Hi Sam,
You pose an interesting question. First of all the 2 complexes are completely different, although next to each other, and the sales prices have never been comps for eachother. 2160 is only 14 years ld which is very young for Menlo Park. There have been no sales of condos less than 20 years old in the last 6 months, and in fact the last one was on Merrill which was also a 2/2 1200 square feet for $880,000 but that was last August. this is not because there are so few sales in MP, but becuase there are so few newer condos. The locaton of Merrill is very different because it is right downtown next to the train, shops, restaurants, and was built with more modern finishes.

So, the best way to evaluate the value, in my opinion is to look at past sales history of this complex. Simliar models have sold for the following prices:
$740,000 in 2007
$710,000 in 2006
$725,000 and $675,000 (this unit) in 2005
$630,000 in 2004
$501,000 in 2001

As borne out by this list, Menlo Park did not peak in 2006 like some other communities. Things did not really slow down until 2008.

If you go just by the numbers you would assume a 14% decrease in home value from the 2007 price of $740,000, but, that does not take into account whether the seller would or could take $100,000+ less than asking, or that someone would not be willing to pay a premium for a condo that is 14 years old instead of 40 years old like most of the other Menlo Park condos.

Hope that helps!
Marcy