THE DELEON INSIGHT AT H E R T O N R E A L E S TAT E JANUARY 2018
T A
E H
T R
N O
®
•
WHY BUYERS LOVE
2017 – YEAR IN REVIEW •
ATHERTON
REAL ESTATE TAX •
•
REAL ESTATE LAW: THE ALLURE OF DOUBLE-ENDING
•
HOW TO PREP YOUR KITCHEN ON A BUDGET w w w . D E L E O N R E A LT Y. c o m
REAL ESTATE MARKETING • REAL ESTATE INFLUENCE • RECENT SALES •
Atherton
2017 Market Conditions WEST OF ALAMEDA Month
EL CAMINO TO ALAMEDA
Average Sale Price
Price/SqFt Ratio
# of New Listings
Average Sale Price
Price/SqFt Ratio
# of New Listings
$4,095,000
$1,402
0
Jan
$6,250,000
$2,288
2
Feb
2
Feb
$4,200,000
$943
5
Mar
1
Mar
$5,400,000
$1,523
7
Apr
4
Apr
$10,493,500
$1,258
9
Jan
Month
May
$5,887,500
$2,090
0
May
$16,150,000
$2,684
8
Jun
$4,925,000
$1,298
1
Jun
$7,488,000
$1,718
1
Jul
2
Jul
$8,744,000
$1,758
4
Aug
1
Aug
$5,875,000
$2,295
4
Sep
$11,000,000
$1,227
2
Sep
Oct
$2,600,000
$1,477
1
Oct
$13,175,000
$1,311
6
1
Nov
$5,377,5000
$1,497
1
0
Dec
Nov Dec
$4,100,000
$1,314
MIDDLEFIELD TO EL CAMINO Month
6
2
LINDENWOOD AREA
Average Sale Price
Price/SqFt Ratio
# of New Listings
Jan
$3,350,000
$1,147
7
Jan
Feb
$2,800,000
$1,199
2
Feb
Mar
$4,755,000
$1,167
5
Mar
Apr
$3,000,000
$1,369
3
Apr
$6,338,750
$1,415
5
May
$2,630,750
$1,173
2
May
$4,565,000
$1,687
4
Jun
$3,467,000
$1,210
1
Jun
$5,187,500
$2,275
0
Jul
$4,750,000
$1,040
2
Jul
$7,987,500
$1,429
1
Aug
$3,497,000
$1,231
1
Aug
$5,296,083
$1,433
2
Sep
$3,500,000
$1,053
3
Sep
$7,237,500
$2,022
2
Oct
$5,315,000
$1,484
4
Oct
$6,550,000
$1,145
0
Nov
$3,416,667
$1,214
0
Nov
$4,485,000
$1,853
0
2
Dec
Dec
2 | D E LEO N RE A LT Y.CO M
Month
Average Sale Price
Price/SqFt Ratio
# of New Listings 1
$6,675,000
$1,521
1 3
0
Data gathered from the Multiple Listing Service on 12/15/2017
Table of Contents 04. Why Buyers Love Atherton So Much A glimpse into the advantages of living in Atherton
07. The Allure Of Double-Ending DeLeon Realty chooses client loyalty over double commission
11. How To Prep Your Kitchen On A Budget When Selling Your Home Give the heart of your home some inexpensive TLC
12. Year In Review –2017
National policies have shaped Silicon Valley's 2017 real estate market
15. Real Estate Tax
A Shot Across California's Bow
17. Real Estate Marketing PHOTOGRAPHY BY ANTHONY HALAWA
Utilizing Technology in Marketing
19. Real Estate Influence
Appreciation Rate Comparisons Show Surprising Results
THE
DELEON INSIGHT OU R OFF I CES ARE LO CAT ED AT : 1717 Embarcadero Road - Palo Alto, CA 94303 650. 900.7000 www. DEL EO N REALT Y.co m
Founder — Ken DeLeon CEO & General Counsel — Michael Repka Copywriter — Sarah Last Brand Manager — Shasta Krasniewicz Photographer — Anthony Halawa Marketing Specialist — MyMy Trieu Chinese Marketing Specialist — Melanie Yu Digital Marketing Manager — Mike Ran
Contact Ken DeLeon for exceptional buying opportunities at 650.543.8501 To learn about selling your home with the DeLeon Team, contact Michael Repka at 650.900.7000
CONTRIBUTING WRITERS: Ken DeLeon, Michael Repka, Sarah Last, Margie Fontanilla, Alex Seroff, Darrell Martin
D ELEO NR EA LT Y.COM
| 3
WHY BUYERS LOVE ATHERTON SO MUCH
In this issue: While Atherton is internationally famous for its natural beauty and affluence, wise residents know that it
Ease of Building Your Dream Home Atherton's building codes and regulations are much
is the idyllic charm of this community coupled with its
less restrictive than nearby cities such as Wood-
great schools and high quality of life that makes it so
side. Custom home builders creating their dream
attractive to Silicon Valley buyers. With nearly $400
home, and speculation builders focused on resale,
million in 2017 sales solely in Atherton and nearby
both know that the predictable and thoughtful pro-
Palo Alto, or over twice the sales of the next-highest
visions will allow them to build without unneces-
team (stats per BrokerMetrics based on MLS sales), I
sary cost or delay. Evidence of this can be seen on
have learned the many reasons why both buyers and
Stockbridge Avenue West of the Alameda, where
I love Atherton.
the Southern side of the street is Atherton and is
While very hard to limit myself, below I list the four
almost completely rebuilt. Whereas, the North-
aspects that buyers value most in Atherton.
ern side of the street is Woodside and consists primarily of the original 1950's ranch style homes.
Exceptional Schools Silicon Valley is known worldwide as the epicenter of the world’s innovation. Innovation is built upon education, so it is no surprise that Atherton generally
It is not a coincidence that Atherton has appreciated at a much more rapid rate than Woodside.
Stanford University
has excellent schools. In fact, Oak Knoll Elementary,
Even though I am a graduate of archrival Berkeley
Las Lomitas Elementary, Hillview Middle, and La En-
(Law School), I have tremendous respect and grat-
trada Middle were all ranked in the top two percent
itude for Stanford. Bordering adjacent Menlo Park
amongst California’s schools in Niche.com’s recent
and owning a lot of the city’s land, Stanford is part of
rankings. Menlo-Atherton High School was not far
the fabric of the community, and many professors and
behind, being ranked in the top three percent of
doctors are drawn to the ease of commuting to Stan-
California high schools. The parts of Atherton dis-
ford from some of the finest local neighborhoods.
tricted for Redwood City have access to schools
Stanford is generally considered to be amongst the
that are improving, but these schools are general-
top three universities in the world. Even within this
ly supplemented with exceptional private schools
rarified realm, Stanford is rising farther and now has
such as Menlo School or Sacred Heart. Proud of
the lowest acceptance rate (4.6 percent) of any col-
this excellence and knowing how much this con-
lege, and generally fundraises at a record level, often
tributes to the high Atherton housing prices, DeLe-
raising over a billion dollars per year. At this pace,
on Realty has happily donated as much as $50,000
Stanford’s ascendance over Harvard, the Stanford of
annually to the schools and also donates separate-
the East Coast, seems likely in the next decade. I am
ly to local school organizations and athletic pro-
personally thankful to Stanford’s exceptional medi-
grams, such as the Menlo-Atherton football team.
cal school, ranked second-best in America, and its hospital, where all four of my children were born.
Natural Beauty Simply put, no other town in Silicon Valley has the
I am excited to be living now on a large lot of
natural beauty of Atherton. More lush and park-like
over 1.5 acres in West Atherton and enjoying the
than Woodside or Portola Valley, driving through
natural beauty, privacy, and great quality of life that
Atherton to your home is a pleasurable experience
this community provides to its few and fortunate
that reduces stress and sets the tone for relaxing in
residents. I am bullish on Atherton’s continued long-
your own verdant backyard.
term appreciation that it has historically enjoyed as it will always be the most desired and expensive town in all of Northern California, and often in the entire nation.
4 | DE LEO N RE ALT Y.CO M
Ken DeLeon Founder
®
BEFORE
WE DON’T GET GREAT LISTINGS. AFTER
WE MAKE GREAT LISTINGS.
DeLeon is a team constructed of agents, lawyers, contractors, interior designers, and marketers all dedicated to your success. It is our core philosophy to deliver exceptional services to you, our clients. Experience Silicon Valley real estate at its best: achieving prime results with a customer-forward approach.
Call today to see how we can transform your home for the best result: 650.900.7000
D ELEONR EA LT Y.COM
| 5
S OL D
CHARM, LUXURY, AND STUNNING GARDENS •
5 Bedroom
•
Vaulted ceilings
•
3.5 Bath
•
Chef's kitchen
•
3,073 Sq. Ft. Home
•
Exceptional location
•
8,441 Sq. Ft. Lot
•
Top schools
WARMTH, STYLE, AND VERSATILITY •
5 Bedroom
•
5,000 Sq. Ft. Lot
•
4.5 Bath
•
Stroll to California Avenue
•
3,183 Sq. Ft. Home
•
Evergreen Park
3239 WAVERLEY STREET, PALO ALTO Sold for $1 ,062,000 over list price
121 PARK AVENUE, PALO ALTO Offered at $3,988,000
For video tour and more photos, please visit: www.3239Waverley.com
For video tour and more photos, please visit: www.121ParkAve.com
LUXURIOUS REMODEL WITH GATED SERENITY
PREMIER NEW LUXURY RESIDENCE
4 Bedroom
•
Extensively remodeled
•
5 Bedroom
•
Attention to every detail
•
4.5 Bath
•
Spacious, flexible layout
•
4.5 Bath
•
Central fireplace
•
4,541 Sq. Ft. Home
•
Expansive backyard
•
3,623 Sq. Ft. Home
•
Open-concept living
•
20,470 Sq. Ft. Lot
•
Warm, airy spaces
•
9,652 Sq. Ft. Lot
•
Master chef's kitchen
455 SANTA MARGARITA AVE, MENLO PARK Off MLS Opportunity
490 LOMA VERDE AVENUE, PALO ALTO Offered at $4,488,000
For video tour and more photos, please visit: www.455SantaMargarita.com
For video tour and more photos, please visit: www.490LomaVerde.com
6 | DE LEO N RE ALT Y.CO M
PHOTOGRAPHY BY ANTHONY HALAWA
•
R E A L E S T A T E L AW
The Allure of Double-Ending Written by : Michael Repka, Esq.
On a financial level, it is understandable why real estate agents want to represent both the buyer and seller on the same transaction: it means double commission. Naturally, agents want to justify or rationalize this approach by arguing that they can remain completely objective and fight zealously for both sides. This is simply impossible.
FUNDAMENTALLY, I BELIEVE THAT IT IS IMPOSSIBLE FOR THE SAME INDIVIDUAL TO REPRESENT BOTH THE BUYER AND SELLER ON THE SAME TRANSACTION. An attorney would not represent both the plaintiff and the defendant in a criminal case. A coach would never coach both Stanford and Cal in the Big Game. No one would play chess against themselves. Similarly, the same individual real estate agent cannot fairly represent both sides of a transaction. While one brokerage can fairly represent a buyer and seller so long as each side has their own advocate, it is impossible for one agent to fairly represent both sides. There are a myriad of issues that come up when someone attempts to represent both the buyer and seller. First, the agent has access to confidential information about the seller, which could be used to the seller’s disadvantage. Second, a listing agent with an interested buyer would have less incentive to promote the property to other agents or to the public. Naturally, any additional offers that come in decrease the likelihood of the agent getting double commission. Third, the agent knows the seller’s preferences, so the agent would be able to create a more compelling story to help his or her buyer get selected. Although there is the potential for the buyer to have some disadvantages, taken as a whole, these risks are far lower. All things considered, a buyer will most likely gain a competitive advantage in an arrangement where both the buyer and
Hidden Dangers While some listing agents claim that they do not represent both sides of a transaction, sellers should carefully vet how these agents deal with interested buyers. Sellers should be especially vigilant in uncovering undisclosed referral fees. In these circumstances, a listing agent with interested buyers would ask another agent in their firm to present the offer to the seller as if it were that agent’s client. When the transaction closes, the listing agent often receives a large, and potentially undisclosed, referral fee. The sellers in these situations may never be aware of such behind-the-scenes money exchanges occurring within the brokerage. Some agents state that they will not represent both sides on a transaction, but one must speculate how they can make this commitment if they work with both buyers and sellers. By representing both buyers and sellers, it is inevitable that one of their potential buyers could be interested in one of their listings. Some agents or offices have the listing agents recuse themselves if they encounter an interested buyer. In other words, the listing agents will stop providing any guidance to the seller and instead assist only their interested buyers. The sellers, in these situations, may find themselves being represented by another agent or by the office’s managing broker. This is not a good solution for numerous reasons, the most obvious being that the listing agent has too much confidential information about the sellers and their circumstances. Plus, when selecting the listing agent, sellers should be able to expect that agent’s loyalty throughout the entirety of the transaction.
Continued on page 8.
the seller are represented by the same person who is getting paid double. That is precisely why sellers should be reluctant to let their listing agent represent both them and the buyers on the same transaction. At DeLeon Realty, I only represent sellers to ensure my entire loyalty.
D ELEONR EA LT Y.COM
| 7
THE DELEON INSIGHT
The Allure of Double-Ending COMING SO O N
Written by : Michael Repka, Esq.
Continued from page 7. Problems with Pocket Listings Given the desire for agents to make double commission or, for that matter, for offices to make double commission by keeping the deals within the brokerage, many agents and
BREATHTAKING CUL-DE-SAC RESIDENCE
offices encourage sellers to give the agent a period of exclusivity. Under the typical scenario, agents request the opportunity to let their clients know about the property first, and then to spread the word around their office to see if any of the other agents have a buyer who is willing to purchase the property. If this doesn’t result in an interested buyer, then, and only then, will the agent put the property on the market.
•
5 Bedroom
•
Recently remodeled
•
4.5 Bath
•
Open-concept
•
Peaceful cul-de-sac
•
Gorgeous chef’s kitchen
•
Privacy
•
Award-winning schools
5 LASSEN COURT, MENLO PARK Price upon request
Some agents convince their clients to agree to this limited exposure because they promise that it will be less intrusive. However, this limited exposure is also likely to result in a low-
For video tour and more photos, please visit: www.5LassenCourt.com
er sales price. Sellers put a lot of trust and faith in the agent they select to represent their home. These agents have a fiduciary duty to act in the best interest of the client. Suggesting off market listings without fully advising clients of the potential risks as-
COMI NG SO O N
sociated with this limited exposure certainly may (and probably does) run afoul of the agent’s fiduciary duties. At a minimum, both the agents and the office should offer to waive all of the buyer-side commission if a buyer is identified during this pre-MLS period. If this is the case, then the seller would have to decide whether or not the additional competition would be sufficient to result in a sales price high enough to offset the commission savings. However, without these commission savings, it is very difficult to understand why a seller would agree to such a transaction unless they had a very high
SPLENDID HOME WITH PRIME LOCATION
desire for privacy and were willing to pay a potentially significant price in terms of a lower sales price. It should be noted that DeLeon Realty is the only major brokerage in Silicon Valley that waives the entire buyer agent’s side of the commission if a DeLeon buyer agent represents a buyer who purchases a DeLeon listing. We have created our business model with our clients’ best interests in mind as we believe in providing great ethics along with great economics to our clients.
8 | D E LEO N RE ALT Y.CO M
•
Walk to downtown
•
Sun-drenched kitchen
•
Lot over quarter acre
•
Recently remodeled
•
Luxurious gardens
•
Premier location
•
Butler's pantry
•
Top schools
101 WAVERLEY STREET, PALO ALTO Offered at $5,988,000 For video tour and more photos, please visit: www. 10 1Waverley.com
ELEGANCE WITHIN STUNNING BAY-SIDE SETTING
SERENE SETTING OFFERS HIGH-END COMFORT
•
3 Bedroom
•
Stylish renovations
•
4 Bedroom
•
Thoughtful updates
•
2.5 Bath
•
Breakfast bar seating
•
3 Bath
•
Easy entertaining
•
2,020 Sq. Ft. Home
•
Abundant storage
•
1,926 Sq. Ft. Home
•
Peaceful backyard
•
4,346 Sq. Ft. Lot
•
Redwood Shores
•
5,465 Sq. Ft. Lot
•
Central location
8�0 SCHOONER BAY DR, REDWOOD CITY Offered at $�,598,000
86 MURLAGAN AVE, MOUNTAIN VIEW Offered at $�,698,000
For video tour and more photos, please visit: www.810SchoonerBayDrive.com
For video tour and more photos, please visit: www.86Murlagan.com
COM I NG S OON
PHOTOGRAPHY BY ANTHONY HALAWA & CHUCK BARRY
SERENE SETTING REVEALS BRIGHT ELEGANCE
GARDEN RETREAT WITH HISTORIC PRESTIGE
•
5 Bedroom
•
Elegant gathering areas
•
6 Bedroom
•
Built circa 1900
•
3 Bath
•
Extensive backyard retreat
•
5.5 Bath
•
Luxurious spaces
•
3,820 Sq. Ft .Home
•
Mature fruit trees
•
6,005 Sq. Ft. Home
•
Premier location
•
12,236 Sq. Ft. Lot
•
53,893 Sq. Ft. Lot
•
Top schools
�3 BOTANY COURT, EMERALD HILLS Offered at $2,798,000
399 ATHERTON AVENUE, ATHERTON Offered at $4,988,000
For video tour and more photos, please visit: www.�3Botany.com
For video tour and more photos, please visit: www.399AthertonAve.com D ELEONR EA LT Y.COM
| 9
COMI NG SO O N
TIMELESS ALLURE IN FAMED LOCATION
PEACEFUL LUXURY ESTATE
•
5 Bedroom
•
Vibrant gardens
•
5 Bedroom
•
5 Bath
•
Modern luxury
•
3.5 Bath
•
3,900 Sq. Ft. Home
•
Walk to local shops
•
Surrounded by privacy
•
1.01 Acre Lot
•
Top schools
•
Sought-after location
5 C EDAR LANE, WOODSIDE Offered at $5,213,000
13505 BURKE ROAD, LOS ALTOS HILLS Price upon request
For video tour and more photos, please visit: www.5CedarLane.com
For video tour and more photos, please visit: www.13505Burke.com
PRIVACY, COMFORT AND PRESTIGE
PRIVATE GARDEN VILLA
5 Bedroom
•
Gated
•
5 Bedroom
•
Carefully updated
•
4.5 Bath
•
Beautiful grounds
•
3.5 Bath
•
Warm Mediterranean
•
4,830 Sq. Ft. Home
•
Fine craftsmanship
•
3,563 Sq. Ft. Residence
•
Media room
•
54,624 Sq. Ft. Lot
•
Prestigious location
•
14,874 Sq. Ft. Lot
•
Poolside gardens
290 WINDING WAY, WOODSIDE Offered at $6,488,000
2226 LOUIS ROAD, PALO ALTO Offered at $4,988,000
For video tour and more photos, please visit: www.290WindingWay.com
For video tour and more photos, please visit: www.2226Louis.com
10 | DE LEO N REALT Y.CO M
PHOTOGRAPHY BY ANTHONY HALAWA
•
JA N UA RY 2 0 1 8
How to Prep Your Kitchen On A Budget When Selling Your Home Written by : Margie Fontanilla, DeLeon Interior Designer
Few would question the notion that the kitchen is one of the most important areas of a home. The kitchen sees the highest traffic, incorporates the most
way it transforms the space is well worth your while. Painting
appliances, and provides the most function. Whether gal-
them neutral or light colors such as warm white, light gray,
ley-style or part of an open-concept space, the kitchen needs
and beige are excellent choices that appeal to a wide range
to be arranged so that it shows its best colors when the house
of potential buyers. Another way to dress up the cabinetry
is put on the market. Thankfully, there’s no need to invest in
is to update the hardware, which will also help accent newly
a huge remodel to give the kitchen a newly renovated look.
painted cabinets.
DeLeon’s interior design team has compiled a list of kitchen upgrades that are both budget-friendly and attractive to po-
Replaced Countertops
tential buyers.
Replacing outdated countertops is another great way to
Newly Painted Walls
transform your kitchen. Potential buyers love the sleek, clean looks of granite and quartz, as well as their durability, natural
Though bright color schemes and ornate wallpaper can be
beauty, and easy maintenance. New countertops don’t al-
beautiful, their boldness can also seem less appealing, and
ways have to be expensive; basic pre-fab granite and quartz
may even overwhelm potential buyers. Not only will a coat of
are now available for a lower price than buying whole slabs.
light, neutral paint make a kitchen feel fresh and new again, it will also help more buyers visualize themselves utilizing the
Upgraded Lighting
space. Satin or semi-gloss latex paints are the best options
Stylish pendant lights can easily become a kitchen’s fo-
to create a desirable blank canvas as they are the easiest to
cal point. Replacing the lighting is a low-cost solution
clean, which is especially important for a multi-purpose room
to dressing up an island or breakfast bar, and will be a
like the kitchen.
huge improvement to an outdated design. Under-cab-
Updated Flooring One of the features that many buyers focus on when search-
inet lighting is another way to help illuminate your culinary workspace while adding a soft warmth to the kitchen.
ing for a new home is the flooring. Refinishing existing hard-
Staging
wood floors by applying a stain or sanding them can be an
A well-staged kitchen should look inviting, spacious, and
effective yet inexpensive way to bring out their true beauty. If
clean. If properly staged, your kitchen will have only a few
the floors need to be replaced, consider tile as a sleek, low-
choice accoutrements displayed on highly used surfaces like
cost option. Since tile floors are easy to clean and don’t take
the table, island, and countertops, making them look as un-
much to maintain, they become an attractive feature to po-
cluttered as possible, while inexpensive flowers and plants
tential buyers, thus increasing the kitchen’s value.
are placed throughout for a touch of color and freshness. An-
Freshened Cabinets and Hardware
other helpful part of staging can involve having the kitchen professionally cleaned. This will not only make it look brighter
Cabinets are perhaps one of the most often-used compo-
and more welcoming, but it will also feel more appealing to
nents of a kitchen, so renovating them can work wonders in
any interested buyers.
livening up the space. However, completely replacing the cabinetry can quickly become expensive, and may not always
The kitchen is a place of warmth, gathering, good food, and
be necessary. If your kitchen cabinets have a dated finish but
good company. Give it the chance to shine, and potential
are still in good shape, giving them new paint is an inexpen-
buyers will see for themselves what makes it the heart of the
sive way to provide a more desirable, refreshed look. Sand-
home.
ing, priming, and painting is a big project to tackle, but the D ELEONR EA LT Y.COM
| 11
Written by : Ken DeLeon, Esq. and Michael Repka, Esq.
2017 was one of the most interesting years in real estate that Silicon Valley has experienced in quite some time. It started off with the area—and the nation as a whole—
Valley. As a result of this optimism, many potential buyers got
adjusting to the notion of a Trump presidency. During the
off the fence and started buying homes.
latter half of 2016, the market was quite lethargic as voters remained cautious due to the uncertainty of the election.
As we moved into late spring and through most of the sum-
Generally, many buyers sat on the sidelines because of a
mer, a bit more pessimism set in. Late July saw President
common concern that a Trump victory could result in cha-
Trump and the Republican Congress receive their first major
os. However, once Trump won the presidency, the real estate
political blow when their promised repeal of the Affordable
and stock markets took off, to the surprise of many commen-
Care Act, also known colloquially as “Obamacare,” was de-
tators. Towards the end of 2016 and in the first few months
feated. This, coupled with other political issues that arose,
of 2017, we saw an increase in buyer demand in Silicon Valley
made many wonder if the promised tax cuts and easing of
real estate, and as a result, sales prices soared, with many
business regulations would ever come into fruition. Simply
cities experiencing strong appreciation.
put, irrespective of any promises made or plans announced, many worried that none of these benefits would be achieved
Although not anticipated, many commentators believed that
if the administration was unable to garner support from the
the buoyancy of the stock market and the real estate market
Republicans and Democrats in Congress. As time went on,
after the Trump victory was a direct result of people’s opti-
the perceived tensions between the White House and key
mism regarding the new administration’s perceived pro-busi-
members of both parties exacerbated the situation.
ness policies. Specifically, the hope was that a reduction in taxes and an easing of regulations would result in a more
Fortunately, throughout this time, we have seen continued in-
vibrant economy. This area in particular benefitted from the
vestment from buyers coming from overseas—most notably
belief that a stronger overall economy would be dispropor-
from China and India. Although the types of homes desired
tionately beneficial to the companies and financiers of Silicon
have changed significantly, the actual demand has remained
12 | DE LEO N REALT Y.CO M
steady. In particular, we have seen Chinese demand shift
picture. The only exception seems to be the slower market
away from inexpensive investment properties, and towards
for ultra-elite properties, which generally include homes in
upscale homes and trophy properties. In informal discussions
the $12 million-and-up range.
with many of the agents representing these buyers, we have heard that a desire for political and economic stability, cou-
The overall number of homes sold was down slightly year
pled with the appeal of other factors such as the fine weather
over year, but there was a significant amount of variation be-
and preferable air quality, has driven this shift. Fortunately,
tween the cities (see charts; all data per MLS).
this strong demand has resulted in some very favorable sales prices for several high-end DeLeon Platinum properties.
Partially as a result of the continued demand, we have seen the average price per square foot increase in all of our cities,
While the swings of the market may have made for an in-
with the exception of Woodside.
teresting ride, the overall results paint a relatively positive
CITY
HOMES SOLD HOMES SOLD 2016 (Jan-Nov) 201 7 (Jan-Nov)
CITY
AVG PRICE/ SQ. FT. 2016
AVG PRICE/ SQ. FT. 201 7
% CHANGE 4 .9 8 %
Atherton
60
76
Atherton
$1, 447
$1, 51 9
Los Altos
310
348
Los Altos
$1, 183
$1, 26 4
6 .8 5 %
94
81
Los Altos Hills
$1, 139
$1, 26 3
1 0 .8 9 %
Menlo Park
347
340
Menlo Park
$1, 088
$1, 17 4
7 .9 0 %
Mountain View
539
497
Mountain View
$931
$1, 03 6
1 1 .2 8 %
Palo Alto
451
401
Palo Alto
$1, 411
$1, 50 7
6 .8 0 %
58
66
Portola Valley
$1, 051
$1, 13 4
7 .9 0 %
Sunnyvale
822
825
Sunnyvale
$826
$951
1 5 .1 3 %
Woodside
69
58
Woodside
$1, 093
$968
(1 1 .4 4 %)
2 ,7 5 0
2,692
Los Altos Hills
Portola Valley
Total
D ELEON R EA LT Y.COM
| 13
GORGEOUS GARDEN ESTATE IN WEST ATHERTON
LAVISH WOODLAND SANCTUARY
•
5 Bedroom
•
Large, sun-lit spaces
•
5 Bedroom
•
•
7.5 Bath
•
Gourmet kitchen
•
5 full and 3 Half bath
•
•
6,449 Sq. Ft. Home
•
Premier location
•
6,800 Sq. Ft. Home
•
1.05 Acre Lot
•
Prestigious schools
•
18 Acre Lot
Custom built Panoramic views of the Santa Cruz Mountains
�65 PATRICIA DRIVE, ATHERTON Offered at $9,290,000
�27 PINON DRIVE, PORTOLA VALLEY Offered at $16,988,000
For video tour and more photos, please visit: www. �65PatriciaDrive.com
For video tour and more photos, please visit: www. �27Pinon.com
CO MING SO O N
S OL D
CENTRAL LOCATION AND CUSTOM RENOVATIONS
BI-LEVEL HOME WITH DRAMATIC BACKYARD
3 Bedroom
•
Sky-lit living areas
•
5 Bedroom
•
Backyard retreat
•
2 Bath
•
Central location
•
4.5 Bath
•
Pool and spa
•
1,302 Sq. Ft. Home
•
Top schools
•
Old world glamour
•
Premier location
•
8,700 Sq. Ft. Lot
•
Richly appointed spaces
•
Top schools
3657 LOUIS ROAD, PALO ALTO Approx. $2,350 per Sq. Ft.
�275 WINDIMER DRIVE, LOS ALTOS Offered at $3,988,000
For video tour and more photos, please visit: www.3657Louis.com
For video tour and more photos, please visit: www. �275WindimerDr.com
14 | D E LEO N RE ALT Y.CO M
PHOTOGRAPHY BY ANTHONY HALAWA
•
A Shot Across California's Bow
R E A L E S TAT E TA X
Written by : Michael Repka, Esq. (LL.M.—Taxation, NYU School of Law)
Since the earliest hints at the substance of President Trump’s
W-2 wages—will likely see a significant tax increase, whereas
new tax proposal, there has been one element that has re-
the very wealthy, or those that derive their income from other
mained consistent—the elimination of the deduction for
sources, are likely to see a significant tax decrease.
state and local taxes. A cynical observer may note that this significant change to US tax policy would disproportionately
Irrespective of the actual impact of the loss of the state tax
hit states that have traditionally voted Democratic. In fact, of
deduction, it is likely that Silicon Valley real estate prices will
the top eight states in terms of maximum personal income
be negatively impacted by the elimination of the state tax
tax levied, all but Iowa voted for Ms. Clinton in the most re-
deduction. There are two reasons for this. First, companies
cent presidential election.
will have an incentive to locate more of their high-paid executives outside of the state to the extent that is otherwise eco-
While it is clear that this proposal will be very tough on Cali-
nomically feasible. This will drive down demand, especially
fornia, which has the highest personal state income tax rate
for higher-priced homes. Second, any elimination of deduc-
by a significant margin, the extent of the impact is somewhat
tions that are directly related to homeownership are likely to
challenging to determine. The main reason is because state
have a negative impact on buyers’ psyches, even if the actual
and local taxes are considered “Preference Items” under
impact is blunted by other factors. Under the new tax legis-
the Alternative Minimum Tax (AMT) regime. This means that
lation, taxpayers would lose some of the benefits long as-
AMT taxpayers have had some or all of their state tax de-
sociated with homeownership—specifically, the deductions
duction eliminated anyway. Therefore, the true impact of the
for property taxes and interest on mortgages. To the extent
elimination of the state tax will vary dramatically from person
that buyers receive a reduction in these types of deductions,
to person.
they also will feel less compelled to own property. Naturally, states with higher property values and higher taxes, such as
The AMT applies when the taxpayer’s deductions are consid-
California, will be disproportionately hit.
ered too high relative to the taxpayer’s income. Many highwage earners who derive most of their income from standard
It is imperative that all taxpayers seriously consider the actu-
sources, such as a traditional salary, may not have enough
al impact under their personal circumstances before making
deductions to trigger the AMT, which means they get to take
any decisions related to real estate. For some taxpayers, the
advantage of all of their deductions. Therefore, this loss of
net effect of these changes will be positive, while for others,
one of the most significant deductions for many people in
the effect will be negative. This is true irrespective of which
this situation could be devastating. On the other hand, tax-
income tax bracket you may fall into. DeLeon Realty stands
payers with a large number of deductions and very sophisti-
alone in the local real estate market in our willingness and
cated tax returns may find that they already had the state and
ability to discuss these important tax and legal topics with all
local tax deduction eliminated as a result of AMT, and there-
of our clients.
fore, the loss of the deduction would be insignificant. Additionally, these
STATE
taxpayers would benefit tremendous-
MAXIMUM PERSONAL PRESIDENTIAL INCOME TAX RATE CANDIDATE ELECTED
ly from the elimination of the AMT.
California
13.3%
Clinton
Painting with a very broad brush, it
Oregon
9.9%
Clinton
Minnesota
9.85%
Clinton
appears that Silicon Valley’s working
Iowa
8.98%
Trump
wealthy—that is, taxpayers making
New Jersey
8.97%
Clinton
$400,000-$1,500,000 as a married
Vermont
8.95%
Clinton
couple filing jointly, with income from
District of Columbia
8.95%
Clinton
relatively traditional sources, such as
New York
8.82%
Clinton
D ELEONR EA LT Y.COM
| 15
THE DELEON INSIGHT
Utilizing Technology in Marketing Written by : Sarah Last, Copywriter
Long ago, the world seemed endless. Voyages across rolling expanses of land and sea were yearly, if not lifetime commitments reserved for the very brave, the very intelligent, and the supremely wealthy. All that was known about distant nations was provided by those who had crossed over the horizon and returned to tell their tales. Travel, communication, and an ever-growing amount of
age, narrated videos, and 3D renderings of the interior.
knowledge forever altered just how boundless the world felt;
High-quality images and detailed writing truly capture the
however, it wasn’t until the advent of the internet that man-
best of what the home has to offer, granting potential buyers
kind truly reached the next level of connectivity. Information
the ability to see themselves in the space. These steps are
became easier to access, people became easier to reach,
taken to feature the selling-points of a listing while person-
and the horizon became closer than ever before.
alizing the experience for the buyers, giving them another way to determine whether or not they would call the house
As society transitioned to the challenges and benefits the
their own. This is especially crucial when considering remote
internet presented, the field of real estate followed suit, al-
buyers. Though the days are long since gone when moving
lowing potential buyers to find information on prospective
across the country, or even across oceans, meant not know-
homes and neighborhoods at the touch of a button. But
ing what might lie beyond the horizon, the unknown is still
while the process of real estate has been simplified, DeLeon
much more prevalent for a potential buyer who might not
Realty’s marketing team has it refined.
have multiple opportunities to see a house in person. Providing the best resources available to clients who are consid-
Technology is a powerful tool, but the detached role the in-
ering buying remotely will ultimately help them determine
ternet plays clashes with the fact that real estate is, first and
where their journey leads.
foremost, a client-oriented field. Though vast amounts of information on new listings and the areas in which they reside
As technology progresses, so do the options for marketing
can be read on almost any device, the variables that come
new listings. Augmented and virtual reality programs are be-
with buying and selling a home still make it necessary to have
coming more accessible and user-friendly, and soon may be
an experienced agent who knows how to navigate the specif-
another way DeLeon Realty markets homes.
ics. Therefore, the DeLeon Team understands that there must be a balance between properly utilizing the best technologi-
Like the internet, the world of marketing real estate is be-
cal resources available and establishing a personal presence
coming increasingly unlimited. It’s more important now than
throughout multimedia platforms.
ever before to ensure that clients come first. We have accomplished this by realizing that the technology used to progress
One of the many ways the DeLeon Realty marketing team helps to achieve this balance is by taking advantage of communicating through social media. Facebook, Twitter, and Instagram are all used to reach a listening audience with information regarding recent listings, company events, and community gatherings. Another way to maintain balance is equipping technology to showcase our listings. Before they are posted on the DeLeon website and across social media, the homes go through a process which involves high-end photography, drone foot-
16 | D E LEO N RE ALT Y.CO M
the industry thus far is the most powerful tool at our disposal.
COM I NG S OON
CO MING SO O N
HANDSOME UPDATES WITHIN A PRIME LOCATION
CENTRAL LOCATION GRANTS DESIRABLE CONVENIENCE
•
3 Bedroom
•
Acacia hardwood floors
•
5 Bedroom
•
Spacious and sun-lit
•
2 Bath
•
Chef’s kitchen
•
3 Bath
•
Centrally located
•
Warm, functional layout
•
Remarkably updated
•
Top schools
��6 VASQUEZ AVENUE, SUNNYVALE Offered at $�,498,000
788 S. BERNARDO AVENUE, SUNNYVALE Offered at $�,498,000
For video tour and more photos, please visit: www. ��6Vasquez.com
For video tour and more photos, please visit: www.788SouthBernardo.com
COM I NG S OON
CO MING SO O N
PHOTOGRAPHY BY ANTHONY HALAWA
TASTEFUL UPDATES INSPIRED STYLE •
3 Bedroom
•
Vaulted ceilings
•
2.5 Bath
•
Peaceful location
•
Warm and inviting
•
Top schools
NEWLY REMODELED, GORGEOUS BACKYARD •
4 Bedroom
•
Open-concept
•
2 Bath
•
Indoor-outdoor living
Desirable property along a
•
Central location
quiet, tree-lined street
•
Top schools
•
680 EMILY DRIVE, MOUNTAIN VIEW Offered at $�,298,000
952 EL CAJON WAY, PALO ALTO Offered at $� ,988,000
For video tour and more photos, please visit: www.680Emily.com
For video tour and more photos, please visit: www.952ElCajon.com D ELEONR EA LT Y.COM
| 17
COM I NG S OON
CO MING SO O N
BEAUTIFULLY REMODELED IN POPULAR SETTING
PRIVATE WOODLAND PARADISE •
5 Bedroom
•
Designer kitchen
•
4 Bath
•
Premier Location
•
4 Bedroom
•
Open-concept living
•
Office
•
Top schools
•
2.5 Bath
•
Prestigious Old Palo Alto
•
Panoramic views
•
Newly remodeled
•
Top schools
25870 RIDGEWOOD LN, LOS ALTOS HILLS Offered at $3,788,000
350 EMBARCADERO ROAD, PALO ALTO Price upon request
For video tour and more photos, please visit: www.25870RidgewoodLane.com
For video tour and more photos, please visit: www.350Embarcadero.com
CO M I NG S OON
COMING SO O N
UPGRADED LUXURY IN LINDENWOOD
GATED PARADISE IN PRESTIGIOUS SETTING
5 Bedroom
•
Prestigious location
•
Pristine grounds
•
West Atherton
•
4.5 Bath
•
Gorgeous retreat
•
Immaculate craftsmanship
•
Top schools
•
Cul-de-sac
•
Top schools
95 MAPLE LEAF WAY, ATHERTON Price upon request
65 ROBLEDA DRIVE, ATHERTON Price upon request
For video tour and more photos, please visit: www.95MapleLeaf.com
For video tour and more photos, please visit: www.65Robleda.com
18 | DE LEO N REALT Y.CO M
PHOTOGRAPHY BY ANTHONY HALAWA
•
R E A L E S TAT E I N F LU E N C E
Appreciation Rate Comparisons Show Surprising Results Written by : Darrell Martin, Buyer Specialist
A common and understandable perception regarding ap-
Time is another key factor that seems to be driving buyers
preciation rates is that single-family residences appreciate
to purchase condos and townhomes rather than single-fam-
at a higher rate than condos and townhomes. Based on the
ily residences. Commuting and maintenance are two of the
appreciation rates for the past 17 years (2000-2017), this has
biggest time-consumers of the average homeowner today.
been the case for many cities in the Bay Area.
Commute time is what seems to have been driving much of
However, for the past six years, this has not been the case
the incredible appreciation we have seen over the past six
for most of the cities where DeLeon Realty sells homes. For these cities, which include Palo Alto, Los Altos, Cupertino, Sunnyvale, Mountain View, Menlo Park, and Redwood City, townhomes have appreciated more than single-family residences (see chart). The same is true for condos in every city, with the exception of Menlo Park. Prior to 2011, single-family residences had appreciated at a higher rate than townhomes
years. Since most tech employees are already working long hours, they prefer to minimize the amount of time it takes them to get to and from work. In order to do so, they need to purchase a home in the cities that are near their offices, which ties back to the previous factor—cost. In order to buy close to work, where prices are more expensive, condos and townhomes tend to be more accessible for these first-time
in many cities such as Palo Alto, Mountain View, Sunnyvale,
homebuyers.
and Menlo Park.
Another aspect of time that is contributing to the higher ap-
The higher appreciation rates for condos and townhomes
preciation rate of condos and townhomes is the perceived
have been driven by the incredible growth of local tech companies and the corresponding increase in highly compensated and highly educated tech employees. After having helped a number of these employees buy homes in 2017, my
amount of time required to maintain the home. With a single-family residence, there is typically a yard that requires maintenance. Many buyers are interested in buying a home that requires as little maintenance as possible, which is what
perception is that there are three primary factors driving the
they can expect with a condo or townhome.
higher appreciation rates for condos and townhomes: cost,
As counter-intuitive as it sounds, schools are another factor
time, and schools. All three of these factors are closely re-
that has been driving the higher appreciation rates of condos
lated.
and townhomes. The reason for this is that, since many of
Since the costs for condos and townhomes are roughly 50
these tech buyers are so highly educated, they place consid-
percent and 70 percent, respectively, of the costs of singlefamily residences in the same city, many buyers have no choice other than to purchase a condo or a townhome due
erable value on good schools. Because home prices in good school districts are already higher than other areas, condos and townhomes are typically the only options for these first-
to financial constraints. Some buyers who are able to afford
time buyers.
more are choosing to purchase condos and townhomes due
While our local cities generally move in parallel, a well-ad-
to the lower purchase prices and their desire to minimize the
vised buyer remains cognizant of market trends and pro-
possibility of being overwhelmed by huge monthly house
jected appreciation. Regardless of which type of home you
payments.
choose to purchase here in the Silicon Valley, you will most likely be pleased with its appreciation over time. TOTAL APPRECIATION (2011 –2017): SFH/THs/CONDO
PALO ALTO
LOS ALTOS
SOURCE: MLS LISTINGS AS OF 12/13/2017
MT. VIEW
SUNNYVALE
CUPERTINO
MENLO PARK
REDWOOD CITY
SFH TH CONDO
D ELEONR EA LT Y.COM
| 19
THE DELEON INSIGHT
Predicting the Next Hot City Written by : Ken DeLeon, Esq.
While a rising tide will lift all boats, in real estate these boats (or neighborhoods) will not all rise at the same velocity. Though there are some mega-trends driving the housing
By September of 2017, the upward movement of prices in
market in Silicon Valley, there are also micro-trends and
Mountain View (up over 16 percent since 2015) and other cit-
dynamics that come into play with the cities relative to each
ies versus Palo Alto’s 1.7 percent appreciation over the same
other.
timeframe made Palo Alto a relative bargain. This discrepancy pulled buyers back from Mountain View and Los Altos
The status of which city is the hottest and most frenzied
to Palo Alto. Since September, Palo Alto has become the
in Silicon Valley changes according to a push-pull dynamic,
region’s hottest market with the price per square foot jump-
and the defining quality of a good buyer's agent is to spot
ing from $1,565 when averaged from January to August, to
the next hot city before the market does. In this article, I will
$1,797 per square foot for sales between September and De-
discuss how the interrelationship between cities works, il-
cember, leading to an increase of 14.8 percent just in the last
lustrated with a current example, and I will also predict the
few months. Palo Alto still has strong momentum, with one
next city buyers will focus upon and how property values will
of our South Palo Alto listings selling for more than a million
rapidly rise.
dollars above list price at over $2,300 per square foot!
As the only top agent who works exclusively with buyers, and
Dissecting and analyzing the past is interesting, but prognos-
with over $1 billion in recent sales with these buyers alone,
ticating the future is much more insightful and valuable. So,
I have gained insight into buyers’ goals and preferences. I
what city will become the latest value play and soon see a
have observed that buyers will often consider several cities in
push-up in pricing? I predict that this will be Menlo Park.
their search. For example, buyers who are drawn to Palo Alto will often be attracted to Los Altos, Menlo Park, or Mountain
As recently as 2012, the gap between Menlo Park and Moun-
View as well. Therefore, the pricing dynamics of each of these
tain View on a price-per-square-foot basis was 10 percent,
cities will impact one other.
and now that gap has narrowed to 1.7 percent. With this latest surge in Palo Alto pricing, plus the past strong appreci-
In 2016, almost all cities fared better than Palo Alto. With all
ation of Mountain View and Los Altos, buyers will soon be
of the uncertainty of the election, the housing market did not
pulled to the great values, good schools, and high quality of
do well, but in descending order Mountain View, Menlo Park,
life Menlo Park offers.
and Los Altos all appreciated, whereas Palo Alto dropped by 2.3 percent from the year earlier on a price-per-square-foot
While all of these cities have excellent fundamentals for long-
basis (all statistics in this article come from the MLS). Thank-
term appreciation, getting into the next hot city before oth-
fully, 2017 was a much stronger year with all cities appreciat-
ers do can save you hundreds of thousands of dollars. You
ing, but the appreciation was not evenly distributed. From
will want to work with a skilled and insightful buyer's agent
January to August, Palo Alto only appreciated by four per-
who has the expertise and acumen in economics to properly
cent, versus Mountain View which rose by 10 percent, with
predict market appreciation.
Los Altos and Menlo Park also rising more than Palo Alto.
20 | D E LEO N RE ALT Y.CO M
JA N UA RY 2 0 1 8
City Market Conditions
Average sales price for single-family homes from 01/2016 to 12/2016 compared to 01/2017 to 12/13/2017
Average Sales Price
01/2016 - 12/2016
01/2017 - 12/13/2017
Price/Square Foot Ratio
Price per square foot ratio for single-family homes from 01/2016 to 12/2016 compared to 01/2017 to 12/13/2017
01/2016 - 12/2016
01/2017 - 12/13/2017 Data gathered from the Multiple Listing Service on 12/13/2017 D ELEONR EA LT Y.COM
| 21
Community Calendar Chamber Music Society of Lincoln Center: Brahms and Dvořák Friday, January 19, 2018
This riveting program juxtaposes two giants of Romanticism: Antonín Dvořák and Johannes Brahms. Dvořák and Brahms drew inspiration from each other, and it was to Brahms’s Gypsy-inspired Hungarian Dances that Dvořák turned for his own Slavonic Dances. Brahms’s c minor Piano Trio is featured before intermission, while Dvořák’s Piano Quintet in A Major,
Atherton: Parents Corner
Tuesdays and Wednesdays - times vary The Atherton Library offers many fun and educational activities such as: Toddler Early Learning, Bilingual Baby Bounce, Wild and Wacky Wednesdays, French Storytime
WHEN: Times vary, please see website for more information. WHERE: Atherton Library, 2 Dinkelspiel Station Lane, Atherton CA 94027
MORE INFO: https://smcl.org/locations/1A/
one of the finest piano quintets in the repertoire, brings the program to a thrilling close. Joining Chamber Music Society of Lincoln Center and Music@Menlo Artistic Director, pianist Wu Han, for this program is a cohort of some of the most exciting young Chamber Music Society artists: pianist Michael Brown, violinists Paul Huang and Chad Hoopes, violist Matthew Lipman, and cellist Dmitri Atapine.
WHEN: 7:30pm – 9:30pm WHERE: The Center for Performing Arts at Menlo-Atherton, 555 Middlefield Road, Atherton, CA
MORE INFO: https://tickets.musicatmenlo.org/
SUCCESS STORIES
BARRY LN, ATH E RTON SOLD FOR $8,500,000
22 | DE LEO N REALT Y.CO M
JA N UA RY 2 0 1 8
Recent Sales in Atherton Street Address
Beds Total
Baths
Sq Ft Total
Lot Size
Price
98 Cebalo Lane
3
2|0
2,010
14,810 Sq. Ft.
$2,310,000
284 Selby Lane
4
2|0
1,720
7,500 Sq. Ft.
$2,500,000
84 Wilburn Avenue
3
2|1
2,172
13,500 Sq. Ft.
$2,525,000
307 Walsh Road
3
2|0
1,760
8,906 Sq. Ft.
$2,600,000
42 Watkins Avenue
4
2|1
2,890
6,550 Sq. Ft.
$2,650,000
30 Southgate Street
3
2|0
2,018
6,750 Sq. Ft.
$2,900,000
98 Mccormick Lane
4
3|1
3,325
41,745 Sq. Ft.
$3,500,000
52 Wilburn Avenue
5
4|0
3,295
14,500 Sq. Ft.
$3,830,000
375 Walsh Road
4
3|2
3,120
1.04 Acres
$4,100,000
240 Oak Grove Avenue
3
3|0
2,420
1.13 Acres
$4,485,000
66 Virginia Lane
5
5|1
3,250
43,497 Sq. Ft.
$5,075,000
283 Stockbridge Avenue
4
3|0
3,478
1.55 Acres
$6,300,000
197 Greenoaks Drive
5
5|1
5,720
40,890 Sq. Ft.
$6,550,000
190 Encinal Avenue
5
4|0
3,765
40,734 Sq. Ft.
$6,800,000
84 Nora Way
6
6|1
6,615
40,260 Sq. Ft.
$7,400,000
60 Michaels Way
6
4|1
6,295
29,328 Sq. Ft.
$10,000,000
43 Tuscaloosa Avenue
7
7|2
12,600
1.09 Acres
$18,950,000
Represents DeLeon Realty Sales
HOME SALES FROM 9/1/2017 - 12/20/2017
NO RA WAY, ATHE RTON S OL D FOR $ 7,4 0 0 ,0 0 0
SUCCESS STORIES D ELEON R EA LT Y.COM
| 23
PRSRT STD ECRWSS U.S. POSTAGE PAID SAN JOSE, CA PERMIT #2196
DeLeon Realty 1717 Embarcadero Road Palo Alto, CA 94303
®
******ECRWSSEDDM******
RESIDENTIAL CUSTOMER
REAL ESTATE SEMINAR FOR HOME OWNERS
STEPS TO MAXIMIZE YOUR REAL ESTATE SALES PRICE Arrillaga Rec Center *Elm Room 601 Laurel Street, Menlo Park, CA Saturday, February 24th, 2018 11:00 AM - 1:00 PM FEBRUARY SEMINARS: Palo Alto Hills Golf & Country Club 3000 Alexis Drive Palo Alto, CA
Arrillaga Rec Center *Elm Room 601 Laurel Street Menlo Park, CA
Los Altos Youth Center 1 N. San Antonio Rd Los Altos, CA
Tues, February 20th, 6:00 PM - 8:00 PM
Sat, February 24th, 11:00 AM - 1:00 PM
Tues, February 27th, 6:00 PM - 8:00 PM
®
RSVP: / 650.543.8500 / RSVP@DELEONREALTY.COM / Seminars are for prospective clients only.
No outside real estate professionals permitted.
650.700.9000
| w w w. D e L e o n R e a l t y. c o m | C a l B R E # 0 1 9 0 3 2 2 4