Downsizing? Come Visit The Parc Regent

Posted on July 8, 2015 by  
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One West Edith SignAs you may know, Los Altos is a highly desirable place to live. Whether you are preparing to move from the home in which you raised your family, or are the child of parents who are making such a move, you may well be facing an inevitable question “Are there any convenient local options available today?” Well, yes there are.

The Parc Regent combines the advantages of carefree living with the unique sense of community. Located across from downtown Los Altos, thes elegant condominiums are truly a gem. For the 55+ population, 3 bedroom, 2 bath units are a rare find. And large 2 bedroom units are a wonderful opportunity.

Carol & I are holding an Open House this weekend, on Saturday and Sunday, July 11th and 12th. We will be open 1:30pm-4:30pm both days. We will have both the 2 bedroom and 3 bedroom available for your viewing pleasure.

This community offers luxurious living with beautifully maintained grounds and tastefully designed interiors. Take advantage of being minutes away from shopping, city and emergency services, fine dining, medical centers and more!

Of course, you are welcome to contact us today to schedule your very own private tour (650-823-1434). Either way, we look forward to seeing you soon.  For more information, visit: LosAltosParcRegent.com

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Stanford Leases Entire Complex

Posted on January 30, 2015 by  
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CollonadePeople interested in renting in Los Altos can scratch the yet-to-be-completed Colonnade apartment complex off their lists.

Stanford University last week reached an agreement with the Sares-Regis Group of Northern California to lease the entire 167-unit complex at 4750 El Camino Real. Stanford officials noted that the long-term agreement was in response to the tight local housing market.

The apartment complex is slated to be ready for occupancy this spring. It features 100 one-bedroom and 67 two-bedroom units in addition to approximately 12,000 square feet of ground-floor retail space.

Stanford officials cited the complex’s close proximity to the campus and nearby public transit routes as additional benefits to employees.

The move is one of several steps the university is taking to secure housing for faculty, staff and students in the area. Stanford officials noted that the university is developing 180 housing units on California Avenue in Palo Alto to house faculty. In addition, dormitory construction projects are underway on campus that will house approximately 400 students.

School officials reported that Stanford will lease individual Colonnade units directly to employees. The initial mix of residents for the complex may include renters not affiliated with the school, they added.

“It is a very desirable and high-quality residential project that we anticipate will become long-term housing for Stanford affiliates – faculty, staff and possibly academic researchers,” said Jan Thomson, director of faculty staff housing. “Los Altos is already home to many Stanford professors and staff members, who enjoy what they consider a very desirable place to live.”

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$25 Million For Stonebrook Court

Posted on January 14, 2015 by  
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12335 StonebrookAfter years on the market, the Los Altos Hills historic estate known as Stone- brook Court has a new owner. Sacramento-based biotech executive Norah Lacey recently purchased the 7.5-acre property for $25 million.

Percy Tredegar Morgan, a British capitalist, acquired the l35 acres in l9l0 and built Morgan Manor as a near-replica of Speke Hall, a mansion built in 1598 in Liverpool, England. Morgan and his wife, Daisy, an Oakland native, were the first to add an Italianate influence to the property when they imported a 16th-century Venetian palace’s ceiling for the ballroom.

The property shrunk in size over time and passed through a variety of owners after Morgan’s 1920 death. At times, it was rumored to have housed a brothel, a speakeasy or neither.

In 1955, Los Altos educator John Ford opened the Ford Country Day School in the house, where it operated for 30 years. The property returned to private ownership in 1988. By the time Kelly and Christina Porter bought the property in 1999, the house was in a state of disrepair.

The Porters spent the next six years renovating the estate with an English Tudor exterior and an interior inflected with the gildings of the Italian Renaissance and the carved wood of Tudor England. Lacey acquired the seven-bedroom house with many of its furnishings included, according to Christina Porter.

Because the home is listed on the National Historic Register, its owners pay lower taxes in exchange for constraining their development of the site to meet Department of the Interior standards and hosting a minimum of two semipublic events each year.

The 30,000-square-foot house sits at the end of a long private driveway and thus can’t be spotted easily from the street. The property includes a ballroom, living quarters and separate outbuildings.

 

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Affordable Housing Comes To Market

Posted on March 26, 2014 by  
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Sherwood GatewayEvery few years, the local real estate market lets daydreams root in reality, at least for one family.

A one-bedroom apartment in the Los Altos Gardens complex recently came on the market for $981 a month. Part of a city-sponsored affordable housing program, the “below market rate” (BMR) unit is reserved for low-income candidates.

Based on Santa Clara County income averages, an eligible single person could make no more than $37,150, with the income limit rising with family size. Qualified buyers are entered into a lottery for BMR units, with candidates such as local teachers, police officers, firefighters and city employees given preference.

Los Altos established the BMR homeownership program in 1995 to provide housing options for a select few of the people who otherwise can’t afford to live in the city. The homes are deed restricted for 30 years, meaning that they can’t be resold at market rates or rented out. The program aims to provide more homes, not investments, in Los Altos. The city determines an affordable sales price for each unit, and Neighborhood Housing Services Silicon Valley administers the program.

The city requires that developers of multifamily housing projects set aside units for low-income applicants in exchange for incentives such as eased requirements for parking or development area.

Four townhouses at Sherwood Gateway went on the market for $461,913 last month, drawing 31 applicants. They’re part of a 38-unit development by Lennar Homes just off El Camino Real. Those houses had an $85,235 income cut-off for a single applicant. Two one-bedroom and one two-bedroom units in the 100 First St. development are expected to open for application soon, and 17 more rental units may hit the market later this year. The rental deadline for the Los Altos Gardens apartment is 4 p.m. Friday.

Applicants must apply through a BMR program with multiple eligibility requirements. For more information, visit bmrnhssv.org.

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Lots To Be Thankful For In Housing This Year

Posted on November 26, 2013 by  
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A flurry of mixed housing news hit the airways this week. We’ll look at the highlights, add some context and insight and come up with our own conclusions.

First, pending sales continued their monthly decline in October, falling for a fifth consecutive month, according to the latest data set from the National Association of Realtors. Pending sales are important to watch because they track homes that are under contract and are predictive of where the market is heading in coming months when those transactions close.

NAR GraphSome are concerned because the decline has happened so quickly. In June, pending home sales were up 11% from year-ago levels. And by October, pending sales were down 1.6% from year-ago levels.

What happened?

For one, we’ve entered the season that’s typically a bit slower for the housing market each year. And coming off one of the hottest summers the market has seen since the downturn may be causing the decline to seem more dramatic.

Also, the reality of limited inventory continues to plague some markets. Rising interest rates and climbing home prices are also pricing some buyers out, which is likely slowing a few markets down.

Should we be worried?

We don’t expect the slowdown to greatly impact the continued momentum we expect to see in 2014. Part of our reasoning here has to do with a bit of great news that came out on the housing market this week: declining foreclosures.

Foreclosure pre-sale inventory at the national level has fallen to its lowest point since 2008, according to new data from Lender Processing Services. The inventory represents 2.54% of all mortgages homes in LPS’ October data, a 3.23% drop from the previous month and a nearly 30% drop from the previous year.

Pre-sale foreclosure inventory means the number of loans that are in some stage of foreclosure. This aspect of the housing market has been a key part of the big story for several years now. It appears that this nightmare is quickly becoming part of the past.

What does it all mean?

Again, we’re at that time of year when things do start to slow down and prognosticators start sending out messages about where we’re headed next year. Our philosophy is that it’s best to look at as much data as you can before drawing conclusions – and it’s best to always keep your local market in context.

We think we’re headed for another strong year for housing next year. And while it may start a little slower than last, all the requisite parts are in place for markets to improve or even thrive, depending on where you are located.

Have a great Thanksgiving!

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A New Redevelopment Proposal

Posted on April 16, 2013 by  
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A mixed-use redevelopment proposal for 86 Third St. may be coming to downtown.

The Los Altos Planning and Transportation Commission (PTC) last week voted in favor of the proposal, which calls for a four-story structure.

The project has approximately 5,500 square feet of ground-level office space and 20 condominiums – including two below-market-rate units – as well as one level of underground parking. Four of the residential units have two bedrooms, while the remaining 16 allow for three-bedroom dwellings.

The site, located between State Street and West Edith Avenue, is currently home to a pair of office buildings.

Several commissioners expressed support for the proposal in general, including Michael McTighe, who noted that the project would be a boost to the downtown area.

“It’s great to see mixed-use housing and retail space in downtown,” he said. “I think that’s a great thing to have.”

Commissioner Phoebe Bressack concurred, calling the mixed-use project a “very good use concept” that would result in more feet on downtown streets – without the need for driving.

“It will invigorate the town, I believe,” she said. “It’s a good step toward (having) more of that in town.”

Commissioner Jim Chiang, meanwhile, added that a November PTC study session on the project ultimately yielded a better overall result.

“I’m glad we had the review session two months ago,” he said. “I think this project is actually vastly improved from the last time we saw it and had a chance to review it.”

One area of concern for some commissioners, however, was the proposed removal of 10 mature trees on the project site to accommodate the underground parking structure – including a 70-foot Canary Island Pine near Parking Plaza 8. An arborist’s report rated most of the trees in fair condition but noted that most have a continued life expectancy of 10-15 years. The project calls for the planting of seven Chinese Pistache trees along Third Street to make up for the loss of the 10 trees.

As a condition of approval, commissioners called for the creation of an “earth vault” – originally slated to be a mechanical room in the underground parking structure – as a measure to spare the pine or, at worst, replace it in time with a new “big box” tree.

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Great Investment Opportunity

Posted on January 24, 2013 by  
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979 PINTO PALM TERRACE, #19, Sunnyvale, CA 94087
Listed at $388,000 / Sold at $410,000
1 Bed / 1 Baths / Home: 764 sqft / Lot Size: 465 sqft
Townhouse
Represented: Seller & Buyer

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Crescent Park Charmer

Posted on December 15, 2012 by  
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1466 DANA AVE, Palo Alto, CA 94301
Listed at $2,998,000 / Sold at $2,900,000
4 Beds / 3 Baths / Home: 3,074 sqft / Lot Size: 7,745 sqft
Single Family Detached
Represented: Buyer

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A Great Investment

Posted on December 14, 2012 by  
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152 & 154 SOUTH BERNARDO AVE, Sunnyvale, CA 94086
Listed at $1,248,000 / Sold at $1,195,000
3 Beds / 2.5 Baths & 2 Beds / 2 Baths – Building: 2,656 sqft / Lot Size: 8,343 sqft
Residential Income (2-4 Units)
Represented: Buyer

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Modern Living

Posted on October 14, 2012 by  
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3716 REDWOOD CIRCLE, Palo Alto, CA 94306
Listed at $1,500,000 / Sold at $1,500,000
5 Beds / 3 Baths / Home: 1,952 sqft / Lot Size: 7,056 sqft
Single Family Detached
Represented: Buyer

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