The DeLeon Insight September 2017

THE DELEON INSIGHT Silicon Valley Real Estate SEPTEMBER 2017

www.DELEONREALTY.com

• DETERMINE YOUR LIST PRICE

BEST OF BOTH WORLDS •

• TESLA’S NEW SOLAR ROOF

HIDDEN DANGERS •

• BANG FOR YOUR BUCK

REMODELING GUIDE •

• NEIGHBORHOOD SPOTLIGHTS:

TRANSFER TAXES •

OLD LOS ALTOS, WEST OF THE ALAMEDA

DELEON INSIGHT

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PALO ALTO’S NEW ORDINANCE • SEPTEMBER 2017

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MARKET TRENDS Average Sales Price

Average sales price for single-family homes from 01/2016 to 07/2016 compared to 01/2017 to 07/2017.

01/2016 -07/2016

01/2017 - 07/2017

Price/Square Foot Ratio

Price per square foot ratio for single-family homes from 01/2016 to 07/2016 compared to 01/2017 to 07/2017.

01/2016 -07/2016

01/2017 - 07/2017

Data gathered from the Multiple Listing Service on 01/08/2017

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DELEON INSIGHT

®

DELEON INSIGHT Re a l E st a t e – L ifest yl e – K nowl edge

FEATURES

FOUNDER

CEO & GENERAL COUNSEL PUBLISHER EDITOR

6 DETERMINE YOUR LIST PRICE

BRAND MANAGER

SR. GRAPHIC DESIGNER

10 APPLE’S NEW CAMPUS

PHOTOGRAPHER

MARKETING SPECIALIST

CHINESE MARKETING SPECIALIST DIGITAL MARKETING SPECIALIST

12 INVESTMENT TRENDS Redwood City –Out-Appreciating Silicon Valley Since 2014

COPYWRITER

CONTRIBUTING WRITERS

16 TRANSFER TAXES NEIGHBORHOOD SPOTLIGHTS 17 WEST OF THE ALAMEDA 22 OLD LOS ALTOS 18 SCHOOL SPOTLIGHT 19 TESLA’S NEW SOLAR ROOF 20 BEST OF BOTH WORLDS

Ken DeLeon Michael Repka Miguel Erkelens Seth Faulk Shasta Krasniewicz Charles Sanchez Anthony Halawa MyMy Trieu Melanie Yu Mike Ran Sarah Last Ken DeLeon Michael Repka Tilu Arora Margie Fontanilla Kim Heng Darrell Martin Rob Parish Alex Seroff Adrian Tan Annaliese Train Huy Vu Caroline Wong

OUR OFFICES ARE LOCATED AT:

23 BANG FOR YOUR BUCK

1717 EMBARCADERO ROAD - PALO ALTO, CA 94303

24 HIDDEN DANGERS

WE CAN BE REACHED:

26 SOLUTIONS For International Buyers

FOR GENERAL INFORMATION: ON THE WEB:

27 PALO ALTO’S NEW ORDINANCE

650 .543 .8 50 0 w w w.D E L EO N RE A LTY.com

28 REMODELING GUIDE Cont act Ken D eL eon for except i ona l buyi n g opport un i t i es at 650 .543 .8 501 To learn about our Plat i num packages an d i n c re dib le lis ting serv i ces for sellers, cont act Mi chael Repka at 650. 4 88. 7325

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DELEON INSIGHT

T h e D e L e o n Tea m is t hril l ed to a n n o u n ce our new ra nking !

#1 in California, #2 in America*

*Rankings per REAL Trends/Wall Street Journal, released June 2017

650.543.8500 | www.d e l e o n r e a l t y.com | DeLeon Realty CalBRE #01903224

BY: KEN DELEON FOUNDER

DETERMINE YOUR LIST PRICE 6

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DELEON INSIGHT

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homes of their clients as high as their own and wait for the right offer.

The motivation of the agents mainly stemmed from their receiving all proceeds from their own home sales as opposed to the three-percent commission on their clients’ home sales. Summarily, it was not worth their time on an hourly basis to price the

Given my strong background in economics, which includes formerly serving as an economics professor and being accepted into the economics

famous empirical study by Steven Levitt, one of the authors of the famed Freakonomics, discovered a fundamental difference between listing prices that real estate agents choose for the homes of their clients and their own properties. An economics professor at the University of Chicago, Levitt examined the Chicago real estate market and found that agents would price their own properties higher than those of their clients. The agents’ properties would take longer to sell but, in the end, obtained a higher price.

DELEON INSIGHT

Silicon Valley sellers are some of the most astute in the nation, and thus inherently lack trust in their real estate agents when they suggest listing the price attractively and below market value. However, under the right circumstances, the DeLeon listing team takes this approach, and with marked success.

Understandably, sellers sometimes have concerns about this strategy and, occasionally, they even bring up the Freakonomics study to back up their argument.

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Ph.D. program at the University of Chicago, I have given this study a lot of thought. I believe it is the principle—not the example—that should be followed.

The principle is to price a client’s home just as a listing agent would price his or her own home. Then, taking this principle a step further, the pricing strategy should be tailored to the local market. While that tailored solution may mean overpricing in the slow Chicago housing market, a very different solution is appropriate for Silicon Valley.

For prime Silicon Valley cities, the housing market is completely different from that of the rest of the nation.

So, if clients apply this principle, they will follow my own personal strategy I have taken with my own properties, which is pricing low but selling high.

Ever since I entered real estate a mere 15 years ago, I have consistently priced my own properties below market value to create an auction dynamic that, in the end, results in the highest price possible. In addition to paying attention to how agents price their own homes, clients should also look at the performance of their agents’ investments in their own properties. After all, clients are indirectly buying their expertise. The agents’ personal track records with property investing, both in success and breadth, add to the depth of their insight.

I am confident in the DeLeon pricing strategy because I believe in the strength of both the market and our listing team’s marketing. One cannot underprice and expect success with poor marketing. If a tree falls in the woods, does it make a sound if it is unheard by anyone?

Although a home has an attractively low price, will it draw multiple offers with weak marketing? The answer is a resounding “no.”

The same argument in Freakonomics applies to the marketing employed by the DeLeon listing team as compared to that of an independent-contractor agent at another brokerage. As one would imagine, I would want my properties marketed aggressively since I have great incentive to generate excellent results. Applying the principles from the study, the property of the client should be marketed as strongly as the property of the agent. DeLeon Realty does just that.

The DeLeon listing team is bestowed with all of the benefits of a positive reputation since we are one brokerage with roughly 50 employees, not hundreds of independent contractors operating in silos. Thus, it makes sense for us to spend an extra $20,000 in marketing so that our clients will net another $200,000.

We may only receive an extra $6,000 for our extra efforts and expense, but we get a lot of goodwill.

Neighbors see the great results we get for our clients and they soon call us, further incentivizing us.

But, for an agent affiliated with a large brokerage, the goodwill is substantially bestowed upon the brokerage.

In fact, many neighbors may not even remember which agent handled the sale. It does not make sense for independent agents to invest extra money when their economic return is so small. The dissipation of goodwill results in a lack of incentive for independent agents to market their clients’ homes as aggressively as their own. DeLeon Realty is different; we spend that extra money to make our clients much more, and we make up for the short-term shortfall through volume and growth.

For underpricing to work, it must be coupled with best-in-class marketing to draw the highest number of buyers to the home. In addition, it is important to follow what your agent does to prepare his or her own home for the market. For instance, I remodel and stage my properties, and ensure they are vacant to further enlarge the buyer pool and allow the auction dynamic to take hold with multiple offers.

When considering the DeLeon Team to represent a home, it is important to consider my track record for my personal properties, including the following: Almond Avenue, Los Altos - Listed for $2,488,000; sold for $3,500,000 Channing Avenue, Palo Alto - Listed for $1,888,000; sold for $2,648,000 Easy Street, Mountain View - Listed for $1,298,000; sold for $1,860,000 Forest Avenue, Palo Alto - Listed for $989,000; sold for $1,400,000 Kings Lane, Palo Alto - Listed for $1,998,000; sold for $2,551,000 Monroe Drive, Mountain View - Listed for $998,000; sold for $1,431,000 South Rengstorff Avenue, Mountain View - Listed for $1; sold for $385,000 When I handled listings in the past, I stayed true to these principles. Since taking over the listing side of DeLeon Realty, Michael Repka and his team have taken this concept to an even higher level — a level simply unattainable by any individual agent or small team. As a result, we have gained the trust of a large number of sellers as demonstrated by our sales volume—over $400 million in listings alone in 2016.

However, despite my stellar education, impressive pedigree, and vast real estate experience, even I struggle when implementing this aggressive pricing strategy on occasion. For example, I recently purchased a home in Los Altos for $2,520,000 and then invested almost $300,000 in a significant renovation. When my plans to rent it out changed eight months later, I decided it was a good time to sell. The recent sales in the area indicated the home was worth about $3,200,000, so I figured we would list it for $2,988,000. However, Michael suggested that I price it at $2,488,000—$32,000 less than I paid for the original house before the renovations—because buyers could be scared off by the big jump in list price in such a short time period. Intellectually, I knew the strategy was right, but emotionally I had some doubts. Fortunately, my intellect and experience overcame my fear; we listed the home at Michael’s suggested price, and it sold for $3,500,000, which was about $300,000 more than I had hoped.

As Levitt revealed in his study, the real estate industry historically has had misaligned incentives between agents and their clients. DeLeon Realty is changing that, resulting in a professional selling experience for sellers. This allows them to truly trust their agent as their fiduciary because they know their property is being treated just as their agent’s own property would be.

DELEON INSIGHT

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APPLE’S NEW CAMPUS

AND ITS ANTICIPATED EFFECT ON HOME PRICES BY:

DARRELL MARTIN

T

he new Apple “Spaceship” campus in Cupertino, now officially known as Apple Park, is nearing completion and warrants some well-deserved recognition. The concept of this campus was first presented to the Cupertino City Council by Steve Jobs in 2006 and again in 2011 when he presented the final design of the project, as you may have seen on YouTube.

The new headquarters for one of the world’s largest and most innovative companies sits on a 175-acre site in the center of Silicon Valley, comprised of a circular building of 2.8 million square feet and nearly one mile in circumference. It is clad in the world’s largest panels of curved glass and will house 12,000 employees, with four stories above ground and three stories underground. Employees began working in the building as early as April 2017.

This is the world’s largest naturally ventilated building, projected to require no heating or air conditioning for nine months of the year. As one of the most energy-efficient buildings in the world, it is powered completely by renewable energy. This renewable energy is provided by a 17-MW (megawatt) rooftop solar array and a 4-MW Bloom Energy Server® fuel cell.

The inner courtyard of the building holds 30 acres of green space covered with fruit trees, a pond, and two miles of walking and running trails. There will be 9,000 trees on the campus, comprised of 309 varieties of indigenous species.

An additional 15 acres are planned to be used for a native California grassland.

REALTOR®, BUYER SPECIALIST FOR SUNNYVALE & MOUNTAIN VIEW

subterranean bus station.

So, how might this leading-edge, oneof-a-kind, densely populated campus impact the local real estate market?

It will most likely have an effect on the surrounding real estate market similar to the one that the Google headquarters campus has had on Mountain View real estate over the past ten years. Per the MLS, median home prices in most Silicon Valley cities peaked in 2007, just prior to the bursting of the housing bubble and the subprime mortgage crisis in 2008. Even though the median home price for Santa Clara County dipped by 36 percent over the course of four years from its peak in 2007, the median home price for Mountain View dipped just 13 percent.

Based on the fact that there will be 12,000 employees working at Apple Park, as well as the fact that many Silicon Valley companies are continuing to grow and hire at a frenetic pace, it is hard to imagine housing prices going anywhere but up. It is a classic supply-and-demand scenario. As the demand continues to increase due to more and more people relocating to Silicon Valley, the limited supply of homes will continue to drive home prices up.

How far up? We will keep you posted with ongoing market updates.

The median home price in Mountain View has increased by 100 percent over the past ten years, which includes the Great Recession. This is very impressive, especially when compared to median home price increases of 85 percent in Palo Alto (the gold standard for Silicon Valley real estate prices and appreciation), 76 percent in Sunnyvale, and 32 percent for all of Santa Clara County.

It appears the Sunnyvale housing market has already been appreciating in anticipation of the opening of Apple Park.

A key indication of this is that the median home price for

Other features of the campus are a 100,000-square-foot fitness center, the 1,000-seat Steve Jobs Theater for product announcements, parking for 14,200 employees, and a visitor center and café open to the public with an observation deck overlooking the campus. Employees traveling to Apple by bus will board and depart from the 10

Sunnyvale has experienced a greater increase over the past five years than Mountain View, Palo Alto, and all of Santa Clara County.

SEPTEMBER 2017

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DELEON INSIGHT

Selling your Silicon Valley home?

First, contact Michael Repka of DeLeon Realty.

Unlike most real estate agents, Michael holds two law degrees and has years of experience as a real estate 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 questions about selling your home or any tax questions you may have, and let him tell you more about what makes DeLeon Realty’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.

Michael Repka 650.488.7325 CalBRE #01854880

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650.488.7325D E L| E O www.deleonrealty.com #01903224 N I N S I G H T | S E P T E M|B E RCalBRE 2017

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B Y: K E N D E L E O N F O U N D E R R O B PA R I S H R E A LT O R ® ,

INVESTMENT TRENDS

REDWOOD CITY – OUT-APPRECIATING SILICON VALLEY SINCE 2014

SEPTEMBER 2017

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DELEON INSIGHT

AT T O R N E Y, B U Y E R S P E C I A L I S T

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he fundamentals of residential real estate in Palo Alto, Menlo Park, and Los Altos haven’t changed over the past five years: Declining Inventory + Strong Demand = Rising Prices.

In contrast, the median price for a home in Redwood City is much more affordable, even after adjusting for stellar appreciation of 37.5 percent since January 1, 2014! The strength of this market is confirmed by the steady increase in prices for singlefamily homes over the past five years.

What has changed is the increasing awareness by business leaders, local governments, and frustrated homebuyers that declining affordability profoundly affects the quality of life in the Bay Area. The deceptively simple answer is for homebuyers to expand their search radius. Once this epiphany occurs, their next question to their Realtor® is inevitable: “Where would you recommend?”

(see chart below)

The key factors driving this appreciation include the creation of a vibrant downtown district, major private investments in both office space and residential units, and improving schools. DeLeon Realty tracks these activities and regularly advises clients on a neighborhood-by-neighborhood basis about the continuing appreciation potential.

For the past few years, DeLeon Realty has been encouraging clients priced out of other markets to consider prime neighborhoods in Redwood City because of their extraordinary potential for appreciation. This article will look at some of the reasons for Redwood City’s exceptional recent appreciation and continuing potential.

2. Build, and They Will Come As part of a comprehensive downtown redevelopment plan, Redwood City set some ambitious goals in 2011 to become a “developerfriendly, transit-oriented” community: 2,500 new residential units, 100,000 square feet of retail, 500,000 square feet of new office space, and 200 new hotel rooms.

1. The Numbers Tell All As a preliminary matter, let’s quantify the current market faced by a family moving to the Peninsula.

The average price of a single-family home in the area’s premier communities (through July 1, 2017, per the MLS) continues to rise dramatically: Palo Alto: 2017 Average Sales Price: 2017 Price/Sq. Ft.: % Change Since 1/1/14: Los Altos: 2017 Average Sales Price: 2017 Price/Sq. Ft.: % Change Since 1/1/14:

Menlo Park: 2017 Average Sales Price: 2017 Price/Sq. Ft.: % Change Since 1/1/14: REWOOD CITY

$3,178,429 $1,290 22.29%

While such plans are standard practice on the Peninsula, Redwood City went one step further.

It established an umbrella environmental review procedure to meet those goals so companies could sidestep the usual lengthy approval process. After six years of building and investment, Redwood City has nearly met all of its goals for office space and apartments at an extraordinary pace (see “Are the good times in Redwood City’s downtown development boom about to end?” BizJournals.com, February 2017).

$2,425,534 $1,214 17.52%

And, Redwood City didn’t stop there. The city’s General Plan includes nine other “Precise Plans” targeting the El Camino Real Corridor, North Main Street, the Inner Harbor, and Marina Shores

$3,394,590 $1,568 22.24%

2012

2013

2014

2015

2016

2017(YTD)

$839,530

$1,030,382

$1,171,039

$1,411,600

$1,454,327

$1,611,229

MEDIAN PRICE PER SQ. FT.

$495

$602

$692

$811

$854

$930

MEDIAN DAYS ON MARKET

41

26

23

18

24

18

679

694

591

576

577

232

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MEDIAN SALES PRICE

NUMBER OF SALES

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Village, among others (http://www.redwoodcity.org/ departments/community-development-department/ planning-housing/planning-services/general-planprecise-plans).

strength of the real estate markets in Palo Alto, Los Altos, and Menlo Park, which is why DeLeon Realty has given hundreds of thousands of dollars to local schools and student-related charities.

3. It Is the Forgotten Northern Outpost of Silicon Valley While many regional commuters only think of Redwood City as the place where the carpool lane ends on Highway 101, the city was the original home of one of Silicon Valley’s three founding companies: Ampex Corporation. As recruiting new employees became more challenging, Redwood City established itself as an attractive alternative because of its central location on the Peninsula, relatively low housing cost, and higher availability of office space.

While Redwood City’s schools serve a diverse population and have improving test scores as a result, the local school districts have adopted a unique blend of bond initiatives, public/private partnerships, and magnet schools to meet the broad needs of Redwood City’s population. Indeed, one of the premier elementary schools in the entire state is found in Redwood City: the North Star Academy. This school (grades 3-8) is open to any child residing in the district who has the necessary test scores and grades.

Stanford University was certainly a patron of this renaissance, having purchased the old Ampex campus 12 years ago with the intention of building 1.5 million square feet of office space to relieve overcrowding on the main campus.

Shortly thereafter, Stanford Health Care took over the former Excite/@Home buildings and created outpatient clinics.

Similarly, Sequoia High School is one of the only 95 public high schools in California offering the International Baccalaureate Program. This is a world-renowned program that has established a worldwide standard for academic rigor and personal development, which many families believe better prepares children to handle both college-level workloads and global issues.

On May 17th of this year, university leaders and local government officials broke ground on the next phase: four new office buildings to house 2,700 administrative staff currently scattered all over Stanford’s main campus. As Redwood City’s Mayor John Seybert noted at the groundbreaking ceremonies, the campus will have an “an incredible ‘ripple effect’ and [the community] is just getting started” (see “Stanford University expands to Redwood City,” The Mercury News, May 2017).

Other companies of all sizes are following suit: - Google bought close to a million square feet of space in the mammoth Pacific Shores Center.

- Box, Inc. leased 334,000 square feet of office space downtown.

- Wealthfront and Pebble both elected to build out office space at 900 Middlefield Road.

- Kahuna left Palo Alto in 2015 for 42,000 square feet of office space across the street from Courthouse Square.

While an in-depth review of the local schools is beyond the scope of this article, DeLeon’s buyer specialists know the local schools and are prepared to help clients find programs that will meet their families’ needs. Moreover, for many who are choosing to send their children to private schools, the cost of 12 years of private education can be partially or completely offset by the difference in housing values between Redwood City and its much more expensive neighbors.

5. DeLeon’s Two-Year Forecast Is Promising Redwood City’s robust housing market is linked to the local economy. As long as Stanford University and the major companies in Silicon Valley continue to compete for top talent, the influx of homebuyers will continue. Because younger buyers value proximity to work, school, parks, and urban amenities, appreciation in Redwood City will outpace its more remote and more expensive neighbors. DeLeon Realty is forecasting six to eight percent growth per year, with the higher end of the range reserved for the most central locations and the attendance areas for the community’s topperforming schools.

The combination of affordable office space, a thriving downtown, and easy commute access is compelling.

4. Schools Are Improving Savvy buyers are also looking for one more component: good local schools. There is no doubt that excellence in education is a major reason for the

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DELEON INSIGHT

“DeLeon Realty

DELEON INSIGHT

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has been encouraging clients priced out of other markets to consider prime neighborhoods in Redwood City because of their extraordinary potential for appreciation.”

SEPTEMBER 2017

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TRANSFER

TAXES BY: ALEX SEROFF, ESQ.

REALTOR®, ATTORNEY, VP OF LISTINGS

T

here are many so-called “hidden” taxes paid by Californians.

You may not even know that you pay some of them. For instance, did you know that you pay a tax of $.036 per gallon on gasoline? A tax of $3.30 per gallon on liquor? A transfer tax of $1.10 per $1,000 of value of an interest in real estate? Most buyers and sellers know that there are closing costs associated with each real estate transaction. However, many do not know that a transfer tax is among the long list of closing costs that they will be presented with when it is time to sign the documents necessary to close their transaction.

A transfer tax is quite broad, and is imposed by a government on the transfer of any interest in real estate from one party to another with limited exemptions. In 1967, the California legislature authorized counties to charge $1.10 per $1,000 of the value of the real estate interest being transferred. All counties quickly enacted this transfer tax; thus, whenever one buys or sells real estate, the county transfer tax will be paid by the title company on behalf of the seller, who customarily pays the tax.

While $1,650 of transfer tax on the sale of a $1,500,000 home may seem unsubstantial at first, this can make a difference for first-time sellers who are using all of the sales proceeds to fund the purchase of their new home. The sudden knowledge of this transfer tax will rarely prevent a transaction from closing, but it may alter other plans, like delaying necessary repairs on the new home.

If you are a buyer and think you are free from paying transfer taxes, think again. As a result of cities’ lower tax revenues resulting from the passage of Proposition 13 in 1978, many found new ways to partially supplant those losses. The chosen means was the institution of their own city transfer taxes.

Not all cities have their own transfer taxes, but there are five cities within Santa Clara and San Mateo Counties that do impose one, which is customarily split equally between buyer and seller.

Mountain View, Palo Alto, and San Jose all impose a tax of $3.30 per $1,000 of value. San Mateo imposes an even higher tax of $5.00 per $1,000 of value. Hillsborough imposes only a minimal $0.30 per $1,000 of value. With the exception of Hillsborough, these substantial taxes can make a decent impact on both buyers and sellers. A tax of $3.30 per $1,000 of value on a $1,500,000 house means that the city is paid $4,950—an extra cost of nearly $2,500 for both buyer and seller with a larger potential impact than the county transfer tax.

The purpose of both transfer taxes was to fund the general operation of the cities and counties. However, there are indications that new transfer taxes could be adopted in the future for public policy reasons. There is a severe lack of affordable housing in California, and Senate Bill 2 had proposed a $75 fee per transaction. While it has been scaled back to exclude purchase transactions, its success will be an indicator of whether there is sufficient legislative and public support for fees, essentially taxes, in order to fund the development of affordable housing.

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DeLeon Realty believes it is critical that sellers and buyers are made aware of transfer taxes and other closing costs early in a transaction in order for them to adequately anticipate the use of their funds. The expertise of DeLeon Realty agents in taxation at all levels allows clients to be provided with the most accurate and comprehensive tax information and analysis, ensuring proper planning throughout their transaction.

DELEON INSIGHT

NEIGHBORHOOD SPOTLIGHT

W E S T OF THE AL AMEDA – ATHE R TON

BY:

ROB PARISH

REALTOR®, ATTORNEY, BUYER SPECIALIST

A

country estates with long driveways, detached garages, and other auxiliary buildings.

Because of the irregular geography, homes in the West of the Alameda neighborhood are spaced farther apart than in other neighborhoods, and are usually designed to showcase the verdant setting. Views of San Francisco Bay are possible from some hilltops. Colonial, Ranch, and Mediterranean architecture is typical, and properties often mimic

The West of the Alameda neighborhood has been the fastest appreciating neighborhood in Atherton for several years as both buyers and builders realized the area is an extraordinary value when compared to adjacent West Atherton. Here, the most valuable properties have larger parcels, sophisticated architecture, and wonderful views. Living space of over 10,000 square feet across three levels is becoming the norm for newly constructed homes in this area. Indeed, DeLeon Realty has a beautiful new listing at 369 Fletcher Avenue listed at $20,998,000 that is reflective of this new standard in development sprouting up throughout the neighborhood.

s the most secluded neighborhood in Atherton, the West of the Alameda neighborhood is located on the west side of the Alameda de las Pulgas between Walsh Road and Stockbridge Avenue.

This area provides a bucolic setting with rolling hillsides, majestic oaks, and quiet creeks. The neighborhood has a similar ambience to Woodside, yet downtown Menlo Park, the venture capitalists of Sandhill Road, and Stanford’s many amenities are all just minutes away.

West of the Alameda in Numbers In a community where trophy estates are commonplace, the convergence of prestige with prime location and fabulous finishes also explains why discerning buyers, both local and international, find the neighborhood so appealing. With the average sales price for a single-family home in neighboring West Atherton climbing to $12,783,257 over the past 12 months, the West of the Alameda neighborhood will continue to be a great option for new families, move-up buyers and investors alike.

Because of the relatively low inventory and continuing high demand, DeLeon Realty forecasts five to eight percent appreciation in the West of the Alameda neighborhood for the next 12 months.

2014

2015

2016

2017 (YTD)

$8,203,067

$7,727,429

$9,460,625

$5,144,000

MEDIAN PRICE PER SQ. FT.

$1,127

$1,384

$1,557

$1,635

MEDIAN DAYS ON MARKET

44

32

90

23

NUMBER OF SALES

15

14

8

5

HIGHEST SALE

$4,988,999

$6,188,000

$7,795,000

$5,910,000

LOWEST SALE

$1,415,000

$1,400,000

$1,820,000

$2,020,000

NEIGHBORHOOD SUMMARY

MEDIAN SALES PRICE

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SCHOOL

SPOTLIGHT

MENLO SCHOOL COMPLETES STATE-OF-THE-ART PROJECT BY:

ANNALIESE TRAIN

REALTOR®, JD, BUYER SPECIALIST FOR MENLO PARK

J

ust in time for the new 2017-2018 school year, Menlo School successfully unveiled a major expansion and development project that has been underway for the past four years. With a new dining facility, an expanded student center and library, an outdoor plaza, additional office space, and a new technology center, “The Commons” project forms the heart of Menlo’s campus.

Established in 1915, Menlo School is an independent, college preparatory co-ed school located at 50 Valparaiso Avenue in Atherton. It is adjacent to Menlo Park and serves almost 800 students in both middle school (grades 6-8) and high school (grades 9-12). In addition, Menlo College (where both Ken DeLeon and Michael Repka have served as adjunct professors teaching real estate courses) is located on the 62-acre campus.

In 1994, Menlo College and Menlo School officially separated as independent entities, but they shared a common dining hall and athletic quad due to land constraints and financial resources. As part of their separation agreement, Menlo School agreed to create its own dining hall and has long envisioned having its own dining facility closer to the center of campus, allowing students to have more time for lunchtime activities, like meetings and other social interactions. The new plaza creates a space for student meetings, community

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gatherings, and special events. Visit https://www.menloschool.org/live/files/1892commons-construction-renderings to see actual renderings of the newly designed space, all of which are complete except for the Center for Performing Arts, which is a future project.

Actual construction was completed in approximately 14 months, but that was no easy feat considering Menlo School had to involve historical consultants, engineers, and other experts to build the commercial-grade kitchen and dining area situated underneath Stent Hall.

Stent Hall is an architectural landmark in the Menlo Park and Atherton communities, and sits majestically on Menlo’s campus visible from Valparaiso Avenue. It is a significant structure because it is well over 100 years old and survived the 1989 Loma Prieta earthquake. Damaged badly by the earthquake, it was almost demolished, but this snow-white building (previously named Douglass Hall) was closed for several years while a library was added to one side to fortify the historic building, along with adding metal support buried 50 feet in the ground. It was reopened under the new name of Stent Hall and today continues to serve as the flagship building for the newly expanded campus.

This is not the first development project that Menlo School has undertaken.

In 1999, the Arillaga Family Campus opened to house the middle school. In 2005, Menlo finished the new Upper School, two large classroom buildings around a central quad, and Martin Family Hall, a lecture and concert hall.

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DELEON INSIGHT

The opening of a 54,000-square-foot Athletic Center in 2010 provided two independent courts and state-of-the-art facilities for weight-training, fitness, dance, aerobics, and martial arts. In 2012, the school opened the 40,000-squarefoot Creative Arts and Design Center, boasting 12 teaching spaces, a central art gallery, and a digital design center. That same year, the Arthur Allen Whitaker Lab opened, with large spaces for handson work in robotics, applied science, engineering, and biotechnology.

Not only were city planners, faculty, administration, the Board of Trustees, and the local community all integrally involved with this recent undertaking, but so too were the students who also shared in the process through their own school projects, making this a realtime, proactive learning experience.

In addition, administrative teams, student government, and other student groups met to strategize how to keep the school year feeling as “normal” as possible. That included everything from start-of-the-school-year events to Spirit Week activities to outdoor events and barbecues.

The upcoming school year at Menlo School is certain to be an exciting one as students settle in to enjoy their newly renovated campus. Congratulations to Menlo School!

Coming next in this series will be a spotlight on Sacred Heart School, which is beginning a development project of its own. Stay tuned!

TESL A’S NE W SOL A R ROOF BY:

ADRIAN TAN

REALTOR®, MBA, BUYER SPECIALIST FOR PALO ALTO

T

esla, Inc. started taking $1,000 deposits for its new solar roof tiles back in May and will begin installing roofs in California any day now. So, what do you need to know about their new technology, and what does it mean for us here on the Peninsula? Read on to find out.

Styles Currently two of the four roofing styles are in production, including smooth and textured glass tiles which are aesthetically pleasing and immensely more attractive than traditional solar panels on a roof. After all, that is one of the key selling-points for Tesla’s roof—form and function together in one package. The roof is intended to look like a regular roof and perform the same functions, but better. Testing has shown it is more durable and will outlast a traditional roof; it is guaranteed to last longer than the life of your home, while the solar cells’ production of power is warrantied for 30 years. Conversely, most other roofs last 15-40 years and only offer 10-year warranties.

Cost The cost was a strong focus for Tesla and, with its current pricing, is set to appeal to the mass market. According to the Tesla calculator on their website, a roof and Powerwall battery on a two-story house of 2,000 square feet will cost $41,300, minus the $10,200 tax credit, leaving a net total of $31,100. While significantly more expensive than a traditional roof, $31,100 is quite a bit cheaper than a regular solar-panel roof with back-up batteries. Furthermore, the accuracy of the calculator has been verified by a third party, Consumer Reports, validating Tesla’s claims.

More important than the cost of the roof is the amount of savings from energy generated by the roof. According to the same calculator on Tesla’s website, the Tesla roof will generate $49,100 worth of energy over the course of 30 years, off-setting

DELEON INSIGHT

the cost of the roof and resulting in a net gain of $18,000, which is simply amazing. If you decided to add the cost of the roof into your mortgage, you would be able to write off the additional interest paid and generate the equivalent energy value of $136 a month. The total cost of including a Tesla roof into a mortgage would result in a net monthly gain of $2. This is quite a feat in pricing and beats the cost expectations predicted earlier by analysts and tech enthusiasts.

Availability Production has begun at Tesla’s Fremont solar plant in California, but is set to move to Tesla’s new factory in Buffalo, New York, at some point in the future. Initial sales will be limited by manufacturing capacity as Tesla increases its production volume over time. Installation time is expected to take around five to seven days—similar installation timing for a regular tile roof.

My Take Here at DeLeon Realty, we pride ourselves with being at the cutting edge in everything we do, especially existing amidst Silicon Valley’s thriving innovations. The Tesla roof makes so much sense that it would be silly not to give it strong consideration if your roof needs replacing, or if you are building a home from the ground up. However, as with any new technology, there will be some bugs that will eventually get figured out because nothing is perfect the first time around (think how far we have come since the first iPhone).

Tesla is a solid and growing company whose acquisition of SolarCity Corp. last year means they will have a powerful amount of carry-over expertise, which should mitigate some of the risk with the new roof. I believe that Tesla will stand behind their product, and the risk is well worth the potential benefits in the long term.

Please feel free to give us a call with any questions; our team members are happy to talk to any of our clients about what roof will work best for your situation.

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BEST of BOTH WORLDS BY: KEN DELEON, ESQ. FOUNDER

W

hen Amazon’s purchase of Whole Foods Market recently made headlines, I was reminded of my desire for a combination of the quality of Whole Foods with the pricing of Trader Joe’s. That wish may be granted due to the aforementioned acquisition.

However, this desire for the best products at affordable pricing is not limited to groceries. DeLeon Realty has instituted an analogous value proposition to create the best of both worlds for our clients.

I have always loved the quality of Whole Foods products, particularly their produce. But, even though I invest in the health of my family directly through buying quality produce, I have shopped at Whole Foods more infrequently than desired due to its reputation for high prices through its negative “Whole Paycheck” association. In contrast, I almost never check a price while shopping at TJ’s because I implicitly trust that it will always be fair. I always wished that the two could meet.

This dream is now on the verge of reality with Amazon buying Whole Foods and consequently bringing their innovative business model and costcutting mindset to Whole Foods. According to BusinessInsider.com, the CEO of Whole Foods has announced that his company will now “become as customer-centric as Amazon” as “they put the customer first in everything they do.” This acquisition will be a huge boon to foodies everywhere who want Whole Foods selection and quality, but with a focus on the consumer and fair pricing.

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Similarly, I believe that the real estate industry also needs to reevaluate its model and focus, first and foremost, on the client. For too long the traditional model has not changed, prioritizing agents’ compensation over clients’ satisfaction. With our Silicon Valley origins and innovative mindset, DeLeon Realty’s latest revolution completely redefines this antiquated real estate system, building a client-centric model that provides the most optimal results while often having the most reasonably priced services.

DeLeon Realty has always focused on providing clients with the greatest results and, up until now, that has been heavily prioritized over costs. For example, we undoubtedly provide the most services and marketing to our clients. Therefore, we have been able to obtain the highest sales prices for our clients while selling their homes for the most money possible above list price in the fewest number of days relative to other top Silicon Valley brokerages.

However, the cost to obtain our exceptional marketing has been slightly higher for clients because DeLeon Realty has needed to charge 5.5 percent commission, whereas most traditional agents charge five percent.

Commissions vary and should be negotiated based on the level of service and marketing provided. In spite of this higher commission rate, DeLeon Realty still saw sales grow nearly 60 percent last year, and we were recently named the #1 Team in California and announced as a close second in the entire nation (out of over 1.25 million agents and teams). Smart clients saw DELEON INSIGHT

“DeLeon Realty has always focused on

providing clients with the greatest results...”

that what really matters is netting more per transaction, and they made the winning bet that the extra half of a percent is worth it since the value proposition exceeded that.

Like home staging (which our firm provides as part of our extensive package), our superior marketing has a multiplier effect. Counting internal hours spent by our team of experts plus all of our marketing costs, we typically spend over $25,000 in preparing and marketing a home in just the first 10 days it is on the market. This is about 10 times more than a typical agent and four times more than the very best agent will generally spend in marketing. However, following our client-centric model, we are willing to spend this extra amount on marketing because it will net our clients an extra $60,000 to $100,000 in return.

Even with our higher commission rate, last year we were still a market leader with over $400 million sold in listings alone. While successful, we still did not feel we had entirely changed the model from an agentcentric model to a client-centric model. To fully change the game and to fully advocate for our clients, we have devised our most revolutionary innovation yet: the commission is greatly reduced if a DeLeon Realty agent represents the buyer of one of our listings as we waive all of the buyer-side commission. While each side gets its own agent to advocate on behalf of its clients, both sides benefit through the buyer-side commission being waived. Thus, the commission charged to the seller is only three percent, so sellers can work with the DELEON INSIGHT

best brokerage in Silicon Valley for nearly half of the price, while buyers’ offers are more competitive when working with a DeLeon agent.

Through our innovative and more efficient business model, we can now provide clients with Whole Foodsstyle best-in-class service, while potentially charging the analogous Trader Joe’s prices. DeLeon Realty invests in our clients’ success, thereby ensuring our long-term success. We believe it is better to net less profit per transaction while providing exceptional client service. In the end, the secret to success is the same as the secret to life:

By doing good, you will do well.

Great ethics result in great economics. |

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NEIGHBORHOOD SPOTLIGHT O L D L O S A LT O S O F L O S A LT O S BY:

CAROLINE WONG

REALTOR®, ATTORNEY, BUYER SPECIALIST FOR LOS ALTOS & LOS ALTOS HILLS

T

he charming neighborhood vibe and small-town character of Los Altos is aptly envisioned by an area of the town fittingly named Old Los Altos. Situated down Main Street and across Foothill Expressway, Old Los Altos is roughly bordered by Los Altos Hills, University Avenue on the west, Foothill Expressway on the east, and El Monte Road on the south.

This treasured neighborhood is characterized by flat, gently winding roads leading to delightful homes and unique landscapes. Several churches and coveted local parks are spread throughout the neighborhood, lending cozy charm while steps away from the main downtown strip.

Lot sizes in Old Los Altos range from smaller lots of around 6,600 square feet to more scarce one-acre parcels of land.

Many newer homes on smaller lots have incorporated basements or lower levels to maximize living area square footage.

While most of the terrain is fairly level, a few of the homes are located on sunken lots hidden from University Avenue.

Both Shoup Park and Redwood Grove Nature Preserve are located in the area,

as well as the Los Altos green belt, Lincoln Park, where the annual Fine Art in the Park event is held. Assigned schools for Old Los Altos are also some of the highest performing in the area, and include Gardner Bullis Elementary, Egan Intermediate, and Los Altos High School. These schools pride themselves on providing a curriculum designed to emphasize not only logic-based learning, but programs that nurture creativity and self-discovery within education.

Past residents of Old Los Altos include Sarah Winchester, famous for building the quirky Winchester Mystery House in San Jose. She purchased a large portion of Los Altos ranch property in 1888.

When the Southern Pacific Railroad Company planned to lay tracks through the ranch, Mrs. Winchester forced them to purchase all of her land. That land was later developed by Paul Shoup, who is considered the founding father of Los Altos, into what is now downtown Los Altos. A major motion picture starring award-winning actress Helen Mirren as Mrs. Winchester is set to be released in 2018.

Mrs. Winchester’s sister, Isabelle Merriman, lived in a farmhouse which still stands today on Edgewood Road—the oldest home in Los Altos. For a period of time, Mrs. Merriman turned the Victorian farmhouse into a school for girls.

2017 NEIGHBORHOOD SUMMARY MEDIAN SALES PRICE NUMBER OF NEW LISTINGS NUMBER OF HOMES SOLD AVERAGE DAYS ON MARKET HIGHEST PRICE SOLD LOWEST PRICE SOLD 22

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$3,307,000 12 9 10 $5,450,000 $2,490,000 |

DELEON INSIGHT

Old Los Altos remains a tight-knit community with strong traditions.

Residents appreciate the convenience of walking to downtown and the prime accessibility to major roadways. The real charm of Old Los Altos, however, lies in the architectural character of the homes and the history ingrained in the community. The designs showcased within this architecturally interesting and eclectic neighborhood differ from the typical Los Altos single-story 1950s rancher. A quick meandering down Orange Avenue will highlight homes with architectural styles that include Tudor Revival, Monterey Colonial, Victorian, and Craftsman.

Sales prices for the area vary depending on the size of the lot, the location, and the condition of the home. Per the MLS, the lowest sales price as of July 2017 was $2,490,000 for a well-maintained, Old World-style home on busier El Monte Road. Conversely, prices reached as high as $5,450,000 for a newer two-story Craftsman home on University Avenue.

One historic landmark home on the same street remains on the market after being listed for almost $8,000,000 after a few price drops. This estate sits on a rare lot of over an acre, patiently awaiting the right buyer.

For a private tour of this intriguing neighborhood, please call your DeLeon Los Altos specialist.

BY:

MARGIE FONTANILLA |

INTERIOR DESIGNER

BANG FOR YOUR BUCK

I

f you’re planning to sell your home, it’s important to think about how to emphasize your home’s most attractive features and deemphasize any perceived flaws. Interior design trends are constantly changing, making it challenging for homeowners to choose which home renovation projects are worth their time and money. Here are some tips on spending your money wisely and really getting the biggest bang for your buck.

Paint in Neutral Colors Repainting exterior and interior walls is the easiest and most inexpensive way to obtain the greatest bang for your buck. Nothing turns off a buyer more than bold, bright paint colors that don’t appeal to them. So, make it easy: go neutral on your walls. Whites, beiges, and light greys will add style while making a considerable aesthetic difference. Neutrals provide a blank slate as a backdrop, helping buyers visualize themselves living and relaxing within your spaces. These colors also make spaces look large, fresh, and clean.

Besides, neutral colors can easily match most furniture, further enhancing the turn-key allure of your home.

Go Minimalist To adapt a minimalist style for your interiors, limit the design of each space to basic essentials and functional pieces. Furniture should be minimal and arranged in a way that flows well. Cramped, messy rooms alienate buyers and make your home look small and claustrophobic. A home packed with personal belongings also makes it difficult for others to visualize living there. Start decluttering and depersonalizing your rooms by clearing out excess furniture, toys, family photos, and personal decorations. Pack up things you do not use on a regular basis and place them in storage. Reduce the amount of accessories and art pieces to create a spacious, airy ambience. Decluttering will also give you a headstart on your move.

Add Smart Home Featues Smart home features are generally attractive to Silicon Valley homebuyers. The ability to access security systems, heating and cooling systems, and various devices throughout a residence via smartphone app makes it even more sellable. Ken DeLeon, our founder and the head of the DeLeon buyer team, explains, “Homebuyers are often captivated by new technology and features that they have not seen in other homes. Some buyers will favor one home over another simply because of these smart home features.”

Install Sleek Countertops Dated kitchens do not impress buyers. However, the idea of a kitchen renovation can be daunting to buyers and sellers alike, especially if it involves demolition. Installing granite or quartz countertops is a relatively minor renovation that can greatly increase the value of a home and bring in a good return on investment. Both quartz and granite are strong, sleek, and high-end surfaces that instantly add a tone of luxury to a kitchen. Quartz even has the added benefit of being more flexible; it is durable, heat-resistant, scratch-resistant, and just plain gorgeous. Replacing your countertops and repainting old-fashioned cabinetry can make your kitchen appear as attractive as possible, without the staggering price tag of a total kitchen remodel.

Refinish Your Hardwood Floors Buyers are constantly wowed by gleaming hardwood floors. They make homes look larger and brighter, and they are easy to clean. If your home already has hardwood floors but they’ve been neglected, have them sanded and refinished down to the core. Stylishly refinished hardwood floors will drastically enhance the look of your home. This option costs less than you’d think, and will look and feel brand-new.

If you’re putting your home on the market soon, minor renovations can really boost your home’s value. Our team even provides interior designers who can help you invest in trendy home features that will provide the biggest bang for your buck.

DELEON INSIGHT

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CEO & GENER AL COUNSEL

BY: MICHAEL REPKA, ESQ.

HIDDEN

DANGERS

Whenever homeowners mention the possibility of selling their home without using a professional real estate agent, various agents are quick to counter with the argument that a lot of legal pitfalls are lurking out there. These agents continue that the sellers need a qualified agent to help the sellers navigate through the disclosure and legal landscape.

most sellers are told they need to disclose everything they know about the property. However, this broad statement is too vague and can lead to unexpected exposure, even for sellers who make a good-faith attempt to heed the advice.

Although these statements are fundamentally true, the argument falls short in that many agents are trained not to provide any legal advice, including with regard to disclosures. In fact, many agents are trained not to answer any questions about how the sellers should prepare their disclosures at all, because doing so could create liability for the agents or their brokerages. It is not uncommon for agents, especially inexperienced agents, to do nothing more than give a stack of disclosure forms to the sellers and tell them to do their best to answer everything completely and honestly. If they have any questions, they are told to speak with a qualified residential real estate attorney, but access to such an attorney is often not provided.

Given that most listing agents do not have any legal training, this advice is not without merit, but it does not comport with the argument that the sellers need a professional real estate agent to avoid legal pitfalls.

Sellers deserve more than this.

Danger of Providing Too Little Information Perhaps the most common non-disclosure case involves sellers who knew of some potential defect, yet failed to share this information with potential buyers. Under California law, a seller must disclose all material facts not known to, or within the reach of, diligent buyers exhibiting reasonable attention and observation. California law defines a material fact as any fact that affects the value or desirability of a particular property, which is unquestionably a very broad definition.

Thus, by way of example, sellers who know that their foundation is starting to fail and needs to be repaired and reinforced have a duty to disclose this information.

If they fail to do so, then they could be held liable for damages under a theory of actual fraud.

Active Concealment of a Material Defect Any actions to conceal a material defect can exacerbate the sellers’ predicament. Imagine what would happen if the same sellers, being aware of the foundation defect, decided to have heavy boxes moved to the area directly in front of a foundation crack. This could certainly be construed as an attempt to hinder the buyer’s ability to discover the problem.

California Disclosure Requirements California defines actual fraud quite broadly, and specifically includes “the suppression of that which is true, by one having the knowledge or belief of that fact” (CA Civ. Code §1572, subd. (3)). In other words, when sellers fail to disclose a material fact, they are committing actual fraud under California law. Thus,

One of the challenges that a plaintiff ’s attorney faces in recovering damages from the sellers in a non-disclosure case is to establish that the sellers

“When the DeLeon Team preps a home for sale, we are careful to inform potential buyers of the actions we took to get the property ready.”

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actually knew, or reasonably should have known, of the defect. The sudden decision to move boxes in front of a foundation crack would certainly be proffered as evidence to support the assertion that the sellers knew of the crack.

what they know about the property they are selling.

However, many sellers go beyond that by explaining what they believe is the underlying cause or the needed solution. The sellers should stop where their knowledge stops.

While the majority of sellers would not do something as egregious as blocking access to a crack in the foundation, many find themselves in legal hot water as a result of undisclosed improvements done to prepare a home for listing. Although there are countless examples, one of the most common is when, unbeknownst to the buyers, sellers paint a room prior to selling their home. When the buyers subsequently discover a water leak, most attorneys would argue that the sellers (or listing agent) must have painted the room to conceal water stains or other evidence of past leaks.

The argument continues that the buyers would have demonstrated additional vigilance if they had known that the room was recently painted, but they were duped because the painting was not disclosed.

Perhaps this is best explained with another example.

A seller may know that her roof leaks near a skylight when it rains. A well-advised seller would disclose that “the roof leaks when it rains.” If the seller is confident that the only location of the leak is near the skylight, then the seller could expand the disclosure to say that “the roof leaks near the kitchen skylight when it rains.”

When the DeLeon Team preps a home for sale, we are careful to inform potential buyers of the actions we took to get the property ready. This certainly eases the buyers’ minds by letting them know that the home is ready for them, but it is also a good way to reduce our sellers’ exposure to this legal claim.

Sellers’ Best Practices When Preparing Disclosure Forms Undoubtedly, sellers face considerable risk when preparing their disclosures during the sale process.

However, they can substantially mitigate this risk by taking a few simple steps.

The Surprising Danger From Sellers’ Helpfulness Answering disclosure questions is fraught with peril for poorly advised sellers. Perhaps the most surprising area of exposure comes from sellers who are trying to be completely honest and as helpful as possible. There are generally two key areas of potential exposure to these sellers: (1) providing statements that could be construed as a warranty, and (2) misdiagnosing a cause or the required cure.

First, they should disclose everything that they would want to know if they were buying the house. Second, they should include everything they know, even if it is not covered by the particular questions on disclosure forms. Third, they should be careful not to go beyond things that they actually know, resisting speculation about the cause of a problem or the possible solution.

Finally, they should discuss any questions with a qualified real estate attorney. If their listing agent is unwilling to cover the cost of this consultation, then the sellers should give serious consideration to making their own investment in this important peace of mind.

When sellers say they repaired something and it is as “good as new,” or when they say that “we corrected a problem and it will be fine for the next 20 years,” they may create liability for themselves. Some readers may think that no seller would actually say something like that, yet I often encounter sellers ready to make these kinds of statements. Needless to say, I encourage sellers to rephrase these statements.

However, some sellers take it upon themselves to add speculation as to the cause of the problem or the needed solution, such as “the roof leaks near the skylight because it needs some sealant around the base of the skylight.” It is easy to imagine a buyer’s reaction if it turned out that the problem could only be rectified by replacing the entire roof.

As a residential real estate attorney who is well-versed on California disclosure laws, I am available to meet with DeLeon sellers about any and all disclosurerelated questions at no additional charge.

Similarly, sellers often create additional liability for themselves by speculating about the actual cause of a defect. Sellers must fully and honestly disclose

DELEON INSIGHT

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SOLUTIONS F O R I N T E R N AT I O N A L B U Y E R S

BY:

KIM HENG

REALTOR®, MBA, DIRECTOR OF SALES

A

ccording to Forbes magazine, the United States was the most popular destination for Chinese homebuyers, who spent over $14 billion on US properties in 2016. However, given the shifting monetary policies of the Chinese government, how will Chinese investors be affected?

The Problem Recently, the Chinese government tightened their money outflow policy even further. Starting January 1, 2017, the Chinese government issued a new policy stating that any individual transferring money overseas will need to state the purpose of the funds to be used, and these funds cannot be used for home purchases or stock investments.

Although the exchange policy of $50,000 per person per year stays the same, as of July 1, 2017, the new policy adds that the exchange amount per person per day cannot exceed 50,000 RMB ($7,000).

Individuals are required to report their use for any amount of money they send overseas over $10,000.

The Impact These serious policies have inevitably impacted Bay Area real estate. We see more Chinese buyers breaking their traditional all-cash buying habits and finding ways to leverage their limited overseas funds. This tightening has made it more difficult for Chinese buyers to pull money out of China all at once.

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The effect of this burdensome system is clearly evidenced by less cash offers from Chinese nationals for American real estate since these buyers have more limited access to available cash.

Although this has had a significant impact on the purchases of lower priced investment properties, we have not seen a material reduction in demand from affluent Chinese buyers interested in high-end properties.

More purchases have been made through financing due to the difficulties in moving money out of China. The upside of this policy is that buyers can leverage their money to buy more expensive homes than they would have with cash. The challenge is to find them lenders who will lend to international buyers with favorable terms, especially when their income is coming from overseas.

The Solution A terrific benefit of working with experienced agents is that they can offer clients greater expertise in every aspect of the real estate industry. This includes referring clients to the correct lenders after discussing their specific financial situations. At DeLeon Realty, a lot of our current clients’ income is located overseas. Plus, many of our clients do not fit within the traditional model of W-2 income from two or more years in the same career. We take great pride in working with international buyers, and one of our greatest strengths is that we

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DELEON INSIGHT

are able to provide our clients with the appropriate lenders. Less experienced agents might not know how to handle these situations, but we see them as opportunities and offer proactive solutions.

Since we work with such a wide variety of lenders, we are always able to match our clients with the one who best fits their needs. As an example, we work closely with a local community bank that helps clients who don’t possess a W-2, yet have large assets (typically 35-40 percent down). The bank can still provide them with a loan that is very compelling and attractive. As another example, we help clients who are trading up their homes by directing them to the few lenders who will not count the debt from their current home. That way, our clients can afford their new home before selling their current home.

By leading our clients to the correct lenders, we assist them with one of their biggest obstacles, and we are happy to help with every other facet of their purchase. The solutions we put together not only help Chinese buyers, but international buyers as a whole.

The Conclusion Where there is a will, there is a way.

By being creative and going above and beyond for our clients, we are able to help affluent buyers from all over the world pursue their dreams of owning a home in the Bay Area.

PALO ALTO’S NEW ORDINANCE BY: HUY

VU |

REALTOR®, ATTORNEY, BUYER SPECIALIST FOR PALO ALTO

A

ffordability issues persist in Silicon Valley as supply and demand for housing continue to put upward pressure on prices. Demand for housing here likely won’t change soon.

Our communities boast top-performing schools, diverse populations, great weather, and access to world-class restaurants and entertainment. Thousands of employers operate here, from corporate giants like Google, Apple, and Facebook to micro startups where entrepreneurs are working on the next billion-dollar idea. These employees all compete for homes in what remains an extremely tight inventory of housing.

High demand and low supply have made housing incredibly unaffordable. Californians on average spend roughly 30 percent of their income on housing, and a home in California costs 2.5 times more than the national average. These numbers are even higher for the Silicon Valley micro-economy. For many of the younger generation who have grown up in these communities, housing has become too expensive to buy a home here themselves. Many continue to rent in the area or live at home, despite wanting to buy places of their own.

To address these concerns, the state legislature has passed into law Senate Bill 1069 and Assembly Bill 2299. They hope this will help ease tight inventory issues by lessening regulations on homeowners who want to build additional housing on their property. To comply with these mandates, the Accessory Dwelling Unit (ADU) Ordinance adopted by Palo Alto this last spring finally became effective on June 8, 2017.

Under the new ordinance, ADUs are defined as “attached or detached residential dwelling units which provide complete independent facilities for one or more person.” The city allows homeowners to construct a granny unit for living, sleeping, cooking, eating, and sanitation. This space could be used to house extended family, or as a rental unit. Parking restrictions and minimum lot size requirements prevented many homeowners from building these units before; however, the ordinance has eased the parking and minimum lot size requirements for building ADUs, and created an incentive with regard to additional square footage.

DELEON INSIGHT

Single-family homes are required to have two parking spaces, one of which must be covered. However, if a home has an ADU, then a covered parking space is no longer required. This would allow many homeowners to build a separate unit, or convert their garage into an ADU without changing their current parking situation. For many homeowners who don’t use their garages for parking, this could be a sensible way to utilize the square footage.

For minimum lot size requirements, the city has allowed those in R-1, R-2, and RMD districts to develop ADUs on lots over 5,000 square feet. This allows a vast majority of homeowners to develop ADUs. To further incentivize building ADUs, homeowners who choose to develop are also allowed to build an additional 175 square feet over their maximum floor area.

For the most part, the ordinance has been viewed positively; the biggest concern for Palo Alto residents is the impact on parking. While some homeowners may take advantage of additional rental income, it’s very possible that many more will use it to create additional housing space for their families.

According to the TomTom Traffic Index, traffic in the Bay Area is some of the worst in America (San Francisco has the second-worst traffic after LA, and San Jose is the fifth worst in the nation). With more people living closer to where they work, perhaps our highways won’t be quite so overcrowded.

Undoubtedly, there are still a lot of questions from homeowners who are looking to make these changes. Many rules dictate how these units should be constructed to comply with code. Development plans will require review into the actual ordinances and likely visits to city hall.

At DeLeon Realty, we would happily help clients by going through these rules with you, and will even make a trip to the housing department on your behalf to make sure your questions get answers.

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R E M O D E LI N G GU I D E BY:

TILU ARORA |

INTERIOR DESIGNER

REDWOOD DRIVE, LOS ALTOS (AFTER)

Y

ou may have heard horror stories about problematic remodels, such as budgets spiraling out of control or sites left half-finished. But is this the reality? On the contrary, remodeling your home nowadays is actually easier than ever before due to the amount of information available at the click of your mouse.

Whether you are performing a smaller remodel, such as moving interior walls or reorganizing interior spaces, or even if your project involves large-scale construction, the beginning steps are the same.

1. Develop Your Inspiration One of the most basic steps to follow is to develop a solid idea of the style that appeals to you the most. You can either bookmark pages of style inspirations in books or magazines, or save reference photos on Pinterest. There are many websites like Houzz that offer excellent remodeling stories and accompanying photos. Many times, you can quickly find design solutions and sources for your inspirations online.

2. Organize Your Thoughts Organizing your thoughts and ideas is the next major step. If you are planning to work with an architect, lay out your ideal plan beforehand and really visualize how you would use the space on a daily basis. Oftentimes, homeowners cannot compose a clear idea of what they want, or they are simply not design-savvy. It is especially important in these situations to work with an interior designer who can help you define your preferences.

Once you have your design inspiration nailed down, it is very important to stay on track with the style you have chosen. With the amount of materials and choices available in today’s markets, it is very easy to get distracted and incorporate other materials and design features that do not work well together.

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REDWOOD DRIVE, LOS ALTOS (BEFORE)

Accordingly, having a lighting plan will help to establish the location of recessed lights and other lighting fixtures. Be specific about what kind of lighting you desire, including the sizes, types of bulbs, and intended functions (such as accent or task lighting).

Having a ceiling layout will also help if you are planning on installing surround sound so that lights and speakers can be aligned successfully on the ceiling.

If you plan to build any custom cabinets, have a rough set of plans completed either by you or by your designer before shopping for a cabinet-maker. These cabinet drawings should incorporate as many desired details as possible, such as softclose mechanisms, handle styles, and numbers of drawers and cupboards. Additionally, pre-deciding the construction of the interior of the cabinetry will help you receive a clear estimate and keep your budget on track.

3. Consider Professional Help Even if you have a well-developed personal aesthetic, you should always consider consulting with a designer or a project manager. Many homeowners think they can design or run a project themselves to save money. However, inexperience can lead to mistakes that quickly become expensive, and many remodelers (especially first-timers) who decide to work on their own get stuck with undesirable outcomes.

Having the assistance of a designer or a project manager will help you sidestep these issues. For best results, meet and interview designers who have completed projects matching your taste. Also, make sure you and your chosen designer have developed rapport as you may be working together over a long period of time.

5. Finalize All Features Waiting until the latter stages of the project to finalize your remodeling details can increase pricing. For instance, if the remodel involves redoing kitchen cabinetry, it is very important to select all appliances and fixtures upfront. This will help confirm the dimensions in the cabinet drawings, ensuring the kitchen is laid out perfectly.

Other important details that need to be pre-planned include plumbing fixtures. This involves deciding if the bathroom will have a tub and/or a shower, a single sink, double sinks, and storage options.

Flooring and roofing options should also be decided early.

Do you want wood, tile, stone, or carpet? Or, do you want a combination of flooring materials? If your home needs a new roof, make sure the style and the type of roof are established before the work begins. Homeowners often go back and forth between types of roofing, like composite shingle versus metal or tile, even after the remodel is underway. This indecision can entail costly delays and even halt work altogether since different roofing materials require different structural calculations.

Even if you have to compensate in other areas to keep project costs within budget, hiring a professional will pay off in the long run. DeLeon Realty fully grasps the importance of professional design assistance; that is why we provide free access to our interior designers for our clients.

If the remodel involves changing exterior doors and windows, these need to be selected ahead of time. Usually, these elements can be easily decided by referencing the style you chose to stick with at the beginning. Having an elevation of the exterior will also help in choosing window sizes and positions. At this point, it is also ideal to determine if the home will feature stucco, siding, or other exterior materials and details.

If you choose to manage the project yourself, it will certainly be an enjoyable and rewarding process, but it also takes a certain type of person. You have to be organized, calm under pressure, strategic, and confident—not to mention being able to afford the time to plan, coordinate, and oversee the work.

In short, incurring even a few weeks of delay to lay everything out and finalize all details will be worth it. Tying up these loose ends at the beginning can potentially save thousands of dollars later, not to mention avoiding hours of aggravation and extensive delays to the project.

4. Put It on Paper Draw a layout of your furniture on paper. This step seems a bit premature, but it really makes construction and coordination much easier for all parties involved. Among other things, it helps the electrician, the security, and the cable vendors to see where they need to provide outlets, switches, and internet or TV connections.

At DeLeon Realty, our designers assume the work of our clients throughout the entire remodeling process, including comparatively shopping for furniture, fixtures, and equipment (FFE), performing all design labor, and personally managing each project. These services alone save our clients invaluable time and thousands of dollars. At the same time, each home is transformed into a turn-key residence that our clients usually want to move back into, forgetting that their newly remodeled spaces may win them many thousands of dollars over asking.

DELEON LISTINGS

D e L e o n , T h e To p R e a l E s t a t e Te a m I n C a l i f o r n i a

Cre a t e d Fo r Yo u r S u c c e ss

“Michael Repka and his team did an outstanding job selling our home in Palo Alto, and I find it hard to believe that anyone would work with another agent.

1. The marketing materials and strategy were of exceptional quality. The money and the time they spend on this is unmatched by any other Realtor® as far as I can tell.

2. Michael worked hard to get us the best price, even though there was a willing buyer working with DeLeon’s buying team. In other words, DeLeon gave up commission so we could get the best deal for our home.

3. Michael’s training as a lawyer means that he understands negotiating strategy and financial implications of various deal structures in a way that is superior to any other Realtor® I have encountered. I recommend them without hesitation.”

Bobby R. – Palo Alto resident

L e t t h e D e L e o n Te a m t r a n s f o r m y o u r l i s t i n g e x p e r i e n c e .

CALL 650.488.7325 ®

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DELEON LISTINGS

BRAND-NEW LUXURY ESTATE Immersed in natural serenity, this world-class estate exemplifies contemporary splendor. The stately yet highly livable design offers posh entertaining venues with endless versatility. Revel in the chic minimalism of the interior, or unwind on lush grounds with immense poolside terraces, a poolhouse, and pristine lawns. Highlights include twin wine cellars, a state-of-the-art theater, a culinary paradise of a kitchen, and a vast motor court with a four-car garage. Within mere minutes await Stanford University, Sand Hill Road offices, vibrant downtown Menlo Park, and award-winning schools.

For video tour and more photos, please visit:

www.369FletcherDrive.com

369 FLETCHER DRIVE ATHERTON • • • • •

DELEON INSIGHT

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7 Bedrooms 8 Full Bathrooms 3 Half Bathrooms Home Theater Poolhouse

SEPTEMBER 2017

Offered at: $19,988,000 31

DELEON LISTINGS

GORGEOUS GARDEN ESTATE IN WEST ATHERTON Splendid gated grounds of approx. 1.05 acres (per county) showcase this lavish yet inviting 5 bedroom, 7.5 bath mansion of approx. 6,400 sq. ft. (per plans), which includes a poolhouse. Large, sun-lit gathering spaces allow warmth and easy living, while a master retreat with a palatial closet and a spa provides private leisure. A gourmet kitchen with a secondary prep kitchen permits functional convenience, and the poolhouse can convert to a meditation studio. Expansive gardens boast fountains, poolside terraces, and an outdoor kitchen. Exclusive Menlo Circus Club and prestigious private schools are within moments. Stanford University, two international airports, and the urban centers of both San Francisco and San Jose are easily accessible.

For video tour and more photos, please visit:

165 PATRICIA DRIVE ATHERTON • • • • •

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5 Bedrooms 7.5 Bathrooms 6,449 Sq. Ft. Spa Poolhouse

www.165PatriciaDrive.com

Offered at: $9,888,000 SEPTEMBER 2017

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DELEON INSIGHT

DELEON LISTINGS

ELEGANT SYLVAN RETREAT Nestled among heritage oaks, this architectural treasure of over 7,800 sq. ft. (per appraisal) offers 4 bedrooms, 6 full and 2 half baths, and complete privacy on grounds of 1.65 acres (per county), showcasing award-winning gardens and a resort-like pool and spa with waterfall. Perfect for grand-scale entertaining as well as family living, it features a catering-grade kitchen, a mahogany-paneled library, and expansive multi-level decks. A dazzling 16-seat dining room and a unique cocktail foyer flank the regal octagonal living room. An elevator leads to a 75-seat theater/guesthouse where hundreds of celebrated musicians and speakers have performed. Enjoy convenient access to scenic parks, highways, and top-ranking Palo Alto schools (buyer to verify eligibility).

For video tour and more photos, please visit:

www.27760Edgerton.com

27760 EDGERTON ROAD LOS ALTOS HILLS • • • • •

DELEON INSIGHT

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4 Bedrooms 6 Bathrooms 2 Half Bathrooms 7,886 Sq. Ft. Pool/Spa

SEPTEMBER 2017

Offered at: $7,988,000 33

DELEON LISTINGS

PRIVACY, COMFORT, & PRESTIGE Gated, beautifully manicured grounds of approx. 1.25 acres (per county) surround this alluring yet private 5 bedroom, 4.5 bath residence of approx.

4,800 sq. ft. (per county). Built in the 1920s, this elegantly updated manor effortlessly blends fine craftsmanship with luxurious elements, and includes a potential home theater, a wine cellar with a tasting room, and a main-level bedroom suite easily convertible to a pool lounge. A romantic rose garden and a pool with a spa augment the pristine grounds. Located off prestigious Mountain Home Road, this garden estate balances peaceful seclusion with close proximity to shopping, dining, and commuter routes, plus highly desired Woodside Elementary (API 965) (buyer to verify eligibility).

For video tour and more photos, please visit:

www.290WindingWay.com

290 WINDING WAY WOODSIDE • • • • •

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5 Bedrooms 4.5 Bathrooms 4,830 Sq. Ft. Wine Cellar Rose Garden

Offered at: $6,988,000 SEPTEMBER 2017

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DELEON INSIGHT

DELEON LISTINGS

TIMELESS ALLURE IN FAMED LOCATION

5 CEDAR LANE WOODSIDE

Located off exclusive Mountain Home Road, this custom 4 bedroom, 4 bath residence of 3,900 sq. ft. (per county) and 1 bedroom, 1 bath guesthouse blend classic finishes, modern luxury, and vibrant gardens of over an acre (per county) within a coveted, highly walkable cul-de-sac. Though built in the 21st century, the home offers stained glass, exposed-beam ceilings, and reclaimed fixtures, creating an ambience of timeless charm.

Multiple French doors open to enticing gardens with footpaths and terraces. From the natural privacy of these seemingly secluded grounds, stroll to shopping, dining, and top-ranking Woodside School (API 965), and quickly reach scenic open spaces and Highway 280 (buyer to verify eligibility).

• • • •

Offered at: $5,488,000

For video tour and more photos, please visit:

www.5CedarLane.com

DELEON INSIGHT

4 Bedrooms 4 Bathrooms 3,900 Sq. Ft. Guesthouse

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DELEON LISTINGS

GARDEN ROMANCE IN OLD PALO ALTO Peaceful, alluring gardens unfold around this tri-level luxury residence, voicing the home’s innate charm. Vaulted ceilings enhance the sun-lit interior, while a stylishly upgraded chef ’s kitchen, a library, and a potential home theater inspire comfort and leisure. Outdoors, a heated dining terrace overlooks the picturesque pool. Within moments are world-renowned Stanford University, vibrant California Avenue, and outstanding schools like Walter Hays Elementary (#4 Elementary School in California), Jordan Middle (#3 Middle School in California), and Palo Alto High (#5 High School in California) (buyer to verify eligibility) For video tour and more photos, please visit:

www.471NevadaAve.com

471 NEVADA AVENUE PALO ALTO • • • • •

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Vaulted Ceilings Chef’s Kitchen Library Home Theater Pool

Offered at: $7,298,000 SEPTEMBER 2017

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DELEON INSIGHT

DELEON LISTINGS COMING SOON New construction with September completion date

BRAND-NEW CONTEMPORARY LUXURY Nearly completed, this tri-level 6 bedroom, 5 bathroom residence of over 4,500 sq. ft. (per plans) presents everyday living at its finest on a lot of almost 6,800 sq. ft. (per county). Showcasing a dazzling mixture of style, luxury, and convenience, each level is intended for optimal living. High-end fixtures include Pella windows, VELUX skylights, and LaCantina folding doors. The unbeatable location is strolling distance to El Carmelo Elementary (#3 Elementary School in California), and enjoys quick access to California Avenue, Caltrain, and other top-performing schools like JLS Middle (#2 Middle School in California) and Palo Alto High (#5 High School in California) (buyer to verify eligibility).

For video tour and more photos, please visit: www.2724Cowper.com

2724 COWPER STREET PALO ALTO

• • • •

Offered at: $4,988,000

DELEON INSIGHT

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6 Bedrooms 5 Bathrooms Home Theater High-End Fixtures

SEPTEMBER 2017

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DELEON LISTINGS

CHARM, STYLE, & UNLIMITED POTENTIAL IN WEST ATHERTON Surrounded by natural privacy, this captivating residence boasts excessive character and exciting potential. Built in the Roaring Twenties, the interior is appointed with graceful arches, casement windows, and elegant hardwood floors with inlay— rich reminders of America’s most glamorous period in history. The spacious grounds and the flexibility of the design can easily accommodate remodeling and even expansion. Brimming with opportunity, this gem of a home is tucked inside one of the most distinguished neighborhoods in Silicon Valley, within mere moments of the celebrated Menlo Circus Club, alluring downtown Menlo Park, and illustrious private academies.

For video tour and more photos, please visit:

www.29Amador.com

29 AMADOR AVENUE ATHERTON • • • •

Prestigious Location Historic Flair Natural Privacy Lot of 33,750 Sq. Ft.

Offered at: $6,288,000 38

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DELEON LISTINGS

STUNNING INNOVATIONS, ELEGANT DESIGN Built in 2015, this gorgeous Mediterranean-style home of over 2,500 sq. ft. (per county) boasts 4 bedrooms, 3.5 baths, an office, and a property of over 7,800 sq. ft. (per county). Archways and elegant ceiling treatments add drama, while a chef ’s kitchen, built-in speakers, skylights, and hardwood flooring lend style. The open, light-filled interior and the inviting backyard have been optimally designed for both easy entertaining and quiet comfort. This lovely home resides within biking distance of Willow Oaks Park, and is a short drive to Facebook and downtown Palo Alto shops and restaurants along University Avenue. Stanford University and Stanford Shopping Center are also nearby.

For video tour and more photos, please visit:

433 O’CONNOR STREET MENLO PARK • • • • •

4 Bedrooms 3.5 Bathrooms 2,578 Sq. Ft. Chef’s Kitchen Surround Sound

Offered at: $2,488,000

www.433OConnor.com

DELEON INSIGHT

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DELEON LISTINGS

CAPTIVATING SCENERY INSPIRES ELEGANCE Tucked among stunning mountainside vistas is this distinguished 3 bedroom, 2.5 bath townhome of over 2,600 sq. ft. (per county). Elegantly trimmed in detailed crown molding, sun-lit gathering areas showcase luxurious living with dual-zoned climate control and plantation shutters, while a spacious rear deck offers prime space for entertaining amidst a garden-like setting. Recreation is only a few steps away since the community pool and tennis courts are just across the street. Amenities like Sharon Park, Sharon Heights Golf and Country Club, and convenient commuting routes are also easily accessible, while award-winning Las Lomitas schools are located nearby (buyer to verify eligibility).

For video tour and more photos, please visit:

www.43Biltmore.com

43 BILTMORE LANE MENLO PARK • • • •

3 Bedrooms 2.5 Bathrooms 2,620 Sq. Ft. Rear Deck

Offered at: $2,175,000

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DELEON INSIGHT

DELEON LISTINGS PENDING

BRIGHT & GRACIOUSLY ACCOMMODATING Warm, flexible rooms and a spacious floorplan establish this 4 bedroom, 3 bath home of approx. 2,400 sq. ft. (per county) that has been thoughtfully updated for fine, peaceful living on a lot of over 10,700 sq. ft. (per county). The gracious solarium encourages indoor-outdoor living, and tastefully landscaped outdoor spaces offer inviting patios and a sky-lit hot tub. Conveniently stroll to Foothill Plaza Shopping Center while nature trails at San Antonio Open Space Preserve are also nearby. Enjoy easy access to Interstate 280 and exceptional schools, including Montclaire Elementary and Cupertino Middle (buyer to verify eligibility).

For video tour and more photos, please visit:

www.1504Redwood.com

1504 REDWOOD DRIVE LOS ALTOS • • • •

DELEON INSIGHT

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4 Bedrooms 3 Bathrooms 2,418 Sq. Ft. Sunroom

SEPTEMBER 2017

Offered at: $2,388,000 41

MARKET CONDITIONS

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

Sale Price, Median

Atherton Inventory # of New Listings

Price/SqFt Ratio

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

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

Sale Price, Median

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Los Altos Hills Inventory # of New Listings

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MARKET CONDITIONS

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

Sale Price, Median

Menlo Park Inventory # of New Listings

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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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DELEON INSIGHT

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MARKET CONDITIONS

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

Sale Price, Median

Portola Valley Inventory # of New Listings

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

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Redwood City Inventory # of New Listings

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

DeLeon Realty

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DELEON INSIGHT

MARKET CONDITIONS

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

Sale Price, Median

Sunnyvale Inventory # of New Listings

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

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Woodside Inventory # of New Listings

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DeLeon Realty will cover all of the following at no additional charge:

Staging* | Property Inspection | Pest Inspection *Includes: Installation, Month of Furniture Rental listings. and Removal At DeLeon Realty, we are notDesign, limited to accepting1only turn-key, luxury-grade Our innovative team of Our clients love thetransform personalevery attention receive into froma truly Michael Repka,home. from beginning end. specialists enables us to one ofthey our listings must-have Let us showtoyou what Additionally you will receive a suite of fromhome. the DeLeon Team, including interior design, wefree canservices do for your construction consulting, handyman work, and dedicated marketing to local and foreign buyers. www.DELEONREALTY.com

DELEON INSIGHT

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COMMUNITY CALENDAR structural building blocks that make Eichler living so appealing. Admission is free.

WHEN: 12:00-4:00pm WHERE: Los Altos History Museum, 51 S. San Antonio Road, Los Altos MORE INFO: Contact (650)-948-9427 or visit https:// losaltoshistory.org/exhibits/eichler-homes/

ATHERTON WEDNESDAY, YEAR-ROUND Wild & Wacky Wednesdays Join an all-ages program where children, as well as adults, are encouraged to learn, play, and work together. Weekly themes include science, art, cooking, celebrations, and more.

WHEN: 3:30-4:30pm WHERE: Atherton Public Library, 2 Dinkelspiel Station Lane, Atherton, CA 94027 MORE INFO: Call (650)328-2422 or visit https://smcl. bibliocommons.com/events/57dc6d2d1cdd65010053ea2d

LOS ALTOS - LOS ALTOS HILLS EVERY FIRST FRIDAY, YEAR-ROUND Los Altos First Fridays This community-building event is held during the evening of the first Friday of every month. First Fridays are meant to be a fun, social evening for residents of Los Altos, Los Altos Hills, and neighboring communities.

It is a great opportunity to shop, dine, and explore what the downtown area has to offer. Special promotions on local businesses plus live entertainment and food provided.

WHEN: 6:00-8:00pm WHERE: Downtown Los Altos, State Street MORE INFO: http://losaltosfirstfriday.org THURSDAY, SEPTEMBER 7, 14, 21, & 28 Farmer’s Market The Downtown Farmer’s Market runs each Thursday in September 2017 on State Street between Second and Fourth Streets. Fare includes fresh local fruits and vegetables, ranch eggs, cut flowers, live music, crafts, and much, much more.

WHEN: 4:00-8:00pm WHERE: Downtown Los Altos, State Street MORE INFO: downtownlosaltos.org

SEPTEMBER 2017

SATURDAY, SEPTEMBER 16 Los Altos Wine Walk Enjoy a late summer’s afternoon of tasting great wine and strolling the downtown area.

Advance tickets are $35 each ($45 per ticket on the day of the event, if available).

WHEN: 2:00-6:00pm WHERE: Downtown Los Altos, State Street (check-in next to Bank of the West) MORE INFO: http://www.downtownlosaltos.org/events/ wine_walk.html SATURDAY & SUNDAY, OCTOBER 7-8 Los Altos Fall Festival Come celebrate autumn! The Los Altos Chamber of Commerce hosts its annual Fall Festival during the first weekend in October. Held in the South Parking Plazas in downtown Los Altos, this event features approximately 160 arts and crafts booths, specialties from local restaurants, a classic car show, musical entertainment, and specialty wines and beers. A favorite for young and old alike is the popular Children’s Alley, which offers a variety of games, rides, and activities.

WHEN: 10:00am-5:00pm WHERE: South Parking Plaza between San Antonio Road and First Street MORE INFO: http://www.losaltoschamber.org/fall_festival. html

THURSDAY-SUNDAY, THROUGH OCTOBER 8 Eichler Homes-Modernism for the Masses This museum exhibit explores Joseph Eichler’s dream of affordable contemporary homes, which he built from 1949 to 1974. Through photos, iconic furnishings, and exciting memorabilia, the story of an era filled with optimism and prosperity will shine a light on the 46

SATURDAY, SEPTEMBER 9 Los Altos Hills Hoedown The annual Los Altos Hills Hoedown features a farmer’s market, live music, and wine-tasting, as well as crafts, games, and a food truck. Highlights include equestrian exhibitions and hand-pressed apple cider.

Admission is free.

WHEN: 3:00-8:00pm WHERE: Westwind Community Barn, 27210 Altamont Road MORE INFO: Visit http://www.losaltoshills.ca.gov/ Calendar.aspx, or contact Sara Gualtieri at (650)947-2518 or sgualtieri@losaltoshills.ca.gov

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COMMUNITY CALENDAR SUNDAY, OCTOBER 15 Vines & Wines The community group Hills 2000-Friends of the Hills is sponsoring the 5th Los Altos Hills Vines & Wines Event.

The event will feature wines produced in Los Altos Hills and vintners who are willing to share the art of winemaking. Los Altos Hills vintners are invited to pour their wine at the event if they either grow their grapes or make their wine within town limits. Appetizers will accompany the tastings. The event is limited to 250-300 attendees. Registration is $25 per person ($50 at door).

WHEN: 2:00-5:00pm WHERE: Town Hall, 26379 Fremont Road, Los Altos Hills, CA 94022 MORE INFO: http://hills2000.weebly.com/ TUESDAY, OCTOBER 31 Halloween Spooktacular Take your children trick-or-treating at downtown stores that display an orange pumpkin. Also enjoy Halloween fun like face-painting, games, and spooky crafts.

WHEN: 12:00-4:00pm WHERE: Downtown Los Altos, State and Second Streets MORE INFO: http://www.downtownlosaltos.org/events/ halloween.html

MENLO PARK FRIDAY, SEPTEMBER 1, 8, 15, & 22 Menlo Movie Series Welcome to Menlo Park’s newest community event for all ages. The Menlo Movie Series features free movies in downtown Menlo Park. Enjoy a night of watching stars, under the stars!

WHEN: Start times vary WHERE: Movies are held on Curtis St. at Santa Cruz Ave. MORE INFO: http://www.menlopark.org/241/Special-events SATURDAY, SEPTEMBER 9 2nd Annual Paws for Paws Walk Bring your furry four-legged friends to the 2nd Annual Paws for Paws Walk at beautiful Burgess Park. This benefits the Menlo Park Police Foundation and the Menlo Park Police Department K9 Unit.

Event attendance is free, but entrance in the raffles and contests requires a ticket purchase ($35/family, $25/single). This fun-filled morning includes raffle DELEON INSIGHT

giveaways, an exciting K9 demonstration, and contests for the doggies, complete with awards!

WHEN: Registration at 8:00am, walk begins at 9:00am WHERE: Burgess Park MORE INFO: https://www.facebook.com/ events/247465968990678/ SATURDAY, SEPTEMBER 16 Bacon, Blues, & Brews Facebook’s Bacon, Blues, & Brews Festival showcases bacon-inspired dishes, blues, jazz, and craft beer.

Proceeds benefit local music and art programs.

Admission is free and open to the public.

WHEN: 12:00-5:00pm WHERE: 1 Hacker Way, Menlo Park. Parking Lot 15.

MORE INFO: https://www.almanacnews.com/news/2017/04/12/facebookto-hold-five-menlo-park-festivals SATURDAY & SUNDAY, SEPTEMBER 30-OCTOBER 1 Sidewalk Fine Arts & Crafts Fall Fest This art-filled family event gives visitors the opportunity to shop the many one-of-a-kind creations displayed by talented artists in charming downtown Menlo Park. The event is free to the public and features exciting original works by more than 90 artists and craft-makers, including paintings, jewelry, photography, and much more. All artists will be on-hand to visit with patrons, and some will demonstrate their craft during the show.

WHEN: 10:00am-6:00pm (Saturday) / 10:00am-5:00pm (Sunday) WHERE: Santa Cruz Avenue between El Camino Real and University Drive MORE INFO: http://pacificfinearts.com/2017-showschedule/menlo-park-sidewalk-fine-arts-crafts-fall-fest/ SATURDAY, OCTOBER 28 Dia de los Muertos/Halloween Festival This Facebook festival offers a pumpkin patch, trickor-treating, and a costume party. Proceeds benefit local organizations to feed the hungry. Admission is free and open to the public.

WHEN: 12:00-5:00pm WHERE: 1 Hacker Way, Menlo Park. Parking Lot 15.

MORE INFO: https://www.almanacnews.com/ news/2017/04/12/facebook-to-hold-five-menlo-park-festivals

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COMMUNITY CALENDAR THURSDAY, OCTOBER 26 Halloween Spooky Carnival Wear your Halloween best for the annual Halloween Spooky Carnival, a Menlo Park tradition since 2008.

Enjoy exciting games, yummy snacks, face-painting, a costume contest, a candy guess, and more. Dress up and be prepared for a spooky good time!

WHEN: 4:00-6:00pm WHERE: Onetta Harris Community Center MORE INFO: http://www.menlopark.org/241/Special-events SATURDAY, OCTOBER 28 Halloween Hoopla The annual Halloween Hoopla Parade and Trick-orTreat is held the Saturday before Halloween each year. Come in costume and participate in the parade to Fremont Park. Participants receive a bag to trick-ortreat through downtown Menlo Park at participating stores. Fremont Park also hosts carnival games, crafts, and a magic show. You can even participate in a pumpkin-carving contest! Activities are co-sponsored by the Menlo Park Chamber of Commerce and Cheeky Monkey Toys.

WHEN: 11:00am-2:00pm WHERE: Fremont Park MORE INFO: http://www.menlopark.org/241/Special-events

WHEN: 11:00am-7:00pm (Saturday) / 11:00am-6:00pm (Sunday) WHERE: On Castro St. between El Camino Real and Evelyn Ave. MORE INFO: http://mountainview.miramarevents.com/ SATURDAY, SEPTEMBER 16 International Coastal Cleanup Day Recent studies show that plastic has been found in 62 percent of all sea birds and in 100 percent of sea turtle species. A problem as big as plastic in the ocean requires a big response! By participating in the International Coastal Cleanup, you can make a difference. You’ll join millions of volunteers just like you, who love the ocean and want to protect it.

WHEN: 9:00am-12:00pm WHERE: More than 50 locations in Santa Clara County MORE INFO: http://www.cleanacreek.org/ SATURDAY, OCTOBER 28 Trick-or-Treat Downtown Kids 12 and under can wear their favorite Halloween costumes and come stroll along Castro Street to receive festive goodies from participating businesses (look for window signs).

WHEN: 1:00pm-4:00pm WHERE: Castro Street at participating businesses MORE INFO: http://mountainviewdowntown.com/event/

MOUNTAIN VIEW SUNDAY, YEAR-ROUND Mountain View Farmer’s Market Mountain View is proud to have one of the best certified farmer’s markets in the Bay Area! This widely attended and acclaimed market features over 70 growers and food vendors with peak-season produce, including organic fare, plus many other offerings.

WHEN: 9:00am–1:00pm WHERE: Caltrain Station (600 West Evelyn Ave) MORE INFO: Call 1-800-806-3276 or visit http://www. cafarmersmkts.com/mountain-view-farmers-market/ SATURDAY & SUNDAY, SEPTEMBER 9—10 46th Annual Mountain View Art & Wine Festival Castro Street will be closed to traffic so folks can stroll the street to enjoy restaurant dining, shopping, kids’ activities, a farmer’s market, live music, and custom/ classic cars on display.

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PALO ALTO SUNDAY, YEAR-ROUND Palo Alto – California Avenue Farmer’s Market Open year-round – Rain or Shine!

The market will be open over Thanksgiving weekend.

Location: California Avenue at El Camino in Palo Alto WHEN: 9:00am – 1:00pm WHERE: California Avenue MORE INFO: http://uvfm.org/palo-alto-sundays SATURDAY, MAY-DECEMBER Downtown Palo Alto Farmer’s Market The Downtown Palo Alto Farmer’s Market is a seasonal morning market, running from the second Saturday in May through the third Saturday in December, rain or shine. Shop fresh and seasonal produce, all picked within 48 hours of being at the market.

WHEN: 8:00am-12:00pm DELEON INSIGHT

COMMUNITY CALENDAR WHERE: Parking lots on Gilman St. and Hamilton Ave. MORE INFO: https://www.pafarmersmarket.org/ SATURDAY, SEPTEMBER 9 Tree Walk: Trees & Birds (Baylands) Join expert arborist, Ellyn Shea, and an expert bird watcher as Canopy and Environmental volunteers partner to offer a Saturday walk through the Baylands.

We’ll discuss tips and tricks for bird watching, while learning about the essential habitats the trees of the Baylands provide.

WHEN: 10:00am-12:00pm WHERE: 2560 Embarcadero Road, Palo Alto, CA 94303 MORE INFO: http://canopy.org FRIDAY, SEPTEMBER 15 Friday Night at the Art Center The Art Center’s free quarterly celebration will feature a variety of hands-on activities encouraging play. The event will provide a chance to experience and celebrate the exhibition in a fun and festive atmosphere. There will be specialty cocktails, food available for purchase, and more!

WHEN: 7:00pm-10:00pm WHERE: Palo Alto Art Center, 1313 Newell Road, Palo Alto MORE INFO: http://www.cityofpaloalto.org/gov/depts/csd/ artcenter/events/special.asp SATURDAY & SUNDAY, SEPTEMBER 16-17 & OCTOBER 21-22 Palo Alto Children’s Theatre The Playhouse is a very special, interactive experience designed for our littlest audience members, where local high school performers bring classic fairy tales to life on our Magic Castle stage. With very simple sets and costumes, and lots of opportunities to get up and wiggle, this story-teller theatre is perfect for young children ages 2-6. Performances are approximately 45 minutes long.

WHEN: 10:00am-12:00pm Jack and the Beanstalk, September 16-17 Rapunzel, October 21-22 WHERE: Children’s Theatre, 1305 Middlefield Road, Palo Alto MORE INFO: Contact the Box Office at (650)463-4970 or visit http://www.cityofpaloalto.org/gov/depts/csd/theatre/ default.asp

DELEON INSIGHT

SATURDAY & SUNDAY, SEPTEMBER 23-24 Hackathon The API World 2017 Hackathon is one of the largest API hackathons. Join 300+ developers in building new apps, bots, and more—all within hours! Participants can build any app of their choice and compete for $25,000+ in cash, products, and prizes.

WHEN: Saturday at 10pm – Sunday at 5pm WHERE: TIBCO Software Inc., 3307 Hillview Avenue, Palo Alto MORE INFO: http://apiworld.co/hackathon/ SATURDAY, OCTOBER 14 Tree Walk: Greenmeadow Join Canopy and an expert arborist for a tree walk in the Greenmeadow neighborhood. The walk will include a great variety of trees: Sugar Maple, Bigleaf Maple, Cork Oak, Torrey Pine, Brazilian Pepper Tree, Moraine Ash, Soapbark Tree, Tulip Tree, Holly Oak, and many others. The walk begins at the Greenmeadow Community Center.

WHEN: 10:00am-12:00pm WHERE: 303 Parkside Drive, Palo Alto MORE INFO: http://canopy.org TUESDAY, OCTOBER 17 ATHENA Professional Women Awards Luncheon The ATHENA Awards Luncheon is the premier annual event for professional women in mid-Silicon Valley.

Join us as we honor and celebrate extraordinary women who are leaders and role models in their work and contributors to the community in significant ways.

Honorees will be announced in early fall when table sales and individual tickets will be available; keep checking the website for updates.

WHEN: 11:00am-1:30pm WHERE: Garden Court Hotel, 520 Cowper Street, Palo Alto MORE INFO: https://www.paloaltochamber.com/events/ details/athena-professional-women-awards-luncheon-11894

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COMMUNITY CALENDAR FRIDAY, OCTOBER 6 Moonlight Run & Walk: 5K Walk, 5K Run, & 10K Run The 33rd annual Palo Alto Weekly Moonlight Run and Walk is Friday, October 6, at the Palo Alto Baylands Athletic Center. Proceeds go to the Palo Alto Weekly Holiday Fund, benefiting local nonprofits that serve families and children in Santa Clara and San Mateo Counties. Join us under the light of the full harvest moon on a 5K walk, 5K run, or 10K run. Pre-register online, or day-of registration opens at 6:00pm.

WHEN: Start time is 7:00pm WHERE: Palo Alto Baylands, 1900 Geng Rd., Palo Alto MORE INFO: Contact moonlightrun@paweekly.com or visit https://www.paloaltoonline.com/moonlight_run/

DeLe

sored on Spon

SATURDAY, OCTOBER 7 National Coffee with the Cops Day Building relationships, one cup at a time. Coffee with the Cops brings police officers and the community members they serve together to discuss issues and learn more about each other.

WHEN: 8:00-10:00am WHERE: Starbucks, 2225 Broadway, Redwood City, California MORE INFO: http://www.redwoodcity.org/Home/ Components/Calendar/Event/19377/2055?backlist=%2Fdepart ments%2Fpolice-department%2Fcommunity-programs

Event!

STANFORD

PORTOLA VALLEY THURSDAY, YEAR-ROUND Farmer’s Market Rain or shine, vendors appear in front of the Historic Schoolhouse with local, seasonal, and organic offerings, including fruits, veggies, berries, honey, flowers, artisan goods, and so much more! Hot food is available from Roli Roti and Tony’s Kettle Corn and Crepes, plus music and crafts! Enjoy the gorgeous, redwood-studded Town Center and plenty of parking.

WHEN: 2:00-6:00pm WHERE: Portola Valley Town Center, 765 Portola Road, Portola Valley MORE INFO: Visit https://www.pvfarmersmarket.com or contact maggiefoard@mac.com

REDWOOD CITY SUNDAY, YEAR-ROUND Bicycle Sundays Four miles of Cañada Road near the Crystal Springs Watershed are closed every Sunday, allowing for 50

outdoor enjoyment by all ages. Users can stroll, jog, or rollerblade, in addition to biking.

WHEN: 9:00am-3:00pm WHERE: Cañada Road (from Highway 92 to the Filoli entrance) MORE INFO: http://parks.smcgov.org/bicycle-sunday

SEPTEMBER 2017

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FRIDAY, SEPTEMBER 15, 2017-SUNDAY, SEPTEMBER 9, 2018 Reinstallation of the Cantor’s Rodin Galleries The Cantor Arts Center presents a reinstallation of its exceptional collection of sculpture by Auguste Rodin to mark the centenary of this unparalleled artist’s death.

Drawing from the Cantor’s internationally recognized holdings of more than 200 works executed in bronze, plaster, terracotta, wax, and stone, this project reenvisions all three of the museum’s Rodin galleries.

WHEN: 11:00am-5:00pm WHERE: Cantor Arts Center, 328 Lomita Drive at Museum Way, Stanford, CA MORE INFO: http://museum.stanford.edu/view/rodin_ garden.html SATURDAY, SEPTEMBER 23 & 30, & OCTOBER 14 Stanford Football WHEN: Kickoff at 12:00pm, September 23 (v. UCLA Bruins) Kickoff at 12:00pm, September 30 (v. Arizona State Sun Devils) Kickoff at 12:00pm, October 14 (v. Oregon Ducks) WHERE: Stanford Stadium, 625 Nelson Rd., Stanford, CA MORE INFO: http://www.gostanford.com/ DELEON INSIGHT

COMMUNITY CALENDAR SUNNYVALE

WOODSIDE

SATURDAY, YEAR-ROUND Sunnyvale Farmer’s Market Enjoy fresh fruits, vegetables, and arts and crafts from local growers and artisans.

WHEN: 9:00am-1:00pm WHERE: Murphy Ave. MORE INFO: http://uvfm.org/sunnyvale-saturday/

SATURDAY, SEPTEMBER 23 Autumn Festival at Filoli Join Filoli’s volunteers for an extended day of family activities, including the Oakland Zoomobile, a scavenger hunt, open greenhouses, bees on display, a celebration of Dia de los Muertos, flexible food options for sale, and more!

WHEN: 10:00am-6:00pm WHERE: Filoli, 86 Cañada Road, Woodside MORE INFO: Contact (650) 364-8300

THURSDAY, SEPTEMBER 7 First-Time Homebuyer Presentation This one-hour presentation provides an overview of the city’s Down Payment Assistance Program, Below Market Rate (BMR) Program, and other local homebuyer programs.

WHEN: 6:00-7:00pm WHERE: Council Chambers, 456 W. Olive Ave., Sunnyvale MORE INFO: https://www.eventbrite.com/e/first-timehomebuyer-presentation-tickets-29383030435 SATURDAY, SEPTEMBER 16 International Coastal Cleanup Day Recent studies show that plastic has been found in 62 percent of all sea birds and in 100 percent of sea turtle species. A problem as big as plastic in the ocean requires a big response! By participating in the International Coastal Cleanup, you can make a difference. You’ll join millions of volunteers just like you, who love the ocean and want to protect it.

WHEN: 9:00am-12:00pm WHERE: More than 50 locations in Santa Clara County MORE INFO: http://www.cleanacreek.org/ SATURDAY, OCTOBER 14 Kids’ Book Fair This is the 2nd annual Bay Area Kids’ Book Fair! Join Curious George, Pete the Cat, Clifford the Big Red Dog, and the Very Hungry Caterpillar. Meet authors, illustrators, publishers, book-sellers, and more. Storytelling and art activities included. Admission and parking are free.

WHEN: 10:00am-3:00pm WHERE: Fremont High School, 1279 Sunnyvale Saratoga Rd. MORE INFO: http://www.kidfestconcord.com/

DELEON INSIGHT

SATURDAY, SEPTEMBER 30 Family Nature Day at Huddart Park Join Peninsula Open Space Trust (POST), San Mateo County Parks, and Friends of Huddart and Wunderlich Parks for a fun morning with your children, surrounded by the leafy splendor of Huddart Park. Knowledgeable staff and volunteers lead activities tailored for kids ages 2-10, as well as a longer nature walk for older kids and adults of all ages. This is a free event but please note the $6 parking fee.

WHEN: 10:00am-12:30pm WHERE: Huddart Park, 1100 Kings Mountain Road, Woodside MORE INFO: https://www.eventbrite.com/e/family-natureday-at-huddart-park-tickets-36124548497

DELEON EVENTS TUESDAY, OCTOBER 17 How to Win a Great Off-Market Deal Please join DeLeon Realty for our September Seminar.

Gain insight from Ken DeLeon, the most successful real estate broker in Silicon Valley, about identifying offmarket opportunities and strategizing the perfect deal.

Also, hear the latest market updates from our talented buyer team.

WHEN: 6:00-8:00pm WHERE: Palo Alto Hills Gold & Country Club, Grand Ballroom, 3000 Alexis Drive, Palo Alto 94304 MORE INFO: https://deleonrealty.com/calendar/

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®

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

DeLeon Realty 1717 Embarcadero Road Palo Alto, CA 94303

******ECRWSSEDDM******

RESIDENTIAL CUSTOMER

HOW TO WIN A GREAT OFF-MARKET DEAL

OCTOBER 17, 2017 6:00 - 8:00 p.m.

VENUE: Palo Alto Hills Golf & Country Club,

Grand Ballroom 3000 Alexis Drive, Palo Alto

R ANK ED #1 IN C ALIFORNIA

Please join DeLeon Realty for our September Seminar.

Gain insight from Ken DeLeon, the most successful real estate broker in Silicon Valley, about identifying off-market opportunities and strategizing the perfect deal. Also, hear the latest market updates from our talented buyer team.

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

®

650.488.7325

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