Some cities are more compliant than others in providing BMR (Below Market Rate) housing.  Perhaps Menlo Park will be getting off the “But we don’t have any below market residents” excuse pot.

Menlo Park eyes below-market rental housing

HIP Housing proposes deal with Menlo Park

by Sandy Brundage, Almanac Staff

The city of Menlo Park has its eye on a Willow Road apartment complex that might be purchased for use as below-market-rate rental housing — something that currently doesn’t exist in Menlo Park.

The 12-unit complex, located at 1157-1161 Willow Road, comes with a price tag of around $2 million, according to a representative from HIP Housing, a nonprofit organization that specializes in finding below-market-rate housing and hopes to partner with Menlo Park on the deal.HIP currently operates 13 rental properties in San Mateo County.

The Willow Road complex would rent nine units to people earning less than 50 percent of the regional median income of $81,300, and three units to those making less than 30 percent. Rent at the complex would fall in the range of $610 to $1,016, according to a staff presentation.

A real estate listing described the property as vacant and partially renovated; it also said the complex had won a renewable energy award for upgrades such as solar panels and efficient lighting. Laundry and parking are available on site.

The apartment buildings are not currently for sale (the first is pending, the second is merely delisted).  They were built in 1958.  If you want to dig deep into the offering memorandum for the two buildings, have a look at this PDF.  And check out the pictures.  Solar panels!  Sweet!

Assuming the rental numbers are correct, that would give this complex a rent ratio of 10.26.  BUY!!!!!!!!  Then again, I’m not sure I trust these numbers.  Notice something hinky here?

While Burbed has yet to amass a huge portfolio of investment property, even we can tell the difference between a 5 and a 50% vacancy rate.  This is another great reminder of how Real Estate Professionals deserve those hefty commissions, whether commercial or residential.

Discuss this neighborhood, older apartment homes like these, BMR housing, any Open Houses you visited, or anything else you can think of. Yes, this is your weekend open thread.

Let’s finish out our workweek with a magnificent Menlo Park manse, courtesy of Burbed reader Moxie Girl.  And fortunately, Moxie has enough to say about this luscious listing that she’s sitting in as today’s Guest Blogger.

So please give her a big, warm, Real Bay Area welcome and enjoy this Burbed Guest Post!

1427 GARWOOD Way (Unable to map)
Menlo Park, CA 94025
$699,950

BEDS: 3
BATHS: 2.5
SQ. FT.: 1,655
$/SQ. FT.: $423
LOT SIZE: 4,503 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Traditional
STORIES: 2
VIEW: Neighborhood
YEAR BUILT: 2000
COMMUNITY: Middlefield to El Camino
COUNTY: San Mateo
MLS#: 81207110
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 13 days

Fantastic like new 3BD/2.5BA for under $700,000 in Menlo Park. Spacious living area, hardwood floors, crown molding, new paint & carpets and beautiful kitchen wih granite counter top tiles, walk in pantry. Private yard with deck & grass area. Close to downtown. Price is right!

I found another gem. This one is based in Menlo Park, for which I have deep affection, having worked and briefly rented there for some years. But hold the train (literally), folks, here is an RBA winner. Now this is clearly a steal: RBA real estate in the highly desired downtown Menlo Park area, and such a bargain it’s priced for $699,950, which just squeaks by at $50 under $700,000. But how can this be, you ask? Surely nothing in the desirable 94025 zip code can be for sale for such a ridiculously low price! Au contraire, mon ami.

Now, the first glaring bit of information that is odd is the “unable to map” in the header line of the address. Clearly the real estate agent thinks savvy buyers are incapable of mapping the true address of this property.

Luckily for us, one of Redfin’s cracking real estate team does note from a tour last September that the property is literally next door to a PG&E power facility. AND, based on the Google map…within about 20 steps of Caltrain train tracks. That’s right. Southern view/bedroom window: power facility; eastern view/from front door: gravelly train tracks. So you’ll be humming and/or rattling to your heart’s content as you revel in the fact that you are now living in the sought-after 94025 zip code you always longed for.

Well played, “Eliz. Bianchini, Coldwell Banker-Woodside” (from Redfin listing). Can we really trust someone to publish correct information about a listing when she can’t be bothered to fully spell out her first name? Just wondering.

Today’s fantastic find has been brought to you by Burbed reader Pralay.  Remember, if you find a listing that makes you wonder how some real estate agents could call themselves professionals, send it in!  We’ll show it as much Real Bay Area love as we can.

269 OCONNOR St
Menlo Park, CA 94025
$1,470,000

BEDS: 5
BATHS: 5
SQ. FT.: 2,615
$/SQ. FT.: $562
LOT SIZE: 10,822 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Contemporary
STORIES: 1
VIEW: Neighborhood
YEAR BUILT: 2008
COMMUNITY: Willows/O’Conner Area
COUNTY: San Mateo
MLS#: 81151036
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 61 days

150 ft long private tree lined drive way leads to this 3-yr new custom built nestled in matured trees. 1 story home w/ 5br, 5baths. 1/4 acre lot, Min. 9′ceilings, 8′doors. Gourmet Kitchen, Crown Molding, hdwd flr, A/Cm intercom, central vacuum, alarm, custom steel entry door, Sub zero refrig, body sprays. .. & more. ..

Here’s what Pralay had to say about this Menlo Park pick:

There are some interesting properties in this area. Essentially it is a house in someone else’s backyard. I am not sure how the lot size be 10,822 sqft. It that *was* the lot size was divided into two? "Custom built", "Gourmet Kitchen", "Crown Molding", "Custom steel entry door" and most importantly "Sub zero refrig". Built in 2008. Too bad, the owner is not able to enjoy for little bit longer time, as he has to sell it to cash in "Facebook effect".

Wow, a 150 foot driveway!  That means you get to drive past the house in the front yard.  But the best way to check on how true the quarter acre lot claim is?  Zillow.

Zillow makes it easy to click on every house in a neighborhood and quickly see the important numbers, including house and lot size.  And that claimed property area looks reasonable, given what the surrounding measurements show.  We’ve seen homes piled three deep on one lot while the agent claims every square foot of the original grounds. Alas, that didn’t happen here.

But all is not lost with this listing, despite the 10,000 foot lot size being completely legit.  By going to the Zillow map, we also notice the lovely mansions right over the back fence, complete with Palo Alto address, Eastern division. 

So you can assure your colleagues that you have arrived, because you’re in a neighborhood of much more expensive 32 bedroom homes.

Are you all excited about the Facebook IPO?  I know I am!  Local used house salespeople are expecting to make out like bandits from all the Facebook money that will be snapping up nearby real estate!  Here’s just one example of what Facebookers will be calling home.

Thanks very much to Burbed reader Wendie for this superb short sale in Menlo Park!

311 SHERIDAN Dr
Menlo Park, CA 94025
$749,000

BEDS: 3
BATHS: 2
SQ. FT.: 2,360
$/SQ. FT.: $317
LOT SIZE: 5,940 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Ranch
STORIES: 2
VIEW: Neighborhood
YEAR BUILT: 1947
COMMUNITY: Flood Park Area
COUNTY: San Mateo
MLS#: 81135539
SOURCE: MLSListings
STATUS: Pending With Release
ON REDFIN: 174 days

This is a Short Sale. Big home in Menlo Park’s Suburban Park neighborhood. Home is in great shape, has been remodeled, but needs some TLC. Paint and carpet and you should be good to go. Located next to the German School.

Here’s what Wendie had to say about this terrific opportunity!

Look at these photos of this house!  The realtor could not bother to take the garbage out of any of the rooms? The realtor  just went crazy snapping photos of every part of the house, clearly not caring about the crap spewn everyone! And the carpet on the staircase; yuck!!!!

Clutter.  What better way to show the world how busy you are?

1102 HOLLYBURNE Ave
Menlo Park, CA 94025

$319,500

These the rage is all about reducing your footprint on the earth. Well, this house takes it to the next level. Look at how much this house achieves in just a 2,744 square foot lot. Wowsers!

It’s unclear how many square feet this house is… but let’s just say that all your furniture better be kind of skinny. You’ll also need a really really really flat and thin screen tv or it might not fit at all.

Take that Japanese Pencil Buildings! We’re coming after you!

Today’s house hasn’t been sitting on the market for a year, isn’t on the wrong side of 101, has four digits of square footage, and doesn’t have an East Palo Alto address.

2162 MENALTO Ave, Menlo Park, CA 94025
$689,000

BEDS: 3
BATHS: 1
SQ. FT.: 1,010
$/SQ. FT.: $682
LOT SIZE: 5,000 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Traditional
STORIES: 1
VIEW: Neighborhood
YEAR BUILT: 1954
COMMUNITY: Willows/O’Conner Area
COUNTY: San Mateo
MLS#: 81127301
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 15 days

Great starter home in The Willows. Excellent condition. Updated kitchen. New roof. Painted in and out. Double paned windows. Updated electrical. Menlo Park schools. (Please check availability. )

Now, the agent wants you to know this home has an updated kitchen, but not enough to bother showing it to you. Pictures of the outside, only!  And the house sold in 2009, for $445K, Yowza, up a whopping 54% in just two years! Do you know what this means?

It means SELLERS MARKET, baby! It means if you want to buy anything on the Peninsula, even this crapbox, you’re going to have write a personal note to the sellers, along with four dozen homemade cookies and an earnest money deposit of about fifty thousand (not refundable).

And those double-paned windows?  You’re going to need them.

But your commute to Facebook will be sweet!  I suggest you snap it up before the market comes to its senses and overbids this back over seven digits.

This house has it all!  Not just granite countertops, spacious closets and a marble fireplace, but location, location, location, and talk about history!  If you want a home of historical interest, this one is for you!  Our thanks to Burbed reader SEA for finding this winner… winner of the I Can’t Believe It’s Not Butchered award for overdone listing copy.

1324 Modoc Ave, Menlo Park, CA 94025
$399,900

BEDS: 3
BATHS: 1
SQ. FT.: 1,020
$/SQ. FT.: $392
LOT SIZE: 4,900 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Traditional
STORIES: 1
VIEW: Neighborhood
YEAR BUILT: 1950
COMMUNITY: East of U.S. 101
COUNTY: San Mateo
MLS#: 81104404
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 33 days

Completely remodeled home. Vacant and ready to move in. Brand new beautiful hardwood floors throughout which accentuate the pristine granite countertops in the kitchen. Spacious closets including walk-in closet in main BR. A marble fireplace in the living room will keep you and your family warm for years to come. Fenced backyard fully equipped with a storage shed and a cheery, mature lemon tree!

So, location, location, location?  Maybe not, as the listing copy sings the praises of the house rather than the ‘hood.  When the agent sells you on cocooning, better check if the mulberry grove is healthy… um, East of US 101? 

But that cheery, mature lemon tree is going to be the cherry on top of this domestic sundae!  Have you ever read such beautiful listing copy?  Vacant and ready to move in!  Maybe this agent is a frustrated novelist, and anyone trying to buy his house is going to find it a real thriller.  Yes, I said his house.  See this in the listing features?

Just expect that contract to be a real page-turner.  And speaking of lots of pages, did I mention historical interest?  Have a gander at THIS!

Not only is the current owner trying to flip this place for a $100K profit (how much did those granite countertops cost, anyway?), it’s been in foreclosure not once, not twice, but three different times.  Three times within four years.  Okay, maybe twice; it’s a little suspicious that it foreclosed at the exact same price in both April and November 2004, despite yet another couple sales between them.

Perhaps this house has such an interesting financial history because it’s haunted by a banker.  But no problem, just head to the backyard and take comfort from the cheery, mature lemon tree!  Because when you have lemon-painted lien-bait like this lulzicious listing, all you can do is make lemonade.

1065 RINGWOOD Ave Menlo Park, CA 94025

$795,000

 

Beds:	4
Baths:	3
Sq. Ft.:	2,340
$/Sq. Ft.:	$340
Lot Size:	7,920 Sq. Ft.
Property Type:	Detached Single Family
Style:	Contemporary
Stories:	1
View:	Neighborhood
Year Built:	1951
Community:	Flood Park Area
County:	San Mateo
MLS#:	81051090
Source:	MLSListings
Status:	ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin:	123 days

WOW! BEST BUY IN MENLO PARK! Enjoy the large, upgraded home in the Menlo Park School District. Nicely remodeled kitchen, recessed lighting, hardwood floors. Huge living room with fireplace. Bright and open family room. Spacious bedrooms. RV parking, Extra storage, and much more!

Thanks to Burbed reader Herve for this find.

I think what really caught his attention was the RV parking! Nah, just kidding… it’s this:

Adult entertainment establishment? Horror scene? LSD trip? Your guess is good as mine!

Here’s what else Herve had t
o say:

Corner of Ringwood and Van Buren (named after the NY street gang). Best buy in Menlo Park, only steps from 101. WOW!

That’s right! Just check out the location!

This house will have you seeing pink… if not outright pink-eye in no time!

Many neighborhoods have mailing lists organized to keep everyone informed.  When this message was sent beyond the original in-group, I found the name of the ‘hood intriguing enough to check out the house.

Subject: Fw: [subparcoop] Friends interested in buying in SubPar?

From one of my neighbors.  I can attest that my neighborhood is a special place for families!  Houses don’t last long on the market.

Hi Neighbors,
Often times I see emails from people who have friends who are interested in buying a house in our wonderful neighborhood, so I wanted to reach out to let you know our house (15 Greenwood Place- 3 bed/1 bath) is on the market and will be open this weekend. We’ve found another house (close by!) that we’re hoping to buy (that will better fit our growing family), so we’re looking for eager Suburban Park lovers who are ready to buy. If you know someone who might be interested, please have them (or their realtor) reach out to our agent for details ASAP: Sharon Walz 650-279-4652
Thanks!

There it is in the subject line: are you interested in buying in SubPar?  SubPar? That’s a, um, er, fascinating nickname for the Suburban Park area of Menlo Park. Have a look and see what you get in this special place where houses don’t last long on the market.  (Including this one, it sold in a week.  But no overbidding.)

15 Greenwood Pl, Menlo Park, CA 94025
$998,000

BEDS: 3
BATHS: 1
SQ. FT.: 1,210
$/SQ. FT.: $825
LOT SIZE: 6,820 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Ranch, Traditional
STORIES: 1
YEAR BUILT: 1948
COMMUNITY: Flood Park Area
COUNTY: San Mateo
MLS#: 81105961
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 4 days

Coveted Suburban Park remodeled and updated jewel. Fabulous kitchen w/ granite counters, viking range, stainless steel top appliances. New windows, plantation shutters crown moldings and baseboards, receessed lighting, high end interior and exterior doors. Newer air conditioning and forced air. Garage is amazing playroom with heat and air. Amazing family neighborhood w Menlo Schools. A real 10+

Yes, it might be SubPar, but it’s still a real 10+!  And the garage is an amazing playroom with heat and air.  That’s amazing alright.  Most of the houses I’ve looked at didn’t have to call out that they had a breathable gas mix.  Maybe in Menlo Park the atmosphere is so rarefied you had better verify before submitting an offer.  Perhaps that’s why the lighting is receessed.

You do realize that they’re saying this house is much too valuable to waste any space for parking cars.  Let’s see, viking range (small v), check, stainless steel appliances, check, granite counters, check, what’s missing?  Pergo?  Hummer on the driveway?  Letter from a would-be buyer?  5% first mortgage and 15% second, with no out-of-pocket?  How about what the 2004 sellers pulled off, listing the place for $795K and selling it for $904K?  Is this place worth more now than it was then?  Remember, the garage is an amazing playroom and it’s in an amazing family neighborhood. With schools, even.  That’s almost as amazing as the heat and air.

If you read the news about possible congestion pricing on the San Mateo and Dumbarton bridges, then you’re an informed, savvy real estate investor!  So why not start picking up some Peninsula properties now, because they’re going to be HAWT, HAWT, HAWT!

1227 Sevier Ave, Menlo Park, CA 94025
$380,000

BEDS: 4
BATHS: 2
SQ. FT.: 1,916
$/SQ. FT.: $198
LOT SIZE: 5,750 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Traditional
STORIES: 2
VIEW: Neighborhood
YEAR BUILT: 1946
COMMUNITY: East of U.S. 101
COUNTY: San Mateo
MLS#: 81041407
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 165 days

Short sale approved at this price. Large remodeled home with nice touches. Maple cabinets, granite counters, pergo flooring. Great price for this much square footage. Outside needs works in the back. Great Opportunity!!!

See, even the bank knows this one will be selling shortly, so they raised the asking price after the last contract fell through!  I bet those bank vice-presidents know some people on the bridge committee, too!  It really is all about who you know, and this one’s going to be selling for a thousand a square foot real soon now!  Don’t you want to be able to tell your friends that you snagged it at $198 a foot?  Of course you do! Hurry, before something happens in the back, like your worst enemy closing on this place before you can pick up the phone!

This is a no-brainer, everyone!  It’s in Belle Haven, and you know anything French is just tojours l’amour to rich people!  I bet it even includes a free staircase inside!