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Property Q&A in Portola Valley : Real Estate Advice

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  • Local Info1
  • Home Buying3
  • Home Selling0
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Activity 7
Tue Jun 26, 2012
John Souerbry answered:
I suggest you consult with a real estate attorney to get a firm grasp of the total cost and process involved in splitting your lot. As you state, it is a hassle and it is expensive.
I would also confirm whether your neighbor CAN build up, as they are threatening to do. Many areas have height restrictions. ... more
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Thu Nov 17, 2011
jahskincare asked:
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This question is about this property: http://www.trulia.com/foreclosure/3059732420--Canyon-Dr-Portola-Valley-CA-94028
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Wed Oct 26, 2011
jmoran asked:
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This question is about this property: http://www.trulia.com/homes/California/Portola_Valley/sold/7401165-451-Portola-Rd-Portola-Valley-CA-94028
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Sat Dec 26, 2009
Janie and John Barman answered:
The listing for 138 Ramoso expired in mid-October. I don't believe it is being shown at all at this time (nor do I recall hearing what the owners decided to do with the property).


Happy Holidays,

John Barman
Coldwell Banker
650.380.8440
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Thu Apr 30, 2009
Vicki Moore answered:
Hi Bob

There's really a lot more that goes into determining what to offer on a property other than that the property is in pre-foreclosure and is on the MLS.

The bank holding the loan(s) has done what's called a BPO or broker's price opinion to give them an idea of the value of the property and to help them determine what a reasonable sales price will be. The bank is looking at comparable properties in the neighborhood just like any seller would.

There's no formula - it's got to be a case by case process. It's unlikely that going with a flat 20% off the price is going to be a successful strategy.
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Mon Mar 30, 2009
Janie and John Barman answered:
Hi Helen,

If you'd like to contact me directly, I can provide this information to you. In the interest of maintaining owner privacy, however, I won't post it here.

There are several things you should be aware of regarding this property, however:

First, I see no indication that the owner is looking to sell the property at this time. I live in Ladera and haven't heard any whispers that this property is about to go on the market (to be fair, I don't always hear ahead of time!).

Secondly, the property is in pre-foreclosure, meaning the owner is behind in their payments. There could be numerous reasons for this. Even if it does go through the foreclosure process, it may be months before it comes on the market - if at all.

Regarding value, I'd have to see which home this is to be sure, but unless it is a teardown, the true value of the home on the open market is probably at least $1.3M-$1.4M or more.

Please let me know if you'd like more information.

John Barman
Coldwell Banker
c: 650.380.8440
john.barman@cbnorcal.com
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Mon Feb 23, 2009
Arn Cenedella answered:
Charles
I would not agree that the luxury market on the Peninsula is crashing.
The folks that buy $3M or $4M homes on the Peninsula are NOT taking loans out for a big percentage of the purchase price. In my opinion, the statistics on jumbo delinquencies have little or nothing to do with falling values. In my opinion, the 40% DROP in stock valuations is the main cause of luxury home prices falling.
You may be right and a BIG CRASH may be coming but I do not think so.
Absent a COMPLETE economic melt-down, values on The Peninsula will continue down slightly.
Please consider that many people in Portola Valley Woodside Atherton have owned their homes for 15, 20, 25 years. These folks have plenty of EQUITY. They are not in danger of losing their homes. Accordingly, you will not see a panic wave of selling due to imminent foreclosure.
It is true sales activity is these expensive areas have slowed WAY DOWN.
Also you need to be careful with looking at average or median prices in these areas - if you only have 20 sales in a year say in Portola Valley, a few low priced properties can push the average and median price way down.
If you believe in the economic strenght and overall appeal of our area (people from all over the world want to come here - highly educated motivated driven folks) - then you might conclude property values will not collaspe.
Let's touch base in 5 years and see what happened! :-)
Use the current slow market as a buying opportunity, but you will not be able to buy property in desirable areas for 60 cents on the dollar - maybe 85 to 90 cents on the dollar but not 60 cents.
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