Read the full story here Web Link posted Saturday, February 24, 2018, 2:51 PM
https://n2v.almanacnews.com/square/print/2018/02/24/home-sales
Town Square
Home sales
Original post made on Feb 24, 2018
Read the full story here Web Link posted Saturday, February 24, 2018, 2:51 PM
Comments
Posted by Peninsulanomics
a resident of Menlo Park: other
on Feb 24, 2018 at 6:44 pm
a resident of Menlo Park: other
on Feb 24, 2018 at 6:44 pm
Wow, that one Menlo Park listing is a doozy:
1102 Henderson Avenue
$239,000 in 1980
$1,734,000 in 2018
What is that, over 600% appreciation for something that also provided shelter for 38 years? I don't begrudge whoever sold it-- I'd have done the same if I was in their shoes, but that indicates how screwy the whole housing market is!
Also, $1.7M in a traditional mortgage scenario would require a $346,800 down payment and monthly principal/interest/taxes/insurance costs of $8,565. You basically have to be earning over $300,000 a year to make that work! So just remember that when someone tells you that Belle Haven isn't as stratified as the rest of Menlo Park.
Posted by Brian
a resident of Menlo Park: The Willows
on Feb 25, 2018 at 7:50 pm
a resident of Menlo Park: The Willows
on Feb 25, 2018 at 7:50 pm
Not that big of a doosy, there are a lot of examples of houses being bought for less in the 80's and going for a lot more now. As for the payments I ready a while back that most of the more expensive houses that get sold (1.5 million+) are actually bought for case and not financed. It makes sense with stock options in this area. You rent on salary and buy on stock...
Posted by R. Richard
a resident of Menlo Park: other
on Feb 28, 2018 at 7:06 pm
a resident of Menlo Park: other
on Feb 28, 2018 at 7:06 pm
2375 Byron Street in PA is also pretty crazy- $48,700 in 1973, now $3,825,000! Good for D. Kervinen (or his/her heirs), I guess, but no way is that a good sign for society. Just remember that when someone's complaining about "developer greed" - EVERYONE is trying to maximize their share of our self-inflicted supply gap.
Posted by Menlo Voter.
a resident of Menlo Park: other
on Feb 28, 2018 at 8:11 pm
Menlo Voter. is a registered user.
a resident of Menlo Park: other
on Feb 28, 2018 at 8:11 pm
Menlo Voter. is a registered user.
It's called supply and demand. The supply in 1973 was greater than demand, not to mention the value of a dollar in 1973 was far higher than today. Nothing wrong with this.
Posted by R. Richard
a resident of Menlo Park: other
on Mar 1, 2018 at 8:49 am
a resident of Menlo Park: other
on Mar 1, 2018 at 8:49 am
"Nothing wrong with this." -Menlo Voter
Inspirational words, from someone who presumably already has housing! Maybe try to put yourself in the shoes of someone younger, just starting out, though.
Posted by Menlo Voter.
a resident of Menlo Park: other
on Mar 1, 2018 at 10:39 am
Menlo Voter. is a registered user.
a resident of Menlo Park: other
on Mar 1, 2018 at 10:39 am
Menlo Voter. is a registered user.
R. Richard:
It wasn't any different when I was young and starting out. The cost of housing was lower, but so was my income. Getting into a home when you're first starting out has always been difficult in this area. It's supply and demand. Unless we are going to become some socialist utopia, supply and demand will always dictate home values.
