim to North Sunnyvale is also one of the nation’s largest builders, Pulte Homes, who built their first development Danbury Place of 168 homes in 2004.  Since then, Pulte Homes has been actively buying more land within this small one block radius and since their 2004 debut, has built 30 homes in Danbury III in 2006, 43 homes in Danbury IV in 2007, and 36 homes in Danbury II in 2008 for a total of 277 homes.  

There has been previous negotiations with the owner of the Paramount Tumbler and Gymnastics building that had not resulted in the sale of the property in past.  It sounds like now, the "last man standing" is interested in re-opening talks with various builders including Pulte Homes.  Could we see a Danbury Place V on the horizon?

Pricing for Danbury I homes in 2004 ranged from $590,000 – $630,000.  Today, Danbury Place has only 10 homes (including model homes) remaining scheduled to all be complete by August 2008.  Prices ranging from $728,900 – $834,900.  

We keep our ears close to the ground for the latest real estate news to ensure our clients have the best representation.  After all, new home construction affects the entire real estate market for both buyers and sellers.  For more information on new homes and MLS properties in North Sunnyvale, please contact Alex Wang here at the Silicon Valley Real Estate Blog.

It is a diverse city with makeup of all different races and cultures of people and over the last decade has become an urban metropolis.  If you live here in the Bay Area you don’t have to travel to France to visit the newest community named Bordeaux; it is located in the heart of Santa Clara County , in the urban setting of Sunnyvale.  Like Bordeaux France, Sunnyvale is known to be a diverse and culturally varied city with neighboring industry and a rich past of agricultural history.  Perhaps this is how the name of the newest KB Homes community was formed, because of this vague likeness shared with the city of the same name.

Like Bordeaux France and its rich grape vineyards and wine production, Sunnyvale has been known for its fruit orchards and has had a vital economy of agricultural richness, and for centuries has maintained a reputation for fruit production.  In the mid 1900s a lot of the fruit orchards in Sunnyvale were cleared to make way for new homes and industry in this wonderfully temperate city; new developments began popping up everywhere in the 1950s.  Just this past year, KB’s Bordeaux development broke ground and the first phase of homes are now ready for occupancy.

Bordeaux Sunnyvale’s Location 

The Bordeaux community is located near Reed Avenue and Lawrence Expressway, on Aster Avenue in Sunnyvale .  This area has been rezoned in the past years to Industrial-to-Residential/Planned Development.  Before construction started, this land was home to a many industrial companies that have recently picked up and moved.  The remaining close-by companies include a few other industrial businesses as well as a development of other new homes down the street.  It is an up-and-coming neighborhood has become a very sought after part of Sunnyvale . 

The stats on this new 80-home development include 6 unique floor plans, with prices starting around $565,000.  KB Homes catch phrase is known as “?built to order’ which means that you find the location of your KB home, and essentially customize it to your personal taste and style.  There are many design features and upgrades available and your new home can be built to your own specifications, and is ready and operational on the day that you move in. 

Bordeaux’s Grand Opening took place on March 15^th and the response has been pretty positive.  So far, 5% of the homes are under contract with another 10% reserved.  The types of people interested in this community are 1^st time home buyers, people upgrading from small condos, with the majority of these people being young urban professionals.  The most sought after floor plans are Plan 5 (2 bdrm/2 bth, 1238 square feet) and Plan 9 (3 bdrm/2.5 bth, 1924 square feet).  The least requested floor plan is the Plan 4, which is the smallest unit in the development, featuring only 1056 square feet of living space and a 2-car tandem garage.

Sunnyvale is home to a lot of shops and restaurants and in my opinion has one of the best Farmer’s Market in the Bay Area.  In addition, the major employers include Juniper Networks, Palm, AMD, Yahoo and Maxim.  There is a lot of character to Sunnyvale and if you find yourself driving around town you can see the old modern Eichler homes, a cute downtown with bars, shops and restaurants, the community center which is a wonderful place to bring a good book and people watch, and then there’s Baylands Park which offers recreational pathways and picnic grounds.  There are golf parks and tennis centers “? it is a community filled with activities and lots of things to do.

If you are interested in this new development and would like to be represented by an area specialist of this community, please contact me.  In addition to helping buyers and sellers everyday with resale properties, I enjoy taking clients on tour to the new developments as well.  I cooperate with many local developers in the area, and have experience in the new home buying process.  I help to negotiate in the best interest of my client, and to make the home buying process as smooth and effortless as possible. 

(c) Sara Greenwood for the Silicon Valley Real Estate Blog, 1SiliconValley.com 

Recommended Reading

• Consumer Rights When Purchasing New Homes
• Hidden Factors When Calculating a Home’s Value
• Reasons People Stop Renting and How to Get Started
• Emotions in Real Estate: From Feat to Elation
• Download the Silicon Valley Home Buyers Book

The model homes will be opening for tours in mid-April and move in will be mid-to-late summer.  There have already been many inquiries into this community, with the majority of the curious home-buyers being families with small children and babies. 

The Lane Woods development takes its name from the Lane Family, a family of publishers dating back to the 1920s; The Lane Family put their heritage on the map with the popular Sunset Magazine, “?the’ Western Lifestyle periodical of the time.  Within this beautiful community will be the 2008 Sunset Magazine “?Idea House’, where the concept is to build a home with exciting new ideas and smart products in mind.  The very first idea house was built in Menlo Park in 1998, and for the 10 year anniversary of this project they are returning to the roots where the idea emerged.

Each year since 1998, Sunset Magazine has partnered with local builders and architects to create innovative, futuristic, high-end homes with the vision of being ecologically and environmentally conscious.   These “?idea houses’ have come a long way over the past 10 years, using green standards, being eco-friendly and energy efficient.  Another feature of the idea house is the harmonious way that the home transitions from the interior to the exterior and incorporates the natural beauty of its surroundings.

Not all the houses will be an idea home, just one:  Residence 6 – an astonishing 4 bedroom, 2.5 bath home with nearly 3,000 feet of living space.  There are a total of 6 floor plans in the community to choose from, varying from a 3 bedroom, 2.5 bath to 4 bedrooms and 2.5 baths; all homes have a 2-car garage and many options and upgrades.  The interior living spaces are generous, sized between 1,750 and 3,000 square feet.  The exterior yards are decent-sized and provide plenty of privacy.  Each home has a porch and patios that encourage indoor / outdoor living and entertaining.   Some of the many standard features include clad wood windows, granite slab countertops, stainless steel appliances; the amenities are endless.  Sunset’s original courtyard has become the neighborhood park that is easily within strolling distance.

Because of the desirable location, pricing for these single family homes will be between $1.5 Million and $2.5 Million.  The location of Lane Woods in close by Sunset Publishing Corporation headquarters located at 80 Willow Road in Menlo Park.

A big bonus for these homes is the private road where they are located.  A lot of the new developments today are being built next to freeways and busy intersections; however Lane Woods is located in a private circle that gets very little traffic.  Menlo Park is a safe and prestigious place to live and it is conveniently located midway between San Francisco and San Jose ; access to highways 101, 280, and CalTrain is easy.  It is also within walking-distance to the neighborhood park and the charming downtown Menlo Park .  Using the Waverley Footbridge, Lane Woods residents will be able to walk to Palo Alto’s Johnson Park in five minutes, and downtown Palo Alto in ten minutes.  Also, within easy distance are Standford University, Stanford shopping center, restaurants, groceries and major places of employment. 

The highly-regarded schools of Menlo Park are a great aspect considering these homes are being targeted towards families with school age children.  Laurel & Encinal Elementary School are the two primary elementary schools; K-2 children with attend Laurel, and grade 3-5 will go to Encinal.  Hillview Middle School and Menlo Atherton High will complete their grade school education.

With all the great features and amenities that these homes encompass it my best guess to say that with the low inventory of only 32 homes, that these won’t be available for very long.  For more information on this development, any other new developments or just to schedule a private home tour, please contact Realtors Alex Wang and Sara Greenwood.

(c) Sara Greenwood for the Silicon Valley Real Estate Blog at 1SiliconValley.com

Cumberland joined Silicon Valley’s elite schools with 900 or above API scores this year with its 36 point increase.

As you might expect, homes in Sunnyvale that feed into Cumberland and Cherry Chase are more expensive than those that feed into Sunnyvale schools with lower test scores.  Here are some benchmark 3 bedroom, 2 bathroom homes that closed in the last two months, with their schools and API scores:

	$975,000 – 1144 Lynn Way 3br/2ba; 1272 sqft ($766 per) on 6098 sqft lot; 52 years old Cherry Chase (900) / Sunnyvale Middle (797) / Homestead High (838)
	$890,000 – 214 Clarence Ave. 3br/2ba; 1365 sqft ($652 per) on 5663 sqft lot; 51 years old Cumberland (901) / Sunnyvale Middle (797) / Homestead High (838)
	$766,000 – 426 S. Mary Ave. 3br/2ba; 1552 sqft ($493 per) on 5227 sqft lot; 53 years old Vargas (730) / Sunnyvale Middle (797) / Homestead High (838)
	$715,000 – 750 Carolina Ave. 3br/2ba; 1304 sqft ($548 per) on 6318 sqft lot; 54 years old Bishop (733) / Columbia Middle (712) / Fremont High (709)
	$667,000 – 465 Wilson Ave. 3br/2ba; 1100 sqft ($606 per) on 5227 sqft lot; 57 years old Ellis (816) / Sunnyvale Middle (797) / Fremont High (709)

(I was careful to ensure that the benchmark homes were all comparables — recently remodeled with similar upgrades and of about the same size and age — so the premiums can be ballparked using the per square foot price.  Mary is a main road which may have detracted from its home’s value somewhat.)

As you can see from the benchmark homes, Cherry Chase Elementary and its reputation have been built into real estate values.  Cumberland Elementary doesn’t have that same premium because it has been on the rise, from 845 in 2003.

Another steadily improving school is Ellis Elementary, up from its 773 in 2005 (though slightly below last year’s 822).  It could represent a good deal for young families who plan to upgrade after elementary or middle school.  And people not wanting to pay a premium for schools might consider the other representative homes.

But Sunnyvale Elementary isn’t the only elementary school district in Sunnyvale.  Because of the complexity in the way school district border lines are drawn, students in a large part of Sunnyvale actually attend schools in the Cupertino Union School District.  How much opportunity is there in the overlap?

Sunnyvale Addresses with Cupertino Union and Santa Clara Unified Schools

It’s important not to make assumptions about school locations and homes, particularly because school boundaries don’t follow city lines.  Sunnyvale has three elementary school districts, and the following are 3 bedroom, 2 bath homes that don’t use the namesake school system.  These homes were all closed in the past two months:

	$952,000 – 1053 Gardenia Way 3br/2ba; 1631 sqft ($583 per) on 6200 sqft lot; 37 years old Santa Clara Unified School District Ponderosa (837) / Peterson (845) / Wilcox High (734)
	$913,000 – 821 Duncardine Way 3br/2ba; 1328 sqft ($688 per) on 6534 sqft lot; 46 years old Cupertino Union School District Stocklmeir (945) / Cupertino Middle (899) / Fremont High (709)
	$910,000 – 1679 Nightingale Ave. 3br/2ba; 1432 sqft ($635 per) on 6098 sqft lot; 49 years old Santa Clara Unified School District Laurelwood (883) / Peterson (845) / Wilcox High (734)
	$902,500 – 532 Fern Ridge Ct. 3br/2ba; 1172 sqft ($770 per) on 5778 sqft lot; 39 years old Cupertino Union School District Nimitz (824) / Cupertino Middle (899) / Homestead High (838)

These homes are slightly newer than the ones in the first table and are comparables close enough for a rough comparison by square foot price. 

Nightingale, with Santa Clara Unified’s Laurelwood Elementary as its representative school, comes in at an 18% lower per square foot price than the home on Fern Ridge, in the elite Cupertino Union School District.  Test scores aren’t the full picture of any school, but if the API number is important in your search, this difference is something to consider.

Very near the border of Cupertino and Sunnyvale is Duncardine, which feeds into Stocklmeir Elementary.  Stocklmeir’s test scores are the highest of any elementary school Sunnyvale residents can currently attend, and this particular home is less expensive ($62,000 by absolute measurement and 10% per square foot) than Cherry Chase’s Lynn in the first table — even though it also has an arguably better middle school. 

While the simple comparisons here based mostly on elementary schools and not other tangible or intangible factors that may give value to a home, being able to break out one axis of measurement is often helpful to my clients, especially given so many factors to consider when buying a home.

Recommended Reading:

• What People Think About Before Looking for a Home
• Silicon Valley School System Bang-for-the-Buck
• Investing in the Right Bay Area School District
• Not Overpaying When Buying a Home
• Download the Silicon Valley Home Buyers Book

(c) Steve Leung, Realtor, for the Silicon Valley Real Estate Blog at 1SiliconValley.com

Second, the ones at the low end of the range are closer to Redwood City and East Palo Alto, and use Redwood City and Ravenswood Elementary School Districts, respectively.  The more expensive ones are closer to Atherton and Palo Alto and are part of the Menlo Park Elementary School District — and its 907 district API score — or the Las Lomitas Elementary School District — and its two schools with a 948 district API score.

So, with that in mind, the median value of homes in Menlo Park can be somewhat of a tug-of-war.  For September 2007, there were two transactions for low-income housing which closed at about $330,000 each.  If you threw those two out, the median single-family home in Menlo Park was $1,220,000.  That’s a realistic 6% decrease year-over-year.

It’s important to look beyond what the numbers are and understand the story behind them.  In this case, there’s been some softness in Menlo Park given increasing CDOM numbers, from 19 to 38 year-over-year.  (The average CDOM over 10 years is 34.)  But, from on the ground experience, there wasn’t anything to indicate a decrease as dramatic as the median value chart would indicate.

[ Median Home 2007, 2006 | Market Snapshot | How Much Home Can I Get? ]

Median Home 2007 – $1,220,000 ($1,000,000)

As the median value chart shows, $1,000,000 was the actual median in Menlo Park.  That Median Home was 208 Oakhurst Place, a 57-year old, 3 bedroom, 2 bathroom home in Menlo’s Flood Park region that measures 1,800 square feet on a 6,421 square foot lot. 

The more representative properties are the two $1.22M homes.  The first is 596 Hopkins St., which is a revised Craftsman-style home that takes considerable advantage of natural light.  This 3 bedroom, 2.5 bathroom home measures in at 1,493 square feet (on a 4,195 square foot lot) according to the subdivision reports, and its location just feet away from Burgess Park puts it near a number of outdoor activities — from swimming to softball and skating — as well as Kepler’s and downtown.

From many, that proximity makes the smaller yard an acceptable trade-off.  The interior is modern and its kitchen relatively spacious considering the limited square footage. 

This property was originally listed at $1,350,000 on July 30 and underwent a reduction to $1,275,000 before selling after 40 days-on-market.  Hopkins is in a strong location in Menlo Park and the sellers understandably wanted to maximize their revenue given a comparable close by that sold off-market for $1,450,000. 

But assuming the homes were the same (the off-market one is actually larger by a couple hundred squares), the market in the spring and the one in August are two very different stories — especially this year with a nationwide mortgage crisis.

The other "almost" Median Home, 2108 Manzanita Ave., fared better.  Originally listed August 20 for $1,265,000, it sold in 9 days for $1,220,000.  That’s a 3.6% reduction.  At 1,150 square feet, this home at Manzanita is smaller than the other "almost" Median Home at Hopkins but its 6,500 square foot lot is considerably larger.  This 52-year old home was recently refreshed with new double-pane windows, a gas fireplace, and a new furnace.

Students split their early years between the exceptional Las Lomitas Elementary School then La Entrada Middle for elementary school, after which they go to  Hillview Middle and Menlo-Atherton High.

Compared With Last Year – $1,297,500

Last year’s first Median Home at 1077 Tehama Ave. is comparatively large at 2,310 square feet and has a 5,928 square foot lot.  It’s in the Menlo Park Elementary School District and is close to Flood Park which has everything from baseball, softball, volleyball, tennis, horseshoes and petanque — which I had to look up — to a vast picnic area.  The trade-off is that this home is also relatively close to 101.

Listed at 99-years old, Tehama is completely redone with a new roof, custom driveway, and modern interior.  The modernized kitchen has all of the stainless steel touches that buyers looking for a plug-and-play home would expect and the unheralded essentials like furnace and water heater are new as well.  This home 4 bedroom, 2.5 bathroom home sold in 12 days at $1,325,000, slightly over the asking of $1,299,000.

The second Median Home was 874 Cambridge Ave. in the downtown region of Menlo Park between Santa Cruz Ave. and the Stanford Shopping Center, and walking distance to both. 

This 47-year old home is also completely remodeled on the inside but the exterior still has the feel of ranches of that period, complete with an aerial antenna.  Among the additions were French doors, skylights, a new granite kitchen and hardwood floors.  3 bedrooms with 3 bathrooms, this home sits 1,750 square feet on a 4,800 square foot lot and sold in 36 days for $1,270,000, just under the asking of $1,295,000.

Market Snapshot – October 16, 2007 

There are 82 single-family homes and 17 townhomes and condos available today.  22, or 27%, of these homes have undergone a published reduction, which isn’t too high, but something to watch moving forward.  The reduced homes have an Active CDOM average of 116 days: one of the homes has been on the market for a whopping 407 days, which outpaces the second highest CDOM number at 209. 

It’s interesting that at a couple points over the past decade, the medians for homes and townhomes  in Menlo Park have either come close or overlapped.  There are a number of townhomes with large footprints, particularly around Sharon Heights and the Stanford Hills (towards Silicon Valley’s famous Sand Hill Road) which are well over $1 million.

The Active CDOM for all Menlo Park single-family homes is 70.  One home (not on the reduction list) has a CDOM of 465 days and 17 over 100 days.  A number of sellers subscribe to a wait strategy where they believe they can get the number they want if they leave their property on the market long enough. 

If the sellers don’t have a pressing need to move, this may be the route they decide to take.  Otherwise, maintenance and ownership costs (including taxes) make this strategy more costly each month and there’s a balance between getting a target number and maximizing gains (or minimizing losses) in a transaction.  Sometimes getting the number is an expensive proposition.

How Much Home Can I Get in Menlo Park?

This is an overview of representative properties in Menlo Park which closed in September 2007.

	$519,900 – 466 7th Ave. 2br/1ba; 790 sqft w/ 3000 sqft lot Updated kitchen
	$690,000 – 451 Oak Grove Ave. #4 2br/2ba; 1296 sqft; HOA $394 Close to downtown Menlo Park, Caltrain
	$700,125 – 192 Oak Ct. 1br/1ba; 920 sqft on 5900 sqft lot; 66 years old Cul-de-sac
	$830,000 – 3606 Fair Oaks Ave. 3br/1ba; 1270 sqft on 7125 sqft lot; 70 years old Updated kitchen; new plumbing and electrical
	$945,000 – 198 Elliott Dr. 3br/2ba; 1330 sqft on 7600 sqft lot; 52 years old Near Palo Alto
	$949,000 – 600 Willow Rd. #22 3br/2.5ba; 1637 sqft; 11 years old; HOA $295 Vaulted ceilings; new kitchen
	$1,220,000 – 2108 Manzanita Ave. (Median Home) 3br/2.5ba; 1150 sqft on 6500 sqft lot; 52 years old
	$1,220,000 – 596 Hopkins St. (Median Home) 3br/2.5ba; 1493 sqft on 4195 sqft lot
	$1,500,000 – 1665 Valparaiso Ave. 3br/2ba; 2230 sqft on 10000 sqft lot; 54 years old Large bedrooms
	$1,617,000 – 451 Claremont Way 3br/2ba; 1500 sqft on 0.25 acre lot; 51 years old Pool; short walk to downtown Palo Alto, Burgess Park; large lot
	$2,310,000 – 355 Santa Rita Ave. 4br/3ba; 2400 sqft on 14181 sqft lot; 67 years old Large lot
	$2,595,000 – 174 Seminary Dr. 4br/3ba; 2960 sqft on 11131 sqft lot Large floor plan; custom kitchen; 3-car garage

Recommended Reading:

• Why the Perfect House Wasn’t So Perfect
• Making an Offer on a Home: Behind the Scenes
• Not Overpaying When Buying a Home
• How Buyers Can Walk in the Shoes of Sellers and Their Listing Agents
• Choosing the Best Location for You

(c) Steve Leung, Realtor, for the Silicon Valley Real Estate Blog at 1SiliconValley.com

[ Strengths | Weaknesses | Opportunities | Threats ]
[ Recent Transactions | Neighborhood Transactions | Schools | Map ]
[ What's Available in the Area | Other Notes ]

Strengths

1)  Properties with water views are uncommon in Silicon Valley and most homes in the complex have a pretty good view.  Those that don’t are just a few steps from the lagoon.  The sunset views are usually impressive.

2)  Many units are bright throughout the day because of large skylights in main rooms and bathrooms.

3)  The local elementary and middle schools for this neighborhood are strong. 

4)  While this community is separated (it’s on an island, after all), it has easy access to local shopping off Beach Park Blvd. and Foster City Blvd., plus numerous open fields and tennis courts (at Catamaran Park and Farragut Park). 

Weaknesses

1)  You’ll need to walk outside to get to the garage as there isn’t access from inside the homes.  This trade-off increases the total amount of usable space (less space on the island used for corridors and stairs).  But residents need to be careful opening the garage doors, however, because the doors open outwards and the non-door side of the key slots is sometimes blocked by foliage.

2)  The lawn around the units towards the waterfront is often damp making the some of the grass more ornamental than "picnic area".

3)  The patios for many upstairs townhomes are accessible by stairs, which makes it convenient to get outside.  The trade-off is that you may want a charley bar to secure the patio door at night should you decide to leave it open for air circulation.

Opportunities

1)  Waterfront property in Silicon Valley is uncommon.  Some of these units have views many more expensive properties can’t match.

2)  Between 2006 and 2007, Foster City Elementary School crossed the 900 point threshold in its API score (from 898 to 912), making it an elite school.  In the same period, Bowditch Middle School increased its API score from 873 to 879, both very good scores.  If it crosses 900 also, this area will be one of the distinctive areas in Silicon Valley with elite primary schools from K through 8.

3)  This complex has tended to have a low turnover.  That generally indicates that the residents are stable and enjoy living there.

Threats

1)  The monthly HOA costs in this complex are scheduled to increase for the next few years. 

2)  The ground, reclaimed land, is generally moist, so homeowners should expect some settlement over time.

3)  Balboa St. connects the island to the rest of Foster City using a short bridge, what seems to be less than 50 feet.  It would be inconvenient if this bridge were blocked. 

Recent Transactions

Address	Bed	Bath	Sq.Ft.	Close	Sale Price	HOA
607 Portofino Ln	2	2.5	1780	10/30/07	pending	$397
625 Portofino Ln	2	2	1395	7/11/07	$675,000	$397
809 Balboa Ln	2	2	1490	7/3/07	$680,000	$395
839 Balboa Ln	2	2	1395	1/22/07	$665,000	no info
860 Balboa Ln	2	2	1395	12/29/06	$680,000	$397
Contact me for pictures and upgrade information

Neighborhood Recent Transactions

Schools and School District Information for The Islands of Foster City

Since school boundaries and availability may change based on enrollment needs and population shifts, it is always a good idea to check with the local school district (San Mateo-Foster City School District, San Mateo Union High School District) for the latest information.  You can also lookup current elementary and middle school information.

1)  Foster City Elementary School (see ratings and parent opinions). 

2)  Bowditch Middle School (see ratings and parent opinions). 

3)  The San Mateo Union High School District allows open enrollment.

Map

View Larger Map

(c) Steve Leung for the Silicon Valley Real Estate Blog at 1SiliconValley.com

Recommended Reading:

• Download the Silicon Valley Home Buyers Book
• Not Overpaying When Buying a Home
• Considering One HOA Versus Another
• Preparing Your Finances for Buying a Home
• The Thought Process Behind Making an Offer on a Home