Will Palo Alto Have a Rash of Closed Short Sales?

Last year I predicted that Palo Alto will see more short sales in the future. Well, the future is now so what is happening?  There are currently 2  short sales on the market,  5 in escrow,  and 6 closed in the last year.  This isn't a huge number, but certainly more than we saw in the early part of the century.  There's a lot of chatter in the media about how the government is giving banks and homeowners incentives for short sales, and how banks save money by allowing short sales, but does that help the typical Palo Alto underwater seller?

The short answer is no.  There is not a lot of help for owners with jumbo mortgages.

The long answer is maybe not.  

Here is what I have learned in the last year. It may not be the whole picture, as this world of what happens at the banks, hedge funds, and mortgage insurance companies is not transparent--but I have been involved in short sales and have studied them a lot.

If you are one of the few owners who has one loan then the chances of  a successful short sale are much higher.  The bank will lose less money than with a foreclosure  and will be more inclined to approve your sale. This is assuming you have a verifiable hardship.  However, even people with only one loan may run into road blocks if the bank has investors who own pieces of that loan,( frequently hedge funds) and if they don't feel the offer on the house is good enough for them they may derail the sale.

Ok, so what if you have 2 loans, but they are both with the same bank.  Again, this is usually easier than some of the other scenarios, but not a guarantee.  The bank may be willing, but the investors may not be.

Third scenario, you have 2 loans with 2 different banks.  First bank offers second bank 3-10K to allow short sale.  The theory is second bank will get nothing if there is a foreclosure.  Second bank can have 3 reactions.  

1.  Co-operate because they get nothing if there is a foreclosure.  

2.  Play hardball because they know the first bank will lose more money if they foreclose.  

3. Not cooperate because they have insurance on the second loan and will get more money if the first bank forecloses and they get paid 25% of their loan from the insurance company as opposed to the 1-5% they are being offered by the first lien holder.  In this scenario the first bank is probably not losing too much because borrower has very little equity to begin with since they borrowed on a second or equity line.

4th scenario:  In addition to a first and second loan there are other liens against the house including tax or business or personal loan liens. In this case a short sale is almost impossible to accomplish and it is not worth anyone’s time.

So as you can see this is a complicated process and not for the faint at heart.  Since many of the loans on Palo Alto homes are jumbo, there are a lot of hedge fund managers out there making decisions about markets in which they may not have enough information.  Added to that is the growing resentment against borrowers who are opting for a strategic default or foreclosure because the asset (their home) has depreciated so much they don't feel it is a good investment strategy to hold onto it.

It will be very interesting to see how many attempted short sales actually go through in the next year.

For anyone interested, here are some links to articles I've written on short sales and foreclosures:


The Facts About Palo Alto Short Sales and Foreclosures

Don't Get Behind on Your Mortgage in Palo Alto

A Deed in Lieu of Foreclosure

Hardships and Short Sales

When Homeowners Change Their Minds, Landlords Reap the Benefits

A Better Way to Do A Short Sale

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285
Twitter

*photo courtesy of South Florida Short Sales

Mountain View Open House This Weekend (August 1st, 1:30-4:30): EXPERIENCE THE LIGHT

148 Holly Court, Mountain View, CA

EXPERIENCE THE LIGHT.

$599,000

DON'T MISS THE OPEN HOUSE THIS WEEKEND, August 1st.

 Sunday from 1:30-4:30.

Welcome to this striking townhome in the popular Whisman Station Development. 

You will delight in the modern amenities, convenient location, and wonderful life style options available to you if you live here.

Some of the lovely features include a fenced yard, central heat and air, new carpet and paint, attached 2 car garage, kitchen with granite counters, a center island, and gas stove, family room/kitchen, high ceilings, and, and rich cherry laminate floors.

Add to that wonderful Mountain View Schools and a great community with pools, parks, and easy access to light rail, freeways, and major emplyment centers. Don't miss this wonderful home buying opportunity!

Marcy Moyer
Keller Williams
650-619-9285
marcy@marcymoyer.com
https://twitter.com/marcyagent
DRE # 01191194

Don't Get Behind on Your Mortgage in Palo Alto

Many distressed homeowners have found that if they are unable to make mortgage payments they are frequently not foreclosed on for many many many months.  It appears as if many banks are trying to release foreclosures in a way that will not further depress prices and want to keep these delinquent homeowners in a home so that it is not vacant for long periods of time, which further devalues their investment.  

However, this does not seem to be the case for Palo Alto. 

While Palo Alto has had very few foreclosures come to the market, the ones that have are not in the delinquent phase for long.  If a homeowner misses 3 payments the banks can record a notice of default.  In Ca. they must give the homeowner 90 days to cure the default or they can set a date for the trustee sale, where the bank can buy back the home or an investor with all cash can purchase the home if they pay off all the liens. Since most homes in foreclosure have larger liens on them than the home is worth, investors do not often get to buy at the courthouse auctions.

In many areas the time between the notice of default and the trustee sale is quite lengthy, over a year in many cases.  Sometimes it is because the owner tries to get a loan mod, or do a short sale, but sometimes it is because the bank is just not ready to take possession and sell the home.  

For the few foreclosures in Palo Alto this has not been the case.  There have only been 2 foreclosures in Palo Alto in the last year that have come to the market.  In both cases there was only 4 months between the notice of default and the notice of trustee sale.  There is one home that actually was purchased  by an investor at the courthouse auction and that one also had only 4 months between notice of default and notice of trustee sale (I think the investor may have held the second loan but it is a little confusing as to what actually happened). 

So the moral here is don’t get behind in your Palo Alto mortgage. The banks know this is an easy place to re-sell their assets. If you cannot pay your mortgage do not hide your head in the sand and hope for the best.  Contact a professional (accountant or tax attorney) and then either try to modify your loan,  sell as an equity sale or short sale depending on your equity, or do a deed in lieu of foreclosure if you only have one loan (click here for an article I wrote on the deed in lieu of foreclosure process, and its benefits for underwater homeowners).

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

*photo courtesy of CSMoniter.com. 

Palo Alto CA Market Update, July 27th: One Year Later

 Sorry for the recent silence on my blog. Summer is busy! 

Lately I've been interested in tracking market changes by looking at my old market update posts and comparing them to current trends. Here's the latest in what I hope to be a semi-regular occurrence... the One Year Later market update. Let me know if these compare/contrast updates are as interesting for you as they are for me.

My Market Update for 7/26/10

Here's today's snapshot of the Palo Alto single family home market: 

121 Active listings

33  Pending sales

What does this mean? The inventory of active listings decreased by 1 and pending sales decreased by 3.  This is virtually unchanged from last week when there was a huge decrease in pending sales. The fact that pending has stayed stable is a good sign. The over 2 million market has 37  active listings and 7 pending sales which is pretty much the same as last week with only a decrease of 3 in active listings and the same number of pending . Under 2 million there are 84 active listings and 33 pending sales, which is slightly better than last weeks numbers. My guess is that we have hit the doldrums of summer and we will not see much change in August except maybe a little less inventory which is typical for August.

And here's where we are today:

100 Active listings

57 Pending sales

Over 2 Million:

36 Active listings

9 Pending Sales

Under 2 Million

64 Active Listings

48 Pending Sales

What does this mean?  Not much has changed since last July.  There were more listings last year, but the active to pending ratio was pretty much the same both above and below 2 million.  So there were more active listings and pending sales last year, but the percentage of listings selling is pretty much the same.  How does this jive with what the chatter in the news and real community saying we have hit bottom and prices are going up?

My take is that there is a lot of activity over a few houses.  If a home is priced low for the market and it is in a desirable location it is most likely to get multiple offers and be sold for over asking price.  But, a few homes selling for more than asking, and possibly more than market value, does not make for a fundamental change in market dynamics. 

Last year I predicted that the coming year would not bring much change in the market. Year over year I think I am correct.  Despite flurries of activity (particularly in the under million dollar market) overall things are similar.  Fewer homes, but fewer buyers.  Loans are still a challenge, jobs are still insecure, and the stock market is still volatile.

We still have a desirable market and buyers willing to pay a lot of money to live here, but homes are not flying off the shelf any faster now than they did last year if you consider active to pending listings a measure of how active or slow the market is.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Photo courtesy of smartpassiveincome.com. 

Mountain View OPEN HOUSE THIS WEEKEND (July 18th, 1:30-4:30): EXPERIENCE THE LIGHT

148 Holly Court, Mountain View, CA

EXPERIENCE THE LIGHT.

$599,000

DON'T MISS THE OPEN HOUSE THIS WEEKEND, July 18th.

Sunday from 1:30-4:30.

Welcome to this striking townhome in the popular Whisman Station Development. 

You will delight in the modern amenities, convenient location, and wonderful life style options available to you if you live here.

Some of the lovely features include a fenced yard, central heat and air, new carpet and paint, attached 2 car garage, kitchen with granite counters, a center island, and gas stove, family room/kitchen, high ceilings, and, and rich cherry laminate floors.

Add to that wonderful Mountain View Schools and a great community with pools, parks, and easy access to light rail, freeways, and major emplyment centers. Don't miss this wonderful home buying opportunity!

Marcy Moyer
Keller Williams
650-619-9285
marcy@marcymoyer.com
https://twitter.com/marcyagent
DRE # 01191194

I Have Learned More Than I Want To About Second Story Additions

I have never been a huge fan of expanded homes. There are a number of problems that can come with these properties. The expansion could have been done in a way that destroyed the original charm of the home.  The addition could have been done without the needed permits. And then there's what I am dealing with right now: the extension was done in a way that enhances the look of the home, and was done with architectural drawings, an engineering stamp, and a permit that has a final from the city, but there are still problems.

When a home is built the foundation is poured first, and all of the bolts, rebar, hold downs, and all the other hardware with technical names are put in where they belong without any problems.  The home is built on top of it, and if it has a crawl space there are often areas with good access and other areas that are harder to get to.

All is fine, until you add a second story. To do that properly you will need an architect and an engineer to do the calculations of what's needed to shore up the foundation in order to support the second story.  In California we require extra seismic upgrades in case of earthquakes. I assume in tornado, hurricane, or blizzard prone areas there are specific upgrades as well.  There are things which need to be done underneath the house that are not always so easy, especially if access is limited. 

The city will come and inspect the work, but may not go all the way under the house and count every bolt and check every nail.  If they sign off the inspection then the permit is issued. There may be some missing bolts, nails, plywood, hold downs, or other things missing.

I learned today that if the city signs off on the inspection, then that is that. At least in California the building code says the city is not liable if they make a mistake. If that happens whoever owns the home at the time of discovery is left holding the bag.

So, my lesson here is that if you are listing or helping a buyer purchase a home with a second story addition it is a good idea to get an engineer to make sure the work was done correctly, and do not depend on the fact that it was done with a permit.  The permit does not guarantee accuracy of construction, only that the drawings were done to code.

Did you know that?

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Follow Me On Twitter! 

Do You Want to Buy a New Car?

OR: What Hurts More, A Short Sale or One Where There's Still Equity But You Have Lost A Lot

This morning my husband opened up an envelope with information about his stock options. He looked at me and said, “Do you want to buy a new car?” 

My answer was of “Of course not.” He then explained we'd just lost $50,000 in value from his stock options. 

My response? “Don’t be so greedy.”  

We are both working, our mortgages are almost paid off on the house and rental properties, and the stock options are like dessert, nice but not essential. However, it was painful to him to lose that much money on paper.

It made me think of my latest clients.  Some have lost all equity and if they have to sell it will be a short sale. By the time they get to me it is gone, and they do not seem to be concerned about the price as much as the process.  Others who are losing equity when they sell seem to fall into 2 categories: those who are grateful to be able to sell and those who are fighting for every penny and do not seem to see the value in taking an offer to make a sale if it means losing a little more money.

If you are a buyer then your life will be much easier if you can find one of the former sellers. If you are working with a seller who is emotionally invested in every penny they are losing it will be a much more difficult sale.

If you are a seller it is important to clearly understand your goals when putting a home on the market. If you only want to sell at your price, then if your price is market value, you may get it. But if your price is above market, it won’t sell. Period.  

The most difficult part once you understand your financial choices is overcoming the emotional ties to a particular number.  If you want 1.5 million and you only get 1.4 million and life can go on, can you let go of your emotional attachment to to 1.5? If not, this may not be the best time for you to sell.

It is no different if you want 400K and you can only get 380K.  If your life can go on with a lower price and you need to sell, you may have to eat the emotions.  If you are just testing the market, don’t bother. In this environment you will fail. If you focus on your need and not your want you will get to your goal of selling a house much quicker and easier.

Marcy Moyer

Keller Williams

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

Follow Me on Twitter! 

Bay Area Premiere of New Beulah

Don't miss the Bay Area premiere of New Beulah, an exciting new play written by my son.  Hope to see you there. Here's a link to New Beulah in the SFGATE. The play was a featured listing in the theater section of Datebook too!  Shelby Company Presents The Bay Area Premiere of New Beulah!   The  award-winning play that put Shelby Company on the NYC Theatre scene...  New Beulah is a small place with big characters.  Nine actors play over twenty  characters who struggle with the simple but overwhelming problems of daily life: love, loss, family, threatening  conglomerates and Greenland.   A clever and heart-breaking  tale about a town on the brink of quiet disaster.   "Dynamic, intriguing, and downright hilarious... tears of laughter would seamlessly flow into those pulled from the heartstrings." -Laura T. Dalton, CD Insight "A beautifully tragic comedy." -Kristen Salazar, Chapman Panther Founded by bay area natives, Shelby Company is an NYC based theatre group dedicated to fostering new work for the stage.     "The writers, actors and directors who will be shaping the future of NY Indie Theatre." -Michael Roderick, Broadway World "Moyer and company have the ability to rejuvenate off-off-Broadway as a place where splendid things are possible." -Mark Peikert, Backstage Join us for the show this July, which features a cast of some of the most talented actors from the Bay Area and the Big Apple.   New Beulah July 13-18, 2010 The Pear Avenue Theatre 1220 Pear Avenue,Unit K Mountain View, CA 94043 tickets written and directed by Dan Moyer with Peter Albrink, Siobhan Doherty, Candice Goodman, Shannon Harney, Roselyn Hallett, Carl Graham Howell, James Kennedy, Nathaniel Kent and Emily Scott Tue, July 13 @ 730pm* Wed, July 14 @ 730pm Thu, July 15 @ 730pm Fri, July 16 @ 730pm** Sat, July 17 @ 2pm Sat, July 17 @ 730pm Sun, July 18 @ 3pm Sun, July 18 @ 730pm General Admission $20 Under 25 $15 *Preview--$5 **Benefit/Gala $40, includes the play and reception with wine, food and music New Beulah, Shelby Company’s flagship production, premiered in NYC in February of ‘09. It then transferred to the Planet Connections Theatre Festivity where it won five Festivity Awards including best ensemble. www.shelbycompany.org Marcy MoyerRealtor®Direct: (650) 619-9285 Cell: (650) 619-9285 Fax: (650) 560-6290DRE License Number: 01191194 marcy@marcymoyer.com http://www.marcymoyer.com Keller Williams

I Completed a Marathon and Raised $1800 for Breast Cancer.

Avon Breast Cancer Walk is now over! It was quite an experience.  

Here are my highlights.

   1. Raised $1839 for breast cancer research and treatment for those in need

       2.The walk on Sat started at Fort Funston and the opening ceremony was very touching.  I learned that every three minutes a someone is diagnosed with breast cancer. Not great news.

       3. There were 3800 walkers registered for this event and as of Sat they had raised 5 ½ million dollars.

       4. I walked over the Golden Gate Bridge twice without vomiting (I am afraid of heights).

       

      5. My favorite team was one called Save Second Base.  I also liked Hookers for Hooters and Dudes for Boobs.

        

       6. The markers were off. My Garman which is uses a GPS for measuring said I walked 27.75 miles. The markers for the walk said it was 26.2 miles.  The problem is that at 26.2 miles I was still ok. At 27 miles I was kind of pissed off and the last .75 miles were a killer!!  But I did it, and now I have accomplished my 30 year dream of completing a marathon, and did it for a great cause. Plus, instead of being in the back of the pack like I always am when I run, I was in the first 150 out of 3800 walkers to finish. 

      7. I'm not going back for the 13.1 mile second day walk. I don't want to blow my knees out!

Mountain View OPEN HOUSE THIS WEEKEND (July 10th-11th, 1:30-4:30): EXPERIENCE THE LIGHT

148 Holly Court, Mountain View, CA

EXPERIENCE THE LIGHT.

$599,000

DON'T MISS THE OPEN HOUSE THIS WEEKEND, July 10th and 11th.

Saturday and Sunday from 1:30-4:30.

Welcome to this striking townhome in the popular Whisman Station Development. 

You will delight in the modern amenities, convenient location, and wonderful life style options available to you if you live here.

Some of the lovely features include a fenced yard, central heat and air, new carpet and paint, attached 2 car garage, kitchen with granite counters, a center island, and gas stove, family room/kitchen, high ceilings, and, and rich cherry laminate floors.

Add to that wonderful Mountain View Schools and a great community with pools, parks, and easy access to light rail, freways, and major emplyment centers. Don't miss this wonderful home buying opportunity!

Marcy Moyer
Keller Williams
650-619-9285
marcy@marcymoyer.com
https://twitter.com/marcyagent
DRE # 01191194

When Home Buyers Change Their Minds, Landlords Reap the Benefits

I’ve been meaning to post about this for a while, but every time I think I’m done writing up my thoughts, I stumble across another great article about the changing psychology of home buyers and what it’s doing to the real estate market.

This conversation has been going on for a long time. When the bubble burst and the real estate market went into a free fall across the country, the most damaging side effect was a nation-wide drop in home prices. Which translated to fewer and pickier buyers, wary of overspending, and sellers petrified about the state of their finances, unable to comprehend that their lovely home, in many cases their primary investment, had taken an astronomical plunge in value. More transactions collapsed, foreclosures and short sales flooded the market, and normal real estate activity (upgrades, etc) flat-lined.

Buyers suddenly gained an unprecedented amount of power. In NYC, landlords began offering incentives (a free month’s rent upon signing! No fee!) for the first time in recent history. Even in Santa Clara County, a part of the country that’s weathered the real estate market’s turbulence relatively well, the changing psychology of home buyers has transformed the way agents, buyers, and sellers do business. To put it mildly, every side has a lot more at stake.

In the aftershocks of the recession, many potential homeowners aren’t up for the risk of taking on long-term mortgage.  Who hasn’t witnessed the turmoil of parents, friends and relatives who are underwater, or who’ve lost their jobs but can’t sell their homes and therefore can’t relocate?

As a result, owning a home, once a hallmark of 

adulthood and a fundamental part of the American 

dream, has taken a backseat to renting.

From the WSJ Development Blog:

As the housing downturn drags on and on, (today comes news that starts dove 17% in May) the apartment sector is picking up. As I write in today’s Journal, some of the nation’s largest apartment-building landlords are reporting an end to rent declines.

The main reason is demand: The first four months of this year saw the strongest apartment demand in a decade.

With layoffs no longer dominating the headlines those who have kept their jobs or who found new ones are more likely to ink leases. Renters who bunked with roommates during the crash - and are probably tired of them by now - are striking out on their own, while others are upgrading from that bargain-priced unit to one with amenities. Meanwhile, the jobs market doesn’t look that great. The newly employed may be hesitant to commit to a 30-year-fixed mortgage, no matter how low rates are.

Renting offers flexibility, a virtue held at high premium these days. More and more Americans are working from home, or freelancing, or self-employed, and need to be open to career opportunities far and wide. Renters are also partially insulated from downturns and fluctuations in the real estate market: if your rent leaps twenty-five percent, at least you didn’t just lose your nest egg. 

I predict that the rental market will continue to flourish. And I see this as a huge investment opportunity. If you survived the bubble’s mighty pop with your assets intact, now’s the time to consider purchasing a duplex, triplex, or even a small apartment building.  These properties will yield a dependable source of monthly revenue, especially because, as the WSJ reports, the apartment sector is seeing the highest demand in a decade.

A decade.

It’s a good day for landlords, no?  

Must read articles on the subject from the NY Times (about picky buyers) and Forbes (about renting to college students) and an interesting response to the NY Times piece on RealCentralVA.

Arson in Hoover Park, Midtown Palo Alto

There was a fire in Palo Alto's Hoover Park yesterday.  The play structure in the back of the park next to the skateboard rink was set on fire and one of the redwoods next to it was charred.  As of this morning the Palo Alto police said it was arson. The structure has been taped off, but a chain link fence will go up soon to make sure no one is hurt.

It is not known who the arsonist is but my guess is that some kids playing with post 4^th of July fireworks may have done it, or maybe a cigarette.

The representative from the Palo Alto parks department said they would probably have to get donations to replace the structure, which is not an inexpensive thing to do.  I will keep you posted.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Follow me, Marcyagent, on Twitter! 

Don't forget Facebook. 

650-619-9285

You Can Afford a Green Home in Menlo Park CA: MASSIVE PRICE REDUCTION

YOU CAN AFFORD TO BUY A GREEN HOME IN MENLO PARK

501 Sandlewood St, Menlo Park, CA 94025

JUST REDUCED! UNBELIEVABLY LOW PRICE 

$560,000.00

Welcome to 501 Sandlewood St, a Green Home in an enclave of 3 year young Green Homes in Menlo Park.Conveniently located near the Dumbarton Bridge, gorgeous new office buildings, Mid Peninsula High School, and even a new Starbucks. You owe it to yourself to see how the city of Menlo Park has done a spectacular job on this re-development area, and to see what a wonderful home Clarum has built.

Some of the fantastic features include photoelectric roof panels which keep the PG&E bill to under $500 a year, tankless water heater so you never run out of hot water, tiles made from recycled glass, a lawn that looks gorgeous but never needs watering, granite counter tops in the kitchen and baths, solid surface tub surrounds, a huge master bath with a soaking tub, double paned windows and tons of natural light, walk in closet, and a bonus landing that is great for an extra office or playroom. There is a neighborhood park and a great community surrounding you. All this for under $600,000!

Seems almost too good to be true, but it is real. Don’t miss this incredible opportunity!

GREAT features include:

3 Bedrooms including a large master suite

2 ½ bathrooms with granite topped vanities, solid surface bath surrounds, and tiled floors

A wonderful U shaped kitchen with a gas stove, microwave, granite counters, maple cabinets, tiled floors, and a large pantry

Large, doubled paned windows

No water lawn

Attached 2 car garage

Re-circulating water heater pump

1,640 square feet of living space (per assessor)

3464 square foot lot (per assessor)

Marcy Moyer
Keller Williams
650-619-9285
marcy@marcymoyer.com
Follow Me, Marcyagent, on Twitter!

DRE # 01191194

Palo Alto CA Home Prices in the Wake of Santa Clara County School District Consolidation Discussions

There was an article in this morning’s Mercury News about a grand jury investigation into Santa Clara County’s school districts and what to do about soaring deficits while keeping the level of education from suffering. The recommendation was to combine feeder elementary districts with the high schools that they feed into.  

So, for example, they recommend combining the Whisman/Mountain View and Los Altos elementary districts with Los Altos and Mountain View High Schools.  They also recommend the same for Saratoga and Los Gatos.  On the surface, while one can argue the merits of one big district vs smaller districts, both from an educational and financial stand point, these combinations do not stand out to me as having a huge change in what parents perceive as quality vs non quality education.  I'm not saying there would not be some level of concern, but I don't think that these consolidations would cause great panic.

However, I believe that just the talk of combining the Fremont Union School District with both Sunnyvale and Cupertino Elementary Districts could send shock waves through the real estate community.  Anyone in this area is aware of the desirability of the Cupertino School District.  Buyers pay huge premiums to be in the Cupertino district. If the district is combined with the Sunnyvale Elementary district fear might arise that the quality of education will be diluted.  I'm not sure I believe that, but what I believe, and even what would actually happen, is irrelevant. 

The worst thing for real estate values is uncertainty.  When buyers don't feel comfortable with what will happen in the future they don't open their pocketbooks.  The proposed high speed rail is a great example.  People have been buying homes next to Cal train tracts for decades and they trade the known noise for a lower price. Now that there may be a high speed train, and no way of predicting how that train might disturb the area from a visual or noise perspective, selling a home near the tracts is almost impossible. 

It's the uncertainty that is paralyzing home buyers.

So the point of this post is that Palo Alto already has a unified school district with K-12 in the same district.  There will be no talk of changes here.  Since it's a known rather than an unknown quantity,  like the other districts, I think that Palo Alto will look even more attractive to buyers looking for good schools for their families and who are not comfortable with possible changes. 

As I said, just talk of possible changes is enough to spook buyers in this very fragile housing market.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

Palo Alto Chili Cook-Off: A Bay Area Tradition

Every Fourth of July Palo Alto celebrates our nation’s independence with a chili cook off in Mitchell Park. It’s an all day affair, and a smoking hot one too (whomp whomp) thanks to the chilies, the sunshine, and the inevitable crowds eager to sample first-rate chili recipes whipped up by 20 teams.

The teams compete in three categories: open, vegetarian, and corporate. Competition is stiff, and the winners receive cash rewards ($400 for 1^st place,  $200 for 2^nd, a plaque for 3^rd) and more importantly, hefty bragging rights.

Last year the Palo Alto firefighters took home the People’s Choice Award and also won first place in the corporate division, beating out area favorites like Whole Foods and The Rose & Crown Pub.

The turnout is always good (attendance is estimated at between 5,000 and 7,000 people), and the spirit is festive to say the least. In fact, in preparation for this year’s cook off, the city’s Recreation Department is instigating a new “code of conduct” with the hopes of tamping down undue rowdiness and excessive drinking.

According to the local rumor mill, last year some teams bribed judges with alcoholic beverages, and team Top Gun Chili was banned from participating in future cook-offs, thanks to their "highly intoxicated behavior" and "use of inappropriate language and gestures." The drama might be a little embarrassing, but the city's response is a testament to Palo Alto's values and strict focus on maintaining a family friendly atmosphere at community events. 

So while the 29^th Annual Summer Festival and Chili Cook-off will be a bit tamer than in years past, it’s still a Palo Alto Independence Day tradition, and a lot of fun.

Head out to Mitchell Park today--not only will you get a chance to try some unforgettable chili, you’ll also get to spend some valuable time with the community leaders, families, and organizations that make Palo Alto such a distinctly warm and lively (or should I say spicy?) place. 

The festival starts at noon, with line-dancing orchestrated by Hedy McAdams, live music played by the band Blues, children's activities, and of course chili tastings. Admission is free, and a tasting kit can be bought for $5. Check out the full schedule on the city's website. 

*thanks to the city of Palo Alto website for the photos!