THE
May 2025
INSIGHT SILICON VALLEY REAL ESTATE
•••• •••• ••• • • ••••• ••••••• •••••••
•••• •••• ••••••• •••••• ••••••• ••••• •••
Court Ruling Fails to Halt Commission Collusion and Price Fixing in Real Estate • • • •
Discrimination Impact of Off-Market Sales Deleon's Summer Splash Promotion Fly Deleon's New Pilatus PC-12 NGX Seller's Bill of Rights
• • •
Upgrading Beyond Silicon Valley Advocating AAPI Homeownership Zillow & Redfin Push Back on Questionable Office Exclusive Tactics II
II
Market Conditions By City
Average Sale Price
$10,000,000 $9,000,000 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0
Atherton
Los Altos
Los Altos Menlo Park Mountain Hills View
Palo Alto
Portola Valley
Redwood San Carlos Sunnyvale Woodside City
Average sale price for single-family homes from 2/2024 to 4/2024,
2/2024 - 4/2024
compared to the period from 2/2025 to 4/2025.
2/2025 - 4/2025
Price/Square Foot Ratio $2,500 $2,000 $1,500 $1,000 $500 $0
Atherton
Los Altos
Los Altos Menlo Park Mountain Hills View
Palo Alto
Portola Valley
Redwood San Carlos Sunnyvale Woodside City
Price per square foot ratio for single-family homes from 2/2024 to 4/2024,
2/2024 - 4/2024
compared to the period from 2/2025 to 4/2025.
2/2025 - 4/2025
Source: MLSListings, Inc., as of May 1, 2025 Criteria: Single Family Residential
2 |
Table of Contents 04
Court Ruling Fails to Halt Commission Collusion and Price Fixing in Real Estate By Michael Repka, Esq.
11
Off-Market Listings: A Hidden Sale or a Discriminatory Practice? By Ken Deleon, Esq. & Recent Stanford GSB Graduate
18
July is a Great T ime to Sell Real Estate By Michael Repka, Esq.
20
Experience the Deleon Tahoe Express: A Pilatus PC-12 NGX By Michael Repka, Commercial Pilot
Deleon Realty, Inc. D R E #01903224
M a n a g i n g B r o k e r: Michael Repka WE ARE LOCATED AT: 1717 Embarcadero Road, Palo Alto, CA 94303 650. 543.850 0 lf XAIUi-1 6 5 0 .78 5.582 2
23
Seller•s Bill of Rights
26
Beyond Silicon Valley: A New Kind of Upgrade By David J. Tobener
27
Advocating for Asian and Pacific Islander Homeownership with AREAA By Francis Lopez, AREAA Board Member
EQUAL HOUSING OPPORTUNITY
Founder - Ken Deleon CEO & Managing Broker - Michael Repka General Counsel - Colette Thomason CONTRIBUTORS: Ken Deleon, Michael Repka, David J. Tobener, and Francis Lopez (DRE #02119541)
Contact Ken Deleon
for exceptional buying opportunities at 650.543.8501 I DRE #01342140
Contact Michael Repka
to learn about our incredible listing services for sellers at 650.488.7325 I DRE #01854880
28
Zillow and Redfin Take a Stand Against Questionable 11 0ffice Exclusive 11 Tactics By Francis Lopez
DISCLAIMER: As prominent members of the real estate community, we respect all pre-existing listing agreements. If your home is currently under a listing contract, or if you are contractually obligated to work with a particular agent because you signed a Buyer Broker Agreement or similar form, please do not construe this publication as a soliciation. On the other hand, if you have not yet selected an agent, we urge you to consider our team's resources and design acumen, as demonstrated in this proprietary publication, which was created completely in-house by our talented marketing team. Advertising. All rights reserved. Deleon Realty is not a law firm and the publication of this information does not create an attorney-client relationship with this brokerage or any of its members. Likewise, the material in this publication does not constitute a solicitation and is not intended to provide legal advice. The content in this publication is informational only and may not reflect current legal developments. This publication should not be used as a substitute for obtaining legal advice from an attorney licensed or authorized to practice in your jurisdiction. You should always consult a suitably qualified attorney regarding any specific legal problem or matter. Deleon Realty expressly disclaims all liability with respect to actions taken or not taken based on any or all the contents of this publication. See also deleonrealty.com for additional disclaimers. Legal services are provided by the lntegra Law Group, LLP at no additional charge to our clients.
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By Michael Repka Esq.
Let's be honest-buyer's agents had a pretty good run in real estate. But times are changing. Silicon Valley home prices have skyrocketed while technology has made it easier than ever for buyers to monitor the market and compare homes available for sale. Today's buyers are well-informed, regularly browsing online resources like Zillow, Redfin, MLSlistings.com, and Realtor.com-often weeks before they even speak with an agent. Not to mention automated alerts that send each new listing that matches the buyer's criteria directly to the buyer's phone. To aid these increasingly self-directed buyers, most top listing agents now offer a range of consumer accessible resources, including narrated video tours, interactive 3D tours, high-resolution photography, and comprehensive floorplans. Once a buyer identifies a property of interest, they typically visit the open house and/or contact a buyer's agent to initiate the next steps in the purchasing process. Despite home prices rising well beyond the rate of inflation-and significant technological advancements improving transaction efficiency - commissions paid to buyer's agents have seen little downward adjustments. Although current regulations restrict sellers or listing agents from publicly publishing the commission offered to a buyer's agent, a study of the commissions advertised on the MLS just prior to this rule change revealed a striking pattern: approximately 95% of home sellers in Palo Alto, with properties priced between $2 million and $9 million, offered precisely a 2.5% commission to the buyer's agent.
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This remarkable uniformity raises significant concerns, as it may indicate the possibility of price-fixing practices or even collusion. There is no question that a good buyer's-agent-with a strong track record and extensive experience-can add tremendous value and significant protections for a buyer, especially for those unfamiliar with the local market. Some are clearly worth 2.5% or more to the buyers that they serve. However, not all buyer's agents offer the same level of service or expertise, and the time and effort required for each transaction can vary significantly. This raises a critical question: Why should sellers be expected to pay a uniform commission to all when buyer's agents, regardless of performance or involvement? Furthermore, why should sellers even have to pay anything at all if the buyers found the home on the internet or from the listing agent's marketing. This very issue was the heart of the massive court case that the real estate industry ultimately lost.
Price-Fixing is Illegal Price-fixing is a violation of antitrust law, which was a key issue in the industry's landmark legal defeat. After the court's decision, most of the nation's largest brokerages, and the National Association of Realtors, entered a settlement designed to address and eliminate practices that may facilitate commission price-fixing. Pursuant to the terms of the settlement, sellers are now restricted from publicly advertising the commission offered to the buyer's agent. Additionally, buyers must enter into a formal agreement with a buyer's agent agreeing to the amount of commission that the buyer will pay to their own agent
before any professional services are rendered. The intent behind these changes is to foster greater competition thus encouraging higher service standards among buyers' agents and/or by reducing the fees they charge.
Attempts at Price Fixing Continue Almost immediately after the settlement some agents began speaking of ways to "work around" the settlement and attempted to convince sellers that nothing has changed. Recently, several homeowners contemplating the sale of their properties have reported instances where agents have either suggested or explicitly stated that many buyer's agents will boycott listings that do not offer a minimum commission of 2.5% (even though these agents have agreements to be paid by their buyer). Some agents even go as far as to claim that any listing agent who deviates from the "standard" 2.5% commission may face boycott from buyer's agents. The argument seems to be that buyers will not know of the listing unless agents tell them about it. To be clear, this conduct is not only illegal, but also fundamentally infeasible. Buyers now have unprecedented direct access to information about available properties. Nonetheless, the mere threat of boycott is enough to coerce some sellers into offering exorbitant minimum commissions, even though no "standard" commission exists. The results speak for themselves. Based on our research, we believe that the Deleon Team sells more listings to buyers represented by outside brokerages than any other local
team or agent. Undoubtedly, we also sell far more homes where there are multiple offers and more homes where there is no request for the seller to pay compensation to the buyer's broker.
Off-Market or Office Exclusive Listings - Higher Commissions and Lower Prices While it is virtually impossible for agents to hide listings from well-qualified buyers when those properties are advertised on the MLS, Zillow, and other popular platforms, these unlawful threats gain traction when listing agents convince sellers to withhold their properties from public marketing channels. By limiting exposure on the platforms buyers routinely use, agents can create an artificial barrier-giving agents leverage to demand higher commissions from buyers in exchange for access to their secret listings that are very likely to sell for significantly less than homes that receive full exposure and aggressive marketing. Although it may seem counterintuitive for informed sellers to accept such egregious restrictions on their home's exposure, some unscrupulous agents or brokerages have crafted persuasive "scripts" aimed at convincing sellers to give them a window of time during which most interested buyers remain unaware that the home is even available. Despite the flawed logic that a buyer would offer a higher price knowing that they are facing less competition -and the reality that reduced exposure may eliminate higher offers from other interested buyers who are unaware of the listing -some sellers still agree to give agents a period of "exclusivity" to bring in their buyers. This raises CONTINUED ON NEXT PAGE
I 5
R E A L E S TAT E L A W
CONTINUED FROM PREVIOUS PAGE
an important question: Why would commission-based agents engage in practices that are likely to result in a lower sale price? The answer is simple: By orchestrating off-market deals, agents can often collect commission from both the buyer and the seller. This results in more money in the agent’s or brokerage’s pocket even if the final sale price is substantially lower. In these cases, their personal financial incentives directly conflict with their fiduciary duty to maximize the seller’s sales price. Why Do Agents Like “Hidden,” “Pocket,” and “Office Exclusive” Listings?” There are three main reasons why agents are drawn to “office-exclusive,” “pocket,” or off-MLS listings: 1) More Commission — The agent and/or the brokerage significantly increase their chances of representing both the buyer and the seller when a property is kept off the open market. This dual representation allows them to potentially collect the full commission—or at least a substantial referral fee—on both sides of the transaction. 2) Appealing to Strategic Buyers — Agents or brokerages can attract buyers seeking a lower price by offering access to exclusive, non-public listings that are hidden from a broader pool of qualified buyers. Reduced market exposure and limited competition usually translates into lower sale prices—an appealing prospect for buyers looking to secure a deal. These off-market opportunities allow agents to charge higher commissions. It is not uncommon for buyers to agree to pay buyer’s-side commission of 2%, 2.5%, or more if they believe these "hidden" listings could sell for 5% to 8% below market value due to the lack of competition. 3) Reduced Costs — Under the MLS’s “Clear Cooperation Policy,” agents are prohibited from advertising a listing, or even informing agents from other brokerages of its availability, unless the property is on the MLS within 24 hours of the public dissemination of the information. By keeping listings off-market, agents not only increase their chances of
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earning a second level of commission—or at least a substantial referral fee—from the buyer’s side, but also save on marketing costs. The California Association of Realtor’s (C.A.R.’s) Position While some agents resort to intimidation tactics or make disingenuous threats of group boycotts to pressure sellers into pre-committing to specific buyer-agent commissions— including commissions payable to the listing agent if the buyer comes to them directly—the California Association of Realtors has taken a much more client favorable and ethical position. Like DeLeon Realty, C.A.R. maintains that listing agreements should not include any pre-set commission offered to the buyer’s agent. After all, buyers are now required to negotiate and agree to the compensation they will pay their own agent. In fact, C.A.R. has even removed the section in its standard listing agreement that previously obligated sellers to offer commission to the buyer’s agent. Nevertheless, some agents seeking to preserve the traditional commission model, irrespective of the massive court loss and terms of the settlement, continue to use alternative forms, such as those provided by PRDS, which still include that outdated and potentially problematic line by which the seller pre-commits to a minimum commission to the buyer’s agent. DeLeon Realty’s Position C.A.R’s position is also closely aligned with DeLeon Realty’s view that sellers should welcome all offers, most certainly including those in which the buyer requests the seller to cover some or all of the commission the buyer owes to the buyer’s agent. Like the price and contingency periods, this commission request becomes a point of negotiation. One might ask, what’s the difference? The key distinction is that buyers are unlikely to request more than they have already agreed to pay their own agent, unless the seller has pre-committed to offering a higher amount. Additionally, DeLeon Realty is the only major local brokerage that always gives self-directed buyers the option of submitting an offer through one of our buyer’s agents with neither the buyer nor the seller paying any commission to the buyer’s agent. DeLeon Realty covers all the in-house buyer’s agent’s compensation.
R E A L E S TAT E L A W
Clandestine Counter-Arguments It is noteworthy that DeLeon Realty, along with the national press, have published numerous critiques of secretive “office exclusive” listings and agents pressuring sellers to commit to any minimum buyer’s agent commission in the listing agreement. However, other agents' disingenuous counterarguments supporting these questionable tactics typically surface only in private conversations with clients. Tellingly, agents are reluctant or unwilling to put these positions in writing, or respond to press inquiries. On multiple occasions, we have proposed that Compass’s Palo Alto office manager and I co-present a seminar on how the DeLeon approach differs from Compass’s approach. Unfortunately, to date, this manager has yet to agree to such a public discussion. However, the messenger is not important— it is the message that matters. If the Compass manager would feel more comfortable having a conversation about the services, marketing strategies, commission structure, and views on limiting sales only to buyer’s represented by a Compass agent with Ken DeLeon instead of me, we are more than happy to accommodate that request. Alternatively, if Compass would prefer a different office manager to participate in an open and candid discussion comparing Compass’s business philosophy with that of DeLeon Realty, we would gladly participate. The Take-Away Withholding listings from the majority of interested buyers is inconsistent with the seller’s best interest and almost certainly the agent’s fiduciary duty to their sellers unless the seller is informed that the reduced exposure and competition will likely sacrifice sales price for privacy. Imagine that an agent or brokerage with a 15% market share knows of three buyers who would love a home just like yours. Irrespective of which agent the seller chooses to list with, all three buyers would know about the home if it’s placed on the MLS. However, by withholding it from the MLS, as well as websites like Zillow, Redfin and MLSListings. com, the seller would effectively exclude the other 20 potential buyers, those who are either represented by agents from other brokerages or who aren't yet working with an agent at all.
When you list with DeLeon Realty, your home will be featured on the MLS, Zillow, Redfin, and many other public-facing websites. Interestingly, it will also appear on Compass’s website, Coldwell Banker’s website, and almost all other websites that showcase properties for sale. Additionally, we regularly advertise our listings across multiple channels, including newspapers, this newsletter, direct mail, TV and streaming ads, social media, and radio. Plus, our extensive network of potential buyers helps us attract those who may love a home like yours, but are looking in a different area or are not actively searching at the moment. Personally, I would enjoy watching a spirted debate in which a Compass manager argues the alternative position. Namely, that it is in the Seller’s best interest to withhold the listing from any buyer not working with a Compass buyer's agent and to do no public marketing outside of their brokerage. Make no mistake: I firmly believe that agents who suggest limiting exposure to only buyers working with them or their brokerage are generally not concerned about your privacy or best interest—they’re focused on increasing their commission, even if it means a significantly lower sale price.
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Odeleon REALTY • PLATINUM
R E ALT Y
MORE OFFERS. LESS COMMISSION. FASTER SALES.
DATE CLOSED: 4/1/2025
DAT E CLOSED: 3/18/2025
LIST PRICE: $1,988,000
LIST PRICE: $2,988,000
SALE PRICE: $3,250,000
SALE PRICE: $4,200,000
NUMBER OF OFFERS: 12
NUMBER OF OFFERS: 11
COMMISSION PAID TO BUYER AGENT: 2.5%
COMMISSION PAID T O BUYER AGENT: 2%
DAT E CLOSED: 4/28/2025
DAT E CLOSED: 4/7/2025
LIST PRICE: $3,788,000
LIST PRICE: $4,988,000
SALE PRICE: $5,100,000
SALE PRICE: $6,150,000
NUMBER OF OFFERS: 12
NUMBER OF OFFERS: 6
COMMISSION PAID T O BUYER AGENT: 2.25%
COMMISSION PAID TO BUYER AGENT: 0%
ELEGANT LIVING ON NEARLY 1/3-ACRE •6 Bedrooms • 5.5 Bathrooms •4,020 Sq. Ft. Home • 13,900 Sq. Ft. Lot
• Elegant, light-filled interiors • Soaring ceilling •Two deluxe primary suites • Outstanding location
CONTEMPORARY STYLE AND A PREMIER LOCATION •4 Bedrooms • 2.5 Bathrooms • 1,560 Sq. Ft. Home • 5,841 Sq. Ft. Lot
• Remodeled home • Bright, open floorplan •Top schools •Close to Meta an d Google
77B CLAREMONT AVENUE, REDWOOD CITY
295 BAY ROAD, M ENLO PARK
Offer e d at $3,488,000
Offer e d at $2,488,000
ST YLISH & SERENE IN NORTH FAIR OAKS
RARE OPPORTUNITY ACROSS FROM GREENE MIDDLE SCHOOL
•3 Bedrooms • 2 Bathrooms • 1,390 Sq. Ft. Home •5,350 Sq. Ft. Lot
• Bright, breezy interior • Open layout • Lush yard and solar panels • Prime location
•4 Bedrooms • 2 Bathrooms • 2,038 Sq. Ft. Home •8,489 Sq. Ft. Lot
•Situated on a corner lot •Central location • Large backyar d •Top schools
721 14TH AVENUE, M ENLO PARK
695 N CALIFORNIA AVENUE, PALO ALTO
Offer e d at $1,988,000
Offer e d a t $3,988,000
May 2025
listed on the MLS—with California exhibiting some of the steepest discounts nationwide.1 Notably, this trend held across all price tiers—including the luxury segment—refuting the commonly asserted argument that affluent buyers will pay a premium for exclusivity. Over the 2023-2024 period, Zillow estimated that sellers lost over $1 billion in sales proceeds by forgoing the broader MLS exposure. Id.
Off-Market Listings: A Hidden Sale or a Discriminatory Practice? By Ken DeLeon, Esq. & Recent Stanford GSB Graduate
Although it has been empirically shown that homes sold off-market—without being listed on the Multiple Listing Service (“MLS”)—tend to command significantly lower prices, few analyses delve into the underlying causality of the pricing disparity. While limited market exposure is an obvious factor, there is growing evidence to suggest that structural racial inequities embedded within off-market practices, may also be contributing to these disparate outcomes. It is well known that highly educated immigrants, and tech workers relocating to Silicon Valley, are an important, welcomed, and significant component of the buyer pool that have contributed to the high demand for Silicon Valley real estate. Therefore, any practice that could exclude these potential buyers’ access to homes could result in a significant financial impact on the seller, not to mention a moral impact on society. Multiple studies have confirmed that homes not listed on the MLS consistently sell for less. A recent Zillow report released two months ago confirmed that offmarket properties consistently sold for less than those
One of the most comprehensive analyses— comparing 840,000 on- and off-MLS home sales across multiple states over several years using data from Bright MLS—revealed similar results.2 This rigorous study excluded flips, new construction, and intra-family transactions to ensure accuracy. It concluded that homes listed on the MLS sold for an average of 13.0% more than off-market properties. Id. This premium for being on the MLS rose to 19.7% during high-demand months such as spring, highlighting the value of broad market visibility. Id. Although it is inherently logical that reduced exposure and competition results in lower sales prices, what is less obvious is that the intentional concealment of certain listings from most interested buyers results in the disproportionate exclusion of home buyers who are newer to the community. While this excluded group includes many younger families from the tech community that are newer to this area, it also limits access to certain ethnic groups, reducing diversity and potentially creating unequal opportunities within the housing market. A Closer Look at Local Markets To better understand the implications at a local level, we examined off- and on-market 2024 sales in Menlo Park and Palo Alto—two of Silicon Valley’s more active housing markets with a notable volume of off-market transactions. Smaller towns such as Atherton and Los Altos Hills were excluded due to a statistically insufficient sample size. The findings mirrored broader trends. In Menlo Park, homes sold off-market had a median sale CONTINUED ON NEXT PAGE
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THE DELEON INSIGHT
CONTINUED FROM PREVIOUS PAGE
price of $2,500,000, compared to $3,200,000 for homes listed on the MLS—a staggering 21.9% discount. Even measured by price per square foot, off-market sales lagged by 14.1%. Town
Median Price
Median Price/ Sqft
Menlo Park (on MLS)
$3,200,000
$1,618
Menlo Park (off-market)
$2,500,000
$1,390
% Discount for -21.9% selling off market
-14.1%
In Palo Alto, the discount was smaller, but still meaningful. Off-market homes sold for a median of $3,514,500, compared to $3,695,000 for those on the MLS—a 5.2% difference. On a per-square-foot basis, the gap was 5.7%. Town
Median Price
Median Price/ Sqft
Palo Alto (on MLS)
$3,695,000
$1,985
Palo Alto (off-market)
$3,514,500
$1,872
% Discount for -5.2% selling off market
-5.7%
Although I graduated from Stanford's Graduate School of Business, I am not a professional statistician. Further research should be done by statisticians to confirm and expand upon these findings. Limited Visibility, Limited Opportunity Off-market listings often remain within an agent’s internal network—typically shown only to their own clients or, at most, to others within the same brokerage. Some agents use these secret listings as bait to attract buyers with the promise of lower prices due to reduced competition. Who Gets Access to Off-Market Properties? Based on both industry experience and research, more traditional and long-established agents are more
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likely to promote off-market listings. For some, these listings offer a way to reduce marketing expenses while potentially increasing commissions, as off-market sales are frequently double-ended, meaning the same agent or brokerage represents both buyer and seller. The ease and lucrative nature of off-market deals are particularly attractive to veteran agents. These legacy professionals, who often share the same racial background as their sellers, may (hopefully unintentionally) perpetuate a lack of diversity and inclusivity within the pool of potential buyers. This raises the question: are off-market sales inadvertently excluding more diverse buyers? To explore this, I analyzed surname data from recent sales in Menlo Park and Palo Alto to identify potential ethnic representation differences between MLS and off-market transactions. An analysis of the data sets for Menlo Park and Palo Alto revealed a higher percentage of surnames associated with ethnic minorities among buyers purchasing through the MLS compared to those buying off-market properties. In Menlo Park: •
58% of the 291 homes sold on the MLS had buyers with surnames associated with ethnic minorities.
•
Only 29% of the 48 homes sold off-market fell into the same category.
In Palo Alto: •
73% of the 366 MLS sales had ethnically diverse surnames.
•
Just 37% of the 52 off-market sales reflected the same diversity.
May 2025
These stark contrasts suggest that off-market transactions may inadvertently reduce diversity in homeownership by limiting access to a broader and more representative pool of buyers. The Ethical Dimension These findings raise concerns on two fronts. First, it is well-documented through numerous studies that sellers typically receive less money for off-market sales. However, agents seeking a quick sale and potential increased commission due to double ending may not convey the significant financial implications of selling a home with such dramatically reduced exposure. Additionally, the implicit discrimination observed, supported by the findings, elevates this issue beyond an economic problem to an ethical concern. If real estate agents are unintentionally contributing to discriminatory outcomes, it raises the question of whether such actions violate the ethical responsibilities of agents and potentially breach Fair Housing Laws. There is a strong societal interest in promoting a transparent housing market where all buyers have equal access to available homes. When brokerages encourage off-market sales due to their own financial interests, they are almost certainly breaching their fiduciary duty to their sellers. This practice can inadvertently limit exposure to a diverse pool of buyers, including many immigrants who contribute significantly to the innovation economy in regions like Silicon Valley. Toward a More Transparent Future As a real estate professional who left a promising legal career at Wilson, Sonsini, one of the best law firms in the Nation, in search of a more principled calling, I am committed to a fairer and more open housing market. I believe that every buyer—regardless of their background—deserves equal access to opportunities. And every seller deserves the best possible result, not a discounted price resulting from hidden deals and limited visibility. The American Dream should not be reserved for the few who happen to be “in the loop.” It should be available to all. I am not alone in my concerns about these issues associated with these secret “office exclusive” listings.
Here are some third-party articles that have explored this questionable practice: Zillow. (n.d.). MLS & PLN sale price trends. Zillow Research. https:// www.zillow.com/research/mls-pln-sale-price-34846/ Haimerl, A. (2025, March 15). For sellers and buyers, realtors’ high commissions come under fire. The New York Times. https://www. nytimes.com/2025/03/15/realestate/sellers-buyers-realtors-highcommissions.html Inman. (2025, April 16). eXp rolls out advisory forms for sellers considering a private listing. https://www.inman.com/2025/04/16/ exp-rolls-out-advisory-forms-for-sellers-considering-a-privatelisting/ Avalos, G. (2025, April 17). Zillow sharpens battle lines in fight over private home listings. The Mercury News. https://www.mercurynews. com/2025/04/17/zillow-sharpens-battle-lines-in-fight-over-privatehome-listings/ Inman. (2025, April 17). NWMLS shuts off Compass IDX feed amid private listing conflict. https://www.inman.com/2025/04/17/nwmlsshuts-off-compass-idx-feed-amid-private-listing-conflict/ Business Insider. (2025, April). Zillow’s new real estate agent listing rules could change how homebuyers search for homes. https://www. businessinsider.com/zillow-new-real-estate-agent-listings-ruleshomebuyers-search-homes-2025-4 Swaminathan, A. (2025, May 5). A real-estate giant wants sellers to list their homes privately. Will homeowners benefit? Market Watch. https://www.marketwatch.com/story/a-real-estate-giant-wantssellers-to-list-their-homes-privately-will-homeowners-benefit8a561bb8 BAM. (2025, April 16). Consumer Watchdogs Weigh in on Private Listing Networks. https://nowbam.com/consumer-watchdogsweigh-in-on-private-listing-networks-zillows-new-standards/ Selling Later. (2024, October 31). Skipping the Home Because Buyer Agent Commission Isn't Offered Upfront. https://www.sellinglater. com/blog/skipping-the-home-because-buyer-agent-commissionisn-t-offered-upfront BAM. (2024, August 23). Boycotting Listings? A Look at Homie’s Lawsuit Against NAR and Big Brokerages. https://nowbam.com/ boycotting-listings-a-look-at-homies-lawsuit-against-nar-and-bigbrokerages/ 1 https://www.zillow.com/research/mls-pln-sale-price-34846/ 2 https://www.arlnow.com/2022/09/27/ask-eli-improved-study-on-off-marketsales-rea1/?utm_source=chatgpt.com
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MODERNIZED EICHLER GEM IN GREEN GABLES •5 Bedrooms •3 Bathrooms •2,031 Sq. Ft. Home •7,020 Sq. Ft. Lot
• T ime less design • Open layout • Rad ian t heated floors • Prime locat ion
GORGEOUS TOWNHOME WITH PRIME DOWNTOWN LOCATION •4 Bedrooms •3.5 Bathrooms •1,744 Sq. Ft. Home
• One block from Castro Street • Mode m kit chen • Near Google and t op schools
1948 EDGEWOOD DRIVE, PALO ALTO
230 BRYANT STREET #4, MOUNTAIN VIEW
Offered at $3,2 50,000
Offered at $1, 799,000
BEAUTIFULLY REMODELED AND UPGRADED ON 1.5+ ACRES
STYLISH END-UNIT TOWNHOME IN PRIME MOUNTAIN VIEW LOCATION
•4 Bedrooms •5.5 Bathrooms •4,210 Sq. Ft. Home •66,246 Sq. Ft. Lot
• Luxurious details and fin ishes • Expansive liv in g areas • Peaceful outdoor spaces • Top sch ools
•4 Bedrooms •3.5 Bathrooms •1,884 Sq. Ft. Home
• Great locat ion • High ceilin g & abundant light • Sleek kitchen and guest suite
5 OAK FOREST COU RT, PORTOLA VALLEY
259 ORBIT WAY, MOUNTAIN VIEW
Offered at $5,988,000
Offered at $1, 898,000
Odeleon REALTY • PLATINUM
To learn more about the many advantages of working with the Deleon Realty Buyer's Team, please contact us today!
650.543.8555
Buyers often express a desire to buy and move into
achieved remarkable results for our sellers, thanks
a new home after their children finish one school
to our industry-leading marketing and extensive
year, but before the next one begins. Similarly, many
reach. Simply put, we invest far more in marketing
sellers prefer to wait until after their children finish
per listing than any other major local brokerage,
school before selling and moving. Nevertheless,
allowing us the ability to capture buyers' attention
many agents mistakenly advise these sellers that the
and bring them to our listings. Sellers who participate
summer is a terrible time to sell. It turns out that this
in our Summer Splash promotion, held during the
is very bad advice.
second and third week of July, will have their homes
The main reason that summer is perceived to be a bad time to sell is the lack of inventory. Over the years, agents' failure to listen to their clients has created a self-fulfilling prophecy: because agents discourage summer sales, fewer homes are listed. As a result, buyers' attention wanes and they are less diligent in monitoring the MLS.
The key is to capture the
attention of the many buyers actively looking, while benefiting from significantly less competition. About 11 years ago Deleon Realty began listening to the needs and desires of clients, rather than simply following tradition merely because that is how things "have always been." The results have been extraordinary. Calling our "Summer Splash" sales event a success would be an understatement. Every year, we have
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featured in our Deleon Insight newsletter, a multi page booklet inserted into multiple local newspapers and mailed directly to over 50,000 potential buyers, TV commercials, the local Chinese newspaper, and on the radio. Plus, our website draws countless local buyers seeking information on real estate, legal issues, neighborhood guides, and homes available for sale. Additionally, many buyers come to us directly, as Deleon Realty is the only major local brokerage offering buyers the option to purchase any of our listings without either party paying a buyer's-side commission. If you are considering listing your home, meet with Michael Repka and Anna Luo to learn how we can achieve industry leading results while making the process the most fun in the business.
May 2025
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UP TODAY! I Call 650.488.7325 or
By Michael Repka
It's no secret that many affluent Silicon Valley homeowners have been severing their California tax nexus and relocating to states with lower or no taxes, such as Nevada, Texas, Tennessee, Florida, and Arizona. While taxes are often the main driver, some sellers are also seeking a different lifestyle, more affordable homes, or investment diversification due to concerns about the long-term stability of the Silicon Valley real estate market. And, of course, those cute grandkids can be a major draw as well.
Deleon Realty Acquires a new Pilatus PC-12 NGX In a never-ending quest to enhance the experience of our Platinum clients, Ken Deleon recently took delivery of a brand-new Pilatus, one of the safest and best-selling business aircraft in the world. Sellers working with us will benefit from the convenience and efficiency of private plane trips to view homes in Nevada or Arizona. When highly sought-after homes come on the market, it's often advantageous for our clients to be the first to see them. For example, homes directly on Lake Tahoe, or with spectacular Lake Tahoe views, can be quickly snapped up while potential buyers are waiting for a convenient weekend to visit.
While each of these destinations has its own advantages and drawbacks, we have found that Nevada especially Incline Village, Glenbrook, Reno, and Carson City-has become a top choice for outbound sellers. T he combination of no state income tax, For Deleon clients Michael in front of De Leon's new Pilatus PC-12 NGX, photo by Gary Glenn scenic b eauty, year looking to relocate to destinations like Texas and Tennessee, Deleon Realty round recreation options, and proximity to Silicon Valley makes it an incredibly appealing option. has ordered a 2026 HondaJet Elite II, scheduled for delivery in the third quarter of next year. Frequently Other notable destinations have included luxury rated as one of the best small business jets on the communities in Henderson and Summerlin, Nevada, market due to its speed, quiet cabin, and safety just outside of Las Vegas, as well as Scottsdale, record, the HondaJet will be a welcome addition to our fleet of aircraft, cars, moving trucks, dump truck, Arizona. While Arizona is the only state on the above mentioned list with a state income tax, it recently contractor vans, and interior design vehicles. lowered its rate to a flat 2.5%, largely to attract In addition to Michael Repka, an experienced wealthy Californians seeking a great lifestyle with a instrument-rated commercial pilot with a multi-engine significantly lower cost of living and state tax burden. rating, Deleon Realty has partnered with two other Strategic Alliances commercial-rated pilots through JATO Aviation to ensure the utmost convenience for our Platinum clients. While Deleon Realty does not sell homes in these attractive destinations, we have made multiple trips to each to familiarize ourselves with the local lifestyles and connect with top agents who share our values.
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COMFORTABLE LIVING IN A WALKABLE NEIGHBORHOOD •4 Bedrooms •3 Bathrooms •2,8 3 6Sq. Ft. Home •7,782 Sq. Ft. Lot
•Stylish, light-filled home •Expansive living spaces •Private backyard •Top schools
BRIGHT AND REFRESHED IN LOS ALTOS HILLS •4 Bedrooms •2.5 Bathrooms •3,1 1 6Sq. Ft. Home •1 Acre Lot
•On a c ul-de-sac •Bright interiors •Expensive deck s •Top schools
204 WALTER HAYS DRIVE , PALO ALTO
27690 BRIONES COURT, LOS ALTOS HILLS
Offered at $5, 488,000
Offered at $3,988,000
S TYLISH DUPLEX IN OLD PALO ALTO
MODERN ELEGANCE IN THE HEART OF BARRON PARK
•5 Total Bedrooms •3 Total Bathrooms •1,903 Total Sq. Ft. •7,500Sq. Ft. Lot
•Two stylish units •Perfec t for investors or multi-generational living •Top schools
•Modern design •5 Bedrooms •7 Bathrooms (5 Full, 2 Halt)•5 en suite bedrooms •3,63 5 Sq. Ft. Home •Lush, private backyard •Top schools •5,000Sq. Ft. Lot
119 KELLOGG AVENUE , PALO ALTO
3751 EL CENTRO STREET, PALO ALTO
Offered at $3,988,000
Offered at $4,988,000
Odeleon REALTY • PLATINUM
R E A L E S TAT E I N F L U E N C E
Seller's Bill of Rights At DeLeon Realty, we’ve always believed sellers deserve better. Better marketing, better support, and better results, without the usual games or hidden agendas. This Seller’s Bill of Rights lays out what you can expect from us, in plain terms. These aren’t nice-to-haves or vague promises. They’re real, concrete commitments we make to every seller we work with.
I. The Right to Fair Representation DeLeon Realty will never take commission from both sides of any transaction. We will also provide and fully compensate a qualified agent to represent any unrepresented buyers on DeLeon listings at no cost to either party.
II. The Right to Expert Legal and Tax Guidance Sellers will have access to a licensed California attorney to address any legal or tax questions related to the sale of their home, free of charge.
III. The Right to Industry-Leading Marketing DeLeon sellers will receive more marketing and better marketing than any other comparable property on the market (excluding other DeLeon listings).
IV. The Right to Maximum Exposure Your home will be featured on the MLS, Zillow, Redfin, and other top platforms, unless you opt for an offmarket strategy with full understanding that it may yield a lower price due to reduced competition.
V. The Right to Print and Digital Visibility Your listing will appear in at least one newspaper advertisement every week it’s on the market and will include a custom video, 3D tour, and professional photography, all featured on a dedicated micro website.
VI. The Right to Guided Preparation Every DeLeon seller is assigned a Design Coordinator to oversee the home preparation process, including selecting a stager whose vision aligns with the property and marketing strategy.
VII. The Right to Complimentary Staging DeLeon sellers will never pay for staging – ever.
VIII. The Right to Covered Inspections All property and pest inspections arranged by DeLeon are covered at no cost to the seller.
IX. The Right to Flexibility Listing agreements automatically expire 39 days after the home goes live on the MLS, unless the seller chooses to extend. We believe listing agents should have to earn that extension.
X. The Right to a Team That Works for You From attorneys and designers to marketers and agents, DeLeon Realty offers a salaried, in-house team committed to your success – without hidden fees, surprise markups, or sales pressure.
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Odeleon REALTY • PLATINUM
In Silicon Valley, a property with this level of land, privacy, and high-end features would likely command a significantly higher price. But in Morgan Hill, this exceptional estate is listed for under $4.2 million. For those who've built equity over the years and are now looking to change their lifestyle without sacrificing luxury or convenience, this kind of move can make a lot of sense. Morgan Hill is less than 30 minutes from San Jose and a short drive from South Bay tech corridors. Yet, it offers a sense of space and serenity that's increasingly hard to come by in Silicon Valley.
People sell their homes for a variety of reasons - whether to diversify their portfolios, pursue new investment opportunities, or simply change their lifestyle. However, a growing segment of homeowners in Silicon Valley is choosing to sell for a different and increasingly common reason: lifestyle optimization. While many sellers are leaving California to reduce taxes or downsize, there is an emerging trend among homeowners in the $6 to $12 million range. T hey are finding that they can sell their Silicon Valley homes and purchase stunning estates in nearby cities like Livermore, Half Moon Bay, or Morgan Hill for just a fraction of the price. And what's more, they're not compromising; in fact, many are upgrading. Take, for example, a gorgeous Tuscan-style estate currently for sale in Morgan Hill. Set atop a scenic knoll in the sought-after Paradise Valley neighborhood, this single-story home spans nearly 10 acres. It's a sanctuary that features all the hallmarks of luxury living: soaring ceilings with exposed wooden beams, Italian travertine tile flooring, a chef's kitchen outfitted with Viking appliances, and a primary suite with a spa-like bath and dual walk-in closets. Step outside, and you' ll find a brand new saltwater pool and spa, lush landscaping, a fenced horse paddock, and even a detached guest house with its own kitchen and A/C. T he property also boasts a six-stall barn, a dog run, a separate studio with panoramic views, and owned solar - just to name a few of the highlights.
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While we're not the listing agents on this property, we're always exploring opportunities for our clients. This home, located at 1605Wedmundson.com, offers a compelling example of what's possible outside the traditional Silicon Valley boundaries. Whether you're actively searching or simply curious, homes like this are worth consideration not only to see if this could be your next home, but also to reflect on what your current home could make possible. At Deleon Realty, we specialize in helping homeowners navigate these types of transitions. Whether you seek market data, tax advice, or legal guidance, Deleon is your one-stop-shop for making your real estate goals a reality.
May 2025
Advocating for Asian and Pacific Islander Homeownership with AREAA By Francis Lopez
Every May, we celebrate Asian American, Native Hawaiian, and Pacific Islander (AANHPI) Heritage Month. Serving clients in the San Francisco Bay Area Peninsula, we understand the importance of this community, as AANHPI’s individuals make up over 42% and 34% of the populations of Santa Clara and San Mateo Counties, respectively.* In honor of AANHPI Heritage month, we are highlighting an organization DeLeon Realty has supported over the years: the Asian Real Estate Association of America (AREAA). AREAA is a national trade organization dedicated to improving the lives of the AANHPI community through homeownership. AREAA creates a powerful national voice for housing and real estate professionals to work together to promote this goal. Since its founding in 2003, AREAA has quickly grown to over 19,000 members across 45 chapters in the US and Canada, making it the largest AANHPI trade organization in North America.
change in 2016, AREAA has continued to build on this success, pushing for more policies that can aid the goal of sustainable AANHPI homeownership. A few years ago, I joined the AREAA Silicon Valley chapter after hearing many great things from DeLeon Realty’s own Audrey Sun during her time on the Board of Directors. Since then, I have served on the Board as a Director and Secretary, and I am honored to have been named AREAA Silicon Valley’s Member of the Year for the past two years. Beyond making a meaningful impact on the Asian American community, my work with AREAA has allowed me to connect with many amazing agents, creating valuable connections for DeLeon Realty’s listings. I’m excited to continue supporting the AANHPI community through AREAA and look forward to attending this year’s Washington D.C. trip with three of my colleagues from DeLeon—my first trip in DeLeon Realty’s newest plane. *Data based on July 2024 estimates from the US Census Bureau.
AREAA has two chapters serving our area: The Silicon Valley and San Francisco Peninsula chapters. Both chapters host events open to AREAA Members, real estate professionals, and the public. These events include educational speakers for real estate professionals and expos where the public has the opportunity to connect with industry experts to gain valuable insights on homeownership and wealthbuilding through real estate. This May, representatives from AREAA chapters, including our local chapters, will travel to Washington DC, where they will have the opportunity to meet with our Congress members and advocate for policies that promote AANHPI homeownership. In previous years, AREAA led the successful “No Other” Campaign, which resulted in the U.S. Census Bureau placing Asian Americans as an “Other” category in the Census’s quarterly housing report. Since this
Francis Lopez (left) receiveing an award from Viral Vora (right), the 2024 AREAA Silicon Valley Chapter President, as the AREAA Silicon Valley Chapter Member of the Year for 2024
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THE DELEON INSIGHT
Zillow and Redfin Take a Stand Against Ouestionable,....__�'::::::JJJII Office Exclusive Tactics 11
II
By Francis Lopez
It is no secret that both homeowners and homebuyers use Redfin and Zillow as a pervasive tool to evaluate the market and specific homes. Even when working with a great agent, one cannot help but peek at these two websites and everyone loves automated alerts when a new home that fits their criteria hits the market. In April, both companies took a hard stance against brokerages such as Compass, pushing their sellers to hide their listings from any buyer not working with one of their agents, commonly referred to as "pocket" or "office exclusive" listings. Pocket listings are listings that are shared privately and not on the MlS-either during its entire listing or for a period before being placed on the MlS. Zillow was the first of the two to take this stance announcing on April 10 that if a home is marketed in some manner and has not been posted to the MlS within 24 hours, it will be banned from Zillow. Even if the listing is later posted to the MlS after the 24 hours, the listing will be banned on Zillow during the life of the listing. Redfin released a statement a few days later noting they will follow this same policy. This move will almost certainly cost sellers money even after their agent stops hiding the home's availability from the majority of interested buyers. Hopefully that reality will dissuade sellers from limiting access to their home to only buyers working with the listing broker. Both companies have made it clear this should not conflict with the National Association of Realtors policy on delayed marketing listings, which are essentially "coming soon" listings. A "coming soon" listing is in which a listing is being prepared and can be marketed while not yet being active and ready to be
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shown on the MlS. While the local MlS is still sorting how this will work on their end, it seems that Redfin and Zillow may also tag these listings as coming soon on their websites. A quintessential example of this is Deleon Realty's upcoming Summer Splash campaign, which includes a vast campaign of direct mail, TV commercials, newspaper ads and social media posts during the days that lead up to the homes market release. These homes will kick-off with special "Coming Soon" marketing to prepare buyers for the number of listings Deleon Realty will debut in July. These new policies established by Redfin and Zillow fight back against the all-too-common practice of brokerages offering access to their listings only to clients working with one of their agents, thus almost certainly resulting in that brokerage obtaining commission from both sides of the transaction. With this practice, not every homebuyer has a chance to see a listing and the home seller will not be able to sell at what the true market value of their home really is when cutting off the market itself in a sale. It is reasonable if a home seller wants to keep complete privacy in a home sale, but they must understand it comes with the high probability that they will be selling the home for less. Zillow and Redfin know their importance in the real estate market, and while, yes, this policy does help them by telling brokers they must have access to their listings, they recognize the importance of every homebuyer being given access to every listing. Zillow and Redfin should be commended for their pro consumer stance against companies that employ tactics like those of Compass' office exclusive program. Listing a home on the MlS for all homebuyers to see is not only the best way to sell a home, it is the right way.
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R E A L E S TAT E M A R K E T P U L S E
ATHERTON Atherton Median Sales Price & Price/Sq. Ft. Ratio $3,000
30
$2,500
25
$2,000
20
$1,500
15
$1,000
10
Sale Price, Median
pr -2 4 ay -2 4 Ju n24 Ju l-2 4 A ug -2 4 Se p24 O ct -2 4 N ov -2 4 D ec -2 4 Ja n25 Fe b25 M ar -2 5 A pr -2 5
0
M
$0
5
A
Apr-25
Mar-25
Jan-25
Feb-25
Dec-24
Nov-24
Oct-24
Sep-24
Aug-24
Jul-24
Jun-24
Apr-24
$500
May-24
$18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0
Atherton Inventory # of New Listings
Price/SqFt Ratio
LOS ALTOS
Sale Price, Median
Los Altos Inventory # of New Listings $2,050 $2,000 $1,950 $1,900 $1,850 $1,800 $1,750 $1,700
50 40 30 20 10 0 Ap r-2 4 M ay -2 4 Ju n24 Ju l-2 4 Au g24 Se p24 O ct -2 4 N ov -2 4 De c24 Ja n25 Fe b25 M ar -2 5 Ap r-2 5
Apr-25
Mar-25
Jan-25
Feb-25
Dec-24
Nov-24
Oct-24
Sep-24
Aug-24
Jul-24
Jun-24
Apr-24
$7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0
May-24
Los Altos Median Sales Price & Price/Sq. Ft. Ratio
Price/SqFt Ratio
LOS ALTOS HILLS Los Altos Hills Median Sales Price & Price/Sq. Ft. Ratio 25
$1,500
20
Price/SqFt Ratio
$0
15 10 5 0 Ap r-2 4 M ay -2 4 Ju n24 Ju l-2 4 Au g24 Se p24 O ct -2 4 N ov -2 4 De c24 Ja n25 Fe b25 M ar -2 5 Ap r-2 5
Apr-25
Mar-25
Jan-25
Feb-25
Dec-24
Nov-24
Oct-24
Sep-24
Aug-24
Jul-24
Jun-24
Apr-24
$500
Sale Price, Median
32 |
$2,000
$1,000
May-24
$7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0
Los Altos Hills Inventory # of New Listings
R E A L E S TAT E M A R K E T P U L S E
MENLO PARK Menlo Park Median Sales Price & Price/Sq. Ft. Ratio
Menlo Park Inventory # of New Listings
Sale Price, Median
$0
60 50 40 30 20 10 0 Ap r-2 4 M ay -2 4 Ju n24 Ju l-2 4 Au g24 Se p24 O ct -2 4 N ov -2 4 De c24 Ja n25 Fe b25 M ar -2 5 Ap r-2 5
Apr-25
Mar-25
Feb-25
Jan-25
Dec-24
$0
Nov-24
$500 Oct-24
$1,000,000 Sep-24
$1,000
Aug-24
$2,000,000
Jul-24
$1,500
Jun-24
$3,000,000
May-24
$2,000
Apr-24
$4,000,000
Price/SqFt Ratio
MOUNTAIN VIEW Mountain View Median Sales Price & Price/Sq. Ft. Ratio $2,500 $2,000 $1,500 $1,000
Sale Price, Median
$0
40 30 20 10 0 Ap r-2 4 M ay -2 4 Ju n24 Ju l-2 4 Au g24 Se p24 O ct -2 4 N ov -2 4 De c24 Ja n25 Fe b25 M ar -2 5 Ap r-2 5
Apr-25
Mar-25
Feb-25
Jan-25
Dec-24
Nov-24
Oct-24
Sep-24
Aug-24
Jul-24
Jun-24
May-24
$500 Apr-24
$3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0
Mountain View Inventory # of New Listings
Price/SqFt Ratio
PALO ALTO Palo Alto Median Sales Price & Price/Sq. Ft. Ratio
Palo Alto Inventory # of New Listings
Sale Price, Median
80 60 40
Ap r-2 4 M ay -2 4 Ju n24 Ju l-2 4 Au g24 Se p24 O ct -2 4 N ov -2 4 De c24 Ja n25 Fe b25 M ar -2 5 Ap r-2 5
Apr-25
Mar-25
0
Feb-25
$0
$0
Jan-25
20
Dec-24
$500 Nov-24
$1,000,000 Oct-24
$1,000
Sep-24
$2,000,000
Aug-24
$1,500
Jul-24
$3,000,000
Jun-24
$2,000
May-24
$2,500
$4,000,000
Apr-24
$5,000,000
Price/SqFt Ratio
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$0 Ap r-2 4 M ay -2 4 Ju n24 Ju l-2 4 Au g24 Se p24 O ct -2 4 N ov -2 4 De c24 Ja n25 Fe b25 M ar -2 5 Ap r-2 5
Apr-25
Mar-25
Feb-25
Jan-25
Dec-24
Nov-24
Oct-24
Sep-24
Aug-24
Jul-24
Jun-24
May-24
Apr-24
$0
$0 Ap r-2 4 M ay -2 4 Ju n24 Ju l-2 4 Au g24 Se p24 Oc t-2 4 No v24 De c-2 4 Ja n25 Fe b25 M ar -2 5 Ap r-2 5
Apr-25
Mar-25
Feb-25
Jan-25
Dec-24
Nov-24
Oct-24
Sep-24
Aug-24
Jul-24
Jun-24
May-24
Apr-24
$8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 $2,000
20
$1,500
15
$1,000
10
$500
5
0
$10,000,000 $2,500
$8,000,000 $2,000
$6,000,000 $1,500
15
$4,000,000 $1,000
10
$2,000,000 $500
25
20
5 0
DELEO N DES I GN MA K EOVER
BEFORE A home listed by DeLeon Realty before our design team made any changes.
AFTER The same home, refreshed and revitalized by the DeLeon Realty design team, sold for more than $1.5 million over asking.
deleon
Deleon Realty 1717 Embarcadero Road Palo Alto, CA 94303
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