Friday, December 17, 2010

Palo Alto Home Buyers, Don't Let the Rain Stop You From Looking at Homes

Everyone likes to to look for homes when it is sunny.  Open houses during the spring and summer in Palo Alto are always crowded.  Some people think open houses are a Palo Alto recreational activity, much like soccer games, or concerts i the park.  Well, if you are just curious about the market or like looking at other people's homes, then house shopping only in good weather is a great way to be entertained.
However, if you are serious about buying a home, shopping in the rain is one of the best things you can do for your due diligence.  In addition to the obvious benefit of seeing if there are any leaks through the roof, you can also find more subtle, but just as damaging leaks through windows or sliding glass doors.  You can see how the gutters are performing,  You can see if water ponds anywhere on the property, or if water is draining onto the property from a neighbor's yard.  You can also see how much light there is in the house when the sun is not shining.
I am not saying that you should never buy a home if it is not raining, but I am saying do not let rain stop you from looking.  You can learn a lot about a house and the information is valuable!
Marcy Moyer
Keller Williams Realty
650-619-9285
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Tuesday, December 14, 2010

It's That Wonderful Time of Year Again...


Every year on Christmas Eve, Stanford Theatre on University Ave. in Palo Alto shows Frank Capra's classic film It's a Wonderful Life, starring Jimmy Stewart and Donna Reed. For the last 21 years, this special showing has been a Christmas tradition, and every year it sells out. It is THE place to be on Christmas Eve in this wonderful little city.

The theater is gorgeous, built in the 40's and renovated in the mid 80's by Dave Packard, or Little Dave as he is known around here. His father, Big Dave, was one of the founders of Hewlett Packard, who famously started Silicon Valley in a garage on Addison St. Before the show begins, a huge Wurlitzer organ rises from under the stage and plays Christmas music. Then Dave comes onstage to talk about the theatre and the film. Last night he talked about how the film was originally released in May or June (I can't remember!), instead of Christmas. Little Dave passionately believes movies need to be seen in a theatre, with other people, and on the right day. He is certainly correct about It's a Wonderful Life. I think it is this belief that keeps Dave from showing any movie made after 1960 at Stanford Theater.


During the movie the audience claps, boos at the bad guys, and is totally transported to Bedford Falls. My favorite part is when the names of two of the characters, best friends Bert and Ernie, are finally said together. The newbies in the audience get a huge laugh out of this, when they realize for the first time where Jim Henson came up with his Bert and Ernie on Sesame Street

So if you are anywhere near Palo Alto next Christmas Eve, be sure to catch this heartwarming film in the ideal setting. Tickets usually sell out three or four days ahead of time, and can't be bought online. However, the line forms to get a seat a few hours before the show, and there are always people there giving away extra tickets. They rarely sell the extras, and no one scalps. It really is a wonderful life in Palo Alto. 

Sunday, December 5, 2010

Menlo Park Ca Distressed Property Update 12 /3 / 10

One of my Menlo Park short sale listings

Menlo Park, Ca. Distressed Property Update
Are you waiting for a distressed property for sale in Menlo Park so you can snatch a bargain, or are just curious about them? Well, there are a few of these types of sales, but not many. Short sales, as in other places, are more common than foreclosures. Most banks are at least giving homeowners the option to try to do a loan modification or short sale before foreclosing. These options do not always work, but they are worth a try.

Active Short Sale Listings:  8 
Pending short sale listings:  14
They break down neighborhood wise into:
west MP: 1
Central MP: 1
East of El Camino and west of 101: 5
Avenues: 2
Belle Haven: 14

Closed Short Sales since Jan 1, 2010:  17
West MP: 2
Central MP: 0
East of El Camino/West of 101: 1
Avenues: 3
Belle Haven: 11

Active listings:  6
Pending:   5
Breakdown by neighborhood:
West Menlo Park: 0
Central: 2
East of El Camino/West of 101: 2
Avenues: 3
Belle Haven: 3

Closed since 1/1/10:  19
Breakdown by neighborhood:
West Menlo Park: 0
Central:0
East of El Camino/West of 101: 2
Avenues: 2
Belle Haven:15

There have been 369 sales of homes and condos in Menlo Park  since Jan 1, 2010 so the percentage of distressed home sales is not enough to have much influence on the market yet, except in Belle Haven.
However, I think that there more may be coming in the next few years.  If you need to sell and owe more than your home is worth I would be happy to have a confidential discussion with you about your options. I am an experienced short sale realtor.  If you are interested in purchasing a short sale or reo property I would be happy to speak with you about what you need to do to successfully purchase one.

Marcy Moyer
Keller Williams Realty
650-619-9285
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Wednesday, December 1, 2010

Palo Alto Ca Short Sale/REO Watch 11/30/2010

One of my short sale listings in Menlo Park

Are you waiting for the rash of short sales and REO properties in Palo Alto so you can snatch a bargain. or just curious about them? Well, not much has changed in the last few months. There are a few of these types of sales, but not many. Short sales, as in other places, are more common than foreclosures. Most banks are at least giving homeowners the option to try to do a loan modification or short sale before foreclosing. These options do not always work, but they are worth a try.

Active Short Sale Listings:  1 condo  2 Single family homes
Pending short sale listings:  5 condos  2 Single Family Homes
Closed Short Sales since Jan 1, 2010:  2 Condos  2 Single Family homes

Active listings:  0
Pending:   1 Single Family Home
Closed since 1/1/10:  3 condos   1 single family home

There have been 478 sales of homes and condos in Palo Alto since Jan 1, 2010 so the percentage of distressed home sales is less than 2 %, not enough to have much influence on the market yet.
However, I think that there more may be coming in the next few years.  If you need to sell and owe more than your home is worth I would be happy to have a confidential discussion with you about your options. I am an experienced short sale realtor.  If you are interested in purchasing a short sale or reo property I would be happy to speak with you about what you need to do to successfully purchase one.

Marcy Moyer
Keller Williams Realty
650-619-9285
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Tuesday, November 23, 2010

Why Is A Palo Alto Escrow Like a Teen Romance?

The beginning of a Palo Alto escrow is like the beginning of a teenage romance, everything is perfect. You have found your soul mate and all promises are meant to be kept.  You never dream that your heart will ever be broken. It doesn't matter that one party is a jock and the other an intellectual, one is a Democrat and one a Republican, or one likes to party and the other is a vegan. And then reality sets in. I don't think I have to go into gory detail.  Well, sometimes an escrow is like that but hopefully your escrow will have a better track record than a teenage romance.

One way to help things along is to not set yourself up for failure. If you are a buyer or buyer's agent do not expect to get a loan approval in 15 days if you do not have every document into the lender a head of time. If you are a seller or seller's agent and accepted an FHA loan do not try to make the buyer get approval in 15 days.  If the seller does not get inspections a head of time do not tell the buyer they have 7 days for property contingencies and then start yelling because the property inspector says there is something wrong with the foundation and they need more time for an engineer to look at it.

Bottom line, do not set yourself up for failure by blowing a gasket over unrealistic time frames. Try to make them realistic to begin with so that the parties can succeed rather than fail.

Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285

Sunday, November 21, 2010

Do You Care About Your Children?

I am not a lawyer or an accountant so please do not construe this as legal or tax advice. However, friends do not let friends leave their estates to probates, so let’s just say I am your friend.

Trust Sale in Palo Alto
As a realtor who specializes in Probate and Trust sales, it does not matter to me whether the estate is being probated, or passed down through a trust.  But it does matter to the heirs, especially now that the estate tax will kick in after a million dollars starting in January, unless Congress  and the administration change it. How likely is that?  They can not even agree to have dinner together so changing the estate tax exemption any time soon is unlikely.

So as of Jan. 1, 2011 when you die your heirs can get the first one million dollars of your estate tax free, but anything above that will be taxed at 55%.  So let’s say you have a home that is worth 1.2 million and a mortgage of $700,000. The estate will be valued at 1.2 million not $500,000 which is the equity. If you have your estate in trust you can set things up to help reduce the taxes owed. Even if you do not have a mortgage on your home, if you have a home in Palo Alto you are very likely to have an estate worth over a million dollars because of the value of your home.  You will probably benefit by talking to an estate lawyer to help structure things to get the most tax free money for your heirs.  I can give you names of some excellent estate attorneys if you need a referral.

Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194

Friday, November 19, 2010

LUXURY GILROY SHORT SALE! Open House This Weekend!

DREAM HOME ON THE GOLF COURSE...


Gorgeous 10 year old home with a huge gourmet kitchen, extensive use of granite, slate, marble, and hardwood.  

4 bedrooms plus an office that can be used as a 5th bedroom. Beautiful views of the hills and golf course. Downstairs bedroom and bath. Extraordinary opportunity to live in Eagleridge


OPEN HOUSE THIS WEEKEND SAT 20 /SUN 21 1 - 4

Take a Visual Tour...

Play VisualTour



Disclosures available at www.marcymoyer.com

OPEN HOUSE THIS WEEKEND! SAT/ SUN 1:30 to 4:30! Check out this lovely PA gem!


VIEWS  SECURITY  LOCATION!!!!!

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

Play VisualTour


Attractively Priced at $560,000.

Marcy Moyer
Keller Williams Realty
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Wednesday, November 17, 2010

Palo Alto Ca Condo: Location, Views, Security!

VIEWS  SECURITY  LOCATION!!!!!

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

Play VisualTour


Attractively Priced at $560,000.

Marcy Moyer
Keller Williams Realty
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales


Silicon Valley Trust Sales: What is a Notice of Proposed Action?


What is a Notice of Proposed Action in a Silicon Valley Trust Sale?

If you are a trustee selling a Santa Clara or San Mateo County Trust sale, or a potential purchaser of a trust sale you will probably encounter a Notice of Proposed Action. What is it? The successor trustee has the right  and power to sell property left in a trust to be distributed to the heirs. The trustee chooses the agent to list the property, and is responsible for handling the details of the sale. However, in order to accept an offer from a potential buyer the heirs to the estate have to confirm that they agree to the price and terms of the offer. Usually they do and the sale proceeds, but if there is an objection then the trustee must go to court and get the objection heard and settled by consent of the heir, or order of the judge, in order for the sale to proceed.  Obviously this will delay the close and must be included as a contingency for the seller. This is very rare, but it can happen occasionally, so be prepared.

Marcy Moyer
Keller Williams Realty
650-619-9285
D.R.E.  01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Wednesday, November 10, 2010

BIG SUR HALF MARATHON

Look for me this Sunday and you will find me here...


...Running the Big Sur Half Marathon.   This is a bit of a misnomer as the race actually takes place in Monterey and the surrounding area.   The race begins on Del Monte Avenue in Monterey and passes by some of my favorite spots in all of California...Fisherman's Wharf, Cannery Row, and the Monterey Bay aquarium.


After that's it's onto Pacific Grove, up to the Point Pinos Lighthouse and then back to the Wharf for the award ceremony and hot minestrone soup.    Normally when I go to Monterey I prefer clam chowder, but after running a half marathon that doesn't sound too appealing.



I'm told people tend to take longer running this marathon than others, because of how often they stop to take pictures!  And I can believe it, because it's truly one of the most beautiful places in the state.  


Monday, November 8, 2010

Trust and Probate Disclosures in Santa Clara and San Mateo Counties


When you sell or purcahse a trust or probate sale, the disclosures are not the same as in a standard equity sale. The basic premise is that while the trustee or personal representative in the case of a probate does not fill out a Transfer Disclosure Statement or Seller's questionnaire, if that person knows anything about the house it needs to be disclosed.  It can go on a separate addendum but can not be hidden.  This is especially true if that person lived in the home with the person who has died, like a child, or other relative.  There are CAR forms which should be used, The Probate Advisory or the Trust Advisory,  that spell out which disclosures are exempt, and which are not.

The trustee or personal representative are exempt from filling out the TDS, Seller's supplemental or questionnaire, They do not have to sign a Natural Hazard Report or provide a Mello Roos Report. They do not need to provide smoke detectors. they do not need to provide the Hazard Booklet.
They do need to provide a Natural Hazard Report, strap the water heater, provide  a lead based paint disclosure, Data Base Disclosure, and FIRPTA.

I hope this clears it up and that you do not find anything terrible lurking behind the curtain. Please feel free to contact me if you have any questions.

Marcy Moyer
Keller Williams Realty
D.R.E. 01191194
650-619-9285

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sale

Friday, November 5, 2010

Gilroy Ca Luxury Short Sale


DREAM HOME ON THE GOLF COURSE...


Gorgeous 10 year old home with a huge gourmet kitchen, extensive use of granite, slate, marble, and hardwood.  

4 bedrooms plus an office that can be used as a 5th bedroom. Beautiful views of the hills and golf course. Downstairs bedroom and bath. Extraordinary opportunity to live in Eagleridge



Take a Visual Tour...

Play VisualTour


Disclosures available at www.marcymoyer.com

Tuesday, November 2, 2010

Saturday, October 30, 2010

Palo Alto Market Update

According to the MLS here is the state of the market for 10/28/2010...


Active listings:  88
Pending Sales:  60
Active Short Sales:  1
Active Bank owned: 1
Pending Short Sales: 1
Pending Bank owned: 0
Sold Short Sales 2010: 2
Sold Bank Owned in 2010: 1


What does this mean? Despite the reports of doom and gloom in the media for the national real estate market, and despite the hysteria on many web sites, as of now, the Palo Alto market is not being influenced by distressed properties.  This does not mean that it will not be in the future, but so far in 2010 there are not a lot of distressed properties on the market. So if you are looking for a bargain, this is not the place to find it. Not only are there not many distressed properties, but the ratio of listings to pendings is very healthy. There are still a number of homes in the upper price range, over 3,000,000 that are not selling easily, but otherwise the market is still quite active and healthy.  What this says to me is that Palo Alto is a very desirable place to live, and there are enough people with jobs and money to support the market in Palo Alto.

Marcy Moyer
www.marcymoyer.com
650-619-9285
marcy(at) marcymoyer (dot) com
D.R.E.  01191194




Thursday, October 28, 2010

What To Do This Halloween (Part One)

Halloween is upon us this weekend and the Bay Area offers plenty of different ways to celebrate.  Here are a few family-friendly ideas.



 Halloween on the Farm - Lemos Farm (Half Moon Bay)

When my kids were younger, a visit to Lemos Farm was a Halloween-must, and I'm thrilled to see the tradition continues.  Head up there for the afternoon, get in on some last minute pumpkin shopping and take a ride on the spooky ghost train.  ( Open Daily through Halloween: 9 AM to 5 PM.  Free admission, but prices for events vary.)



Day of the Dead Celebration --  (Palo Alto, Various Locales)

Another place I seemed to take my kids just about every weekend was the Palo Alto Junior Museum, which is co-hosting Palo Alto's 2nd Annual Dia De Los Muertos Celebration.    Events throughout the day include storytelling at the Children's Library with Olga Loya, mask-making at the Palo Alto Art Center and, at the Junior Museum, kids can contribute to an alter honoring extinct animals. (Sat. the 30th from 1 - 5 PM.  Free admission)




Halloween Concert at Stanford -- Stanford University (Palo Alto)

If you like your Halloween to have a little more culture, check out the Stanford Symphony Orchestra and the Standord Wind Ensemble's presentation of "a chilling evening in the spirit of All Hallow's Eve." (Sunday the 31st at 8 PM.  $10 General admission, $9 Seniors, $5 Students)









Tuesday, October 26, 2010

The Not So Hidden Cost of Homeownership or Why Palo Alto HOA Fees are Not So Unreasonable

HOA fees are high, and in Palo Alto they tend to be even higher than in surrounding areas. So are homeowners getting ripped off? Is someone behind a curtain making thousands of dollars off the backs of people living in townhomes and condos? The answer is an emphatic NO.  

HOA fees are set to cover the costs of maintaining and fixing the development. If there is a professional management company hired to do this then they will get paid about 10% of the HOA fee.  That is the only money that does not go directly to the upkeep of the building. 

Different developments will have different fees because they cover different things.  The basics that are covered are usually insurance and exterior maintenance like the roof, painting, landscaping, and exterior utilities. Many complexes also cover water, garbage, and sewer. Some cover cable service or gas for heating.  If there are common amenities like pools or parks those are covered.  All developments will have a reserve fund to cover the cost of future repairs and replacements.

If you own a single family home in Palo Alto you may have the following expenses:
  • Fire insurance  $100 a month
  • Earthquake insurance: $100 a month
  • Gardiner  $130 a month
  • Water garbage sewer: $100 a month
So you can see that you are already over $400 a month without your utility bill.

What if the house needs painting or the roof needs replacing? These cost money. It can be $4000 or more to paint the exterior every 10 years. That averages about $35 a month you should save up.  A roof replacement is about $15,000 every 20 years or $40 a month you need to put aside.

Now, looking at these figures the HOA fee does not look so bad to me.  

I am not saying that everyone should go out and buy a condo instead of a single family home.  There are plusses and minuses to both.  What I am saying is that it costs money to maintain a house, and it costs money to pay an HOA fee. The costs are not that much different. So if you are planning on buying  the decision about condo vs single family home should be based on the bigger differences. Things like location, lot size, age, square footage, future appreciation, are much more important considerations than most HOA fees.

In Palo Alto and the surrounding communities you can get a newer and larger condo or townhome than a single family home. The newer it is the more expensive. There are a lot of condos/townhomes in downtown PA, and not as many single family homes.  There are more single family homes in south Palo Alto than condos/townhomes.  The condos/townhomes that are new in south Palo Alto are not in the best locations.   There is more room to play outside in  a single family home.  There are pet restrictions in most condos/townhomes.  The newer townhomes/condos are more energy efficient.  These are some important considerations in your home search.  You are not going to get away without paying insurance, utilities, and maintaining your structure, so the HOA fee is not as important as your lifestyle choices and what you can afford in mortgage payments.

Marcy Moyer
Keller Williams Realty
www.marcymoyer.com 
D.R.E. 01191194

Friday, October 22, 2010

Palo Alto Open House This Weekend! Location, Location, Location...


Welcome to this lovingly upgraded 2 story Midtown Palo Alto townhome in a fantastic location.  


Exterior View 




OPEN HOUSE THIS SATURDAY AND SUNDAY, 
October 23rd and 24th, 1:30-4:30.


Play VisualTour




This home boasts pergo flooring throughout the home, corium kitchen counters, stainless steel appliances, a built in entertainment center, granite faced fireplace, granite vanity top in the half bath, and a spectacular back patio and deck. 


Additionally there is a large kitchen, separate dining room, step down living room, and three bedrooms plus 2.5 baths. The complex has all new hard scape with gorgeous walkways and planters.  


There is also a pool and spa, and underground parking with an elevator to the main level. The HOA fee of $575 covers exterior maintenance including the roof, painting, pool, and landscaping, water and garbage, and earthquake and fire insurance.  

Fantastic schools include Palo Verde Elementary, JLS Middle School, and Palo Alto High School (buyer to verify.) 

Come see this gem, you will not be disappointed!

Menlo Park Ca Short Sale Green Home at a Great Price!





Welcome to this beautiful Green Home in a friendly enclave of 37 3 year old homes. It features solar panels that produce more electricity than the home uses, an on demand water heater, extensive insulation, granite counters in the kitchen and bathrooms, solid surface bathroom surrounds, wood and tile floors as well as high quality carpets, an attached two car garage, and fenced back yard. All this at a very affordable price and a short sale with an experienced short sale agent and only one loan.  Disclosures available at www.marcymoyer.com

Tuesday, October 19, 2010

Best of Palo Alto #2

Every year the Palo Alto Weekly releases their “Best of... List” and this year got me thinking, “What do my family and I consider the best places to eat and shop in Palo Alto?”  This is an an ongoing series about personal favorites in my city.


BEST COFFEE



This is an easy one -- Philz Coffee on Middlefield in midtown.  And while I know it gets a lot of flak (Long waits, pricey cups, no lattes, it’s not Le Creme) let me just say this, “some things are worth the wait, and the price.”


Yes, three dollars is more than a cup of coffee at Starbucks.  Yes, you’re going to have to wait much longer than you would for something from a coffee pot at 7-11, but there is a reason this place has consistently been voted “The best coffee” in San Francisco...It’s.  Absolutely.  Fantastic.  Coffee.



Philz brews its coffee one cup at a time, using a neat filtering system that’s as fun to watch as it is to taste (okay, drinking it is more fun).  And although the wait is longer than at other places, the baristas are all extremely friendly and coffee-knowledgable, so the time passes right on by.

Sunday, October 17, 2010

Probate Referees: Why Are They Used?

At the beginning of probate when there is a petition to administer the estate the court will appoint someone to be the personal representative of the estate. This is often the person that was named as the executor in the will, unless that person is unavailable, unwilling, or there is a challenge from someone else. Once the personal representative is appointed, the court will also appoint a probate referee.  This person is charged with valuing the estate including the personal property and real property. There is a form that the personal representative is supposed to fill out within 60 days which gives the value of the estate for both tax purposes, and in order to settle the estate.


The referee will determine the fair market value for the estate and in the case of a probate sale that needs court confirmation the general rule is that the offers should be within 10% of this value.  It is possible to sell the home for less, but a little trickier and often involves re-doing the appraisal. The sales that require court confirmation can not be confirmed until the referee has valued the estate. 

 If the personal representative has full authority to sell the real property without court confirmation then the sale can go through, but the probate can not be completed and the monies distributed until the referee has done his or her job.

If you have any questions about buying or selling a home in probate in San Mateo County or Santa Clara County, please feel free to contact me. I am an experienced probate realtor.

Saturday, October 16, 2010

Menlo Park Ca Short Sale Green Home at a Great Price!





Welcome to this beautiful Green Home in a friendly enclave of 37 3 year old homes. It features solar panels that produce more electricity than the home uses, an on demand water heater, extensive insulation, granite counters in the kitchen and bathrooms, solid surface bathroom surrounds, wood and tile floors as well as high quality carpets, an attached two car garage, and fenced back yard. All this at a very affordable price and a short sale with an experienced short sale agent and only one loan.  Disclosures available at www.marcymoyer.com