The DeLeon Insight - March 2017 by DeLeon Realty

THE DELEON INSIGHT Silicon Valley Real Estate MARCH 2017

THE RIGHT THING TO DO WHEN THE DEAL GOES WRONG

• FREE MONEY • NEIGHBORHOOD SPOTLIGHT: THE REDWOODS OF LOS ALTOS HILLS

www.DELEONREALTY.com

DELEON INSIGHT

MARCH 2017

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WOODSIDE • CURB APPEAL • INFLUENTIAL WOMEN OF DELEON •

MARKET TRENDS Average Sales Price 2016 & 2017

Average sales price for single-family homes from 01/01/2017 to 02/15/2017 compared to a similar period in 2016.

01/01/2016 -02/29/2016 01/01/2017 - 02/15/2017

Average Price/Square Foot: 2016 & 2017

Average price per square foot for single-family homes from 01/01/2017 to 02/15/2017 compared to a similar period in 2016.

01/01/2016 -02/29/2016 01/01/2017 - 02/15/2017

*Data gathered from the Multiple Listing Service on 02/15/2017

MARCH 2017

DELEON INSIGHT

MARCH 2017

ZESTIMATE

ZESTIMISS?

AN ASSESSMENT OF ZILLOW’S AUTOMATED VALUATION ALGORITHM BY:

KEN DELEON, ESQ.

FOUNDER

Within real estate, there are few things more revered or more reviled than Zillow’s Zestimate, which instantly values homes across America. The Zestimate can be revered by those who love the ease of getting an instant valuation of homes in their neighborhood. Conversely, the Zestimate is often reviled by real estate professionals since an artificially high Zestimate can inflate sellers’ expectations, whereas an artificially low Zestimate can give a buyer false optimism. This controversy begs the question: how accurate are Zillow’s valuations? The answer is that Zillow will be most accurate in areas with a homogenous housing stock, particularly tract housing developments that are common in major urban markets throughout the nation. The uniform characteristics and building materials used in tract housing are ideal for an algorithm that relies heavily on neighborhood sales data, but does not value the custom features of a home, its location within a neighborhood, or the amenities of the specific community.

A recent study of Zestimate accuracy confirmed this conclusion. According to a Washington Post article entitled “How Accurate Is Zillow’s Zestimate?,” the Zestimate was more accurate for homes priced between $500,000 to $999,999, as the Zestimate was within five percent of the sales price nearly 60 percent of the time. However, for properties that sold for over $1 million, the Zestimate was within five percent of the actual price just over one-third of the time. Similarly, Zillow’s algorithm fares poorly in affluent areas with relatively unique properties. For example, in Manhattan, Zestimate’s median valuation error rate is 19.9 percent. In San Francisco, the median valuation error rate is 11.6 percent (“Inaccurate Zillow ‘Zestimates’ a Source of Conflict Over Home Prices,” LA Times, Feb. 2015). In light of the relatively short time well-marketed homes spend on the market, this margin of error is simply unacceptable for sophisticated consumers. Consequently, retaining an experienced agent is essential for high-valued properties. I regularly have to explain to frustrated clients that the Zestimate becomes increasingly inaccurate as the value of the home increases.

Here are two recent examples in Atherton: • 119 Tuscaloosa Avenue sold for over $35 million, but the current Zestimate is nearly $17 million. • 47 Camino Por Los Arboles sold for over $30 million, but the current Zestimate is just over $18 million. The Zestimate can also greatly overestimate valuations. For example, a home on Edgewood Drive in Crescent Park has a Zestimate of almost $8.5 million, yet it is lingering on the market for over a month at $7,688,000. The most high-profile “Zestimiss” was when Spencer Rascoff, the CEO of Zillow, sold his home in Seattle for $1,050,000, which was only 60 percent of the $1,750,405 Zestimate (“Zillow CEO Sold His Home for 60 Percent of the Zestimate,” Appraisal Today, June 2016). To add insult to injury, Mr. Rascoff also “overpaid” when he purchased his new home in Southern California. According to the Zestimate, he paid $1.5 million more than he should have for his new home (“Zillow CEO Overpaid for His Los Angeles Home, According to Zillow,” Curbed LA, July 2016). When responding to criticism about these inaccuracies, Rascoff replied, “We call it a Zestimate and not a zeppraisal and not a zeprice. It’s meant to be a starting point. To determine a more accurate opinion of a home’s value you should hire a real estate agent….” (“Even the CEO of Zillow Thinks You Should Ask a Real Estate Agent What Your Home Is Worth,” MarketWatch, Sept. 2016). And, to be fair, Mr. Rascoff’s new house sold for just under $20 million in the Brentwood section of LA, so it is not surprising that the Zestimate was not accurate. So, while a Zestimate may be good for cocktail conversation, when the time comes for you to truly know the value of your home, it is best to reach out to the DeLeon Team. We can give you a much more accurate and insightful estimate of your home’s true market value.

MARCH 2017

DELEON INSIGHT

NEIGHBORHOOD SPOTLIGHT HERITAGE DISTRICT OF SUNNYVALE BY:

DARRELL MARTIN

SENIOR BUYER SPECIALIST

The Heritage District neighborhood of Sunnyvale has been thriving in recent years. This prosperity is thanks to the revitalized downtown area and the sustained popularity of Murphy St. and its many beloved restaurants, bars, and coffee shops. Roughly defined as the area surrounded by Mathilda Ave. to the west, California Ave. to the north, Fair Oaks Blvd. to the east, and Old San Francisco Rd./El Camino Real to the south (excluding the Northrop Grumman complex located at California Ave. and Fair Oaks Blvd.), the Heritage District will continue to thrive for years to come, thanks to the much anticipated completion of the downtown construction project, as well as the addition of many new residential units in the immediate and surrounding neighborhoods. Sunnyvale Town Center Construction Update After being on hold for six years (2009-2015) due to litigation, the downtown construction project at the site of the former Sunnyvale Town Center is moving forward again under the guidance of its new owners, STC Venture, a joint venture between J.P. Morgan Asset Management, Hunter Storm, and Sares Regis Group of Northern California. This phase of the project includes the area surrounded by Mathilda Ave., Washington Ave., Sunnyvale Ave, and Iowa Ave. Macyâ&#x20AC;&#x2122;s, Target, and the two office buildings occupied by Nokia and Apple are complete and will continue to operate status quo. The balance of the project includes

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292 residential units, a multi-screen theater, a grocery store, several retail and dining spaces, and a 200-room hotel. Work has already commenced on the site with the removal of the two-story steel framing that had been surrounding Redwood Square Plaza. The residential buildings are expected to be complete in early 2018 and will include 198 rental units, 25 of which will be for lowerincome households. Construction of the theater and grocery store, which will be located at Sunnyvale Ave. and Iowa Ave., is expected to begin in 2017 with plans to open in 2019. Another planned change to the downtown area is the extension of Murphy Ave. through the new development from Washington Ave. to Iowa Ave. Home Sales Between 2011 and 2016, the average price for a single-family home in the Sunnyvale Heritage District neighborhood increased by 138 percent, going from $602,293 to $1,436,971. One of the recent contributors to this significant increase was the sale of four new homes in the Paloma Place development by Classic Communities, located at the corner of W. Iowa Ave. and S. Taaffe St.

These four homes sold for an average price of just over $2 million. The Heritage District has been popular for buyers thanks to its central location within both Sunnyvale and Silicon Valley, as well as its close proximity to Murphy St. and the greater downtown area. Much of the demand for housing in Sunnyvale for the past several years has been driven primarily by the continued growth of Google, Facebook, and other companies in Mountain View and neighboring Lower Peninsula areas as their employees seek to minimize their commutes. This strong demand for housing in Sunnyvale will most likely be sustained for the next couple of years thanks to the new Apple campuses being constructed nearby at Wolfe Rd. and Homestead Rd. and at Wolfe Rd. and Arques Ave. These two campuses are expected to employ a total of more than 12,000 employees, some of whom may be new employees with a desire to live nearby. For these reasons, Sunnyvale home price appreciation is expected to remain moderate to strong in 2017, with an anticipated increase of five to seven percent.

2016 NEIGHBORHOOD RECAP AVERAGE SALES PRICE AVERAGE PRICE PER SQUARE FOOT AVERAGE DAYS ON MARKET NUMBER OF SALES DELEON INSIGHT

MARCH 2017

$1,436,791 $872 17 31

THE HIDDEN PITFALLS TO

REVERSE MORTGAGES BY:

ALEX SEROFF, ESQ.

LISTING SPECIALIST

Maybe your friend just booked a monthlong cruise. Perhaps you want to help your favorite grandson pay for law school. Or, maybe you just want to eat out on University Avenue every day. If you have one or more of these intentions but limited monthly income and liquid savings, the question arises about how to accomplish your goals and still enjoy your retirement. You may have seen Tom Selleck advertising reverse mortgages on a TV commercial, and you may have started to wonder if this could be right for you. In fact, reverse mortgages are loans for people over 62 years old and require no monthly payments. You have the option of accessing your home equity in several ways: by receiving a monthly check, having a credit line, taking a lump sum of cash at closing, or using a combination of all of these options. The mortgage balance increases each month by the amount of money withdrawn from the credit line, or the amount of the check— plus, of course, the interest. There are some safeguards in place as reverse mortgages are non-recourse loans, meaning the lender is not required to be paid any loan balance above the home value. While this type of loan may seem like an attractive way to unlock the equity in your home, there are multiple issues to consider when contemplating a reverse mortgage. Potential pitfalls arise if you anticipate moving into a retirement home or nursing facility, or want one of your heirs to retain the home after you pass away, or have a spouse who is significantly younger than yourself. Reverse mortgages soon become due upon the sale of the home, when you pass away, or when the home is no longer your primary residence. This can be problematic if you move to a retirement or nursing home because your mortgage balance becomes due, even if you do not

sell the home. It is also unlikely that you have accumulated enough funds to pay it off; if you had those funds, you would likely not have needed the reverse mortgage in the first place. In addition, there are often fairly significant moving costs for a retirement or nursing home, at the same time as the mortgage becomes due. Finally, retirement centers or nursing homes often have large monthly dues that cover food, activities, and other services, all of which you will not be able to pay for using the reverse mortgage since your monthly checks stop immediately. While there are pros and cons for people around the country, reverse mortgages can be particularly dangerous for people owning highly appreciated Silicon Valley real estate. Generally, under federal and California law, the step-up in basis rules mean that capital gains tax is forgiven at the owner’s death, which creates an incentive for people to hold highly appreciated real estate until death. Unfortunately, most reverse mortgage contracts require the sale of the property within six months of the owner moving out, which means some seniors may have to recognize millions of dollars of capital gains that could otherwise go tax-free. Since it is unlikely you will have sufficient funds to pay off the reverse mortgage at the time of the move, you will likely have to sell the home. This

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DELEON INSIGHT

means you will have to pay a substantial amount of avoidable tax. These negative tax consequences could be quite costly and may defeat other estate-planning goals. One of these goals may be that one of your heirs continues to own the house after you pass away. Again, in this case the mortgage becomes due at that point. If your estate or heirs do not have enough cash to pay off the mortgage, they are forced to sell the home to do so. A final consideration should be the financial well-being of a spouse who is significantly younger than yourself and is not on the title to the property. The rights of surviving spouses not on title to stay in the home are complicated and not always guaranteed. Reverse mortgages can be useful tools to allow you to enjoy your retirement years in comfort. However, they are not right for everyone. The long-term potential pitfalls associated with them should be carefully weighed against the short-term benefits of having more cash available to cruise the world, educate your descendants, or dine in style. Fortunately, DeLeon Realty is the only real estate firm in Silicon Valley that provides tax and legal advice on these issues to its clients at no additional charge. Make sure to schedule an appointment to discuss these issues with a DeLeon REALTOR® or attorney.

GOOD FENCES DON’T ALWAYS MAKE GOOD NEIGHBORS

HOW STRANGERS CAN CLAIM AN INTEREST IN YOUR PROPERTY BY:

SIGRID WAGGENER, ESQ.

CORPORATE COUNSEL

Most buyers assume that, when they purchase a property, their right to occupy and enjoy that property is exclusive. This is usually a reasonable assumption. However, there are instances when third parties (typically, adjoining landowners) can lawfully claim an interest in land owned by another. Here, we examine two such claims and ways in which buyers can protect themselves. 1. Adverse Possession The doctrine of adverse possession has a lengthy and storied legal history. In layman’s terms, adverse possession is a process by which a person who has no ownership interest in a piece of property can nevertheless acquire title to that property. A would-be adverse possessor must: A. Physically occupy the property with the intent to keep it as his own while knowing that the property does not, in fact, belong to him or have in his custody a defective document that purports to give him title to the property; B. Occupy the property in a way that broadcasts his presence to the world at large (for example, erecting a structure or fence); C. Maintain his occupancy on the property for a minimum of five years; and D. Timely pay all property taxes assessed against the property for a minimum of five years. Adverse possession situations are rare in urban settings primarily due to the tax requirement, but have occasionally arisen. For example, assume that Homeowner A knowingly builds a guest cottage behind his home so that the cottage sits entirely on Homeowner B’s lot. Homeowner B fails to notice the invasion. Homeowner A rents out the

main house, moves into the cottage, and makes all necessary tax payments assessed against it. Time is now running on an adverse possession claim against Homeowner B. If Homeowner B then sells his property to Buyer C, the adverse possession problem falls to Buyer C. 2. Prescriptive Easement When someone secures a prescriptive easement against a property, that person acquires the right to use the property in a particular manner, but does not acquire title to the property. Essentially, a prescriptive easement is a legally sanctioned trespass. To acquire a prescriptive easement, one must: A. Use the subject land continuously, in a particular manner, for a five-year period without the permission of the land’s owner; and B. Ensure that this unauthorized use is visible to the owner. Using the hillside town of Portola Valley as an example, let’s assume that upslope Neighbor A intentionally diverts rain runoff away to drain across downslope Neighbor B’s land. Every winter, Neighbor B complains about the runoff to Neighbor A, but takes no further action. After five years, Neighbor A has completed the steps necessary for securing a prescriptive drainage easement across Neighbor B’s land. A subsequent buyer of Neighbor B’s land inherits this problem. Because there is no requirement that the encroaching party pays the property tax, this is a much more likely problem for a poorly advised buyer. Fortunately, there are steps buyers can take to protect themselves. Prior to making any offer on a listed property, buyers should carefully review the listed exceptions contained in the preliminary title report prepared for the property. If a prescriptive easement or adverse possession claim has been reduced to a judgment and DELEON INSIGHT

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record against the property, this should appear in the exceptions. Buyers should also seek expert advice regarding any exceptions they do not understand, and take their time when inspecting a listed property, looking closely at the property boundaries and for anything traversing the property. If something seems off, it should be examined further. Finally, buyers can protect themselves from future adverse possession or prescriptive easement claims by purchasing title insurance; however, this may not be enough. First, not all types of title policies provide adequate protection in the event of an adverse possession claim. Second, and significantly, even when covered, title companies often challenge these claims arguing the buyer did not take adequate steps to investigate the property and identify evidence of an encroaching use. In other words, the title company may argue that the buyers and/or their agent did not inspect the property to make sure that no one else was using the land (like, for example, signs of a foot path leading across the property to a neighbor’s land). Given the risk that a buyer could buy a home encumbered by another person’s rights, it is vital that buyer agents fully understand the rules and the signs for which they should remain cognizant. If an agent appears unfamiliar with the nuances of these rules, then buyers should ask to meet with the brokerage’s attorney, or they should hire their own counsel to advise them on these important issues. Naturally, DeLeon Realty provides access to a real estate attorney to advise on this issue and other issues related to the purchase or sale of a Silicon Valley home.

When buying or selling a home, it has always been important to select the right Realtor®. However, the home itself usually remains the same, irrespective of which agent represented the property. That has all changed with the introduction of the DeLeon Realty/HomeSmiles maintenance program, which will be offered on all DeLeon listings. Naturally, we haven’t forgotten DeLeon buyers, either. When the DeLeon Team represents a buyer of any property in 2017, we will provide the same three-year maintenance plan. Our DeLeon Realty/Homesmiles home care program includes

ONE LESS THING TO WORRY ABOUT

these items and many more: • Gutter and downspout cleaning • Tree branch removal • Exterior window/sill cleaning • Dryer exhaust vent cleaning • HVAC filter replacement • Refrigerator coil cleaning • Driveway pressure-washing • Garage door lubrication • Smoke detector inspection/test/lithium battery change and Carbon monoxide inspection/test/ lithium battery change At DeLeon Realty, we play offense, not defense. We believe a proactive annual home maintenance plan is key to preventing small problems from becoming big issues. All major components of your home, including roofs, gutters, water heaters, furnaces, and appliances, are expensive and costly to repair or replace. The cost of doing no maintenance is simply too high. Deferred home maintenance is cumulative, and its effects can be wide-ranging.

Disclaimer: This is a limited-time offer. This promotion only applies to homes originally listed by the DeLeon Team between the dates of January 1, 2017 and June 30, 2017. The home must be in contract by July 31, 2017. This service will be issued in the buyers’ names and is non-transferable. Please visit deleonrealty.com/homesmiles for further details.

SHOW ME THE MONEY

HOW TO FINANCE YOUR HOME PURCHASE AND COMPETE WITH ALL-CASH DEALS BY:

DAVID HALL, ESQ.

SENIOR BUYER SPECIALIST

Home sales in Silicon Valley continue to be fast-paced and competitive with multiple offers and quick closings being the norm. Buyers who need to finance their home purchases are often competing with cash buyers who have a clear advantage for a quick closing without a financing contingency. So, how can you level the playing field and still buy your dream home with traditional mortgage financing? Buyers typically obtain a pre-approval letter from a lender after providing documentation confirming the buyer’s income, assets, and credit history. Unfortunately, the standard preapproval letter usually includes language that protects the lender and diminishes the value of the pre-approval from the seller’s perspective. Here’s an example: “After reviewing your credit information, we have determined that your credit meets our requirements to conditionally approve you for a loan subject to the conditions below. This is not an offer or a commitment to extend credit, and is subject to approval of all conditions required by our underwriter.” But don’t despair! You can still compete by following two simple steps. First, meet with a DeLeon buyer specialist to discuss your purchase plans. Once we know the type of property you are looking for and your price range, we can help you find a lender that can provide a solid pre-approval letter subject only to appraisal and insurance requirements. Second, plan ahead and prepare an organized submission package for your lender that includes all of the information the lender needs to approve your loan. Here’s the typical list of required documents, along with some helpful tips:

• Provide federal tax returns for the most recent two years, with all pages and schedules. • Provide bank statements for the most recent two months from all accounts that will be used as sources of funds for the purchase. • Asset statements like IRAs, 401-Ks, and brokerage accounts can be used to satisfy lender requirements for down payment and reserves, so you will need to provide statements from the most recent two months, or the current quarterly statement. • Remember that you will need to explain any recent deposits. If possible, make your bank transfers and account consolidations 90 days before you submit your bank statements to the lender. • If your down payment includes gift funds, a loan from a 401-K, or incentive stock option plans (ISOs), talk to your lender in advance and find out what additional documentation is required. • Provide two months of pay-stubs if you are a W-2 employee, and also provide an HR contact (phone and email) for verification of employment. • If you own a business, are selfemployed, or are looking for an asset-based loan, then you will need to provide additional documentation to support your loan request. • If you have complex tax returns for C corporations, S corporations, LLCs, or partnerships, your CPA can often upload the documents to a secure portal and give your lender password-protected access. • If you are a homeowner, provide a current property tax statement and homeowner’s insurance statement. • Remember to keep DELEON INSIGHT

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all of your monthly revolving credit payments current, don’t close any accounts, and hold off making any big purchases until your loan has funded. Your goal is to make it easy for the lender to analyze your documents and approve your loan, subject only to the appraisal and insurance requirements. If you are looking to create an even more compelling offer package and you are completely certain you will qualify for financing, consider including some non-refundable payment to the seller. This will clearly demonstrate your level of confidence and differentiate your offer from the others. While there are cases that have held non-refundable “deposits” unenforceable, there are alternative structures that will work, provided the buyers have free access to an experienced residential real estate attorney. Fortunately, DeLeon Realty provides these services to our clients at no additional charge. In summary, if you are planning to buy a house in 2017 and plan to finance your purchase, you should be meeting with a DeLeon buyer specialist who can help you plan your purchase. If necessary, this specialist can introduce you to a lender who can provide a pre-approval letter that gives you the confidence to waive the loan contingency and compete headto-head with all-cash buyers.

WOODSIDE T H E A N AT O M Y O F A B O O M T O W N BY:

JOHN DEOLIVIERA

SENIOR BUYER SPECIALIST

Woodside is located in the heart of Silicon Valley and is home to many chief executive officers, venture capitalists, and founders of the areaâ&#x20AC;&#x2122;s many high-tech companies. But before evolving into one of the most sought-after addresses in the Valley, Woodside witnessed a long, transformative history which helps to enhance its present-day appeal. Initially, the area was the naturally gorgeous habitat of a people called the Ohlone tribe. This native people occupied the lush, lovely terrain, enjoying the mild climate, creeks, and forests which produced an abundant supply of food and water. In 1769, a group of Spanish explorers led by Gaspar de Portola even set up camp in an area near Woodside. Without question, Woodside enjoys a historic setting of wondrous beauty.

In contrast to its bucolic roots, Woodside also formed the scene of the greatest activity in the Bayshore area of San Mateo County. It attracted many explorers and settlers and is said to be the oldest English-speaking settlement in the southern part of the Peninsula. The first English-speaking settlers arrived in the early 19th century to log the rich forests of redwoods. Dotted throughout Woodside were the mills which supplied San Francisco with its first loads of lumber; this lumber, in turn, gave the county seat of San Mateo its name of Redwood City. Charles Brown constructed the first sawmill in San Mateo County on his Mountain Home Ranch. His adobe house, erected in 1839, still stands today. By the middle of the 19th century, the Woodside area housed a dozen mills producing building materials for booming San Francisco. In 1845, a gentleman named Dennis Martin came to the area in the first wagon MARCH 2017

DELEON INSIGHT

party over the Truckee Pass. He bought 1,000 acres of land from John Coppinger, and consequently put up a house and two sawmills, planted orchards, and built St. Denis Chapel, which for years was the only place of worship between San Francisco and Santa Clara. In 1849, during the California Gold Rush, 20-year-old Mathias Alfred Parkhurst purchased 127 acres of timberland and gave it the enduring name of Woodside. His friend, Dr. Robert Orville Tripp, a dentist, arrived in Woodside, and he and Dennis Martin went into partnership in the lumber business. The lumber was cut and dragged by oxen teams through the redwood forests to the shores of the bay, then floated by raft to San Francisco. The corridor they created to the shore now forms the heart of Redwood City. As the lower hills were timbered out, the mills were moved up the canyons and over the hills. Meanwhile, Dr. Tripp and Mr. Parkhurst opened the Woodside

Store on Kings Mountain Road, which is now preserved as a San Mateo County museum. Dr. Tripp continued his dental practice and in 1851 was elected as supervisor of San Mateo County, a position he kept until his death in 1909. Many other folks were attracted to the beautiful Valley and, by 1852, a regular stagecoach service to San Francisco had been established. Woodside citizen John Greer gave land for the first schoolhouse and, by the end of 1859, there were 112 pupils. The Library Association was one of the first of its kind to be established in all of California. In the 1850s, a town known as Searsville sprung up because of the many sawmills and lumbering businesses in the area. In 1853, August Eikerenkrotter built a hotel to house teamsters and other passersby. The following year, John W. Sears arrived and built a home and another hotel in the new town. The town took on his name as Searsville and blossomed in the 1850s and 1860s, eventually boasting a church, a school, several saloons, and a blacksmith shop. Over time, the lumbering business moved across Skyline, and the area slowly transformed into a small farm community. When the area was bought out by Spring Valley Water Company, it began to build a dam. Eventually, the buildings of this fledgling town were disassembled and the community was flooded out. The loss of population, along with the decline in logging, finished the town of Searsville. Many residents today are not even aware of the existence of this once-bustling village. Gradually, the character of the Valley changed. Sawmills were replaced by farms, small cattle ranches, and vineyards. In the 1880s, prosperous San Franciscan families began to establish country estates in Woodside. The Pioneer Hotel was built in 1882, and current residents can still glimpse the hotel’s original façade. Independence Hall was built in 1884, but was moved from location to location until it was finally relocated next to Town Hall in 1991. It is still used today for local meetings and events.

Peninsula landscape. In the 1950s, Woodside began to feel the effects of the growing population. For fear of urbanization, Woodsiders voted to incorporate their community, which occurred on November 16, 1956. This brought management, road maintenance, planning, and zoning under local control, which continue to be primary functions and responsibilities of the town today. Recreational activities are a large part of Woodside’s culture. Numerous residents keep horses—some homes are even considered farms—and the town government maintains a network of horse trails. Woodside is also popular amongst avid cyclists, which flock in large numbers on the weekends to popular cycling routes like Old La Honda Road, Kings Mountain Road, Canada Road, Skyline, and Highway 84. Famous Skeggs Point along Skyline Boulevard is a magnet for mountain bikers. Of course, given the area’s extensive natural beauty, it is not surprising Woodside is also home to a number of open space preserves, including Purisima Open Space, where both horseback riding and cycling are allowed. Woodside is proud of its humble beginnings as a lumber town and, today, is among the wealthiest small towns in the United States. It now boasts intentionally small business districts which include a few restaurants, a saloon, a Post Office, and grocery, hardware, and garden stores. There are few towns in America that can match Woodside’s natural beauty, rich history, near-perfect weather, and peaceful rural life within such close proximity of a worldclass urban setting.

After WWII, the growth of San Mateo County was rapid, and construction further altered the midDELEON INSIGHT

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DELEON PLATINUM, LEADERS IN LUXURY. With far more sales over five million dollars than any other real estate agent or team in San Mateo or Santa Clara Counties, DeLeon Platinum is the brand of choice for discerning luxury buyers and sellers. DeLeon Realty is taking an integrative and innovative approach to real estate that is unparalleled. Our staff works collaboratively to combine expertise in all facets, allowing for the highest level of care and attention for you and your property.

For Platinum buying opportunities, contact Ken DeLeon at 650.543.8501 To learn about our complete luxury package for sellers, contact Michael Repka at 650.488.7325

*Data gathered from BrokerMetricsÂŽ 12.23.16

NEIGHBORHOOD SPOTLIGHT THE REDWOODS OF LOS ALTOS HILLS BY:

CAROLINE WONG

SENIOR BUYER SPECIALIST

Opinions differ on the pros and cons of living in Los Altos Hills vs. Los Altos. If you prefer privacy and a town dedicated to preserving a residential agricultural lifestyle, without sacrificing convenient access to a downtown shopping district, then Los Altos Hills should be high on your list of places to live. Geographically, Los Altos and Los Altos Hills border each other in the general epicenter of Silicon Valley. The two towns share downtown Main Street in Los Altos as the focal point of activity. Main Street has recently been revitalized to attract younger families, but has managed to keep many of the charming shops and restaurants that imbue the area with character and history. A stroll down Main Street and across Foothill Expressway brings one to a coveted section of Los Altos Hills nicknamed the Redwoods. Roughly bordered by Foothill Expressway, Burke Road, Fremont Road, and Arastradero Road on the northern edge, this neighborhood sits on a flatter section of Los Altos Hills. The homes are a mix of custom new constructions and original Ranch-style homes on one-acre lots tucked behind majestic redwood trees. The neighborhood is easy to navigate by the main roads, and is a stone’s throw away from Interstate 280. Additionally, residents have easy accessibility to excellent schools like Gardner Bullis Elementary and Pinewood, a prestigious private school. Town Hall and Fremont Hills Golf and Country Club are also situated within the area. The location and layout of the neighborhood offer the perfect balance between seclusion and practicality for

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those seeking a blend of Los Altos and Los Altos Hills.

Benefits: • Absence of commercial activities • Residential agricultural lifestyle • Close proximity to Main Street and Interstate 280 • Large, relatively flat lots, usually of one acre or more • Safe and quiet with minimal traffic Los Altos Hills in Numbers Both Los Altos and Los Altos Hills have seen rapid appreciation in the median sales price for single-family residences in the past 10 years. The Los Altos median sales price has risen a remarkable 40 percent from $1.62M to $2.71M. Los Altos Hills has seen an increase of 37 percent from $2.4M to $3.86M (all stats per the MLS). 2016 Listings Statistics

LOS ALTOS

M.S.P.

$2,710,000

LOS ALTOS HILLS

$3,862,500

Price/Sq. Ft.

$1,221

$1,139

Avg. Lot Size

14,000

70,500

Avg. DOM

New Listings

324

32 141

Although the median sales price in Los Altos Hills is almost $1 million more than that of Los Altos, the rapid appreciation of Los Altos has made Los Altos Hills a relative bargain in more recent years. Of course, Los Altos Hills has always been a better bargain in terms of lot size. Lots in Los Altos are typically around ¼ acre, whereas lots in Los Altos Hills are usually a minimum of one acre. In 2016, the average price per square foot of land was $210 in Los Altos, but $62 in Los Altos Hills. Recent trends are also showing that the price per square foot for buildings in Los Altos is becoming increasingly

higher than Los Altos Hills. For example, in 2006, the cost per square foot for Los Altos was lower than that of Los Altos Hills ($753 vs. $815.) However, since 2012 the cost per square foot for Los Altos has equaled or exceeded that of Los Altos Hills. In 2016, the price per square foot in Los Altos was $1,221 vs. $1,139 in Los Altos Hills. This change is most likely due to the increased demand for Los Altos homes as there continues to be stiff competition for buyers in neighboring cities like Palo Alto. Los Altos Hills, particularly the Redwoods, continues to be very desirable for homebuyers due to its convenient location, access to top schools, and large, private lots. More importantly, as the price per square foot in Los Altos reaches and exceeds that of Los Altos Hills, the relative value of buying in the Redwoods becomes more and more pronounced. For those seeking the practicality and convenience of Los Altos while maintaining the prestige and seclusion of Los Altos Hills, the Redwoods neighborhood provides the best of both areas.

2016 NEIGHBORHOOD RECAP AVERAGE SALES PRICE AVERAGE PRICE PER SQUARE FOOT AVERAGE DAYS ON MARKET NUMBER OF SALES DELEON INSIGHT

MARCH 2017

$3,875,000 $1,145 52 88

FREE MONEY

FROM THE CALIFORNIA ASSOCIATION OF REALTORS ® BY:

MICHAEL REPKA, ESQ.

DELEON CEO

The California Association of REALTORS® has recently launched a wonderful new program to help first-time homebuyers save money on their homeowner association (H.O.A.) dues. In a nutshell, the Housing Affordability Fund’s Homeowners Association Grant Program will give qualified first-time buyers up to six months of H.O.A. dues, not to exceed $2,500. This is free money, not a loan! However, this money is forever lost if not applied for within 30 days of the close of escrow. Also, there is a limited budget for this program, and it will end when the funds dry up. To qualify, the buyers must: 1) Purchase a California single-family dwelling (e.g., condo, townhouse, single-family residence, mobile home) costing no more than $954,225 (the 2017 limit), which they intend on occupying as their primary residence for at least two years; 2) Buy a home with applicable H.O.A. dues/fees; 3) Use a California REALTOR® to represent them in the purchase. It should be noted that referral fees do not qualify, so there may be challenges with some new home communities due to the way their contracts are structured (DeLeon Realty provides its clients with free access to an attorney to evaluate these contracts and determine eligibility on an individual basis); 4) Not have owned any interest in real property in any location during the three-year period ending on the date of the individuals’ signatures on the certification form; and 5) Obtain financing for some part of the transaction. Like many things in real estate, there are a lot of opportunities out there if you know where to look. Unfortunately, many of these types of opportunities are missed by buyers who lack the appropriate experience or guidance. Buyers working with a DeLeon agent to purchase real estate can rest assured that they will be guided every step of the way. Not only will DeLeon buyer agents flag the opportunities, but we will also obtain and complete the forms and submit them for our buyers.

MARCH 2017

DELEON INSIGHT

T H E M O S T I N F L U E N T I A L W O M E N AT

D E L E O N R E A LT Y BY:

AUDREY SUN

LISTING SPECIALIST

Since March is Women’s History Month, it seems only fitting to shine a spotlight on some of the amazing women who have helped transform DeLeon Realty into the premier real estate firm in Silicon Valley. As a young professional woman, I have heard and read about workplace gender inequality. Issues I often hear about include diminished responsibilities, glass ceilings, positional bias (e.g., the stereotype that certain positions are better for women than for men), occupational sexism (e.g., statements based on a person’s sex), outdated views of how women should dress and act, and sexual harassment. I feel very blessed for being a part of DeLeon Realty, for these issues do not rear their ugly heads at our company. DeLeon Realty has a diverse group of employees who hail from all around the world, including countries like China, India, Guatemala, Mexico, the Philippines, Poland, Taiwan, and Vietnam. Of the 48 employees at DeLeon Realty, 28 are women. All of these women have played a role in shaping DeLeon, and six particular women have been paramount in building the heart and backbone of DeLeon Realty. Through their vision, courage, compassion, and mentorship, they have helped other women succeed. Without further ado, let me introduce you to these DeLeon women. Rachel Repka Chief Operating Officer Prior to joining DeLeon Realty, Rachel worked as an intellectual property litigation attorney at large international law firms, mainly focusing on complex patent litigation. She left her reputable position to oversee the ongoing business operations at DeLeon Realty. Within three years, she has helped the company grow from 20 to nearly 50 employees, established various departments, implemented integral processes, and set up benefits for all employees.

Annie Watson VP of Finance After moving to the United States from Taiwan, Annie received master’s degrees in both taxation and accounting. Utilizing extreme focus and organization, she handles the financial responsibilities of DeLeon Realty, including accounting, tax-planning, and payroll. Though she wears many hats, she always finds time to help mentor others around the company.

Kim Heng Director of International Operations Kim is a great bridge between the East and the West. She grew up in China and obtained her MBA in finance in the United States. After a 10-year career as a real estate salesperson, she was selected by DeLeon Realty to run the international marketing arm of the company. Under her guidance, our company has become the most prominent real estate firm within the local Chinese community. Jenna Hagnere Director of Administration Jenna has been with DeLeon Realty since our very first days as a fledgling real estate firm. Serving as our Director of Administration, Jenna applies her real estate knowledge and her innate organization skills to make sure the company’s day-to-day operations run smoothly. In conjunction with administration, she is also a key component of many executive decisions.

DELEON INSIGHT

MARCH 2017

Sigrid Waggener Attorney Sigrid recently joined us after a meteoric rise to partner in the real estate group of a well-respected law firm. She has a strong background in real estate litigation and offers extensive knowledge regarding land use in various cities and counties. Caroline Wong Los Altos and Los Altos Hills Buyer Specialist Prior to joining DeLeon Realty, Caroline was in-house legal counsel for a multinational company. Having grown up in Los Altos Hills, Caroline is now a buyer consultant and strategist specializing in Los Altos and Los Altos Hills. By observing these women’s relentless energy and fearlessness, I realize the importance of having strong female mentorship, especially within a corporate environment. These women inspire me every day to look for ways to further develop my career. Their ambition, ability to lead, and willingness to guide have been instrumental in turning DeLeon Realty into a truly successful, world-class company.

THE RIGHT THING TO DO BY:

MICHAEL REPK A, ESQ.

DELEON CEO AND GENER AL COUNSEL

WHEN THE DEAL GOES WRONG

Unlike many states, California does not require attorney involvement in the purchase and sale of residential real estate. Although this works out fine in roughly 98 percent of the transactions, many people find themselves in a real jam the remaining two percent of the time. Unfortunately, most people assume everything will work out perfectly when they are selecting a real estate agent, only to find out they are on their own once things go wrong.

Further, there are several common misconceptions that can give clients false comfort. First, agents often say they have access to an attorney. While it is true most large brokerages have limited access to an attorney, those attorneys are generally focused on protecting the brokerage. The brokerage’s interests may directly conflict with the clients’ interests. It is usually not long before the clients are told they have to hire their own attorney—and at considerable cost. A simple way to determine whether the brokerage truly provides access to an attorney is to request a meeting with the attorney up front to discuss the buying or selling process and your situation. Second, almost all clients vastly overestimate their agent’s legal acumen, especially if that agent has years of experience as a real estate agent. In fact, most agents seem oblivious to their own lack of technical knowledge. For legitimate reasons, agents are not trained in the nuances of very important legal and tax issues. The rationale is that training agents in these fields will embolden them, and they will attempt to explain the issues to their clients. Understanding there is material risk that agents may explain these issues incorrectly, creating liability for the brokerage, agents are trained to tell the clients they cannot give legal advice. Needless to say, DeLeon Realty takes an entirely different approach. Interestingly, the California Bar Association takes the position that lawyers working for the other major brokerages around the Platinum Core of Silicon Valley cannot provide legal advice as part of their real estate services. The rationale is that some portion of the commission earned would be attributable to the legal services. Given that the non-lawyer owners of the brokerage would be making money from these legal services, the Bar Association deems it an unlawful splitting of legal fees with a non-lawyer. Fortunately, DeLeon Realty is wholly attorney-owned. Thus, attorneys at DeLeon Realty are able to provide legal services at no additional cost to its clients.

Disputes Over Deposits A simple example of the potential conflicts of interest and lack of legal knowledge that comes up fairly regularly pertains to the appropriate distribution of the three-percent deposit after a breach of contract. Occasionally, buyers decide they are unable or unwilling to close on a purchase irrespective of the fact that they have no contingencies or other legal justification that excuses performance. The fight then becomes about the appropriate distribution of the deposit. Interestingly, many listing agents tell their sellers they should give in and return the deposit once the buyers have dug in their heels. I have heard stories of sellers being told the buyers can block the sale to other buyers—which is not true in the vast majority of circumstances—so they should return the deposit and move on. This is generally bad advice. But then again, it is good for the agents because it means that they will get their commission after the sale to the new buyers. Even if the sales price is lower, the marginal difference to the agent’s commission will be insignificant compared to the loss the sellers could endure. More importantly, self-interested real estate agents realize that returning the deposit dramatically reduces the chance that the agents and their brokerage will be pulled into a legal proceeding. Recently, I had dinner with one of the top agents at one of the largest brokerages in the area. The agent said she was interested in joining DeLeon Realty because she was very impressed by how far we went to protect our seller’s rights when one of her buyers breached the contract. Interestingly, she explained her office’s policy is to always recommend the return of the entire deposit to the buyers so as to avoid potential exposure to a lawsuit and get the property back on the market. This agent confessed she didn’t even know of the applicable legal arguments until she read the letter she received from my law firm. The traditional commission-based model in real estate is fundamentally flawed. Buyers and sellers need sound professional advice that includes the legal and tax ramifications associated with a number of different issues. Unfortunately, agents with no legal training—who only get paid if the transaction closes—are not the best source of independent, unbiased advice.

S U S TA I N A B L E

HOME DESIGN BY:

REBECCA LEE

DESIGN COORDINATOR

Designing and renovating a home that is environmentally responsible as well as economical, beautiful, and fun to live in is not as difficult as some may think. “Going green” is one of the hottest trends in design today, specifically in progressive parts of the world like Silicon Valley. The idea of creating a home where casual sophistication meets responsible design defines the concept of sustainable design. Sustainable design is an extremely useful tool for affordable remodeling, and the results have been substantial in home improvements. The LEED (Leadership in Energy and Environment) rating system, insulated wall constructions, solar panels, and greywater systems are major contributors to sustainability. Minor materials such as non-toxic paints, non-VOC (volatile organic compounds) candles, and fixtures made from reclaimed or organic materials will also add value to your home while providing a smaller carbon footprint for your property. By incorporating sustainability into your home’s plan every step of the way, you will create major household advancements benefiting homeowners and prospective buyers alike. Here are a few elements with which you can easily and sustainably design your home. Non-Toxic/Non-VOC Paint Volatile organic compounds are emitted as gases from certain solids or liquids. Mainstream paints, stains, and finishes release toxic emissions through off-gassing for years after application, resulting in the average home’s interior air being three times more polluted than outdoor air. Luckily, creators are now producing non-toxic solutions made from natural raw ingredients such as water, milk casein, natural latex, and plant oils, resins, dyes, and essential oils. These types of paint can range greatly depending on the level of VOC you are trying to avoid.

Eco-Friendly Flooring Solutions Nowadays, shopping for new flooring is difficult due to the enormous amount of flooring selections available. To narrow your selection, consider green flooring materials such as grass or natural fiber carpeting, Forest Stewardship Counsel (“FSC”) -certified hardwood, or reclaimed wood. For instance, bamboo floors are extremely popular, affordable, and durable, and its usage doesn’t damage our forests because bamboo grows abundantly at extremely fast rates. It is also naturally resistant to water, mildew, and insects, eliminating the need for extra protection or the use of harsh chemicals and pesticides. There are many manufacturers that produce synthetic goods to reduce environmental and health costs, including an abundance of flooring and carpeting made from recycled and ecofriendly materials. These synthetic floor materials are durable and stylish, and the green factor will certainly provide a responsible, healthy way to design your home. Efficient Doors and Windows Due to concerns about global warming and the rising rates of energy, many modern designers have joined the sustainability movement to help reduce pollution. This excellent concept helps homeowners easily add repurposed, recycled, and green products to their environments. Homeowners are now often using salvaged lumber, recovered aluminum, engineered wood, and bamboo in their building choices. Doors and windows can be retrofitted or designed by substituting traditional construction materials with vinyl, insulated glass, and recycled glass. There are many creative ways to enhance windows and doors by using green building materials, but simply making sure these openings are properly sealed and leak-proof will prove to be one of the most energy-efficient ways to reduce your energy consumption. Window coverings of organic materials MARCH 2017

DELEON INSIGHT

can be creatively decorated to look fantastic while also providing extra insulation and energy conservation. In addition to providing health benefits, saving on energy, and creating a more environmentally friendly home, designing sustainably can actually stretch your remodeling dollar. Today, more interior designers, architects, and builders are planning with this concept in mind. We want to be able to provide all of the luxuries one anticipates in a modern residence, without the environmental and economic burdens we have placed on our homes and environment in the past. The importance of environmental vigilance is clearly demonstrated by the way DeLeon Realty prepares its listings for the market. We understand buyers place a premium on homes that offer environmentally friendly features and sustainable materials. That is why we attempt to incorporate these elements into our listings whenever possible.

IMPROVING YOUR

BY:

MARGIE FONTANILLA

DESIGN COORDINATOR

First impressions are everything. Whether you’re selling your home or simply trying to spruce it up, improving your curb appeal is a great way to increase your home’s value. After all, the front of your home is the first area potential buyers will see. If they are deterred by the outside, it’s very likely they will not set foot inside the house. A great real estate team will identify and effectively determine improvements that will provide the best return on your investment. For those who want a guide to doing it yourselves, here are a few simple ways you can get your home’s exterior looking great. Manicure the Lawn Keeping the lawn well-manicured is one of the most effective ways to improve the home’s curb appeal. If your home has a lawn, then mow, rake, and manicure it regularly. Pull or kill the weeds, and keep it adequately watered and fertilized. Prune/Plant Trees and plants make wonderful additions to any residential landscape. Planting flowers along the sidewalk, in front of the house, and/or inside flower boxes is a great way to boost the home’s curb appeal. If there is no room on the property for gardens, consider filling pots and containers with colorful flowers. This is one of the easiest and most inexpensive ways to make a big impact. Likewise, adding a fresh layer of mulch or bark to the flowerbeds is a wonderful way to freshen up and add color to the landscape, not to mention the mulch suppresses weed growth and provides nutrients to the plants. If your existing trees and plants are overgrown, consider pruning them. Pruning not only gives the appearance of a well-kept property, but also increases the amount of sunlight allowed into the yard. Most importantly, pruning removes damaged and diseased branches, which helps prevent insects and decaycausing organisms.

CURB APPEAL

Pressure-Wash You might think your home needs repainting when really all it needs is to be washed. Pressure-washing the exterior will remove stains and grime that build up on the exterior of the home. This process will take much less time and money than painting. Depending on the overall condition of your home’s exterior, pressure-washing could make the house look new again. Paint Any obvious defects, such as cracked, rotting materials or peeling exterior paint, can downgrade the aesthetic and quickly turn away potential homebuyers. Once defects are identified and repaired, look for ways to add personality with new colors and details. An exterior facelift, which may include all-new paint, siding, and trim details, can completely transform the look of a home. Once painted, regular maintenance of these exterior surfaces is the surest way to keep your home’s curb appeal at its full potential. Dress the Driveway If your driveway is cracked or stained, you can upgrade its curb appeal without doing a complete redo. First, repair cracks and stains, then dress it up by staining the concrete or installing flagstones. Designing a border along the driveway will lend a nice, clean look, and you can DELEON INSIGHT

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use materials such as brick and stone to add attractive color and texture to the plain asphalt. Add Outdoor Lighting Outdoor lighting beautifies a home at night while adding safety and security. In addition, lights make the entire property feel more welcoming. Low-voltage landscape lighting in particular is easy to install and makes a huge impact on your home’s curb appeal. An even easier option is to install solar fixtures, but be aware that their light levels are not as bright or as reliable. Freshen the Front Door The home’s entry is the focal point of its curb appeal. If your front door is worn, outdated, or simply a dull color, refinishing the door will give it new life. Select a stain or paint color that will brighten your front doorway and create an inviting feeling for guests and passersby. Additionally, consider replacing the hardware, as this easy and inexpensive fix can subtly yet significantly change the beauty of the front entry. Follow one or more of these tips to boost your home’s curb appeal, and you may find that redesigning your exterior is more fun than you imagined!

Work with the innovator! List your home with

DeLeon Realty

DeLeon Realty will cover all of the following at no additional charge: Staging* | Property Inspection | Pest Inspection *Includes: Design, Installation, 1 Month of Furniture Rental and Removal Our clients love the personal attention they receive from Michael Repka, from beginning to end. Additionally you will receive a suite of free services from the DeLeon Team, including interior design, construction consulting, handyman work, and dedicated marketing to local and foreign buyers. ÂŽ

DELEON LISTINGS

8 0 6 S e a le Aven ue, Palo Alto O ff e red a t $4,90 0,000

Exquisite Character Shines with High-End Amenities

This opulent home nestled in the Green Gables neighborhood infuses its large spaces with efficient luxury. Banks of windows allow cascades of sunshine to highlight open-concept areas and gorgeous wood floors, while sizable, well-appointed rooms create functional versatility. Extraordinary features include two fireplaces, a sumptuous master suite, a tree-lined backyard, and a dramatic, professional-grade kitchen. Stroll to Rinconada Park and topperforming schools like Walter Hays Elementary (API 934) and Jordan Middle (API 934), and easily bike to Palo Alto High (API 905) (buyer to verify eligibility).

For video tour & more photos, please visit:

www.806S e ale .com

DELEON INSIGHT

MARCH 2017

DELEON LISTINGS

5 5 5 M a d iso n Way, Palo Alto Off e re d a t $5,6 99,000

Classic Design, Contemporary Drama

Bask in the elegant, open warmth of this highly versatile 5 bedroom, 5 bath residence of over 3,500 sq. ft. (per plan), including garage, that occupies a lot of just over 9,600 sq. ft. (per city). Tucked within distinguished Crescent Park Addition outside the 100-year flood zone, the home built in 2015 is meticulously designed with cutting-edge automated features and luxurious imported details like Italian marble and floors of European hardwood. Multiple French doors open to pristine outdoor spaces prime for entertaining, showcasing a courtyard, a barbecue, and a fire-pit. Stroll to Eleanor Pardee Park and Duveneck Elementary (API 956), and quickly reach exciting University Avenue and other outstanding schools (buyer to verify eligibility). For video tour & more photos, please visit:

www.555M adison PA.com

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DELEON INSIGHT

DELEON LISTINGS

1 4 1 2 3 Tra c y C o urt, Los Altos H ills O ff e red a t $7,788,000

High-Tech Architectural Masterpiece

Meticulous attention to detail augments the design of this breathtaking 7 bedroom, 6 bathroom residence of nearly 6,000 sq. ft. (per appraisal) that occupies premises of 1.3 acres (per appraisal). Highly sustainable and stateof-the-art, the smart home includes a reliable, eco-friendly geothermal energy system and versatile spaces like a two-story au pair unit. As functional as it is stylish, this contemporary retreat effortlessly opens to outdoor living areas highlighting a kitchen, a spectacular pool with an exciting water feature, and a custom play structure. Enjoy living within steps of Pearson-Arastradero Preserve and with access to exceptional Palo Alto schools (buyer to verify eligibility). For video tour & more photos, please visit:

www. 14123TracyC ou rt.com DELEON INSIGHT

MARCH 2017

DELEON LISTINGS

3 7 5 Wa lsh Ro a d , Atherton Off e red a t $4,988,000

Woodland Retreat in Exclusive Atherton

Tucked within leafy grounds of over an acre (per county) that establish natural privacy, this treehouse-like 4 bedroom residence of 3,120 sq. ft. (per county) with an additional lower level provides 3 full and 2 half baths, and an adjacent parcel of almost an acre (per county) is also available for development. The breezy floorplan ideal for entertaining accesses an elevator and a garage with a studio. Alluring outdoor areas include a pool and multiple decks. Unusual for elite Atherton, the property offers hillside living, yet retains excellent proximity to prestigious clubs and private schools. For video tour & more photos, please visit:

ww w.375Walsh .com

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DELEON INSIGHT

DELEON LISTINGS

1 2 7 P in o n Drive, Portola Valley O ff e red a t $16,988,000

Lavish Woodland Sanctuary

Flaunting elevated views of the Santa Cruz Mountains, this trophy residence designed by Michael Moyer celebrates natural privacy and one-of-a-kind amenities. Holding 3 bedrooms and 3 full and 3 half baths, the home also offers a 2 bedroom, 2 bath guesthouse and an interior clad with walnut and French limestone. Extraordinary highlights include a tri-stop elevator, a jaw-dropping wine cellar, and a palatial master retreat. A floating staircase leads to gardens offering waterfalls, a spa, and a fully functional guesthouse. Undevelopable open space surrounds the two parcels of nearly 18 acres (per county) that form this property, ensuring continuous privacy and unspoiled panoramas. For video tour & more photos, please visit:

ww w.127Pin on .com

DELEON INSIGHT

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DELEON LISTINGS

1 5 A ra pa h o e C ourt, Portola Valley O ff e red a t $4,788,000

Stylish Refuge with Exciting Outdoors

Thick, wooded surroundings provide a screen of natural privacy around this lavishly upgraded 5 bedroom, 3 bath residence of nearly 4,000 sq. ft. (per county). Set along a serene cul-de-sac, this exquisite property of just over one acre (per county) is loaded with outdoor features like an alluring pool, a putting green, and a sport court, while flexible interior spaces blend contemporary comforts with understated elegance. Two fireplaces, soaring ceilings, multiple French doors and skylights, immense storage, and extravagantly remodeled bathrooms are just a few of the multitude of delightful amenities. Live within moments of shopping, dining, and outdoor recreation, and easily access sought-after public and private schools. For video tour & more photos, please visit:

www.15Arapah oe .com

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DELEON INSIGHT

DELEON LISTINGS

1 2 0 0 8 A d o b e C reek Lodge R oad, Los Alt o s H ills O ff e red a t $6,788,000

Rich Living, Alluring Serenity

Located along an exclusive cul-de-sac, this regal, gated 6 bedroom estate of 6,480 sq. ft. (per county) includes 6 full and 2 half baths, and exudes peace and privacy on premises of approx. 1.67 acres (per county). Reached by an extensive paver driveway, the mansion includes a four-car garage, three fireplaces, a library, a summer kitchen, and numerous rooms designed for versatility. Marble finishes and columned living spaces underscore the luxurious ambience, while the immense grounds offer a heated pool. Stroll to trails leading into Rancho San Antonio Open Space Preserve, quickly bike to Hidden Villa, and enjoy easy access to prime Los Altos schools. For video tour & more photos, please visit:

www.12008Adobe .com

DELEON INSIGHT

MARCH 2017

DELEON LISTINGS

2 7 7 6 0 E d g erton Road, Los Altos H ills O ff ered a t $7,488,000

Exotic Woodland Jewel

Surrounded by woodland privacy, this intriguing tri-level mansion offers a truly magical interior intended for grand-scale entertaining. Design influences from all over the world exhibit themselves throughout the sumptuous spaces, which include a Bali-inspired master suite, Rococo-infused gathering rooms, and a Pompeiian-themed performance/media theater. Multiple French doors open outside, where terraces adjoin a pool overlooking this creek-side property. Included are a gym, a sauna, a library, a catering-grade kitchen, and many more must-see features. Also enjoy access to exemplary Palo Alto schools (buyer to verify eligibility). For video tour & more photos, please visit:

www.27760Edge rton .com

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DELEON INSIGHT

DELEON LISTINGS

2 7 8 1 1 Sa ddle Court, Los Altos H ills O ff e red a t $5,988,000

Hilltop Solitude with Panoramic Views

Well-appointed indoor and outdoor spaces take full advantage of the astonishing vistas displayed throughout this 5 bedroom, 6.5 bathroom home of 6,598 sq. ft. (per county), which includes grounds of 1.94 acres (per county). The multi-level design is equipped for grand-scale entertaining and boasts five fireplaces, two kitchens, an indoor pool, and a garage that can hold five cars. Within moments of Highway 280, this captivating home balances privacy and natural beauty with prime convenience to urban amenities, including excellent Palo Alto schools (buyer to verify eligibility). For video tour & more photos, please visit:

www.27811S addle .com

DELEON INSIGHT

MARCH 2017

DELEON LISTINGS

1 0 7 1 8 Mo ra Drive, Los Altos H ills (Uninco r po r a t ed Sa nt a Cla r a Co unt y ) P ri c e U p o n Reques t

A World-Class Masterpiece

Designed by acclaimed Swatt/Miers Architects, this gated, state-of-the-art residence holds 6 bedrooms and 8 full and 3 half baths within an easy stroll of gorgeous Rancho San Antonio Preserve. Built in 2016, this estate offers over 10,800 sq. ft. (per plans), including garage, on approx. 1.26 acres (per county). Seamless indoor and outdoor living areas overlook an infinity pool and present staggering bay views, and an additional parcel is available for expansion. Incredible features include invisible speakers, a posh theater, an elevator, and a fabulous guesthouse.

For video tour & more photos, please visit:

ww w.10718M ora.com

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DELEON INSIGHT

DELEON LISTINGS

1 4 2 5 Ha rker Avenue, Palo Alto O ff e red a t $5,988,000

Spanish-Style Abode Utilizes High-End Technology

This spacious, elegantly appointed residence rests on a sizable property in highly desired Community Center. A chef â&#x20AC;&#x2122;s kitchen, home automation, and flexibly designed living areas are only a few of the fantastic amenities. Outdoors, enjoy an extravagant backyard retreat with a pool, heaters, and a kitchen with a barbecue. Within moments of vibrant downtown Palo Alto and Stanford University, you may also stroll to Rinconada Park and Library and Duveneck Elementary (API 956), and easily reach other terrific schools like Jordan Middle (API 934) and Palo Alto High (API 905) (buyer to verify eligibility). For video tour & more photos, please visit:

w w w .1425Har k er Avenue.com DELEON INSIGHT

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DELEON LISTINGS

2 3 7 Mapach e D ri ve, Porto l a V a l l ey O f f e re d at $ 7 , 9 88,000

Fabulous Resort-Like Compound

Immersed in natural privacy, this gated, creek-side property of 3.33 acres (per county) forms one of the largest flat lots in Portola Valley. The luxuriously upgraded estate is every entertainerâ&#x20AC;&#x2122;s dream, and includes a guesthouse, a poolhouse, and a studio for a total of 5 bedrooms, 7.5 bathrooms, and a living area of approx. 8,100 sq. ft. (per drawings). Excellent amenities include six-car garage parking, a sauna, and a heated pool and spa. Stroll to trails throughout the surrounding woodland paradise while easily accessing local shopping and scenic open spaces.

For video tour & more photos, please visit: www.237M apach e .com

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DELEON INSIGHT

DELEON LISTINGS

6 5 9 T e n n y son Ave nue, Pa l o A l to O f f e re d at $ 4 , 4 88,000

Distinguished Home Boasts Incredible Location

Nestled within distinguished Old Palo Alto, this dignified residence occupies a sizable, tree-shaded property. Features such as wainscoting, French doors, and hardwood flooring proudly display the homeâ&#x20AC;&#x2122;s timeless charm, while modern amenities keep the spaces functional and luxurious. Large, sunny rooms provide plenty of entertaining and living space, and the outdoor retreats are private and inviting. Stroll to Palo Alto Art Center, Rinconada Park and Library, and top-performing schools like Walter Hays Elementary (API 934) and Jordan Middle (API 934) (buyer to verify eligibility).

For video tour & more photos, please visit: www.659Te n n yson .com DELEON INSIGHT

MARCH 2017

DELEON LISTINGS 1 0 6 0 C a mbrid g e Av enue, Menlo Park O ff e red a t $1,998,000

Exceptional Charm in Allied Arts

Fronted by a gated courtyard, this lovingly updated 3 bedroom, 2 bath residence of nearly 2,000 sq. ft. (per county) occupies a lot of over 4,700 sq. ft. (per county) and exudes refined hospitality. Cherry cabinetry, limestone accents, and antique details like a reclaimed fireplace lend touches of luxury throughout. The central living room and formal dining room link to a sleek remodeled kitchen, and French doors open to a private master suite topped by vaulted ceilings. Enchanting gardens create warm, soothing outdoor retreats. Step over to the picturesque Allied Arts Guild, or quickly bike to sought-after schools and vibrant downtown attractions. For video tour & more photos, please visit:

w w w.1 0 6 0 C a m br idge. c o m

8 8 1 U nive rsity Av enue, Los Altos O ff e red a t $2,78 8,000

Ideally Located and Inviting

Alongside a calm cul-de-sac, this appealing home provides a fireplace, comfortable gathering areas, and hardwood floors. The bedrooms are designed for flexibility, while the outdoors provide an inviting front porch and a spacious backyard with patios. Within moments of downtown Los Altos, you can stroll to Covington Elementary (API 975), and quickly access Pinewood School campuses, Blach Intermediate (API 958), and Los Altos High (API 895) (buyer to verify eligibility).

For video tour & more photos, please visit:

w w w.8 8 1 Univer sit y. c o m

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DELEON INSIGHT

DELEON LISTINGS 8 1 0 M ira n d a Green Street, Palo Alto O ff e red a t $2,988,000

Zen Gardens and Eclectic Charm

Flanked by serene zen gardens, this bi-level 4 bedroom, 4 bath residence of approx. 3,000 sq. ft. (per appraisal) enjoys open, versatile spaces on a property of approx. 8,300 sq. ft. (per appraisal). Large windows and multiple skylights suffuse the interior with natural light, while welcoming outdoor areas are shaded by mature trees for private, peaceful leisure. The fully functional lower level can easily convert to private living quarters. This gracious setting is within a quick drive of San Antonio Center and downtown Los Altos, and mere moments to highly desired schools like Briones Elementary (API 941), Terman Middle (API 968), and Gunn High (API 917) (buyer to verify eligibility). For video tour & more photos, please visit:

w w w.8 1 0 M ir a nda Green. c o m

2 0 9 P e a rl L a n e, M enlo Park O ff e red a t $1,99 8,000

Tranquility, Luxury, and Convenience

Nestled within the serene Morgan Lane community, this detached 4 bedroom, 3.5 bath home of approx. 2,000 sq. ft. (per county) presents thoughtfully appointed spaces and access to park-like neighborhood areas. Well-appointed rooms are spread across three levels, including open gathering areas, a high-end kitchen, and a flexible fourth bedroom suite. Built in 2008, the exceptionally designed, low-maintenance residence also offers contemporary luxuries, energy-efficient amenities, an attached two-car garage, and much, much more. This sought-after Linfield Oaks setting allows you to stroll to Burgess Park and the vibrant downtown areas of both Menlo Park and Palo Alto, while living within moments of exceptional Menlo Park schools. For video tour & more photos, please visit:

w w w. 2 0 9 Pea r l. c o m

DELEON INSIGHT

MARCH 2017

DELEON LISTINGS 9 6 1 Ch a nn in g Avenue, Palo Alto O ff e red a t $1,498,000

Charm and Serenity in Crescent Park

A hidden street shaded by redwood trees approaches the private cul-de-sac holding this alluring 2 bed, 1.5 bath residence which occupies 960 sq. ft. (per county) on a lot of 3,600 sq. ft. (per county). In addition to its extremely peaceful yet centrally located setting, the home has been extensively remodeled with remarkable attention to detail. Captivating features enhance its Spanish flair, while lush gardens encourage outdoor living. Desirable amenities include central cooling, high-end kitchen appliances, a workshop, and access to a community garden. Stroll to exciting University Avenue hot spots, Rinconada and Eleanor Pardee Parks, and Addison Elementary (API 947) (buyer to verify eligibility). For video tour & more photos, please visit:

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1 0 6 5 D e a nn a Drive, M enlo Park O ff e red a t $2,49 8,000

Illustrious Spaces with Upgraded Amenities

Located in tranquil Sharon Heights, this lovely suburban home gracefully balances luxury and practicality. Large windows throughout ensure a flood of natural light, while upgraded amenities, including zoned heating and cooling, Lutron lighting, and granite countertops, keep the home functional and stylish. The flexible, open floorplan spills outdoors into gracious gardens with citrus trees. Enjoy a quick drive to Las Lomitas Elementary (API 943) and Menlo-Atherton High, and easily stroll to beautiful Sharon Park and La Entrada Middle School (API 963) (buyer to verify eligibility). For video tour & more photos, please visit:

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MARCH 2017

DELEON INSIGHT

DELEON LISTINGS 7 6 4 S utter Ave nue, Palo Alto O ff e red a t $3,488,000

Elegant, Convenient Design

Gorgeous rooms sporting fine details characterize this enchanting luxury home. The elegant interior touts art niches, stately ceiling treatments, and plantation shutters, while the large combined living areas allow endless flexibility. Also included are a gourmet kitchen, a heavenly master suite, and a leafy, pristine backyard. Stroll to Midtown Shopping Center, Winter Lodge, and Hoover and Seale Parks from this enticing location, and quickly reach top-performing schools like El Carmelo Elementary (API 944), JLS Middle (API 943), and Palo Alto High (API 905) (buyer to verify eligibility).

For video tour & more photos, please visit:

www.764S u tte r.com

1 3 4 1 5 C o un try Way, Los Altos H ills O ff e red a t $3,98 8,000

Victorian Abode Impresses with Charm

Wrapped with a white picket fence and porch, this home exudes beauty and Victorian charm upon entry. Classic features like oak flooring and crown molding are found throughout, while a detached guesthouse boasts flexible living spaces and a full kitchen. Nestled in the Foothills neighborhood, this home feels far removed from urban life, but is merely a short drive to Highway 280. Also enjoy easy access to gorgeous Foothills Park, Fremont Hills Country Club, and soughtafter schools like Nixon Elementary (API 955), Terman Middle (API 968), and Gunn High (API 917) (buyer to verify eligibility). For video tour & more photos, please visit:

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DELEON INSIGHT

MARCH 2017

DELEON LISTINGS 6 0 1 B r yso n Avenue, Palo Alto O ff e red a t $1,788,000

Updated Spaces Emulate Modern Style Modern style and character blend harmoniously in this sun-lit abode. The newly updated kitchen and baths lend fresh vibrancy to the interior, while charming features like large windows, hardwood flooring, and beamed ceilings add warmth. Also included are an attached two-car garage, citrus trees, and tastefully landscaped outdoor areas. Located on a quiet cul-de-sac, this home is within strolling distance of Midtown Shopping Center and Hoover Park, and within biking distance of excellent schools like El Carmelo Elementary (API 944), JLS Middle (API 943), and Palo Alto High (API 905) (buyer to verify eligibility). For video tour & more photos, please visit:

www.601Bryson.com

3 8 0 9 L a g un a Av enue, Pa l o Alto O ff e red a t $1,988,000

Leisurely Living in Barron Park

Enjoy a peaceful yet accessible lifestyle within this thoughtfully designed home. Touting a desirable suburban setting, the residence boasts an interior featuring skylights and large, versatile spaces. Abundant storage areas provide convenience, while a variety of fruit trees await outdoors. Located within steps of Cornelis BOL Park, it affords close proximity to Stanford University and fine shopping and dining along El Camino Real, while also allowing easy biking access to exceptional schools like Barron Park Elementary, Terman Middle (API 968), and Gunn High (API 917) (buyer to verify eligibility).

For video tour & more photos, please visit:

www.3809Lagu n a.com

MARCH 2017

DELEON INSIGHT

DELEON LISTINGS 2 9 4 M a ric h Wa y, Los Altos O ff e red a t $2,988,000

Luxury in Every Detail

An impeccable location and a multitude of luxurious amenities instill this residence with contemporary extravagance. Nestled along a peaceful cul-de-sac, this fully landscaped property is immaculately manicured and offers a private retreat with a putting green and a heated pool and spa, designed for entertaining. The meticulously remodeled interior is complete with rich woodwork, elegant ceiling treatments, surround sound, and a chef â&#x20AC;&#x2122;s island kitchen with high-end appliances. Exciting spaces include a gym, a versatile home office, and spacious, stately gathering rooms. Conveniently stroll to fine parks, San Antonio Shopping Center, and exceptional Los Altos schools. For video tour & more photos, please visit:

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3 2 4 7 Em erso n S t reet, Palo Alto

Open-Concept Home Enjoys Chic Style

Located in sought-after South Palo Alto, this graciously updated home integrates contemporary amenities with zen-inspired landscaping. This lovely abode is privately tucked away on a sizable lot and flaunts openconcept living areas, beamed ceilings, and floorlength windows, while stylish upgrades include a remodeled kitchen and spa-like baths. Local recreation like verdant Hoover Park is within biking distance, while bustling El Camino Real is within moments. Stroll to excellent schools such as El Carmelo Elementary (API 944) and JLS Middle (API 943), and easily bike to Gunn High (API 917) (buyer to verify eligibility). For video tour & more photos, please visit:

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DELEON INSIGHT

MARCH 2017

DELEON LISTINGS 3 0 4 2 Price C o u rt , Palo Alto

A Sought-After Midtown Setting

Vaulted beamed ceilings and abundant windows create light, airy spaces inside this home that occupies a desirable Midtown cul-de-sac. Open-concept areas maintain warmth and functionality, connecting to private, tree-shaded outdoor retreats. The residence unites suburban simplicity with urban convenience, and is within strolling distance of Midtown Shopping Center, Winter Lodge, and both Hoover and Seale Parks. Easily bike to exemplary schools like El Carmelo Elementary (API 944) and JLS Middle (API 943), while living within moments of Palo Alto High (API 905) (buyer to verify eligibility). For video tour & more photos, please visit:

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9 2 1 E lsino re Drive, Palo Alto O ff e red a t $2,28 8,000

Open-Concept Spaces Inspire Versatility

Residing in the popular Green Gables neighborhood is this charming abode, which occupies a private setting on a lot generously sized for expansion. This beautifully upgraded home enjoys skylights and bamboo flooring throughout, a spacious and verdant backyard, and open-concept living. You will also have close proximity to Edgewood Shopping Center and Greer and Rinconada Parks, plus easy commuting access to Highway 101. Stroll to Jordan Middle (API 934) and quickly bike to other excellent schools such as Duveneck Elementary (API 956) and Palo Alto High (905) (buyer to verify eligibility). For video tour & more photos, please visit:

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MARCH 2017

DELEON INSIGHT

DELEON LISTINGS 3 5 3 0 G re er Ro a d, Palo Alto O ff e red a t $2,988,000

Luxurious Amenities Blend with Gracious Hospitality

Fronted by graceful trees and a winding paver walkway, this 4 bedroom, 4 bath home combines serenity, natural beauty, and a variety of thoughtful upgrades. The residence showcases a studio, gorgeously appointed outdoor areas, and high-end features that include Lutron lighting, Pella windows, and storage by California Closets. Eichler Swim & Tennis Club and Palo Verde Elementary (API 961) are just a few steps away, while Ramos and Mitchell Parks and other outstanding schools like JLS Middle (API 943) and Gunn High (API 917) are within easy access (buyer to verify eligibility). For video tour & more photos, please visit:

www.3530Greer.com

7 0 S t adler Drive, Woods ide O ff e red a t $2,98 8,000

Woodland Retreat with Glorious Views

Tucked away on a quiet hilltop property, this gorgeous home showcases rustic living, bay views, and contemporary finishes. Natural light cascades throughout the interior, and the rooms are flexibly designed to fit a variety of uses. Featuring a hot tub, a counter-current pool, and private access to the scenic trail system of Wunderlich Park, this home is every athleteâ&#x20AC;&#x2122;s dream, and the grounds are even zoned for equestrian use. Enjoy access to exceptional schools like Ormondale Elementary (API 923), Corte Madera Middle (API 937), and Woodside High (buyer to verify eligibility). For video tour & more photos, please visit:

www.70Stadler.com

DELEON INSIGHT

MARCH 2017

DELEON LISTINGS 1 1 9 5 Po rtla nd Avenue, Los Altos O ff e red a t $3,488,000

Distinguished Craftsman Exudes Charm

In the quiet South of El Monte neighborhood sits this exquisite Craftsman, complete with details like skylights and extensive woodwork. Its stately character emphasizes warmth throughout, while modern amenities maximize the home’s functionality. Included are a chef ’s dream of a kitchen, a three-car garage, and a stunning backyard retreat. Pristine nearby parks are great for outdoor recreation, while Rancho Shopping Center is within a short drive. Blach Intermediate (API 958) is within strolling distance, and other exceptional schools nearby include Oak Avenue Elementary (API 987) and Mountain View High (buyer to verify eligibility). For video tour & more photos, please visit:

www.1195Portland.com

We don’t get great listings. We make great listings.

DeLeon Realty

At DeLeon Realty, we are not limited to accepting only turn-key, luxury-grade listings. Our innovative team of specialists enables us to transform every one of our listings into a truly must-have home. Let us show you what we can do for your home.

MARCH 2017

DELEON INSIGHT

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Selling your home? First, meet with Michael Repka.

Meet with Michael today for tax and legal advice before listing your home. Unlike most real estate agents, Michael holds two law degrees and has years of experience as a real estate and tax attorney, giving his clients a unique advantage as most other brokerages do not provide an in-house attorney to help clients. In addition, the expertise and marketing available through the team at DeLeon Realty are the very best in the business. Meet with Michael to discuss any preliminary tax and legal questions about selling your home and let him tell you more about what makes DeLeon Realtyâ&#x20AC;&#x2122;s innovative approach to real estate so successful. There is no cost or obligation for this consultation. However, homeowners who have a current listing contract with another agent are excluded. DELEON INSIGHT

MARCH 2017

MARKET CONDITIONS

ATHERTON Atherton Median Sales Price & Price/Sq. Ft. Ratio

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CUPERTINO Cupertino Median Sales Price & Price/Sq. Ft. Ratio

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HILLSBOROUGH Hillsborough Median Sales Price & Price/Sq. Ft. Ratio

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DELEON INSIGHT

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LOS ALTOS Los Altos Median Sales Price & Price/Sq. Ft. Ratio

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LOS ALTOS HILLS Los Altos Hills Inventory # of New Listings

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MENLO PARK Menlo Park Median Sales Price & Price/Sq. Ft. Ratio

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DELEON INSIGHT

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MOUNTAIN VIEW Mountain View Median Sales Price & Price/Sq. Ft. Ratio

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PALO ALTO Palo Alto Median Sales Price & Price/Sq. Ft. Ratio

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PORTOLA VALLEY Portola Valley Median Sales Price & Price/Sq. Ft. Ratio

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DELEON INSIGHT

MARKET CONDITIONS

SUNNYVALE Sunnyvale Median Sales Price & Price/Sq. Ft. Ratio

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HILLSBOROUGH

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REDWOOD CITY Redwood City Median Sales Price & Price/Sq. Ft. Ratio

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WOODSIDE Woodside Median Sales Price & Price/Sq. Ft. Ratio

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DELEON INSIGHT

MARCH 2017

PRSRT STD ECRWSS U.S. POSTAGE PAID SAN JOSE, CA PERMIT #2196

DeLeon Realty 1717 Embarcadero Road Palo Alto, CA 94303

LOCAL POSTAL CUSTOMER

Thursday, April 6, 2017 6:00 - 8:00 p.m. Please join DeLeon Realty at our April Seminar. Gain insight into tax issues relating to real estate from Michael Repka, the managing broker and general counsel of DeLeon Realty. Also, hear the latest market updates from Ken DeLeon, the most successful real estate broker in Silicon Valley, along with his team of talented area specialists, who focus on specific neighborhoods throughout the area.

Venue: Palo Alto Hills Golf & Country Club, Grand Ballroom 3000 Alexis Drive, Palo Alto

To RSVP, please contact 650.543.8500 or by email: RSVP@deleonrealty.com ®

650.488.7325 | www.DELEONREALTY.com | CalBRE #01903224 MARCH 2017

DELEON INSIGHT