Dreyfus Properties http://www.dreyfusproperties.com/feed en-us http://www.dreyfusproperties.com/ http://www.dreyfusproperties.com/static/images/public/rsslogo.gif Dreyfus Properties http://www.dreyfusproperties.com/ <![CDATA[The Facebook Effect, From Supply to Demand?]]> http://www.dreyfusproperties.com/blog/post/93/ http://www.dreyfusproperties.com/blog/post/93/
So here we are at the golden moment, and the big question is: does the Facebook-affected lack of supply, turn into a Facebook-affected increase in demand? Well, yes -- oh, and no.

On the yes side, there is a lot of money about to be made by a lot of people, both in and out of Facebook, who live locally. Also, there is a pent-up demand for home purchases after the '08 crash, particularly move-up purchases by locals. Money plus desire equals rising prices. Yes, more supply can dent that, but it's hard to deny that disposable income suddenly appearing in our always tight inventory market is not going to affect local housing prices in a positive way.  

On the no side, the list is a little longer. Lock-ups and secondary lock-ups will even out the impact of the sudden dollars, as the cash realization is spread out over years rather than grabbed in a moment.  Second, with a company average age of 26, the majority of Facebookers are not exactly your typical home buyer profile. They have a bit of traveling and playing to do before they settle down. Third, and more interesting than the rest, is Gen Y's borderline indifference to material things and putting on a show. These young adults are refreshingly more about the journey than the end.  When they do buy, they are much more likely to buy enough house, not a lot of house. 

So what do you do if you want to sell or want to buy? I'm happy to advocate a self-serving "do both now."  Current local economic trends make it pretty tough to look a buyer in the eye and tell them prices are going to reverse any time soon. In 22 years of luxury real estate experience, I've never seen a market start a recovery and immediately turn around and dive. Residential real estate trends tend to be four to five years, both up and down. So, if you have decided you want to live here and you find the right house, do it now.  

On the sell side, it's more about risk analysis. You know the market is hot as a pistol and you can get a head-turning price for your house. Appreciation in luxury real estate usually occurs quickly, in big jumps and then usually zigs and zags, up and down before the next correction. The big jump has happened, and buyers are now on the ropes. So, do you want to take the risk of even a slight drop in exchange for 2% to 5% more next year? Also, possible capital gains changes next year and the ability to take your money into softer markets almost everywhere else right now are factors encouraging a sell today.


]]> Tue, 15 May 2012 00:00:00 GMT Mdreyfus Blog <![CDATA[2012 Q1 Market Commentary]]> http://www.dreyfusproperties.com/blog/post/92/ http://www.dreyfusproperties.com/blog/post/92/
Palo Alto
The first quarter of 2012 saw our usual Palo Alto leap, with the median sale price jumping 18%. The hot part of the market was the lower part, reflected in a lesser 4% increase in the average. That could be as much about lack of inventory, particularly high-end inventory, as much as a hot entry level. That being said, North Palo Alto’s entry-level neighborhood (Green Gables) and South PA’s entry level neighborhood (South Palo Alto) lead the hit parade with 28% and 25% increases in average sale price. Multiple offers were back in vogue and the market continues to have a strong relocation presence, making move-in houses the hot ticket.
Menlo Park
After a robust end of the year, West Menlo Park kept right on cooking with a 9% increase in median sales price. Menlo Park as a whole was flat due to the continued downward pull of the east Menlo Park inventory, as the sub-prime troubles continue to be a drag. Hot spots were Central Menlo and the University Heights/County area, which had impressive double digit year over year gains. Sharon Heights also took a significant jump as buyers flocked to relative bargains in the neighborhood.

Atherton
Atherton showed a 3% gain over last year, but anecdotally we can tell you that it is hot hot hot. That heat continues to be at the upper end ($10,000,000+) part of the market, with mid-range homes continuing to struggle. The high end heat is evidence by not just big ticket sales, but more by an extremely active teardown market. Lot sales in the $4,000,0000 to $5,000,000 are actually $10,000,000 plus purchase once the house is built and the landscaping is in. West Atherton has been particularly hot with lot prices jumping as much as 30% over last year.
Portola Valley & Woodside
The overall numbers for our rural gems are pretty even, but the back story is the prime neighborhoods are hopping, with Central Portola Valley and Central Woodside posting 21% and 35% gains over last year. Entry level in these neighborhoods and large lots or view lots are selling briskly and at new premiums. A good sign for the future is a surge in interest in new construction by end-users, always a vote of confidence for the market.]]> Tue, 15 May 2012 00:00:00 GMT Mdreyfus Blog <![CDATA[Where companies go public, new listing service makes real estate private]]> http://www.dreyfusproperties.com/blog/post/91/ http://www.dreyfusproperties.com/blog/post/91/
Unlike public multiple listing services, the new Dreyfus Private Listing Service (PLS) offers luxury homes directly to qualified agents and potential buyers, bypassing public media, multiple listing services, and websites such as Zillow and Redfin.  

“The information elite really don’t want everyone to have this information,” said Dreyfus CEO Michael Dreyfus. “Google’s great, but not when it tells the world exactly where your bedroom is.” The Dreyfus Private Listing Service directly contacts buyers who have had recent wealth events, as well as creating websites and mailers that hide identifying details.

People who list their home publicly have learned the hard way that there can be immense downside to broadcasting their wealth. Once a client gets his name on a piece of real estate, there’s no way of making that dollar amount and that address private again. Valley entrepreneurs have complex attitudes towards their newfound wealth. While they are proud of what they’ve accomplished, they do not want to be seen as different from the rest of their community. Their style is, on average, far more Warren Buffet than Donald Trump. Letting the world know they paid $11 million for their tastefully landscaped home is not an enticing prospect. 

Will this shift mark a change in the culture of Silicon Valley, where the movers and shakers realize there’s a downside to sharing more and more information? As Dreyfus says, “Sharing your favorite restaurant with your friends is not the same as having them look at your financial statements, or inviting them into your master bath.”

Our private market service has received favorable reviews in Fortune/CNN and The Palo Alto Weekly.

To learn more about how the Dreyfus Private Listing Service is keeping real estate private in the place where companies are going public, please contact Marissa Myers, Director of Marketing, Dreyfus Properties (650) 930-6807. ]]> Fri, 11 May 2012 00:00:00 GMT Marketing Blog <![CDATA[Welcome, Peter and Chris!]]> http://www.dreyfusproperties.com/blog/post/90/ http://www.dreyfusproperties.com/blog/post/90/ We are excited to welcome Chris Iverson and Peter Giovannotto to Dreyfus Properties!


Chris Iverson brings deep experience in the Stanford real estate market, assisting both incoming faculty recruits in learning our area and finding homes, and helping campus residents sell their homes when it is time to leave, giving him a unique view of both sides of the complex Stanford micro-market. Chris also has developed a niche in aiding people in transitioning from their homes to senior living communities, and advising clients on real estate investments.

Chris joined Dreyfus because of its deep local involvement and real-time monitoring of the area’s homes that are available both publicly and privately, and intimate knowledge of our area’s neighborhoods and micro-neighborhoods. “Compared to traditional large brokerages, it's like moving from the Navy to a SEAL team. This team of highly coordinated specialists work together to make impossible outcomes for our clients possible,” Chris said.

Chris is also an avid cyclist with an encyclopedic knowledge of quiet country roads in Woodside, La Honda and out near the coast.



Peter Giovannotto is a Palo Alto native whose family runs a large apartment management company in Palo Alto. He is a wizard with competitive pricing strategies, and has helped many buyers into homes, despite tight inventory. Peter is an up-and-coming dynamo who runs a business book club, hones his skills in a Business Persuasion class and Toastmasters, cycles, and serves as Assistant Scoutmaster for Palo Alto’s Troop 14. Peter will be featured in an upcoming episode of House Hunters, so tune in for a special Palo Alto episode of House Hunters on May 11!
 

]]> Tue, 1 May 2012 00:00:00 GMT Marketing Blog <![CDATA[Pssst....Dreyfus Properties' Private Listing Service is at work behind the scenes]]> http://www.dreyfusproperties.com/blog/post/89/ http://www.dreyfusproperties.com/blog/post/89/ feature story in the Palo Alto Weekly about Palo Alto’s private market -- “super-secret, super high-end houses for sale,” as The Weekly put it. Mike has been attuned to the growing need among high net worth home owners who want to sell their homes, but don’t want the hassles of a public sale or their privacy infringed. To meet this need, Dreyfus Properties has developed the Private Listing Service (PLS). The PLS offers unique luxury homes directly to qualified agents and potential buyers, bypassing public media and the MLS.

Unlike other real estate companies, we can reach qualified buyers through our proprietary mail lists, personal contacts and network of qualified agents – all under strict controls, without public announcement. A specially designated team directly under the managing agent's supervision implements the marketing and handles all the sensitive paperwork. The managing agent, using his deep local market knowledge, works with home owners to set valuations.]]> Tue, 24 Apr 2012 00:00:00 GMT Marketing Blog <![CDATA[Top 5 Empty Nester Neighborhoods on the Peninsula]]> http://www.dreyfusproperties.com/blog/post/88/ http://www.dreyfusproperties.com/blog/post/88/ I'm sharing my top five picks for empty nester neighborhoods that are affordable alternatives to Palo Alto. More and more empty nesters want to happily live out the rest of their lives right here, by unlocking the equity from their Palo Alto home, and buying a modest home nearby at a good value. They don't want to relocate to a retirement Shangri La where nobody knows their name.

Recently, some clients of mine wanted to cash out of their Palo Alto Home, downsize -- and stay local. "Where do we go?" they asked me. "Our life, our friends, our community is here.” Where could they remain close to their social ecosystem, enjoy the same livability and cultural activities, and get some bang for their buck without paying the Palo Alto premium? Plus, they’d heard stories about low inventory and multiple offers from Palo Alto to Burlingame. Was it even possible to find a quality neighborhood without high prices?

YES! There are several up-and-coming neighborhoods that are great picks for empty nesters, who no longer have to think about putting kids in schools. I’ve ranked my favorite lesser-known neighborhoods by median price, average price per square foot and available inventory. Here is the inside track on my top five undiscovered areas that fit the bill for empty nesters:

1. Farm Hill Estates/Cordilleras Heights (Redwood City)
Inventory Year-to-date*:  58
Median Sale Price:  $957,000
Average price per square foot:  $518

Up in the hills off 280, Farm Hills Estates offers the Portola Valley feel without Portola Valley prices. Many hillside homes have views of the bay. Residents enjoy country living – streets with no sidewalks, neighbors with chickens. Upscale new construction sells at a discount to more mainstream areas. This neighborhood along Farm Hill Boulevard enjoys bigger homes on larger lots than most. Homes on the south side of Farm Hill Boulevard rival Sharon Heights in quality, size and location.


2. High School Acres (Edgewood Park) (Redwood City)
Inventory YTD*:  38
Median Sale Price:  $855,000
Average price per square foot:  $523

This neighborhood reminds me of Crescent Park, with winding, tree-lined streets and mix of substantial 3000+ square foot homes on lots of an acre or more, alongside 2000 square foot homes on quarter acre lots. Its main artery has the same feel as University Avenue – big, beautiful homes, with more modest homes surrounding it – but without the constant traffic of University Avenue. It’s minutes from Palo Alto and Menlo Park. People love the revitalized downtown of Redwood City. Both retirees and families are moving to Redwood, recognizing the good buys available here.  A charming 3 bedroom, 2 bath home, 1,680 sq ft on a 6,500 square foot lot, recently sold here for $920,000.


3. Downtown Mountain View
Inventory YTD*:  18
Median Sale Price:  $1,027,000
Average price per square foot:  $659

Mountain View’s charming downtown living appeals to a mix of empty nesters and young families – the walk to Castro Street, the local library, and the Farmer’s Market on Sundays. The average home downtown is 1500 square feet, and prices are roughly $1M to $1.5 million. While homes here are selling over list price, the price per square foot is considerably less than Menlo Park and Palo Alto. It’s still a great value, even though the market here is somewhat competitive.


4. Horgan Ranch (Redwood City)
Inventory YTD*:  33 listings
Median Sale Price:  $688,000
Average price per square foot:  $462

Horgan Ranch sits right next to Atherton, between Selby Lane and Woodside road, from El Camino to Alameda. Orchards once covered this land, and mini-farms with little houses on big lots that have been transformed over the years into more modern homes, with bigger lots than average. You can buy a nice single family home for under $1.5M in Horgan Ranch. Being close to downtown Menlo Park makes it feel like you haven’t even moved, because you’re still in town.


5. Sharon Heights (Menlo Park)
Inventory YTD*:  11 listings
Median Sale Price:  $718,000
Average price per square foot:  $516

Sharon Heights in Menlo Park is filled with large townhouses that feel like single family living. A 2000 to 3000 square foot townhouse affords you the space that doesn’t feel like downsizing, and allows you to lock the door and forget about your house for months at a time. In moving to Sharon Heights, residents are exchanging their primetime Palo Alto schools for pretty views of the bay. This neighborhood is much less competitive and price per square foot is reasonable.
  

*Inventory year-to-date includes all listings (sold, sale pending, and active), from January 1 through April 10, 2012.]]> Wed, 11 Apr 2012 00:00:00 GMT Mtaser Blog <![CDATA[Los Altos and Los Altos Hills Q4 stats]]> http://www.dreyfusproperties.com/blog/post/86/ http://www.dreyfusproperties.com/blog/post/86/ Mon, 6 Feb 2012 00:00:00 GMT Stats Blog <![CDATA[Portola Valley & Woodside Q4 stats]]> http://www.dreyfusproperties.com/blog/post/85/ http://www.dreyfusproperties.com/blog/post/85/ Mon, 6 Feb 2012 00:00:00 GMT Stats Blog <![CDATA[Atherton & Menlo Park Q4 Stats]]> http://www.dreyfusproperties.com/blog/post/84/ http://www.dreyfusproperties.com/blog/post/84/ Mon, 6 Feb 2012 00:00:00 GMT Stats Blog <![CDATA[Palo Alto Gold]]> http://www.dreyfusproperties.com/blog/post/81/ http://www.dreyfusproperties.com/blog/post/81/
A quick look at the accompanying charts shows that last year’s market rebound may be more about supply than demand. And that supply has been remarkably low, and falling for quite a while now. With the exception of 2009, which saw some forced selling, the number of homes offered for sale each year after '08 in Palo Alto has been in the 500’s, substantially lower than norm of 700’s and lower even than the dot.com years’ 600 range.

Meanwhile, the sales numbers are not all that impressive. Last year's 453 sales, while up from the previous three years, is still 14% lower than the 10-year average before the 2008 collapse. Our hot market isn’t about buyers, it's  about sellers - or lack of them.

So, what if the sellers all show up at once? Take five years of pent-up selling demand, mix in a probable rise in 2013 capital gains rates and add a media frenzy about newly minted tech millionaires in May and you may have a rising inventory cake, with the icing being some options and choices for the buyers and caps on baked in gigantic price increases.

Do I believe any of this? Not sure. The buyer-side demand that we are seeing for Palo Alto is intense and unlike anything since you-know-when. I think we are most likely in for a wild ride in 2012. But, if I was a seller, I’d sell into the teeth of it and not take the chance that everyone else jumps in once they see that the gold rush is on.
 ]]> Sat, 28 Jan 2012 00:00:00 GMT Mdreyfus Blog <![CDATA[Palo Alto: Midtown real estate is hot, hot hot......]]> http://www.dreyfusproperties.com/blog/post/78/ http://www.dreyfusproperties.com/blog/post/78/  
Here are the 2011 lowdown:
  • 60 home sold in Midtown with an average days on market of 18 (wow!) 
  • Midtown homes sold over list price by $59,000 last year, on average (wow again!)
  • Average list price $1,444,660
  • Average sales price $1,504,089
It's a great time to live in Midtown, and it's a good time to sell there, too!  When I think of Midtown, I think of charm, diversity and friendly community.



]]> Mon, 23 Jan 2012 00:00:00 GMT Mtaser Blog <![CDATA[The facts about selling your home and capital gains]]> http://www.dreyfusproperties.com/blog/post/82/ http://www.dreyfusproperties.com/blog/post/82/
The current maximum capital gains tax rate will expire at the end of the year. It’s anybody’s guess what the new tax rate will be, but most are thinking it will be higher -- quite a bit higher, some believe. Homeowners who are thinking of selling in the next few years may want to pull the trigger sooner rather than later.

Currently, taxpayers are allowed an exclusion of $250,000 for an individual and $500,000 for a married couple on long term capital gains resulting from a sale of a personal residence. To qualify for this exemption, the taxpayer needs to have made the house his or her personal residence for at least 2 of the last 5 years.

The exclusion is not available to second homes, investment property or any home that has not been a primary residence for the required length of time. So all these sellers, plus all primary home sellers with gain above the exclusion level, will be sending some of the profits to Uncle Sam.

For long term owners or those with very expensive homes, this tax rate is significant. For example, if the long term rate rises just 5% in 2012, an individual with a million dollar gain on a qualifying personal residence will face a $37,500 higher federal tax bill selling in 2013 than one would in 2012. A 10% change would mean an additional $75,000 in taxes. For those without a personal residence exemption, those additional taxes would amount to $50,000 and $100,000.

So, if you’re thinking of selling in the next few years, add probable tax changes to your list of reasons to do it now. This may sound like a self-serving comment from someone who makes a living selling homes, but are you willing to bet that rates won’t be much higher in 2013? Oh, and don’t stop dreaming of newly minted valley millionaires. 

]]> Fri, 20 Jan 2012 00:00:00 GMT Mdreyfus Blog <![CDATA[Palo Alto 4th Quarter 2011 Results]]> http://www.dreyfusproperties.com/blog/post/83/ http://www.dreyfusproperties.com/blog/post/83/
Real estate agents have their seat belts on and their tray tables locked as they wait to see how the much the heralded “Facebook Effect” actually plays out. Rather than make you wait, we will tell you what we think. It’s going to be everything every waiting seller is wishing it will be and more.
Inventory is as low as we have seen it in years. Buyers are stacking up like aircraft on a foggy day at SFO.

Interest rates are incredibly low, and the only thing holding back an absolute dam break is that the banks can’t understand what makes this place tick. Not to worry, though, local banks are filling the niche and the financial brokerages are all wound up to give straddle loans on just-issued public stock so the IPO hoard doesn’t have to wait for the lock-up to expire to spend their newly found riches.

On the other hand, the Facebook IPO could tank, everyone will stop importing expensive talent and our little local bubble will pop.

Kidding. It’s 1997 in Palo Alto. Here we go again.]]> Wed, 18 Jan 2012 00:00:00 GMT Mdreyfus Blog <![CDATA[What happened in Menlo Park real estate in Q4?]]> http://www.dreyfusproperties.com/blog/post/76/ http://www.dreyfusproperties.com/blog/post/76/ We are still in a seller's market in 2012. Inventory remains extremely low. Dreyfus Properties has just released its 4th quarter market report, comparing the final three months of 2011 to same time period year before.

What's happening with Menlo Park prices?
Menlo Oaks is the poster child for our current situation: low inventory and high prices. Its median sale price is up 40% and has a zero listings currently on the market. Not all neighborhoods are as extreme as Menlo Oaks. For instance, Central Menlo's median sale price is down 5%, but the averate sale price has increased 2%. This means that lower priced homes are moving in Central Menlo (homes under $2M+)

Allied Arts' average and median sale price increased nearly 40%. By contrast, average and median sale price fell in the Willows and University Heights, largely because the types of homes selling here are smaller, lower-priced listings. 

What's happening with Menlo Park inventory?
I always look at inventory because it drives prices. Low inventory means higher prices and frustrated buyers. Every neighborhood in Menlo Park has less than thre months' housing supply. That's the benchmark we use to say whether it is a buyers or a sellers' market. Menlo Park is definitely a sellers market. The average days' supply across all of Menlo Park is 56. 

In neighboring Atherton, Lindenwood is going gangbusters. Average sale price is up 48%, median sale price is up 58%, with only a 30 day supply of housing.

What does this all mean?
Every time inventory has hit this low point, supply rebounds. Your neighbors will be selling again soon, so the time is now to get the best possible value for your home. If you've been thinking of selling your home, now is the time to talk to me.

]]> Mon, 16 Jan 2012 00:00:00 GMT Asmith Blog <![CDATA[Walkability Increases Home Values]]> http://www.dreyfusproperties.com/blog/post/75/ http://www.dreyfusproperties.com/blog/post/75/

http://blog.walkscore.com/wp-content/uploads/2009/08/WalkingTheWalk_CEOsforCities.pdf


To find out your neighborhood's walkability rating click below:

http://www.walkscore.com/
]]> Thu, 5 Jan 2012 00:00:00 GMT Asmith Blog <![CDATA[Low Inventory]]> http://www.dreyfusproperties.com/blog/post/73/ http://www.dreyfusproperties.com/blog/post/73/ Wed, 7 Dec 2011 00:00:00 GMT Asmith Blog <![CDATA[Buildable lots in Atherton and Menlo Park sell quickly with multiple offers!]]> http://www.dreyfusproperties.com/blog/post/72/ http://www.dreyfusproperties.com/blog/post/72/ Wed, 7 Dec 2011 00:00:00 GMT Maryjo Blog <![CDATA[Rare 2 Acre West Atherton Home Open Sunday]]> http://www.dreyfusproperties.com/blog/post/71/ http://www.dreyfusproperties.com/blog/post/71/ The M.A. Harris Estate presents a chance to live on a grand, serene estate located in the heart of Atherton. This magnificent home of approximately 11,000 square feet also features an 8-car garage complex, swimming pool, tennis court, gardens and carriage apartment. Please come tour this home at 120 Selby Lane on Sunday, December 11th, 1:30-4:30.

For more, visit
http://www.120selby.com


]]> Wed, 7 Dec 2011 00:00:00 GMT Maryjo Blog <![CDATA[Secret Fed Loans Help Banks Net $13 billion]]> http://www.dreyfusproperties.com/blog/post/69/ http://www.dreyfusproperties.com/blog/post/69/

http://bloom.bg/vW28X6

]]> Mon, 28 Nov 2011 00:00:00 GMT Dulcy Blog <![CDATA[Why we love Palo Alto during the fall....]]> http://www.dreyfusproperties.com/blog/post/66/ http://www.dreyfusproperties.com/blog/post/66/ ]]> Mon, 28 Nov 2011 00:00:00 GMT Mtaser Blog <![CDATA[Menlo Park Q3 2011 Stats and Neighborhoods Report]]> http://www.dreyfusproperties.com/blog/post/64/ http://www.dreyfusproperties.com/blog/post/64/ Menlo Park (west of 101) took a bit of a rest from a sizzling spring and summer as third quarter median prices dipped 8.8% off the 3rd Qtr 2010 and 6.6% off last quarter. Cautious buyers coupled with a 33% drop in inventory from the previous quarter caused the slowdown. In addition, Menlo Park moved closer to Palo Alto in the no-longer-a-bargain category, and anecdotally, we see Buyers checking out the weaker markets both north and south as options to paying full freight in Menlo Park.

Allied Arts
A preponderance of lower end deals dragged the numbers down for Allied Arts as the average dropped 5%. The median however performed nicely with a 15% increase from Q3 2011. Empty nesters coming into the neighborhood continue to put strong pressure on the demand side.

Alpine Road Area
One sale in this little corner of Menlo Park.

Central Menlo
Essentially flat from last quarter, Central Menlo shows a dip in the median of 9.5% from Q3 2010. Inventory, however is at its lowest point in the past 3 years and early sales in the 4th quarter point to all systems go.

Felton Gables
No sales in the third quarter for Felton Gables

Linfield Oaks
Only two sales so the entry level one at $1,025,000 messes with the numbers a bit. Still no inventory with a 13 days supply.

Menlo Oaks
In a flop from last quarter average prices dropped slightly while the median jumped up 21% from the same quarter last year. Buyers see value here and are driving the entry level higher.

Sharon Heights
Average and median prices rose over the previous quarter, but are still off 2010 numbers as the absence of sales at the higher end of the neighborhood continues to be reflected in the statistics. Inventory popped down a little, but remains high when compared to last year.

University Heights
After a good run, things leveled off in unincorporated Menlo Park. Sales remain solid and inventory even.

The Willows
Finally a breather in the Willows long bounce off the bottom. Sellers pushing their prices a bit much with dreams of facebook buyers may be causing some of the slow down.

Suburban Park/Flood Park
With the slow down in the Willows, the Flood Park area takes up the torch of hot neighborhood. Buyers looking for value and strong neighborhood dynamics drove the median up 19% over last year.  ]]> Tue, 22 Nov 2011 00:00:00 GMT Stats Blog <![CDATA[Atherton Q3 2011 Stats and Neighborhoods Report]]> http://www.dreyfusproperties.com/blog/post/63/ http://www.dreyfusproperties.com/blog/post/63/ Atherton is finally joining the party, with significant increases of 6.4% on the average and 11% on the median from the same quarter last year. At the same time, inventory has decreased 35% from last year. Even more significant are the high-end private market sales which started in this quarter and have carried into the next. The average sale price is now 45% over the horror of Q4 2008 and only 15% off the pre-crash levels of Q3 2008.

Lindenwood
The average sale price leapt up 12% as higher end homes started moving. Inventory levels have stabilized after a glut in 2009 and 2010. Relocation buyers are driving the market.

Lloyden Park/Central Atherton
The bottom dropped out of the stats as the only movers were in the under $2,000,000 market. Over $3,000,000 is still a tough sell in Central Atherton. Maybe the last spot for great value.

West Atherton
Boom goes the pricey neighborhood. Average and median prices rose 29% and 31% respectively as buyers snapped up the extremes of the market. Homes in the $7m to $10m range are piling up a bit, but the entry level and over $10m markets are hot, hot, hot, as buyers are willing to pay for perfect or squeak into the neighborhood and live next to it.

West of Alameda
Sales of under $3m ranchers gave way to sales of move-in homes in the $4m-$7m range as the median price jumped a staggering 111% from the same quarter last year. Relocating buyers looking for move-in homes helped push things along. ]]> Tue, 22 Nov 2011 00:00:00 GMT Stats Blog <![CDATA[Fabulous New Listing in Linfield Oaks]]> http://www.dreyfusproperties.com/blog/post/61/ http://www.dreyfusproperties.com/blog/post/61/ 193 E. Creek  in Menlo Park is a fabulous home that is ready to be snatched up just in time for the holidays.  It is tastefully remodeled and turnkey.  With less buyers to compete with this is a great time to purchase.  Unlike other areas in the country our market does not get called due to bad weather. My latest listing, 60 Willow, sold in one week with three offers.  Don't miss this wonderful opportunity.]]> Mon, 21 Nov 2011 00:00:00 GMT Ctonetti Blog <![CDATA[Old Palo Alto sold in 7 days!]]> http://www.dreyfusproperties.com/blog/post/60/ http://www.dreyfusproperties.com/blog/post/60/ Fri, 18 Nov 2011 00:00:00 GMT Maryjo Blog <![CDATA[Open Sunday]]> http://www.dreyfusproperties.com/blog/post/59/ http://www.dreyfusproperties.com/blog/post/59/ www.120selby.com

Please visit us this Sunday, 1:00pm-4:00pm.

]]> Fri, 18 Nov 2011 00:00:00 GMT Maryjo Blog <![CDATA[Linfield Oaks]]> http://www.dreyfusproperties.com/blog/post/58/ http://www.dreyfusproperties.com/blog/post/58/ Thu, 17 Nov 2011 00:00:00 GMT Asmith Blog <![CDATA[Linfield Oaks]]> http://www.dreyfusproperties.com/blog/post/57/ http://www.dreyfusproperties.com/blog/post/57/ If you are a seller - it's a great time to sell!  My latest listing at 60 Willow Road sold in 7 days with 3 offers and went over list price!  



]]> Thu, 17 Nov 2011 00:00:00 GMT Asmith Blog <![CDATA[Dreyfus tells his story on Google Apps webinar]]> http://www.dreyfusproperties.com/blog/post/55/ http://www.dreyfusproperties.com/blog/post/55/
Our clients are the technology leaders of Silicon Valley. Thanks to his clients, Michael was exposed early on to cloud infrastructure. Our model is a collaborative, small group environment. Michael quickly saw the haring and collaboration of Google Apps was a good fit for his business – not to mention the cost savings, reliability and mobility that Google Apps brings. Check out this webinar to learn more about our experience with Google Apps (jump to minute 11:07 to hear Michael!) 

http://www.youtube.com/watch?v=B_TXq-qBSb0


]]> Thu, 10 Nov 2011 00:00:00 GMT Marketing Blog <![CDATA[South Palo Alto Q3 2011 Neighborhoods Report]]> http://www.dreyfusproperties.com/blog/post/54/ http://www.dreyfusproperties.com/blog/post/54/ SOUTH PALO ALTO
Incredible interest rates are starting to affect South Palo Alto, with a nice 5% rise over last years average prices. On top of that inventory dropped nearly 40% from the previous year. Multiple offers continue to be common, although that is more a function of marketing choices rather than a reflection of a super-heated market. South Palo Alto neighborhoods include Green Acres, Barron Park, South Palo Alto, Midtown, and Ventura.



Barron Park
A reduction in the average and median sale prices was accompanied by a dramatic uptick in sales with 8 in the neighborhood versus only 1 the year before. Average days on the market was a low 26 days.

Green Acres
THE hot neighborhood. Laughing at seasonal fluctuations that seem to affect other mere mortal neighborhoods, Green Acres posted its 5th consecutive quarterly increase in prices with this quarters average and median coming in a stunning 71% and 60% over Q3 2010. All this has been done while also having a steady rise in the number of homes sold. If you’re thinking of selling in this neighborhood, run don’t walk.

Midtown
An uncharacteristic drop in reliable Midtown’s values from the same quarter last year, masks the steady consistency of values in this popular neighborhood. Inventory is off 38% from the previous year forecasting continued stron performance for the neighborhood.

South Palo Alto
Median sale price rose while average price fell as interest rates helped the entry level part of the market the most. Inventory remains low, off 44% from the same quarter last year. Days on the market before sale dropped to 14, the lowest level in several years.

Ventura
Still climbing up, Ventura posted its third consecutive rise this year with a 2% and 3% rise in average and median sale price. Inventory ticked up a bit from the previous quarter, but is down a startling 61% from the same quarter last year. ]]> Thu, 10 Nov 2011 00:00:00 GMT Stats Blog <![CDATA[Apples to Apples; Palo Alto]]> http://www.dreyfusproperties.com/blog/post/53/ http://www.dreyfusproperties.com/blog/post/53/ http://matrix.mlslistings.com/DE.asp?ID=321570547.

The sales history of the house is a snapshot of the last decade of residential real estate in Palo Alto.  Purchased for lot value at $435,000 in 1997, the newly built home was sold in late 1999 at an unkown price off a list price of $2,495,000.  Given what was going on at the time, it was most likely a sale substantially over list price.  It was offered again for sale at the peak of the dot.com market in early 2000 for $3,800,000.  It didn't sell.  Sensing new weekness in the market, the home was dropped to $3,350,000  and finally sold in August of 2000 for $3,275,000.

This is where the story gets interesting.  The home was subsequently offered for sale for $2,795,000 in June of 2001, $2,595,000 in October of 2001 and failed to sell at $680,000 (over 20%) off its 2000 peak price.  Like all good residents of the Valley during our busts, the owners decided to wait this one out and six years later, in 2007, brought the home back on the market for $3,385,000.  That proved a bit ambitious, but a year later they got the sale done for $2,875,000.  Not the peak 2000 price, but not the bottom they had faced in the early 2000's.

And what timing they had.  Because a mere six months later on September 15, 2008, Lehman Brothers went down and the national residential real estate market went with it.

So here we are, 3 years later, with the economy still in the doldrums and our protaginist is for sale again.  The sale price: $3,050,000.

What?  Higher than the 08 peek? Yep, 6% higher.

Now, our Dreyfus Properties local stats, isolated for North Palo Alto, tell us that the average and median prices for the third quarter of 2011 are down 21.5% and 16.9% respectively compared to the the third quarter of 2008.  But our apples to apples tells a different story and suggest an interesting market trend.

Well located, move-in houses in Palo Alto are in high demand and are selling at prices above the last peak in the real estate market.  These are the homes that often forecast market moves.  They are the first homes that buyers are willing to "advance" off previous prices and they are the first homes to dwindle in inventory when the market starts moving.

So buyers for these premium neighborhoods, bad news; you missed the boat.  You will pay more than before the bust and all signs point to that more being even more next year.  Good news?  It's still cheaper than 2000.
]]> Wed, 9 Nov 2011 00:00:00 GMT Mdreyfus Blog <![CDATA[Time to be a seller]]> http://www.dreyfusproperties.com/blog/post/51/ http://www.dreyfusproperties.com/blog/post/51/ Tue, 8 Nov 2011 00:00:00 GMT Ctonetti Blog <![CDATA[North Palo Alto Q3 2011 Neighborhoods Report]]> http://www.dreyfusproperties.com/blog/post/50/ http://www.dreyfusproperties.com/blog/post/50/

Community Center
Big drop in prices reflects a quiet quarter with only two sales. Don’t read much into the numbers, demand is still out there for this popular neighborhood, as reflected in the rise of price per sq ft to $1,054, a record number for the PA neighborhoods.

College
The College neighborhood continues to show big hits off last years numbers when the number of houses for sale were double and more high-end homes were influencing the market. This quarters numbers, while down from last year, actually show a 13% median increase and 25% average increase over last year.

Crescent Park
Big drops in the median and averages as inventory shot up in response to the big sales of the spring quarter and the sales were more middle end. A couple big sales already this quarter should show a rebound in the numbers. One of the few neighborhoods were inventory is higher than previous quarters.

Downtown
Downtown continued its run as prices kept at their 40% median rise over last year. Plummeting inventory and its comparable bargain prices to Professorville and Crescent Park made Downtown properties fly off the shelf. Finally getting to magic 30 days supply numbers, sign of a hot neighborhood.

Green Gables
Steady appreciation is becoming expected for this family friendly North Palo Alto neighborhood. Sales volume ticked up 11% from last year and inventory stayed relatively stable.

Professorville
A multiple offer $3.3m sale for a teardown in Professorville demonstrates the continued strong demand for this historical neighborhood.

Palo Alto Hills
A nice bump in prices with a 26% rise in average and 13% rise in median over last year. Needs to get rid of some dwindling inventory issues to turn the corner as a stronger neighborhood.

Old Palo Alto
Palo Alto’s blue chip neighborhood showed an impressive 22% rise over the previous year in median price as the buyers snapped up a number of mid-range homes in the 2 to 3 million dollar price range. Inventory showed a dramatic drop of 45% from the same quarter last year.

 ]]> Tue, 8 Nov 2011 00:00:00 GMT Stats Blog <![CDATA[Market Read; Palo Alto Q3 2011]]> http://www.dreyfusproperties.com/blog/post/52/ http://www.dreyfusproperties.com/blog/post/52/
Consistent with the third quarter last year, average and median prices showed a significant dip off the second quarter for the the North Palo Alto neighborhoods. This seasonal fluctuation is due to the lack of big ticket homes offered for sale during the vacation months of the year. That being said the numbers are relatively flat from last year and are holding at a roughly 15% average price increase from the despair markets of 2009. Our read, prices are up but the buyers are holding firm against price increases off of previous sales.

Incredible interest rates are starting to affect South Palo Alto with a nice 5% rise over last years average prices. On top of that inventory dropped nearly 40% from the previous year. Multiple offers continue to be common, although that is more a function of marketing choices in list price setting rather than a reflection of a super-heated market.]]> Mon, 7 Nov 2011 00:00:00 GMT Mdreyfus Blog <![CDATA[Welcome, Mary Jo!]]> http://www.dreyfusproperties.com/blog/post/45/ http://www.dreyfusproperties.com/blog/post/45/ Mary Jo McCarthy join our Dreyfus Properties team. Her professionalism and knowledge of the community fit perfectly with our way of doing business. She is a huge addition to our focus on local knowledge and agent collaboration. Visit Mary Jo's webpage to learn more about her.

Welcome Mary Jo!


]]> Thu, 27 Oct 2011 00:00:00 GMT Mdreyfus Blog <![CDATA[Market Read]]> http://www.dreyfusproperties.com/blog/post/43/ http://www.dreyfusproperties.com/blog/post/43/
You can go ahead and file my opinion in the real estate propaganda file if you want, but what I know is very different from what I read. What I read is that Greece is going to take us all down and the Euro issues haven’t even hit us yet. Congress is going to tank us all in order to assure the other party can’t claim success and the economy is heading into the dreaded double dip.

What I know, however, is that Facebook, Google and other significant local companies are in the throes of the largest hiring expansion (you can almost say binge) in their history. We at Dreyfus Properties are seeing these hired people relocating with our own eyes, as they show up at our open houses and call us to find them a home. Local rents are through the roof. I also know that inventory in our little micro-market is on the low side.

So I apply what I know to the classic residential real estate fundamentals. Those being:
  • Real estate trends and values, like politics, are local
  • Residential real estate values are strongly correlated with jobs.
  • The Will Rogers rule (“Buy land, they ain’t making any more of it”) should be appended to read “and especially on the San Francisco Peninsula.”
If I didn’t read the newspaper, I would think we were locked and loaded for a big jump in local housing prices. Oh, did I mention that interest rates are at an historic low? National gasoline on a coming local fire.  ]]> Thu, 22 Sep 2011 00:00:00 GMT Mdreyfus Blog <![CDATA[The Inside Scoop]]> http://www.dreyfusproperties.com/blog/post/42/ http://www.dreyfusproperties.com/blog/post/42/
]]> Thu, 22 Sep 2011 00:00:00 GMT Mdreyfus Blog <![CDATA[South Palo Alto Second Quarter Market Stats and Commentary]]> http://www.dreyfusproperties.com/blog/post/41/ http://www.dreyfusproperties.com/blog/post/41/ South Palo Alto Neighborhoods:
Green Acres, Barron Park, South Palo Alto, Midtown, Ventura

Average Price: $1,381,665 (-2.7%)
Median Price: $1,293,000 (-0.5%)
Average Price per square foot: $786 (+6.8%)




As opposed to North Palo Alto, South Palo Alto showed a slight pull-back from same quarter numbers of 2010. Part of the reason is that North Palo Alto's 2011 already happened in South Palo Alto in 2010. The higher end markets fall harder and generally take longer to recover, putting North Palo Alto a year behind. That being said, the absorption rate in South Palo Alto was 70%, a dramatic improvement over 46% a year ago. That fact, coupled with a 23% drop in inventory and dropping interests rates bodes well for the neighborhoods south of Oregon Expressway.

Barron Park
Barron Park continues its roll as the median sale price rose over 25% from the same quarter 2010. A drop in average price reflects the absence of spec homes in the neighborhood, but a corresponding 50% rise in homes under contract points to upside for Palo Alto’s rural gem.

Green Acres
The higher end of the neighborhood caught buyers attention as the average sale was up 19% compared to 3% for the median. Inventory remains on the seller's side with a 54 day supply.

Green Gables
The little engine that could of the neighborhoods, Green Gables continues its steady rise since bottoming out in late 2009. Under contract increases of 61% and sale increases of 64% from the same quarter last year demonstrates the continued good health of its housing stock values.

Midtown
Another reliable performer, Midtown is the treasury bond of Palo Alto housing. A popular neighborhood with a relatively affordable housing stock, Midtown offers great value to those who want entry level housing and lots to build on. Accordingly, it notches another 3% rise in its steady climb.

South Palo Alto
Another steady performer, South Palo Alto shows a slight dip in price, but don’t be fooled. Plunging interest rates will help this housing stock a bunch. Expect a positive future.

Ventura
All is good in Palo Alto’s least expensive neighborhood. Back from the dead last year, Ventura has its eye on breaking the $1,000,000 mark for median sales price. Interest rates should help.]]> Thu, 22 Sep 2011 00:00:00 GMT Mdreyfus Blog <![CDATA[North Palo Alto Second Quarter Market Stats and Commentary]]> http://www.dreyfusproperties.com/blog/post/40/ http://www.dreyfusproperties.com/blog/post/40/ North Palo Alto Neighborhoods:
College, Old Palo Alto, Green Gables, Crescent Park, Community Center, Professorville, Downtown, Palo Alto Hills

Average Price: $2,135,423 (+4.8%)
Median Price: $1,870,000 (+0.3%)
Average Price per square foot: $881 (+4.3%)



Average price for North Palo Alto was up 5% from the same quarter of last year. The median, however, stayed roughly the same. The big story was buyers, and lots of them. The number of sales increased 50% quarter to quarter and inventory dropped 17%. Sales absorption, the number of homes listed for sale that sold, was a staggering 77% - the highest number seen in the last three years, and the end of what has been a steady upward trend since the first quarter of 2010.

College
A big drop in price for the College neighborhood that some see as a bounce off Facebook leaving the neighborhood. In reality, it's just a massive drop in what’s for sale as absorption rates hit over 70%, the highest numbers seen in the past three years.

Old Palo Alto
One of the few red performers, Old Palo Alto showed a 13% reduction in the median and 5% reduction in the average sales price as sellers stuck to their prices and buyers waffled on paying them. However, a significant $8 million plus sale in the private market was not included in these stats and would have helped the reported numbers tremendously, so don’t feel too bad for those in Palo Alto’s priciest neighborhood.

Community Center
The number had to come down at some point, as Community Center was on a tear that threatened to price it out of the market. Don’t fret the 15% drop in prices from the previous quarter; there is a 7 day supply of houses in the neighborhood, so it's still a big-time seller’s market.

Crescent Park
Crescent Park maintained its lofty increases from the spring. Inventory ticked up a bit as some seller’s got a little greedy on list prices.

Professorville
There was a break in Professorvile's hot streak, as buyers try to figure out why it is that so many people want to live there. A thirteen day supply at least explains why the prices have gone on an upward joy-ride.

Downtown
Downtown finally busted open as it became seen as a bargain compared to the other walk-to-town neighborhoods of Professorville, Crescent Park and Community Center. The median sale price was up 38% from the year before and inventory continued to drop.

Palo Alto Hills
Numbers mean little in this low inventory neighborhood.  Still, several high-priced homes have struggled to find buyers.
 ]]> Thu, 22 Sep 2011 00:00:00 GMT Mdreyfus Blog <![CDATA[Palo Alto Market Report & Commentary]]> http://www.dreyfusproperties.com/blog/post/39/ http://www.dreyfusproperties.com/blog/post/39/ Palo Alto North and South in separate posts.]]> Thu, 22 Sep 2011 00:00:00 GMT Mdreyfus Blog <![CDATA[Palo Alto tops Menlo Park again this week in multiple offers]]> http://www.dreyfusproperties.com/blog/post/38/ http://www.dreyfusproperties.com/blog/post/38/
Pending sales -- homes under contract, that is -- is a great window on how the market is moving because it's the most forward-looking indicator of market trends. We pay close attention to pending sales to get a feel for where the market is heading. This week, our poll of listing agents with properties that went pending in 30 days or less confirms that Palo Alto is hot. 

A few more homes went under contract in Menlo Park than Palo Alto last week. But Palo Alto saw much more competitive bidding.  Only 1 of Menlo Park's 6 pending sales saw multiple offers. In Palo Alto, multiple offers were presented at 3 of 5 homes that went into contract last week, according to Dreyfus Properties' poll of listing agents.






*Time Period: July 18 - 25
**Results based on email poll of listing agents with properties that went pending in 30 days or less.
_________________________





 ]]> Wed, 27 Jul 2011 00:00:00 GMT Marketing Blog <![CDATA["It's time to sell in Palo Alto" - Susan Tanner interviewed in the Palo Alto Patch]]> http://www.dreyfusproperties.com/blog/post/36/ http://www.dreyfusproperties.com/blog/post/36/ Dreyfus Properties is in the news again. First Michael Dreyfus in Fortune magazine, and now Susan Tanner in the Palo Alto Patch. Armed with the sales numbers we've just released, Susan Tanner spoke to the newspaper about the surging market in Palo Alto. Read what Susan has to say in the the full article.






The Patch took note of our eye-ball busting numbers: homes under contract in Palo Alto went up 60% since May of last year.

Homes under contract, or pending sales, is a very accurate read of the market right now. Units sold is a backward looking number, whereas units under contract indicates where the market is trending. Susan and our agents use this heads-up information to help their homebuyer and seller clients react to the moves of the market.

Sign up to receive our monthly market update emails.

]]> Thu, 21 Jul 2011 00:00:00 GMT Marketing Blog <![CDATA[Portola Valley & Woodside bust out in Q2, led by high end sales]]> http://www.dreyfusproperties.com/blog/post/35/ http://www.dreyfusproperties.com/blog/post/35/ After a long period of inactivity, Portola Valley and Woodside have finally busted out with a positive quarter, led mostly by high end sales in both cities. Portola Valley showed a 32% rise in average sale prices, a number that is actually higher in that it does not reflect several over $10 million dollar off-market sales. Likewise. Woodside posted a 20% rise. It, too, had several unreported sales in the over $10 million dollar market. Woodside Hills and Woodside Glens showed sharp signs of recovery. All in all, it appears that the buyers are back in rural markets of the mid-peninsula.
 

Portola Valley & Woodside
 

PORTOLA VALLEY  |  WOODSIDE


Brookside Park
Significant drops in average and median sales prices from the same quarter last year masks the positive news that sales are up 300%, as buyers responded to seller’s realistic pricing. Inventory also plummeted to a 30 day supply as the market shifted sharply in the sellers favor.

Central Portola Valley
Wow. The hill busted out with over 60% bumps in the median and average sales price as the high-end buyers leapt off the fence. Several mega “quiet sales” also occurred. They are not reflected in the official numbers making this one of the best quarters seen in the neighborhood since the go-go days.

Ladera
Ladera continues its strong performance as one of the least volatile neighborhoods in Portola Valley. Except for a disappearing act in the first quarter of 2009, the neighborhood has performed remarkably well through the last downturn and continues to show steady price improvements on a quarter by quarter basis.

Los Trancos/Vista Verde
Schizophrenic numbers reflect a high end sale in the Buck Meadows neighborhood mixing with some entry level sales in Los Trancos.

Portola Valley Ranch
PV Ranch bounced back from a few week quarters with some solid sales. Low inventory bodes well for increased prices.

Santa Maria / Russell Area
Prices reached a two year high as inventory dwindled and under contract sales rose in the neighborhood.

Central Woodside
The sweet spot of Woodside matched Central Portola Valley as prices surged up the charts after two years in the doldrums. Multiple high-end “quiet sales” also went down as a flurry of sales occurred in the later part of the quarter. Under contract sales were up 100%, but inventory also rose dramatically as pent-up sellers listed in response to the new prices.

Emerald Hills
Prices held firm but inventory dropped and sales tripled forecasting potential price appreciation in the coming quarters.

Hidden Valley
Volume is so low in this neighborhood that statistics are insignificant, so we leave it off our graph. That being said a $20 million property on Hidden Valley sold after a year on the market. Another example of the return of the elite home buyers.

Woodside Glens
Finally some price recovery after a tough 2010. Inventory still remains way too high and even climbed dramatically in the second quarter, up 50% over the year before.

Woodside Hills
The best performing neighborhood in Woodside and Portola Valley. Inventory dropped over 50% from the previous year resulting in a surge in sale prices. Sales were also up 300% as buyers recognized that the deals were disappearing and jumped in to purchase. ]]> Wed, 20 Jul 2011 00:00:00 GMT Marketing Blog <![CDATA[Palo Alto sees twice as many offers on homes that went under contract in the past 3 weeks]]> http://www.dreyfusproperties.com/blog/post/34/ http://www.dreyfusproperties.com/blog/post/34/ We've collected information on multiple offers from local agents for all homes for sale that went into contract over the past three weeks.  The numbers confirm what our agents are seeing in the field:  nearly the same number of properties went pending in Menlo Park (22) and Palo Alto (20), but Palo Alto (39) saw nearly twice the number of offers than Menlo Park (23). Michael Dreyfus tells the tale of one competitive bidding situation on a home he sold in this month's Fortune magazine cover story.Multiple Offer Situations on Pending Home Sales



 

Time Period: June 26 - July 17

Results based on email poll of listing agents with properties that went pending in 30 days or less.

]]> Wed, 20 Jul 2011 00:00:00 GMT Marketing Blog <![CDATA[Michael Dreyfus is featured in Fortune magazine cover story]]> http://www.dreyfusproperties.com/blog/post/33/ http://www.dreyfusproperties.com/blog/post/33/ This month's Fortune magazine's cover story kicks off with a vignette from Michael Dreyfus about a home he recently sold above list price in a frantic bidding war among seven buyers. The upshot? "We live in an alternate universe here." Michael said. Read the full story at Fortune Magazine:

http://tech.fortune.cnn.com/2011/07/11/dont-call-it-the-next-tech-bubble-yet/

"Michael Dreyfus, 49, is a leading real estate broker in the heart of Silicon Valley. During the winter he sensed the housing market was coming back, though he hadn't a clue what he'd be in for. In February prospective sellers came to him with a listing for a perfectly respectable property in Palo Alto: four bedrooms, three bathrooms, 7,500-square-foot lot, needs work. He recommended that the sellers ask $1.9 million. When the house went on the market in April, they had bumped the price to $2.3 million. Seven offers came in above that price; $2.7 million won the frantic bidding. Several buyers attempted to make offers even as the broker was supervising repairs to a kitchen flooded by a burst pipe. What's a little leak when the price tomorrow may hit $3 million? "We live in an alternative universe here," Dreyfus acknowledges."  

Source: "Don't Call It the Next Tech Bubble - Yet." FORTUNE magazine, July 2011.

]]> Mon, 11 Jul 2011 00:00:00 GMT Marketing Blog <![CDATA[Dreyfus Properties listing featured in SF Chronicle]]> http://www.dreyfusproperties.com/blog/post/32/ http://www.dreyfusproperties.com/blog/post/32/
Link to article: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/06/29/SBH11JSDU3.DTL]]> Wed, 29 Jun 2011 00:00:00 GMT Marketing Blog <![CDATA[Dreyfus Properties featured in main news article of the Palo Alto Daily Post]]> http://www.dreyfusproperties.com/blog/post/31/ http://www.dreyfusproperties.com/blog/post/31/ We received a lively welcome to the Menlo Park Chamber of Commerce with a special ribbon cutting ceremony here at our Menlo Park office on 2100 Sand Hill Road on June 13, 2011. Our expansion has brought and will continue to bring much excitement to prominent publications such as the Palo Alto Daily Post. See image on left hand side for our feature on page 7 of the Daily Post.
]]> Thu, 23 Jun 2011 00:00:00 GMT Marketing Blog <![CDATA[It's a Seller's Market in Palo Alto]]> http://www.dreyfusproperties.com/blog/post/30/ http://www.dreyfusproperties.com/blog/post/30/
South Palo Alto
South Palo Alto continues its teat with under contract sales up 47% and number of sales up 17% over the same time last year. Average price is up 7%, while the median rose 3%, indicating action in the higher price homes in the neighborhood. Average days on the market plummeted to 13 days for properties sold in May.

North Palo Alto
North Palo Alto, with its higher price point, has caught up to the heat experienced late last year in South Palo Alto. Under contract sales jumped 90% from May of last year. Anecdotally, June is seeing as many as 5-7 offers on properties in the $1,500,000 to $3,000,000 range, with some properties selling for as much as 20% to 30% over list price. We expect June statistics to show dramatic increases in average and medium prices.

Palo Alto Forecast
We see the market continuing to ratchet up into next year. Newly minted executives from the developing social network companies as well as established local players are chasing a dwindling inventory of homes. We anticipate a bit of leveling off in Palo Alto as price-shocked buyers lean toward the relative bargains in Menlo Park and Los Altos. Once those prices adjust to normal differentials, however, Palo Alto is poised to push forward again, as it is still considered the safe bet for moving into the area from far away. What's next? The locals get back into the move-up market.

]]> Thu, 16 Jun 2011 00:00:00 GMT Marketing Blog <![CDATA[Big name executives buy homes in Palo Alto - and what it means for the local market]]> http://www.dreyfusproperties.com/blog/post/29/ http://www.dreyfusproperties.com/blog/post/29/
]]> Wed, 11 May 2011 00:00:00 GMT Marketing Blog <![CDATA[Palo Alto Housing Sales: A lull in the recovery]]> http://www.dreyfusproperties.com/blog/post/27/ http://www.dreyfusproperties.com/blog/post/27/
After three quarters of steady recovery from a grim 2009, the end of 2010 saw a dip in both average and median prices in Palo Alto. Responding to buyers’ reluctance to pay prices that had risen above first quarter 2010 numbers, many sellers pulled their homes off the market, choosing to wait for better days. We anticipate a return of these sellers to the market in the spring, setting off another game of chicken between buyers who want 2009 prices and sellers who have shown an appetite to wait for more.

We analyze the individual neighborhood numbers with the proviso that many of these neighborhood statistics are built on small sample sets and should be read as indicators and not gospel.

BARRON PARK
Continuing its recovery from steep declines in early 2010, Barron Park saw incredible jumps in average and median prices. Inventory dropped while sales held steady. Fourth quarter sales were nearly double 2009 numbers.

COLLEGE
The neighborhood continued its trend upward, as median prices jumped up almost 16%. In contrast to other areas, the higher end of the neighborhood seems to be moving fairly well.

COMMUNITY CENTER
A sharp drop in average prices shows a slow-down in the upper end of the Community Center market. Much of this drop is due to lack of inventory in that price point.

CRESCENT PARK
Dramatic average and median price drops from the previous quarter reflect the pull back of sales at the higher end of the price point. The market under $2,500,000 remains robust, but supply crept up late in the quarter as buyers waited out the holidays.

DOWNTOWN
While below prices a year ago, the downtown market actually saw a jump up from 2010 third quarter prices, as buyers saw value and started to jump in. Inventory has returned to more normal levels after a glut in 2009.

GREEN ACRES
Another neighborhood that benefited from strength at the lower end of the Palo Alto pricepoint. Green Acres saw increases in sales prices during a typically sleepy time of year. Inventory remains on the high side, but demand seems to be sufficient for these higher numbers.

MIDTOWN
Modest decreases in pricing is probably more attributable to fourth quarter slowdowns than a declining market. Midtown enjoyed a strong 2010, with prices appreciably higher than 2009 numbers. Inventory remained low in comparison to 2009 numbers.

OLD PALO ALTO
Palo Alto’s priciest neighborhood remained in the doldrums, as the higher end price point continues to be stagnant. Median list prices are, on average, $325,000 over median sales prices, showing a disparity between what sellers and buyers think houses are worth.

PALO ALTO HILLS
The bleeding appears to have stopped, as Palo Alto Hills saw some sale prices off the early 2010 lows. Numbers are tough to believe in this low volume neighborhood, but our gut says there is value here. Some rural buyers are starting to wake up to the appeal of Palo Alto Hills.

PROFESSORVILLE
Professorville remains one of the best performing neighborhoods in Palo Alto. A broad demographic of young professionals, empty nesters, and families keeps prices steady and inventory low.

SOUTH PALO ALTO
South Palo Alto remains the steady performer it always is, with steady prices and sales. Supply remains consistent with demand. Well-priced homes don’t stay on the market very long.

VENTURA
A dip in prices seems to be caused by a jump in the number of sales, as sellers decided together that it was time to get out. By and large, prices remain steady for 2010 and inventory numbers seem stable. 

]]> Tue, 15 Feb 2011 00:00:00 GMT Marketing Blog <![CDATA[Palo Alto housing sales: The bounce off the bottom continues]]> http://www.dreyfusproperties.com/blog/post/26/ http://www.dreyfusproperties.com/blog/post/26/ The third quarter in Palo Alto saw a continuation of the bounce off the bottoms of early 2010. This recovery is more dramatic at the lower end of the price point ($900,000-$1,300,000) than at the high-end (above $2,500,000). We analyze the individual neighborhood numbers with the proviso that many of these neighborhood statistics are built on small sample sets and should be read as indicators and not gospel. Three neighborhoods that stand out are:

COMMUNITY CENTER has seen the sharpest surge in demand of all the Palo Alto neighborhoods, up 150% off last year. This has resulted in a corresponding rebound in prices and given Community Center the feel of a hot neighborhood.

CRESCENT PARK, while still 20% off the 2009 peak, Crescent Park has come storming back in 2010. A trimming of inventory gets most of the credit, but the numbers indicate that some are seeing value in one of Palo Alto’s most beloved neighborhoods and are jumping in. A three month supply of inventory is generally regarded as an equal buyer/seller marketplace.

MIDTOWN, with its middle price range housing stock is enjoying one of the bigger recoveries off the crash of last year. And with median sale prices coming in at $115,000 over median list price, this neighborhood should continue to show appreciation into 2011.

]]> Sat, 27 Nov 2010 00:00:00 GMT Marketing Blog <![CDATA[Escalation of Commitment and Home Pricing]]> http://www.dreyfusproperties.com/blog/post/10/ http://www.dreyfusproperties.com/blog/post/10/ The New York Times published an interesting article last week, Paying the Price for the Thrill of the Hunt, on dollar auctions and game theory. The article discussed game theory concepts including the "escalation of commitment" in auction-type scenarios. The game used to demonstrate the theory is one in which people bid on a $20 dollar bill with the highest bidder taking the bill and the second highest having to pay his or her final bid as well. In this scenario bids often go over the value of the bill as each party bids higher to keep from losing. We often see the same psychological dynamic in house bidding. Artificially low priced houses can draw many bidders. Making an offer on a house, particularly in our area, involves quite a bit of time and also an emotional investment. Sucked in initially by the low price, committed buyers began bidding to win rather than bidding for value. As a result of this frenzy, an under-priced house can often sell for more than if it was priced conventionally. This raises two questions. Is underpricing a smart strategy and how do you deal with underpricing as a buyer? As to the first question, underpricing can be an effective strategy in a market with sufficient demand. In essence, a determination must first be made that this is a "Sellers" market and that there are enough unsatisfied buyers to engage a sufficient number to create the commitment environment. If only one bidder shows up at an auction, you are in trouble. And in residential real estate, failing to sell a house at a certain price is a stigma that is hard to erase. From a buyers standpoint, the Times article advices that the only way to deal with such a scenario is "not to play." We have found however, that value can be had in these multiple bid situations. Sometimes the initial ask is too low and bidders feel compelled to stay within a certain percentage or number to that initial price. In this instance, a winning bidder may actually win. Knowing value before you engage and staying within that range is the trick to playing the game.

]]> Mon, 23 Nov 2009 00:00:00 GMT Mdreyfus Blog <![CDATA[PAUSD Demographic Figures Released]]> http://www.dreyfusproperties.com/blog/post/12/ http://www.dreyfusproperties.com/blog/post/12/ The Palo Alto Inified School District released the a demographic report detailing the following figures:
  • Table 1 - 11th Day Enrollment Report provides details on enrollment by school and by grade on the 11th day. Total student enrollment is 11,680, an increase of 249 students from the prior year. This table also includes Children’s Hospital School, Alta Vista, and Middle College (115).
  • Table 2- Analysis of 11th Day Enrollment 2009-10 contains an analysis of the categories of attendance included in the student enrollment count. It provides details on the number of students by grade attending PAUSD schools based on residence, Affidavits of Residence and Responsibility, Interdistrict Transfers, and the Voluntary Transfer Program.
  • Table 3 - Grade Span Growth Summary summarizes total K-12 enrollment. Between 2008-09 and 2009-10, grades K-5 grew by 98 students, grades 6-8 grew by 86 students, and grades 9-12 grew by 65 students––totaling an increase of 249 students.
  • Table 4 - K-12 Enrollment Forecast provides the District’s low, medium, and high projections, provided by Lapkoff & Gobalet Demographic Research, Inc. in 2009, and the actual 11th day enrollment. This table indicates that the actual 2009-10 total enrollment was between the low and medium forecasts.
  • Table 5 - Elementary Class Size – 11th Day Enrollment 2009-10 indicates class size by grade for each elementary school.
  • Table 6 - Ethnic Report by School 2009-10 shows the ethnic breakdown by school.
  • Tables 6A - Ethnic Report Bar Charts 2009-10 shows the ethnic breakdown by grade.
  • Table 7 – Remaining Overflow Report 2007-08 and 2008-09 shows the number of remaining overflows.
  • Table 8 - Overflow Report 2009-10 shows the 2009-10 overflows. This number will decline as students are able to attend their neighborhood schools.
  • Table 9 - Elementary Intradistrict Transfer Matrix 2009-10 provides a matrix showing transfers from school to school within the District.
Full Report Can be read at http://pausd.org/community/board/downloads/brd_packet/item_011.pdf

]]> Tue, 22 Sep 2009 00:00:00 GMT Mdreyfus Blog <![CDATA[Kudos to Palo Alto High Schools]]> http://www.dreyfusproperties.com/blog/post/11/ http://www.dreyfusproperties.com/blog/post/11/ Palo Alto Online recently reported that almost ten percent of next June's graduating classes at Gunn and Palo Alto high schools have been named National Merit Semi-Finalists, a status given to less than one percent of the nation's high school seniors. Palo Alto Online : 87 Palo Alto seniors earn National Merit honors.

]]> Tue, 22 Sep 2009 00:00:00 GMT Mdreyfus Blog <![CDATA[Flood Control Agreement - 50 Years in the Making]]> http://www.dreyfusproperties.com/blog/post/13/ http://www.dreyfusproperties.com/blog/post/13/ Talk about the Palo Alto "process." Fifty years after the frist proposal, regional authorities and municipalities have agreed on a downstream flood control project that should help upstream flooding issues that have plagued Palo Alto,Menlo Park and East Palo Alto residents for over a century. The plan, first proposed 50 years ago by Palo Alto's City Manager, calls for an $8 million widening of the channel east of Highway 101 and the lowering of a levee near the Faber Tract baylands property. In short, the changes would allow excess water to spill onto marshaland north of Palo Alto and onto the Palo Alto Municipal Golf Course. Palo Alto Online : SF Creek anti-flood plans move forward -- at last.

]]> Fri, 24 Jul 2009 00:00:00 GMT Mdreyfus Blog <![CDATA[Garland Elementary School Reopening on Hold?]]> http://www.dreyfusproperties.com/blog/post/14/ http://www.dreyfusproperties.com/blog/post/14/ The PAUSD school board is finally figuring out that the demographic flood is over. After years of over-enrollment issues in the K-5 schools, the District is "surprised" that enrollment levels have leveled off. A simple check of demographics showing that the end of the Baby Boom generation is now in their late forties, should ring a bell somewhere that they may be done producing five and six year olds. It will be interesting to watch how local school districts deal with coming under-enrollment issues. Will they make the mistakes of the past and sell off school facilities and land only to be back in the same spot when the Echo-Boom starts reproducing? Let's hope not. Palo Alto Online : Slowdown on Garland school re-opening?.

]]> Tue, 21 Jul 2009 00:00:00 GMT Mdreyfus Blog <![CDATA[Hey Larry! Wanna Buy My House?]]> http://www.dreyfusproperties.com/blog/post/15/ http://www.dreyfusproperties.com/blog/post/15/ Palo Alto and Mountain View residents may be offering to sell their houses to the Santa Clara County Assessor's Office after Chief Assessor Larry Stone and his deputies raised assessed values in those cities for the 2009 tax year. To give Mr. Stone and his office a break, assessments are based on the value of the property as of January 1, 2009. The healthier markets in the Silicon Valley and Peninsula were late to the bubble pop with pretty much no market in the 4th quarter of 2008 and lower sales posted in early 2009. In short, the County lucked out on the timing, but barring a miraculous real estate recovery, homeowners with high assessed values should see some relief in 2010. Story at Palo Alto Online : Santa Clara County property values stay flat.

]]> Wed, 8 Jul 2009 00:00:00 GMT Mdreyfus Blog <![CDATA[Paly, Gunn remodel plans in the works]]> http://www.dreyfusproperties.com/blog/post/16/ http://www.dreyfusproperties.com/blog/post/16/ Overhauls for both Palo Alto and Gunn High Schools were discussed at a school board meeting last night. Preliminary discussions for work on Gunn include two new classroom buildings, a new gym, a remodel of the exisitng gym, a performing arts building and addition to the science building and reworked parking. The Paly discussions include new classroom buildings, a media arts center and science lab, a 600-seat theatre and refurbishing of muti-use field and football bleachers. See more details on Palo Alto Online below. Palo Alto Online : Trustees ponder long-term plans for Paly, Gunn.

]]> Wed, 18 Mar 2009 00:00:00 GMT Mdreyfus Blog <![CDATA[Palo Alto makes top eco-friendly towns list]]> http://www.dreyfusproperties.com/blog/post/18/ http://www.dreyfusproperties.com/blog/post/18/ Palo Alto made Sunset Magazine's recent top five eco-friendly towns list. Other's on the list include Corvalis, Oregon; Boulder, Colorado; Salt Lake City, Utah; and Truckee, California. The best eco-friendly small towns in the West - Page 2 - Sunset.com.

]]> Sun, 1 Mar 2009 00:00:00 GMT Mdreyfus Blog <![CDATA["When You Stop Asking"]]> http://www.dreyfusproperties.com/blog/post/17/ http://www.dreyfusproperties.com/blog/post/17/
"When you stop asking" is James Grant's short answer to the New York Times Op-Ed question of "When exactly will the misery end?" From a local real estate perspective the part of his complete answer that jumped out at me was this: Hope sustains life, but misplaced hope prolongs recessions. At the root of this paradox is the notion that booms don’t just precede booms, they cause them. Modern-day booms are the products of low interest rates and easy credit. People overborrow, overpay and overindulge. They love the things that borrowed money buys, but the debts become insupportable. Then the assets, or some of them, must go. A little selling — of houses, cars, companies, stocks — becomes a lot, and the next thing you know we’re talking about nationalizing Citigroup. Wishing that this weren’t happening to them, hopeful business people and homeowners resist making necessary adjustments. Some refuse to sell the house they can’t afford. Others won’t think of selling the stocks for which they paid what seemed a reasonable price only last year but which are one-half of that reasonable price today. In short, the end occurs when people give up the unreasonable hope that the bad times are going to go away and, instead, deal with the new values of the market. This is a difficult concept for community-based residential real estate agents to deal with. We care deeply about our clients and desperately want to defend their home's value (which is ours as well). But, in doing this we may be prolonging the crisis and hurting our clients even more. We are dragging out the end by not allowing the market to reach the point where the recovery can begin. As Mr. Grant concludes: Today’s low prices, painful though they may be, are the market’s own shovel-ready stimulus. Before you know it, the stock market, and the residential real-estate market, too, will be on their way back up again — just don’t ask when. The sooner we as real estate agents accept (and find) the new values in our market, the sooner we can reach the point at which recovery starts again. This recovery will not be immediate. In our last real estate crash, the dot-com decline of 2000-2003, it was an additional three to four years after the bottom before prices returned to previous levels. In some areas and price-points it recovered but never reached those lofty 2000 peaks. We are fortunate that we live and sell in an area where demand continues to exist and supply is limited. But we, as agents and brokers, have to acknowledge that the scope and ability of that demand has been drastically reduced, and will be for some time. The sooner we acknowledge what is going on and communicate that message to our clients, the sooner we start on the path of recovery. If we refuse to deliver the hard news, then we are enabling the "unreasonable hope" of our clients. We are also allowing inventory to accumulate, possibly making the eventual moment of capitulation worse than it has to be. See the other ten experts' answers at When Will the Recession Be Over - New York Times

]]> Sun, 1 Mar 2009 00:00:00 GMT Mdreyfus Blog <![CDATA[When is a "business" a scam?]]> http://www.dreyfusproperties.com/blog/post/19/ http://www.dreyfusproperties.com/blog/post/19/ Joe Nocera's article in Saturday's New York Times is one of the clearest explanations I've read of the mechanics behind AIG's Credit Default Swap business and it's related "insurance" products that have resulted in our multi-billion dollar bailout to keep AIG afloat (and I do mean "our"). In essence, AIG insured financial instruments without keeping anywhere close to adequate reserves to cover potential claims. More importantly, the AIG AAA rating allowed financial institutions to invest in riskier investments than traditionally allowed because AIG's "insurance" would cover any failure. Interesting to think who's "fault" all this is. AIG for selling a product with woefully inadequate reserves (although not required as the insurance product is not regulated). Financial institutions for not investigating capital reserves behind the insurance they were purchasing? The ratings agencies for blessing AIG's financial health? All of the above? Read the article below. Talking Business - Desperately Protecting A.I.G.’s House of Cards - NYTimes.com.

]]> Sat, 28 Feb 2009 00:00:00 GMT Mdreyfus Blog <![CDATA[Keep eating bran cereal; it's the only way to get fiber in Palo Alto]]> http://www.dreyfusproperties.com/blog/post/20/ http://www.dreyfusproperties.com/blog/post/20/ Looks like the long-awaited Fiber-to-premises project is DOA in Palo Alto. A disappointment and a shame, but at this point probably no big deal as faster wireless solutions appear to be coming. See Palo Alto Online Article Palo Alto Online : Palo Alto hopes for fiber network darken.

]]> Thu, 26 Feb 2009 00:00:00 GMT Mdreyfus Blog <![CDATA[Palo Alto High Schools Plan Community Meetings]]> http://www.dreyfusproperties.com/blog/post/21/ http://www.dreyfusproperties.com/blog/post/21/ An email was sent to all PAUSD families inviting them to a preview of master facility plans for Gunn and Paly High Schools. Email is below PALO ALTO UNIFIED SCHOOL DISTRICT Message sent - 1/30/2009 PAUSD Community Meetings Feb. 2 & 3, 2009

Dear Parent/Guardian: Gunn and Palo Alto High Schools have been hard at work developing master facility plans for both sites. I want to extend an invitation to you to attend Community Meetings on Monday and Tuesday evenings next week. Please try to take advantage of this opportunity to actually see some of the plans and hear from the architects and others who have been involved in this exciting process! This invitation is intended to reach all parents, K-12. The decisions made in this master planning process will shape these learning environments for years to come. I hope you will make plans to attend. COMMUNITY MEETING DATES . . . Gunn High School Monday, February 2, 2009 @ 7:00 p.m. in the Gunn Library Palo Alto High School Tuesday, February 3, 2009 @ 6:30 p.m. in the Paly Library For more information on progress-to-date, please refer to the Gunn and Paly Websites. Thank you very much and enjoy your weekend! Sincerely, Kevin Skelly

]]> Fri, 30 Jan 2009 00:00:00 GMT Mdreyfus Blog <![CDATA[Where's My Fiber!]]> http://www.dreyfusproperties.com/blog/post/22/ http://www.dreyfusproperties.com/blog/post/22/ No I don't need flax seed or bran muffins. I need super high-speed internet! Palo Alto has been dangling it in front of me for years and now, and just when it looked like it was coming to my living room, they pull the rug out from under me again. The latest plan called for a consortium of companies to extend the city fiber ring to homes and small businesses at no cost to the city. That was pre-financial-meltdown talk. Now they want the city to throw in with them. In the meantime I'm on hold with the cable company. Read more Palo Alto Online : Economic crisis stalls Palo Alto fiber project.

]]> Wed, 28 Jan 2009 00:00:00 GMT Mdreyfus Blog <![CDATA[Register for Palo Alto Kindergarten by February 12]]> http://www.dreyfusproperties.com/blog/post/23/ http://www.dreyfusproperties.com/blog/post/23/ Wed, 21 Jan 2009 00:00:00 GMT Mdreyfus Blog <![CDATA[Got a Masters? Move to Palo Alto.]]> http://www.dreyfusproperties.com/blog/post/24/ http://www.dreyfusproperties.com/blog/post/24/ Lenders are asking for a lot lately, but they haven't started looking for advanced degrees to get a loan. Despite that, almost half of Palo Alto's residents have them, placing the city third on the list of most educated small towns behind Bethesda, Md. and Wellesley, Mass. Los Altos was fifth. See the Forbes rankings here. America's Most Educated Small Towns - Forbes.com.

]]> Sun, 18 Jan 2009 00:00:00 GMT Mdreyfus Blog <![CDATA[Castilleja wins its first volleyball state title]]> http://www.dreyfusproperties.com/blog/post/25/ http://www.dreyfusproperties.com/blog/post/25/ The Castilleja High School girl's volleyball team won the California State Division V Volleyball Championship last Saturday in Irvine, California. The final score was 25-15, 21-25, 21-25, 26-24, 16-14. Palo Alto Online : Castilleja wins its first volleyball state title Michael Dreyfus, father of players Adrienne and Clare is reported to have barely survived the contest

]]> Mon, 8 Dec 2008 00:00:00 GMT Mdreyfus Blog