The DeLeon Insight January 2018 - Atherton Edition

THE DELEON INSIGHT AT H E R T O N R E A L E S TAT E JANUARY 2018

T A

E H

T R

N O

®

•

WHY BUYERS LOVE

2017 – YEAR IN REVIEW •

ATHERTON

REAL ESTATE TAX •

•

REAL ESTATE LAW: THE ALLURE OF DOUBLE-ENDING

•

HOW TO PREP YOUR KITCHEN ON A BUDGET w w w . D E L E O N R E A LT Y. c o m

REAL ESTATE MARKETING • REAL ESTATE INFLUENCE • RECENT SALES •

Atherton

2017 Market Conditions WEST OF ALAMEDA Month

EL CAMINO TO ALAMEDA

Average Sale Price

Price/SqFt Ratio

# of New Listings

Average Sale Price

Price/SqFt Ratio

# of New Listings

$4,095,000

$1,402

0

Jan

$6,250,000

$2,288

2

Feb

2

Feb

$4,200,000

$943

5

Mar

1

Mar

$5,400,000

$1,523

7

Apr

4

Apr

$10,493,500

$1,258

9

Jan

Month

May

$5,887,500

$2,090

0

May

$16,150,000

$2,684

8

Jun

$4,925,000

$1,298

1

Jun

$7,488,000

$1,718

1

Jul

2

Jul

$8,744,000

$1,758

4

Aug

1

Aug

$5,875,000

$2,295

4

Sep

$11,000,000

$1,227

2

Sep

Oct

$2,600,000

$1,477

1

Oct

$13,175,000

$1,311

6

1

Nov

$5,377,5000

$1,497

1

0

Dec

Nov Dec

$4,100,000

$1,314

MIDDLEFIELD TO EL CAMINO Month

6

2

LINDENWOOD AREA

Average Sale Price

Price/SqFt Ratio

# of New Listings

Jan

$3,350,000

$1,147

7

Jan

Feb

$2,800,000

$1,199

2

Feb

Mar

$4,755,000

$1,167

5

Mar

Apr

$3,000,000

$1,369

3

Apr

$6,338,750

$1,415

5

May

$2,630,750

$1,173

2

May

$4,565,000

$1,687

4

Jun

$3,467,000

$1,210

1

Jun

$5,187,500

$2,275

0

Jul

$4,750,000

$1,040

2

Jul

$7,987,500

$1,429

1

Aug

$3,497,000

$1,231

1

Aug

$5,296,083

$1,433

2

Sep

$3,500,000

$1,053

3

Sep

$7,237,500

$2,022

2

Oct

$5,315,000

$1,484

4

Oct

$6,550,000

$1,145

0

Nov

$3,416,667

$1,214

0

Nov

$4,485,000

$1,853

0

2

Dec

Dec

2 | D E LEO N RE A LT Y.CO M

Month

Average Sale Price

Price/SqFt Ratio

# of New Listings 1

$6,675,000

$1,521

1 3

0

Data gathered from the Multiple Listing Service on 12/15/2017

Table of Contents 04. Why Buyers Love Atherton So Much A glimpse into the advantages of living in Atherton

07. The Allure Of Double-Ending DeLeon Realty chooses client loyalty over double commission

11. How To Prep Your Kitchen On A Budget When Selling Your Home Give the heart of your home some inexpensive TLC

12. Year In Review –2017

National policies have shaped Silicon Valley's 2017 real estate market

15. Real Estate Tax

A Shot Across California's Bow

17. Real Estate Marketing PHOTOGRAPHY BY ANTHONY HALAWA

Utilizing Technology in Marketing

19. Real Estate Influence

Appreciation Rate Comparisons Show Surprising Results

THE

DELEON INSIGHT OU R OFF I CES ARE LO CAT ED AT : 1717 Embarcadero Road - Palo Alto, CA 94303 650. 900.7000 www. DEL EO N REALT Y.co m

Founder — Ken DeLeon CEO & General Counsel — Michael Repka Copywriter — Sarah Last Brand Manager — Shasta Krasniewicz Photographer — Anthony Halawa Marketing Specialist — MyMy Trieu Chinese Marketing Specialist — Melanie Yu Digital Marketing Manager — Mike Ran

Contact Ken DeLeon for exceptional buying opportunities at 650.543.8501 To learn about selling your home with the DeLeon Team, contact Michael Repka at 650.900.7000

CONTRIBUTING WRITERS: Ken DeLeon, Michael Repka, Sarah Last, Margie Fontanilla, Alex Seroff, Darrell Martin

D ELEO NR EA LT Y.COM

| 3

WHY BUYERS LOVE ATHERTON SO MUCH

In this issue: While Atherton is internationally famous for its natural beauty and affluence, wise residents know that it

Ease of Building Your Dream Home Atherton's building codes and regulations are much

is the idyllic charm of this community coupled with its

less restrictive than nearby cities such as Wood-

great schools and high quality of life that makes it so

side. Custom home builders creating their dream

attractive to Silicon Valley buyers. With nearly $400

home, and speculation builders focused on resale,

million in 2017 sales solely in Atherton and nearby

both know that the predictable and thoughtful pro-

Palo Alto, or over twice the sales of the next-highest

visions will allow them to build without unneces-

team (stats per BrokerMetrics based on MLS sales), I

sary cost or delay. Evidence of this can be seen on

have learned the many reasons why both buyers and

Stockbridge Avenue West of the Alameda, where

I love Atherton.

the Southern side of the street is Atherton and is

While very hard to limit myself, below I list the four

almost completely rebuilt. Whereas, the North-

aspects that buyers value most in Atherton.

ern side of the street is Woodside and consists primarily of the original 1950's ranch style homes.

Exceptional Schools Silicon Valley is known worldwide as the epicenter of the world’s innovation. Innovation is built upon education, so it is no surprise that Atherton generally

It is not a coincidence that Atherton has appreciated at a much more rapid rate than Woodside.

Stanford University

has excellent schools. In fact, Oak Knoll Elementary,

Even though I am a graduate of archrival Berkeley

Las Lomitas Elementary, Hillview Middle, and La En-

(Law School), I have tremendous respect and grat-

trada Middle were all ranked in the top two percent

itude for Stanford. Bordering adjacent Menlo Park

amongst California’s schools in Niche.com’s recent

and owning a lot of the city’s land, Stanford is part of

rankings. Menlo-Atherton High School was not far

the fabric of the community, and many professors and

behind, being ranked in the top three percent of

doctors are drawn to the ease of commuting to Stan-

California high schools. The parts of Atherton dis-

ford from some of the finest local neighborhoods.

tricted for Redwood City have access to schools

Stanford is generally considered to be amongst the

that are improving, but these schools are general-

top three universities in the world. Even within this

ly supplemented with exceptional private schools

rarified realm, Stanford is rising farther and now has

such as Menlo School or Sacred Heart. Proud of

the lowest acceptance rate (4.6 percent) of any col-

this excellence and knowing how much this con-

lege, and generally fundraises at a record level, often

tributes to the high Atherton housing prices, DeLe-

raising over a billion dollars per year. At this pace,

on Realty has happily donated as much as $50,000

Stanford’s ascendance over Harvard, the Stanford of

annually to the schools and also donates separate-

the East Coast, seems likely in the next decade. I am

ly to local school organizations and athletic pro-

personally thankful to Stanford’s exceptional medi-

grams, such as the Menlo-Atherton football team.

cal school, ranked second-best in America, and its hospital, where all four of my children were born.

Natural Beauty Simply put, no other town in Silicon Valley has the

I am excited to be living now on a large lot of

natural beauty of Atherton. More lush and park-like

over 1.5 acres in West Atherton and enjoying the

than Woodside or Portola Valley, driving through

natural beauty, privacy, and great quality of life that

Atherton to your home is a pleasurable experience

this community provides to its few and fortunate

that reduces stress and sets the tone for relaxing in

residents. I am bullish on Atherton’s continued long-

your own verdant backyard.

term appreciation that it has historically enjoyed as it will always be the most desired and expensive town in all of Northern California, and often in the entire nation.

4 | DE LEO N RE ALT Y.CO M

Ken DeLeon Founder

®

BEFORE

WE DON’T GET GREAT LISTINGS. AFTER

WE MAKE GREAT LISTINGS.

DeLeon is a team constructed of agents, lawyers, contractors, interior designers, and marketers all dedicated to your success. It is our core philosophy to deliver exceptional services to you, our clients. Experience Silicon Valley real estate at its best: achieving prime results with a customer-forward approach.

Call today to see how we can transform your home for the best result: 650.900.7000

D ELEONR EA LT Y.COM

| 5

S OL D

CHARM, LUXURY, AND STUNNING GARDENS •

5 Bedroom

•

Vaulted ceilings

•

3.5 Bath

•

Chef's kitchen

•

3,073 Sq. Ft. Home

•

Exceptional location

•

8,441 Sq. Ft. Lot

•

Top schools

WARMTH, STYLE, AND VERSATILITY •

5 Bedroom

•

5,000 Sq. Ft. Lot

•

4.5 Bath

•

Stroll to California Avenue

•

3,183 Sq. Ft. Home

•

Evergreen Park

3239 WAVERLEY STREET, PALO ALTO Sold for $1 ,062,000 over list price

121 PARK AVENUE, PALO ALTO Offered at $3,988,000

For video tour and more photos, please visit: www.3239Waverley.com

For video tour and more photos, please visit: www.121ParkAve.com

LUXURIOUS REMODEL WITH GATED SERENITY

PREMIER NEW LUXURY RESIDENCE

4 Bedroom

•

Extensively remodeled

•

5 Bedroom

•

Attention to every detail

•

4.5 Bath

•

Spacious, flexible layout

•

4.5 Bath

•

Central fireplace

•

4,541 Sq. Ft. Home

•

Expansive backyard

•

3,623 Sq. Ft. Home

•

Open-concept living

•

20,470 Sq. Ft. Lot

•

Warm, airy spaces

•

9,652 Sq. Ft. Lot

•

Master chef's kitchen

455 SANTA MARGARITA AVE, MENLO PARK Off MLS Opportunity

490 LOMA VERDE AVENUE, PALO ALTO Offered at $4,488,000

For video tour and more photos, please visit: www.455SantaMargarita.com

For video tour and more photos, please visit: www.490LomaVerde.com

6 | DE LEO N RE ALT Y.CO M

PHOTOGRAPHY BY ANTHONY HALAWA

•

R E A L E S T A T E L AW

The Allure of Double-Ending Written by : Michael Repka, Esq.

On a financial level, it is understandable why real estate agents want to represent both the buyer and seller on the same transaction: it means double commission.

Naturally, agents want to justify or rationalize this approach by arguing that they can remain completely objective and fight zealously for both sides. This is simply impossible.

FUNDAMENTALLY, I BELIEVE THAT IT IS IMPOSSIBLE FOR THE SAME INDIVIDUAL TO REPRESENT BOTH THE BUYER AND SELLER ON THE SAME TRANSACTION. An attorney would not represent both the plaintiff and the defendant in a criminal case. A coach would never coach both Stanford and Cal in the Big Game. No one would play chess against themselves. Similarly, the same individual real estate agent cannot fairly represent both sides of a transaction. While one brokerage can fairly represent a buyer and seller so long as each side has their own advocate, it is impossible for one agent to fairly represent both sides.

There are a myriad of issues that come up when someone attempts to represent both the buyer and seller. First, the agent has access to confidential information about the seller, which could be used to the seller’s disadvantage. Second, a listing agent with an interested buyer would have less incentive to promote the property to other agents or to the public. Naturally, any additional offers that come in decrease the likelihood of the agent getting double commission. Third, the agent knows the seller’s preferences, so the agent would be able to create a more compelling story to help his or her buyer get selected.

Although there is the potential for the buyer to have some disadvantages, taken as a whole, these risks are far lower. All things considered, a buyer will most likely gain a competitive advantage in an arrangement where both the buyer and

Hidden Dangers While some listing agents claim that they do not represent both sides of a transaction, sellers should carefully vet how these agents deal with interested buyers. Sellers should be especially vigilant in uncovering undisclosed referral fees. In these circumstances, a listing agent with interested buyers would ask another agent in their firm to present the offer to the seller as if it were that agent’s client. When the transaction closes, the listing agent often receives a large, and potentially undisclosed, referral fee. The sellers in these situations may never be aware of such behind-the-scenes money exchanges occurring within the brokerage.

Some agents state that they will not represent both sides on a transaction, but one must speculate how they can make this commitment if they work with both buyers and sellers.

By representing both buyers and sellers, it is inevitable that one of their potential buyers could be interested in one of their listings.

Some agents or offices have the listing agents recuse themselves if they encounter an interested buyer. In other words, the listing agents will stop providing any guidance to the seller and instead assist only their interested buyers. The sellers, in these situations, may find themselves being represented by another agent or by the office’s managing broker. This is not a good solution for numerous reasons, the most obvious being that the listing agent has too much confidential information about the sellers and their circumstances. Plus, when selecting the listing agent, sellers should be able to expect that agent’s loyalty throughout the entirety of the transaction.

Continued on page 8.

the seller are represented by the same person who is getting paid double. That is precisely why sellers should be reluctant to let their listing agent represent both them and the buyers on the same transaction. At DeLeon Realty, I only represent sellers to ensure my entire loyalty.

D ELEONR EA LT Y.COM

| 7

THE DELEON INSIGHT

The Allure of Double-Ending COMING SO O N

Written by : Michael Repka, Esq.

Continued from page 7.

Problems with Pocket Listings Given the desire for agents to make double commission or, for that matter, for offices to make double commission by keeping the deals within the brokerage, many agents and

BREATHTAKING CUL-DE-SAC RESIDENCE

offices encourage sellers to give the agent a period of exclusivity. Under the typical scenario, agents request the opportunity to let their clients know about the property first, and then to spread the word around their office to see if any of the other agents have a buyer who is willing to purchase the property. If this doesn’t result in an interested buyer, then, and only then, will the agent put the property on the market.

•

5 Bedroom

•

Recently remodeled

•

4.5 Bath

•

Open-concept

•

Peaceful cul-de-sac

•

Gorgeous chef’s kitchen

•

Privacy

•

Award-winning schools

5 LASSEN COURT, MENLO PARK Price upon request

Some agents convince their clients to agree to this limited exposure because they promise that it will be less intrusive.

However, this limited exposure is also likely to result in a low-

For video tour and more photos, please visit: www.5LassenCourt.com

er sales price.

Sellers put a lot of trust and faith in the agent they select to represent their home. These agents have a fiduciary duty to act in the best interest of the client. Suggesting off market listings without fully advising clients of the potential risks as-

COMI NG SO O N

sociated with this limited exposure certainly may (and probably does) run afoul of the agent’s fiduciary duties. At a minimum, both the agents and the office should offer to waive all of the buyer-side commission if a buyer is identified during this pre-MLS period. If this is the case, then the seller would have to decide whether or not the additional competition would be sufficient to result in a sales price high enough to offset the commission savings. However, without these commission savings, it is very difficult to understand why a seller would agree to such a transaction unless they had a very high

SPLENDID HOME WITH PRIME LOCATION

desire for privacy and were willing to pay a potentially significant price in terms of a lower sales price.

It should be noted that DeLeon Realty is the only major brokerage in Silicon Valley that waives the entire buyer agent’s side of the commission if a DeLeon buyer agent represents a buyer who purchases a DeLeon listing. We have created our business model with our clients’ best interests in mind as we believe in providing great ethics along with great economics to our clients.

8 | D E LEO N RE ALT Y.CO M

•

Walk to downtown

•

Sun-drenched kitchen

•

Lot over quarter acre

•

Recently remodeled

•

Luxurious gardens

•

Premier location

•

Butler's pantry

•

Top schools

101 WAVERLEY STREET, PALO ALTO Offered at $5,988,000 For video tour and more photos, please visit: www. 10 1Waverley.com

ELEGANCE WITHIN STUNNING BAY-SIDE SETTING

SERENE SETTING OFFERS HIGH-END COMFORT

•

3 Bedroom

•

Stylish renovations

•

4 Bedroom

•

Thoughtful updates

•

2.5 Bath

•

Breakfast bar seating

•

3 Bath

•

Easy entertaining

•

2,020 Sq. Ft. Home

•

Abundant storage

•

1,926 Sq. Ft. Home

•

Peaceful backyard

•

4,346 Sq. Ft. Lot

•

Redwood Shores

•

5,465 Sq. Ft. Lot

•

Central location

8�0 SCHOONER BAY DR, REDWOOD CITY Offered at $�,598,000

86 MURLAGAN AVE, MOUNTAIN VIEW Offered at $�,698,000

For video tour and more photos, please visit: www.810SchoonerBayDrive.com

For video tour and more photos, please visit: www.86Murlagan.com

COM I NG S OON

PHOTOGRAPHY BY ANTHONY HALAWA & CHUCK BARRY

SERENE SETTING REVEALS BRIGHT ELEGANCE

GARDEN RETREAT WITH HISTORIC PRESTIGE

•

5 Bedroom

•

Elegant gathering areas

•

6 Bedroom

•

Built circa 1900

•

3 Bath

•

Extensive backyard retreat

•

5.5 Bath

•

Luxurious spaces

•

3,820 Sq. Ft .Home

•

Mature fruit trees

•

6,005 Sq. Ft. Home

•

Premier location

•

12,236 Sq. Ft. Lot

•

53,893 Sq. Ft. Lot

•

Top schools

�3 BOTANY COURT, EMERALD HILLS Offered at $2,798,000

399 ATHERTON AVENUE, ATHERTON Offered at $4,988,000

For video tour and more photos, please visit: www.�3Botany.com

For video tour and more photos, please visit: www.399AthertonAve.com D ELEONR EA LT Y.COM

| 9

COMI NG SO O N

TIMELESS ALLURE IN FAMED LOCATION

PEACEFUL LUXURY ESTATE

•

5 Bedroom

•

Vibrant gardens

•

5 Bedroom

•

5 Bath

•

Modern luxury

•

3.5 Bath

•

3,900 Sq. Ft. Home

•

Walk to local shops

•

Surrounded by privacy

•

1.01 Acre Lot

•

Top schools

•

Sought-after location

5 C EDAR LANE, WOODSIDE Offered at $5,213,000

13505 BURKE ROAD, LOS ALTOS HILLS Price upon request

For video tour and more photos, please visit: www.5CedarLane.com

For video tour and more photos, please visit: www.13505Burke.com

PRIVACY, COMFORT AND PRESTIGE

PRIVATE GARDEN VILLA

5 Bedroom

•

Gated

•

5 Bedroom

•

Carefully updated

•

4.5 Bath

•

Beautiful grounds

•

3.5 Bath

•

Warm Mediterranean

•

4,830 Sq. Ft. Home

•

Fine craftsmanship

•

3,563 Sq. Ft. Residence

•

Media room

•

54,624 Sq. Ft. Lot

•

Prestigious location

•

14,874 Sq. Ft. Lot

•

Poolside gardens

290 WINDING WAY, WOODSIDE Offered at $6,488,000

2226 LOUIS ROAD, PALO ALTO Offered at $4,988,000

For video tour and more photos, please visit: www.290WindingWay.com

For video tour and more photos, please visit: www.2226Louis.com

10 | DE LEO N REALT Y.CO M

PHOTOGRAPHY BY ANTHONY HALAWA

•

JA N UA RY 2 0 1 8

How to Prep Your Kitchen On A Budget When Selling Your Home Written by : Margie Fontanilla, DeLeon Interior Designer

Few would question the notion that the kitchen is one of the most important areas of a home.

The kitchen sees the highest traffic, incorporates the most

way it transforms the space is well worth your while. Painting

appliances, and provides the most function. Whether gal-

them neutral or light colors such as warm white, light gray,

ley-style or part of an open-concept space, the kitchen needs

and beige are excellent choices that appeal to a wide range

to be arranged so that it shows its best colors when the house

of potential buyers. Another way to dress up the cabinetry

is put on the market. Thankfully, there’s no need to invest in

is to update the hardware, which will also help accent newly

a huge remodel to give the kitchen a newly renovated look.

painted cabinets.

DeLeon’s interior design team has compiled a list of kitchen upgrades that are both budget-friendly and attractive to po-

Replaced Countertops

tential buyers.

Replacing outdated countertops is another great way to

Newly Painted Walls

transform your kitchen. Potential buyers love the sleek, clean looks of granite and quartz, as well as their durability, natural

Though bright color schemes and ornate wallpaper can be

beauty, and easy maintenance. New countertops don’t al-

beautiful, their boldness can also seem less appealing, and

ways have to be expensive; basic pre-fab granite and quartz

may even overwhelm potential buyers. Not only will a coat of

are now available for a lower price than buying whole slabs.

light, neutral paint make a kitchen feel fresh and new again, it will also help more buyers visualize themselves utilizing the

Upgraded Lighting

space. Satin or semi-gloss latex paints are the best options

Stylish pendant lights can easily become a kitchen’s fo-

to create a desirable blank canvas as they are the easiest to

cal point. Replacing the lighting is a low-cost solution

clean, which is especially important for a multi-purpose room

to dressing up an island or breakfast bar, and will be a

like the kitchen.

huge improvement to an outdated design. Under-cab-

Updated Flooring One of the features that many buyers focus on when search-

inet lighting is another way to help illuminate your culinary workspace while adding a soft warmth to the kitchen.

ing for a new home is the flooring. Refinishing existing hard-

Staging

wood floors by applying a stain or sanding them can be an

A well-staged kitchen should look inviting, spacious, and

effective yet inexpensive way to bring out their true beauty. If

clean. If properly staged, your kitchen will have only a few

the floors need to be replaced, consider tile as a sleek, low-

choice accoutrements displayed on highly used surfaces like

cost option. Since tile floors are easy to clean and don’t take

the table, island, and countertops, making them look as un-

much to maintain, they become an attractive feature to po-

cluttered as possible, while inexpensive flowers and plants

tential buyers, thus increasing the kitchen’s value.

are placed throughout for a touch of color and freshness. An-

Freshened Cabinets and Hardware

other helpful part of staging can involve having the kitchen professionally cleaned. This will not only make it look brighter

Cabinets are perhaps one of the most often-used compo-

and more welcoming, but it will also feel more appealing to

nents of a kitchen, so renovating them can work wonders in

any interested buyers.

livening up the space. However, completely replacing the cabinetry can quickly become expensive, and may not always

The kitchen is a place of warmth, gathering, good food, and

be necessary. If your kitchen cabinets have a dated finish but

good company. Give it the chance to shine, and potential

are still in good shape, giving them new paint is an inexpen-

buyers will see for themselves what makes it the heart of the

sive way to provide a more desirable, refreshed look. Sand-

home.

ing, priming, and painting is a big project to tackle, but the D ELEONR EA LT Y.COM

| 11

Written by : Ken DeLeon, Esq. and Michael Repka, Esq.

2017 was one of the most interesting years in real estate that Silicon Valley has experienced in quite some time.

It started off with the area—and the nation as a whole—

Valley. As a result of this optimism, many potential buyers got

adjusting to the notion of a Trump presidency. During the

off the fence and started buying homes.

latter half of 2016, the market was quite lethargic as voters remained cautious due to the uncertainty of the election.

As we moved into late spring and through most of the sum-

Generally, many buyers sat on the sidelines because of a

mer, a bit more pessimism set in. Late July saw President

common concern that a Trump victory could result in cha-

Trump and the Republican Congress receive their first major

os. However, once Trump won the presidency, the real estate

political blow when their promised repeal of the Affordable

and stock markets took off, to the surprise of many commen-

Care Act, also known colloquially as “Obamacare,” was de-

tators. Towards the end of 2016 and in the first few months

feated. This, coupled with other political issues that arose,

of 2017, we saw an increase in buyer demand in Silicon Valley

made many wonder if the promised tax cuts and easing of

real estate, and as a result, sales prices soared, with many

business regulations would ever come into fruition. Simply

cities experiencing strong appreciation.

put, irrespective of any promises made or plans announced, many worried that none of these benefits would be achieved

Although not anticipated, many commentators believed that

if the administration was unable to garner support from the

the buoyancy of the stock market and the real estate market

Republicans and Democrats in Congress. As time went on,

after the Trump victory was a direct result of people’s opti-

the perceived tensions between the White House and key

mism regarding the new administration’s perceived pro-busi-

members of both parties exacerbated the situation.

ness policies. Specifically, the hope was that a reduction in taxes and an easing of regulations would result in a more

Fortunately, throughout this time, we have seen continued in-

vibrant economy. This area in particular benefitted from the

vestment from buyers coming from overseas—most notably

belief that a stronger overall economy would be dispropor-

from China and India. Although the types of homes desired

tionately beneficial to the companies and financiers of Silicon

have changed significantly, the actual demand has remained

12 | DE LEO N REALT Y.CO M

steady. In particular, we have seen Chinese demand shift

picture. The only exception seems to be the slower market

away from inexpensive investment properties, and towards

for ultra-elite properties, which generally include homes in

upscale homes and trophy properties. In informal discussions

the $12 million-and-up range.

with many of the agents representing these buyers, we have heard that a desire for political and economic stability, cou-

The overall number of homes sold was down slightly year

pled with the appeal of other factors such as the fine weather

over year, but there was a significant amount of variation be-

and preferable air quality, has driven this shift. Fortunately,

tween the cities (see charts; all data per MLS).

this strong demand has resulted in some very favorable sales prices for several high-end DeLeon Platinum properties.

Partially as a result of the continued demand, we have seen the average price per square foot increase in all of our cities,

While the swings of the market may have made for an in-

with the exception of Woodside.

teresting ride, the overall results paint a relatively positive

CITY

HOMES SOLD HOMES SOLD 2016 (Jan-Nov) 201 7 (Jan-Nov)

CITY

AVG PRICE/ SQ. FT. 2016

AVG PRICE/ SQ. FT. 201 7

% CHANGE 4 .9 8 %

Atherton

60

76

Atherton

$1, 447

$1, 51 9

Los Altos

310

348

Los Altos

$1, 183

$1, 26 4

6 .8 5 %

94

81

Los Altos Hills

$1, 139

$1, 26 3

1 0 .8 9 %

Menlo Park

347

340

Menlo Park

$1, 088

$1, 17 4

7 .9 0 %

Mountain View

539

497

Mountain View

$931

$1, 03 6

1 1 .2 8 %

Palo Alto

451

401

Palo Alto

$1, 411

$1, 50 7

6 .8 0 %

58

66

Portola Valley

$1, 051

$1, 13 4

7 .9 0 %

Sunnyvale

822

825

Sunnyvale

$826

$951

1 5 .1 3 %

Woodside

69

58

Woodside

$1, 093

$968

(1 1 .4 4 %)

2 ,7 5 0

2,692

Los Altos Hills

Portola Valley

Total

D ELEON R EA LT Y.COM

| 13

GORGEOUS GARDEN ESTATE IN WEST ATHERTON

LAVISH WOODLAND SANCTUARY

•

5 Bedroom

•

Large, sun-lit spaces

•

5 Bedroom

•

•

7.5 Bath

•

Gourmet kitchen

•

5 full and 3 Half bath

•

•

6,449 Sq. Ft. Home

•

Premier location

•

6,800 Sq. Ft. Home

•

1.05 Acre Lot

•

Prestigious schools

•

18 Acre Lot

Custom built Panoramic views of the Santa Cruz Mountains

�65 PATRICIA DRIVE, ATHERTON Offered at $9,290,000

�27 PINON DRIVE, PORTOLA VALLEY Offered at $16,988,000

For video tour and more photos, please visit: www. �65PatriciaDrive.com

For video tour and more photos, please visit: www. �27Pinon.com

CO MING SO O N

S OL D

CENTRAL LOCATION AND CUSTOM RENOVATIONS

BI-LEVEL HOME WITH DRAMATIC BACKYARD

3 Bedroom

•

Sky-lit living areas

•

5 Bedroom

•

Backyard retreat

•

2 Bath

•

Central location

•

4.5 Bath

•

Pool and spa

•

1,302 Sq. Ft. Home

•

Top schools

•

Old world glamour

•

Premier location

•

8,700 Sq. Ft. Lot

•

Richly appointed spaces

•

Top schools

3657 LOUIS ROAD, PALO ALTO Approx. $2,350 per Sq. Ft.

�275 WINDIMER DRIVE, LOS ALTOS Offered at $3,988,000

For video tour and more photos, please visit: www.3657Louis.com

For video tour and more photos, please visit: www. �275WindimerDr.com

14 | D E LEO N RE ALT Y.CO M

PHOTOGRAPHY BY ANTHONY HALAWA

•

A Shot Across California's Bow

R E A L E S TAT E TA X

Written by : Michael Repka, Esq. (LL.M.—Taxation, NYU School of Law)

Since the earliest hints at the substance of President Trump’s

W-2 wages—will likely see a significant tax increase, whereas

new tax proposal, there has been one element that has re-

the very wealthy, or those that derive their income from other

mained consistent—the elimination of the deduction for

sources, are likely to see a significant tax decrease.

state and local taxes. A cynical observer may note that this significant change to US tax policy would disproportionately

Irrespective of the actual impact of the loss of the state tax

hit states that have traditionally voted Democratic. In fact, of

deduction, it is likely that Silicon Valley real estate prices will

the top eight states in terms of maximum personal income

be negatively impacted by the elimination of the state tax

tax levied, all but Iowa voted for Ms. Clinton in the most re-

deduction. There are two reasons for this. First, companies

cent presidential election.

will have an incentive to locate more of their high-paid executives outside of the state to the extent that is otherwise eco-

While it is clear that this proposal will be very tough on Cali-

nomically feasible. This will drive down demand, especially

fornia, which has the highest personal state income tax rate

for higher-priced homes. Second, any elimination of deduc-

by a significant margin, the extent of the impact is somewhat

tions that are directly related to homeownership are likely to

challenging to determine. The main reason is because state

have a negative impact on buyers’ psyches, even if the actual

and local taxes are considered “Preference Items” under

impact is blunted by other factors. Under the new tax legis-

the Alternative Minimum Tax (AMT) regime. This means that

lation, taxpayers would lose some of the benefits long as-

AMT taxpayers have had some or all of their state tax de-

sociated with homeownership—specifically, the deductions

duction eliminated anyway. Therefore, the true impact of the

for property taxes and interest on mortgages. To the extent

elimination of the state tax will vary dramatically from person

that buyers receive a reduction in these types of deductions,

to person.

they also will feel less compelled to own property. Naturally, states with higher property values and higher taxes, such as

The AMT applies when the taxpayer’s deductions are consid-

California, will be disproportionately hit.

ered too high relative to the taxpayer’s income. Many highwage earners who derive most of their income from standard

It is imperative that all taxpayers seriously consider the actu-

sources, such as a traditional salary, may not have enough

al impact under their personal circumstances before making

deductions to trigger the AMT, which means they get to take

any decisions related to real estate. For some taxpayers, the

advantage of all of their deductions. Therefore, this loss of

net effect of these changes will be positive, while for others,

one of the most significant deductions for many people in

the effect will be negative. This is true irrespective of which

this situation could be devastating. On the other hand, tax-

income tax bracket you may fall into. DeLeon Realty stands

payers with a large number of deductions and very sophisti-

alone in the local real estate market in our willingness and

cated tax returns may find that they already had the state and

ability to discuss these important tax and legal topics with all

local tax deduction eliminated as a result of AMT, and there-

of our clients.

fore, the loss of the deduction would be insignificant. Additionally, these

STATE

taxpayers would benefit tremendous-

MAXIMUM PERSONAL PRESIDENTIAL INCOME TAX RATE CANDIDATE ELECTED

ly from the elimination of the AMT.

California

13.3%

Clinton

Painting with a very broad brush, it

Oregon

9.9%

Clinton

Minnesota

9.85%

Clinton

appears that Silicon Valley’s working

Iowa

8.98%

Trump

wealthy—that is, taxpayers making

New Jersey

8.97%

Clinton

$400,000-$1,500,000 as a married

Vermont

8.95%

Clinton

couple filing jointly, with income from

District of Columbia

8.95%

Clinton

relatively traditional sources, such as

New York

8.82%

Clinton

D ELEONR EA LT Y.COM

| 15

THE DELEON INSIGHT

Utilizing Technology in Marketing Written by : Sarah Last, Copywriter

Long ago, the world seemed endless. Voyages across rolling expanses of land and sea were yearly, if not lifetime commitments reserved for the very brave, the very intelligent, and the supremely wealthy. All that was known about distant nations was provided by those who had crossed over the horizon and returned to tell their tales.

Travel, communication, and an ever-growing amount of

age, narrated videos, and 3D renderings of the interior.

knowledge forever altered just how boundless the world felt;

High-quality images and detailed writing truly capture the

however, it wasn’t until the advent of the internet that man-

best of what the home has to offer, granting potential buyers

kind truly reached the next level of connectivity. Information

the ability to see themselves in the space. These steps are

became easier to access, people became easier to reach,

taken to feature the selling-points of a listing while person-

and the horizon became closer than ever before.

alizing the experience for the buyers, giving them another way to determine whether or not they would call the house

As society transitioned to the challenges and benefits the

their own. This is especially crucial when considering remote

internet presented, the field of real estate followed suit, al-

buyers. Though the days are long since gone when moving

lowing potential buyers to find information on prospective

across the country, or even across oceans, meant not know-

homes and neighborhoods at the touch of a button. But

ing what might lie beyond the horizon, the unknown is still

while the process of real estate has been simplified, DeLeon

much more prevalent for a potential buyer who might not

Realty’s marketing team has it refined.

have multiple opportunities to see a house in person. Providing the best resources available to clients who are consid-

Technology is a powerful tool, but the detached role the in-

ering buying remotely will ultimately help them determine

ternet plays clashes with the fact that real estate is, first and

where their journey leads.

foremost, a client-oriented field. Though vast amounts of information on new listings and the areas in which they reside

As technology progresses, so do the options for marketing

can be read on almost any device, the variables that come

new listings. Augmented and virtual reality programs are be-

with buying and selling a home still make it necessary to have

coming more accessible and user-friendly, and soon may be

an experienced agent who knows how to navigate the specif-

another way DeLeon Realty markets homes.

ics. Therefore, the DeLeon Team understands that there must be a balance between properly utilizing the best technologi-

Like the internet, the world of marketing real estate is be-

cal resources available and establishing a personal presence

coming increasingly unlimited. It’s more important now than

throughout multimedia platforms.

ever before to ensure that clients come first. We have accomplished this by realizing that the technology used to progress

One of the many ways the DeLeon Realty marketing team helps to achieve this balance is by taking advantage of communicating through social media. Facebook, Twitter, and Instagram are all used to reach a listening audience with information regarding recent listings, company events, and community gatherings.

Another way to maintain balance is equipping technology to showcase our listings. Before they are posted on the DeLeon website and across social media, the homes go through a process which involves high-end photography, drone foot-

16 | D E LEO N RE ALT Y.CO M

the industry thus far is the most powerful tool at our disposal.

COM I NG S OON

CO MING SO O N

HANDSOME UPDATES WITHIN A PRIME LOCATION

CENTRAL LOCATION GRANTS DESIRABLE CONVENIENCE

•

3 Bedroom

•

Acacia hardwood floors

•

5 Bedroom

•

Spacious and sun-lit

•

2 Bath

•

Chef’s kitchen

•

3 Bath

•

Centrally located

•

Warm, functional layout

•

Remarkably updated

•

Top schools

��6 VASQUEZ AVENUE, SUNNYVALE Offered at $�,498,000

788 S. BERNARDO AVENUE, SUNNYVALE Offered at $�,498,000

For video tour and more photos, please visit: www. ��6Vasquez.com

For video tour and more photos, please visit: www.788SouthBernardo.com

COM I NG S OON

CO MING SO O N

PHOTOGRAPHY BY ANTHONY HALAWA

TASTEFUL UPDATES INSPIRED STYLE •

3 Bedroom

•

Vaulted ceilings

•

2.5 Bath

•

Peaceful location

•

Warm and inviting

•

Top schools

NEWLY REMODELED, GORGEOUS BACKYARD •

4 Bedroom

•

Open-concept

•

2 Bath

•

Indoor-outdoor living

Desirable property along a

•

Central location

quiet, tree-lined street

•

Top schools

•

680 EMILY DRIVE, MOUNTAIN VIEW Offered at $�,298,000

952 EL CAJON WAY, PALO ALTO Offered at $� ,988,000

For video tour and more photos, please visit: www.680Emily.com

For video tour and more photos, please visit: www.952ElCajon.com D ELEONR EA LT Y.COM

| 17

COM I NG S OON

CO MING SO O N

BEAUTIFULLY REMODELED IN POPULAR SETTING

PRIVATE WOODLAND PARADISE •

5 Bedroom

•

Designer kitchen

•

4 Bath

•

Premier Location

•

4 Bedroom

•

Open-concept living

•

Office

•

Top schools

•

2.5 Bath

•

Prestigious Old Palo Alto

•

Panoramic views

•

Newly remodeled

•

Top schools

25870 RIDGEWOOD LN, LOS ALTOS HILLS Offered at $3,788,000

350 EMBARCADERO ROAD, PALO ALTO Price upon request

For video tour and more photos, please visit: www.25870RidgewoodLane.com

For video tour and more photos, please visit: www.350Embarcadero.com

CO M I NG S OON

COMING SO O N

UPGRADED LUXURY IN LINDENWOOD

GATED PARADISE IN PRESTIGIOUS SETTING

5 Bedroom

•

Prestigious location

•

Pristine grounds

•

West Atherton

•

4.5 Bath

•

Gorgeous retreat

•

Immaculate craftsmanship

•

Top schools

•

Cul-de-sac

•

Top schools

95 MAPLE LEAF WAY, ATHERTON Price upon request

65 ROBLEDA DRIVE, ATHERTON Price upon request

For video tour and more photos, please visit: www.95MapleLeaf.com

For video tour and more photos, please visit: www.65Robleda.com

18 | DE LEO N REALT Y.CO M

PHOTOGRAPHY BY ANTHONY HALAWA

•

R E A L E S TAT E I N F LU E N C E

Appreciation Rate Comparisons Show Surprising Results Written by : Darrell Martin, Buyer Specialist

A common and understandable perception regarding ap-

Time is another key factor that seems to be driving buyers

preciation rates is that single-family residences appreciate

to purchase condos and townhomes rather than single-fam-

at a higher rate than condos and townhomes. Based on the

ily residences. Commuting and maintenance are two of the

appreciation rates for the past 17 years (2000-2017), this has

biggest time-consumers of the average homeowner today.

been the case for many cities in the Bay Area.

Commute time is what seems to have been driving much of

However, for the past six years, this has not been the case

the incredible appreciation we have seen over the past six

for most of the cities where DeLeon Realty sells homes. For these cities, which include Palo Alto, Los Altos, Cupertino, Sunnyvale, Mountain View, Menlo Park, and Redwood City, townhomes have appreciated more than single-family residences (see chart). The same is true for condos in every city, with the exception of Menlo Park. Prior to 2011, single-family residences had appreciated at a higher rate than townhomes

years. Since most tech employees are already working long hours, they prefer to minimize the amount of time it takes them to get to and from work. In order to do so, they need to purchase a home in the cities that are near their offices, which ties back to the previous factor—cost. In order to buy close to work, where prices are more expensive, condos and townhomes tend to be more accessible for these first-time

in many cities such as Palo Alto, Mountain View, Sunnyvale,

homebuyers.

and Menlo Park.

Another aspect of time that is contributing to the higher ap-

The higher appreciation rates for condos and townhomes

preciation rate of condos and townhomes is the perceived

have been driven by the incredible growth of local tech companies and the corresponding increase in highly compensated and highly educated tech employees. After having helped a number of these employees buy homes in 2017, my

amount of time required to maintain the home. With a single-family residence, there is typically a yard that requires maintenance. Many buyers are interested in buying a home that requires as little maintenance as possible, which is what

perception is that there are three primary factors driving the

they can expect with a condo or townhome.

higher appreciation rates for condos and townhomes: cost,

As counter-intuitive as it sounds, schools are another factor

time, and schools. All three of these factors are closely re-

that has been driving the higher appreciation rates of condos

lated.

and townhomes. The reason for this is that, since many of

Since the costs for condos and townhomes are roughly 50

these tech buyers are so highly educated, they place consid-

percent and 70 percent, respectively, of the costs of singlefamily residences in the same city, many buyers have no choice other than to purchase a condo or a townhome due

erable value on good schools. Because home prices in good school districts are already higher than other areas, condos and townhomes are typically the only options for these first-

to financial constraints. Some buyers who are able to afford

time buyers.

more are choosing to purchase condos and townhomes due

While our local cities generally move in parallel, a well-ad-

to the lower purchase prices and their desire to minimize the

vised buyer remains cognizant of market trends and pro-

possibility of being overwhelmed by huge monthly house

jected appreciation. Regardless of which type of home you

payments.

choose to purchase here in the Silicon Valley, you will most likely be pleased with its appreciation over time.

TOTAL APPRECIATION (2011 –2017): SFH/THs/CONDO

PALO ALTO

LOS ALTOS

SOURCE: MLS LISTINGS AS OF 12/13/2017

MT. VIEW

SUNNYVALE

CUPERTINO

MENLO PARK

REDWOOD CITY

SFH TH CONDO

D ELEONR EA LT Y.COM

| 19

THE DELEON INSIGHT

Predicting the Next Hot City Written by : Ken DeLeon, Esq.

While a rising tide will lift all boats, in real estate these boats (or neighborhoods) will not all rise at the same velocity.

Though there are some mega-trends driving the housing

By September of 2017, the upward movement of prices in

market in Silicon Valley, there are also micro-trends and

Mountain View (up over 16 percent since 2015) and other cit-

dynamics that come into play with the cities relative to each

ies versus Palo Alto’s 1.7 percent appreciation over the same

other.

timeframe made Palo Alto a relative bargain. This discrepancy pulled buyers back from Mountain View and Los Altos

The status of which city is the hottest and most frenzied

to Palo Alto. Since September, Palo Alto has become the

in Silicon Valley changes according to a push-pull dynamic,

region’s hottest market with the price per square foot jump-

and the defining quality of a good buyer's agent is to spot

ing from $1,565 when averaged from January to August, to

the next hot city before the market does. In this article, I will

$1,797 per square foot for sales between September and De-

discuss how the interrelationship between cities works, il-

cember, leading to an increase of 14.8 percent just in the last

lustrated with a current example, and I will also predict the

few months. Palo Alto still has strong momentum, with one

next city buyers will focus upon and how property values will

of our South Palo Alto listings selling for more than a million

rapidly rise.

dollars above list price at over $2,300 per square foot!

As the only top agent who works exclusively with buyers, and

Dissecting and analyzing the past is interesting, but prognos-

with over $1 billion in recent sales with these buyers alone,

ticating the future is much more insightful and valuable. So,

I have gained insight into buyers’ goals and preferences. I

what city will become the latest value play and soon see a

have observed that buyers will often consider several cities in

push-up in pricing? I predict that this will be Menlo Park.

their search. For example, buyers who are drawn to Palo Alto will often be attracted to Los Altos, Menlo Park, or Mountain

As recently as 2012, the gap between Menlo Park and Moun-

View as well. Therefore, the pricing dynamics of each of these

tain View on a price-per-square-foot basis was 10 percent,

cities will impact one other.

and now that gap has narrowed to 1.7 percent. With this latest surge in Palo Alto pricing, plus the past strong appreci-

In 2016, almost all cities fared better than Palo Alto. With all

ation of Mountain View and Los Altos, buyers will soon be

of the uncertainty of the election, the housing market did not

pulled to the great values, good schools, and high quality of

do well, but in descending order Mountain View, Menlo Park,

life Menlo Park offers.

and Los Altos all appreciated, whereas Palo Alto dropped by 2.3 percent from the year earlier on a price-per-square-foot

While all of these cities have excellent fundamentals for long-

basis (all statistics in this article come from the MLS). Thank-

term appreciation, getting into the next hot city before oth-

fully, 2017 was a much stronger year with all cities appreciat-

ers do can save you hundreds of thousands of dollars. You

ing, but the appreciation was not evenly distributed. From

will want to work with a skilled and insightful buyer's agent

January to August, Palo Alto only appreciated by four per-

who has the expertise and acumen in economics to properly

cent, versus Mountain View which rose by 10 percent, with

predict market appreciation.

Los Altos and Menlo Park also rising more than Palo Alto.

20 | D E LEO N RE ALT Y.CO M

JA N UA RY 2 0 1 8

City Market Conditions

Average sales price for single-family homes from 01/2016 to 12/2016 compared to 01/2017 to 12/13/2017

Average Sales Price

01/2016 - 12/2016

01/2017 - 12/13/2017

Price/Square Foot Ratio

Price per square foot ratio for single-family homes from 01/2016 to 12/2016 compared to 01/2017 to 12/13/2017

01/2016 - 12/2016

01/2017 - 12/13/2017 Data gathered from the Multiple Listing Service on 12/13/2017 D ELEONR EA LT Y.COM

| 21

Community Calendar Chamber Music Society of Lincoln Center: Brahms and Dvořák Friday, January 19, 2018

This riveting program juxtaposes two giants of Romanticism: Antonín Dvořák and Johannes Brahms. Dvořák and Brahms drew inspiration from each other, and it was to Brahms’s Gypsy-inspired Hungarian Dances that Dvořák turned for his own Slavonic Dances. Brahms’s c minor Piano Trio is featured before intermission, while Dvořák’s Piano Quintet in A Major,

Atherton: Parents Corner

Tuesdays and Wednesdays - times vary The Atherton Library offers many fun and educational activities such as: Toddler Early Learning, Bilingual Baby Bounce, Wild and Wacky Wednesdays, French Storytime

WHEN: Times vary, please see website for more information.

WHERE: Atherton Library, 2 Dinkelspiel Station Lane, Atherton CA 94027

MORE INFO: https://smcl.org/locations/1A/

one of the finest piano quintets in the repertoire, brings the program to a thrilling close. Joining Chamber Music Society of Lincoln Center and Music@Menlo Artistic Director, pianist Wu Han, for this program is a cohort of some of the most exciting young Chamber Music Society artists: pianist Michael Brown, violinists Paul Huang and Chad Hoopes, violist Matthew Lipman, and cellist Dmitri Atapine.

WHEN: 7:30pm – 9:30pm WHERE: The Center for Performing Arts at Menlo-Atherton, 555 Middlefield Road, Atherton, CA

MORE INFO: https://tickets.musicatmenlo.org/

SUCCESS STORIES

BARRY LN, ATH E RTON SOLD FOR $8,500,000

22 | DE LEO N REALT Y.CO M

JA N UA RY 2 0 1 8

Recent Sales in Atherton Street Address

Beds Total

Baths

Sq Ft Total

Lot Size

Price

98 Cebalo Lane

3

2|0

2,010

14,810 Sq. Ft.

$2,310,000

284 Selby Lane

4

2|0

1,720

7,500 Sq. Ft.

$2,500,000

84 Wilburn Avenue

3

2|1

2,172

13,500 Sq. Ft.

$2,525,000

307 Walsh Road

3

2|0

1,760

8,906 Sq. Ft.

$2,600,000

42 Watkins Avenue

4

2|1

2,890

6,550 Sq. Ft.

$2,650,000

30 Southgate Street

3

2|0

2,018

6,750 Sq. Ft.

$2,900,000

98 Mccormick Lane

4

3|1

3,325

41,745 Sq. Ft.

$3,500,000

52 Wilburn Avenue

5

4|0

3,295

14,500 Sq. Ft.

$3,830,000

375 Walsh Road

4

3|2

3,120

1.04 Acres

$4,100,000

240 Oak Grove Avenue

3

3|0

2,420

1.13 Acres

$4,485,000

66 Virginia Lane

5

5|1

3,250

43,497 Sq. Ft.

$5,075,000

283 Stockbridge Avenue

4

3|0

3,478

1.55 Acres

$6,300,000

197 Greenoaks Drive

5

5|1

5,720

40,890 Sq. Ft.

$6,550,000

190 Encinal Avenue

5

4|0

3,765

40,734 Sq. Ft.

$6,800,000

84 Nora Way

6

6|1

6,615

40,260 Sq. Ft.

$7,400,000

60 Michaels Way

6

4|1

6,295

29,328 Sq. Ft.

$10,000,000

43 Tuscaloosa Avenue

7

7|2

12,600

1.09 Acres

$18,950,000

Represents DeLeon Realty Sales

HOME SALES FROM 9/1/2017 - 12/20/2017

NO RA WAY, ATHE RTON S OL D FOR $ 7,4 0 0 ,0 0 0

SUCCESS STORIES D ELEON R EA LT Y.COM

| 23

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

DeLeon Realty 1717 Embarcadero Road Palo Alto, CA 94303

®

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

RESIDENTIAL CUSTOMER

REAL ESTATE SEMINAR FOR HOME OWNERS

STEPS TO MAXIMIZE YOUR REAL ESTATE SALES PRICE Arrillaga Rec Center *Elm Room 601 Laurel Street, Menlo Park, CA Saturday, February 24th, 2018 11:00 AM - 1:00 PM FEBRUARY SEMINARS: Palo Alto Hills Golf & Country Club 3000 Alexis Drive Palo Alto, CA

Arrillaga Rec Center *Elm Room 601 Laurel Street Menlo Park, CA

Los Altos Youth Center 1 N. San Antonio Rd Los Altos, CA

Tues, February 20th, 6:00 PM - 8:00 PM

Sat, February 24th, 11:00 AM - 1:00 PM

Tues, February 27th, 6:00 PM - 8:00 PM

®

RSVP: / 650.543.8500 / RSVP@DELEONREALTY.COM / Seminars are for prospective clients only.

No outside real estate professionals permitted.

650.700.9000

| w w w. D e L e o n R e a l t y. c o m | C a l B R E # 0 1 9 0 3 2 2 4