Home Buying in Menlo Park>Question Details

sccbuy, Home Buyer in Menlo Park, CA

In 2011 it seems like Menlo Park home prices took a dive, much more than surrounding areas. Does anyone know why?

Asked by sccbuy, Menlo Park, CA Tue Jul 31, 2012

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TAP is right, Menlo Park is extremely price diverse and you can't judge the town as a whole. I get a lot of emails asking about homes near Facebook headquarters, but anyone who has driven out there knows it isn't surrounded by prime residential real estate.
There has been a slight softening of the market in Atherton, Menlo Park and Palo Alto as more homes have come on the market and there are still not as many buyers as everyone thought there would be. Regardless, these towns will continue to lead Silicon Valley in value.
0 votes Thank Flag Link Tue Jul 31, 2012
Hi sccbuy, I don't know what numbers you are referring to, but if you combine both the East and West side, the numbers will be pretty low. By referring to the East side, I'm talking about East of 101.

The reason for this are the foreclosures and short sales. Here is a scenario, Let's say there were 20 homes sold in a particular month and 12 were short sales and foreclosures, with the rest normal home sales, the medium price is going to be way down.

Like I said, I don't know what numbers you are looking at, but I would adivse you break them down in areas or neighborhoods rather than cities.

Best,

Tap
0 votes Thank Flag Link Tue Jul 31, 2012
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