Menlo Park Real Estate Market Update
Menlo Park Real Estate continues to be an outstanding place to have a real estate investment or home, particularly in neighborhoods that have either the high scoring Las Lomitas Schools or the excellent Menlo Park City Schools. Since 1998 an averaged price home in Menlo Park has gone from $665,329.00 to $1,436,329.00: a real estate home appreciation increase of 215% over 10 years! Downtown Menlo Park is a big draw, with the greatest appreciation in the very desirable Downtown Menlo Park and Allied Arts Neighborhoods. The “Starbucks effect” can be seen in that home buyers crave an easy walk to a diversified, yet charming downtown district for meals out, simple errands and even grocery shopping. The following chart shows us that while prices have been trending upwards, appreciation was flat in 2007. You can see detailed home appreciation charts at graphs for all area cities by clicking on Market Trends.
The flat 2007 home appreciation rates do not truly reflect what is happening in most neighborhoods in the City of Menlo Park. At this time there are about 30 listings in the Belle Haven and Fair Oaks neighborhoods of Menlo Park, and almost nothing (fewer than eight) in all of the other neighborhoods in the under $1.5M sector. Most listings in the Belle Haven and Fair Oaks neighborhoods are under $1.3M dollars (typically in the 700-900K range), but they are not selling. Why? These neighborhoods are in the much lower scoring Redwood City School district, and they are close to the railroad tracks and Hwy 101. There are some short sales in these neighborhoods as well. These multiple low priced listings skew the overall numbers for all Menlo Park neighborhoods downwards. If you were to exclude the Fair Oaks and Belle Haven neighborhoods, then appreciation in Menlo Park in 2007 would approach 15%. Desirable Menlo Park neighborhoods trend similarly to Palo Alto Real Estate.
Menlo Park will continue to be a very desirable place to live, and if you don’t have school age children, there are bargains to be found in the Belle Haven and Fair Oaks neighborhoods.
If you are serious about purchasing a home in Menlo Park CA, call me, or email me at firstname.lastname@example.org Anne Arjani today at 650 400 2986, and we will find you a wonderful home in beautiful Menlo Park California.