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2020: A Year of Uncertainty 

Yet Silicon Valley Real Estate Is Thriving

Let's review what has happened in the world since March...


  • The Pandemic exploded leading to an economic   
         and social shutdown. 

  • The stock market fell by 40%.

  • Real estate stalled while we were all sheltering at
         home. 

  • Congress then passed the first and only $2 trillion
         stimulus package that resuscitated much of the
         economy for a time. 

  • Interest rates fell to historic levels and are holding 
         here for the foreseeable future.

      
  • With offices and schools shut, people re-evaluated
         their living situations.  

  • Buyers vacated cities and sought suburban and
         country properties with more land and space for
         their stay-at-home activities. 

  • Those who were contemplating relocating in the
         future, accelerated their plans. 

  • Rents fell as working from home allowed some
         renters to move from expensive markets to more
         affordable ones. 

  • The ensuing rebound of the economy and stock
         market, coupled with low interest rates, caused
         people to have confidence and to buy real estate,
         especially high-end real estate on the Peninsula. 
  • Buyers also bought homes in primarily second home
         markets such as Lake Tahoe, Palm Springs, Carmel,
         Bend, Park City, and other recreational venues.

     

    And what we expect in early 2021...

  • Interest rates will remain low​.

  • Proposition 19 effective April 1, 2021 will allow
         homeowners 55+ years of age to move to a more
         expensive home or a less expensive one, in any
         county in California and take their property tax base
         with them. This may cause market changes​.

  • A Covid vaccine in 2021 will mean many people who       were sheltering outside the Bay Area may return to       be close to reopened schools and offices​. 

  • Homebuilders are now very confident: The
         National Association of Home Builders Housing
         Market Index for November rose to an all-time high
         of 90 from 85. 

  • Real estate sales should remain strong through
         Spring 2021 and beyond​.

MARKET TRENDS
The following charts are a snapshot of what has occurred in the "Stanford Circle" area, which includes Atherton, Menlo Park, Palo Alto, Woodside, Portola Valley, Los Altos and Los Altos Hills.

The number of active residential listings on the market is slightly higher than at any other time in the past 2 years. 


The number of listings going into contract, which is our clearest indicator of buyer demand, has continued to tick up. 

The August decline was probably due to the terrible fires which started in mid-month. 




This has been a tale of two markets, however.  While demand for single family homes has increased as people are looking for more space and land, demand for condos and townhomes has slightly decreased.

  

MONICA AND MANDY'S FEATURED PROPERTIES


PENDING (represented buyer) - 

911 La Mesa Drive

Portola Valley
4 Bed | 3 Bath | $2,750,000
PENDING (represented buyer) - 

615 Allerton Loop 

Campbell
3 Bed | 2.5 Bath | $1,298,000
SOLD - 1700 Bay Laurel Drive
Central Menlo Park
5 Bed | 2.5 Bath | $5,465,000

SOLD (Represented Buyer) -

1516 Vancouver Avenue


Easton Addition Burlingame
4 Bed | 3 Bath | $4,000,000
SOLD - 780 Magnolia Street
Central Menlo Park
4 Bed | 2 Bath | $3,725,000
SOLD (Represented Buyer)- 

2312 Crest Lane

West Menlo Park
3 Bed | 2.5 Bath | $3,375,000
SOLD - 1325 Bryant Street
Old Palo Alto
4 Bed | 2 Bath | $2,700,000
SOLD - 555 Byron Street, Unit 309
Downtown Palo Alto
2 Bed | 3 Bath | $1,760,000
SOLD (pre-market) - 

765 Stanford Avenue

Central Menlo Park
2 Bed | 1 Bath | $1,998,888
SOLD - 722 Roble Avenue
Downtown Menlo Park
2 Bed | 2.5 Bath | $1,325,000
SOLD - 555 Byron Street, Unit 109
Downtown Palo Alto
2 Bed | 3 Bath | $1,275,000
SOLD - 101 Alma Street, Unit 505
Downtown Palo Alto
3 Bed | 3 Bath | $1,230,000
555 Byron St, Unit 307
Downtown Palo Alto
2 Bed | 2 Bath | $995,000

While NAR guidelines prevent us from marketing properties not yet on the MLS, we are able to discuss them directly with our clients.  Please contact us to learn more regarding our own off-market listings as well as Compass Coming Soon properties.

WHAT'S HAPPENING 

AROUND THE BAY

"Why cook — it’s 2020: A guide to ordering Thanksgiving meals on the Peninsula"  

We all know this Thanksgiving isn’t going to feel normal. Many of us are staying home and scaling down instead of spending much-needed time with extended family and friends. 

Consider taking the glass-half-full approach this year and seizing the opportunity to create the Thanksgiving you’ve always wanted. Elena Kadvany from The Six Fifty provides a list of Peninsula restaurants and eateries offering takeout meals, as well as some outdoor dining options if you feel safe doing so here.    

2020-21 Take A Hike Challenge!  Because of the pandemic we had to suspend our annual Take A Hike season. Instead, we would like to present the first ever Take A Hike Challenge! We have selected seven hiking routes in our parks to introduce you to the variety and beauty of your San Mateo County Parks! A special reward is available for those who complete the entire here. #2020TakeAHikeChallenge

All is Calm, All is Bright! | 

Nov 21 - Jan 3

Holidays at Filoli is the perfect season to make special memories with loved ones and friends. Take a stroll and enjoy the beauty of the winter garden adorned with lights and colorful decor. Cozy up to a firepit under twinkling lights and sip on hot cider or mulled wine. Visit Filoli's website here to learn more about all their holiday events from Santa Saturdays, to light festivities.  

FOLLOW US ON 

SOCIAL MEDIA & VISIT OUR WEBSITE FOR CURRENT LISTINGS!

www.MonicaandMandy.com

© Compass 2021 ¦ All Rights Reserved by Compass ¦ Made in NYC

Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.

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