September  2010

Menlo Park: Good and Bad News Brings Opportunity

In Menlo Park, 30 houses sold in the last three months.  Some sold for 10-15% under the list price and some around 5% under list.  Very health.  Still, what you need to know is that there are 100 preforeclosures, autionable or bank-owned properties also in Menlo Park.  Approximately 1/3 are west of route 101 and in excellent school districts.  Just a though for you buyers who are looking for opportunities.  Focus on the REO's (Real Estate Owned which means bank-owned).  These are much more straight forward sales than short sales which are hindered by banks taking time in negotiating debt settlement.

What does this data mean from my perspective:  The foreclosure situation points to a highly uncertain market.  Still, with the sales at hand, we are in a transition between a buyers' market and a sellers' market.  Buyers still have good prices, negotiation power in targeted properties.  Sellers in specific areas and price ranges have much more upside than earlier this year.

Sara Spang

Keller Williams, Menlo Park, CA

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