The DeLeon Insight July 2017

THE DELEON INSIGHT Silicon Valley Real Estate JULY 2017

SummerSplash - SUMMERTIME REAL ESTATE LISTINGS -

- BREAKING NEWS The DeLeon Team was just ranked by Real Trends/Wall Street Journal as the #2 Team in America!

And the #1 Team west of Washington, D.C. Metro Area!

• MAXIMIZE YOUR PROFIT • RESOLVING REAL ESTATE DISPUTES • NEIGHBORHOOD SPOTLIGHTS: Green Gables & Community Center

SILICON VALLEY • STANFORD UNIVERSITY • SUMMER SPLASH • HOW TO: COMPETE AGAINST • AN ALL-CASH OFFER D E L Ewww.DELEONREALTY.com O N I N S I G H T | J U LY 2 0 1 7

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MARKET TRENDS Average Sales Price

Summer Splash Average sales price for single-family homes from 12/2015 to 05/2016 compared to 12/2016 to 05/2017.

12/2015 - 05/2016

12/2016 - 05/2017

Price/Square Foot Ratio

Jump into the pool of summertime real estate listings!

We’ve curated a beautiful, well-appointed collection of residences to welcome you home. When is better than the ease of summer to jump into a new home?

Along with our offerings, we have added a special promotion of a smart home upgrade to any listing purchased between July 17th-30th.

GO TO

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Price per square foot ratio for single-family homes from 12/2015 to 05/2016 compared to 12/2016 to 05/2017.

12/2015 - 05/2016

12/2016 - 05/2017

*Data gathered from the Multiple Listing Service on 06/05/2017

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DELEON INSIGHT

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®

FEATURES 6 MAXIMIZE YOUR PROFIT

DELEON INSIGHT Re a l E st a t e – L ifest yl e – K nowl edge

NEIGHBORHOOD SPOTLIGHTS 9 COMMUNITY CENTER 11 GREEN GABLES

PUBLISHER EDITOR

BRAND MANAGER

SR. GRAPHIC DESIGNER

PHOTO EDITOR

14 SILICON VALLEY World Leader in Innovation

MARKETING SPECIALIST

CHINESE MARKETING SPECIALIST DIGITAL MARKETING SPECIALIST COPYWRITER

CONTRIBUTING WRITERS

16 STANFORD UNIVERSITY 2/4

Miguel Erkelens Seth Faulk Shasta Krasniewicz Charles Sanchez Anthony Halawa MyMy Trieu Melanie Yu Mike Ran Sarah Last Ken DeLeon - Founder Michael Repka - CEO & General Counsel David Hall Leah Li Darrell Martin Jillian Mrsny Rob Parish Alex Seroff Adrian Tan Annaliese Train Huy Vu Caroline Wong

22 HOW TO: Compete Against an All-Cash Offer

26 RESOLVING REAL ESTATE DISPUTES

OUR OFFICES ARE LOCATED AT: 1717 EMBARCADERO ROAD - PALO ALTO, CA 94303 WE CAN BE REACHED: FOR GENERAL INFORMATION: ON THE WEB:

28 SUMMER SPLASH Buying a New Home Before the New School Year

650 .543 .8 50 0 w w w.D E L EO N RE A LTY.com

T he De Le o n Te am is t hr illed to anno u nce o u r new rank ing!

#1 in California, #2 in America* *Rankings per REAL Trends/Wall Street Journal, released June 2017

DELEON REALTY A proud platinum sponsor of the Menlo Charity Horse Show 6 5 0 . 4 8 8 . 7 3 2 5 | 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 benefiting Vista Center for the Blind and Visually Impaired.

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DELEON INSIGHT

650.543.8500 | www.d e l e o n r e a l t y.com | DeLeon Realty CalBRE #01903224

HOW TO

MA XIMIZE BY:

KEN DELEON |

founder

One of the fundamental reasons why I left the practice of law for real estate was because I felt that real estate as an investment asset class had not been optimized. While stocks and other assets can be good, profitable investments, there is no better asset class to purchase in California than real estate.

Within real estate, the greatest economic tax advantages are bestowed upon your primary residence, including 1) the deductibility of your mortgage interest up to $1,100,000, 2) the deductibility of your property tax payment against your federal income tax bill, and 3) the capital gains exemption of $250,000 per seller, for a total of $500,000 tax-exempt profit for a married couple.

Having the first $500,000 in profit be exempt from capital gains is worth more in California than any other state because we pay the highest taxes in the nation. The silver lining of our amazingly high tax rates is that tax-exempt money is even more valuable here than in other states. At the current maximum 37.1 percent combined capital gains rate, your stock market portfolio would have to appreciate by $794,913 to put $500,000 in your bank account after paying your capital gains tax. With the current top federal and state income tax rates totaling a staggering 52.9 percent, you would have to earn $1,061,571 in income to put $500,000 in your bank account after paying your income taxes.

These comparisons illustrate the true value of this $500,000 capital gains exempt gain. Yet what if I told you that you could take advantage of this $500,000 exemption every two years?

What if I told you that I personally moved three times in the last five years and thereby optimized this tax exemption?

What if I told you that, by following my own advice on what neighborhoods to buy in and what types of home to buy, that I made over $5 million in just over five years? What if I told you that this type of opportunity was now open to you? Now that I have your attention, please enjoy this article which I hope will change your future net worth and improve the shape of your retirement.

Before I begin, please know I am not boasting. I could have written about these sales when they occurred a few years ago, but I did not want to write about something clients could not do as well as I could. Now that clients will have the same advantages I had that allowed me to profit so much, it is important to use these sales as a case study to convey how to optimize the sale and profit of one’s own primary residence.

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YOUR PROFIT FROM H O M E O W N E R S H I P

While my final profit was huge, the initial capital provided was not. For a home I purchased in Palo Alto about five years ago, I put down just under $400,000 and purchased a home on the market for approximately $1,250,000. There are certain variables that I know correlate with the good values that I direct my clients to purchase. This home had many of these markers, such as a reduced price, necessary cosmetic updates, and a slow time on the market. I lived in the dated home and was fine with that since I had already envisioned its updates upon purchasing.

When I moved out, I put $200,000 into the home, strategically updating and opening the kitchen and remodeling the bathrooms with cosmetic updates that my design team recommended. Michael Repka, the head of our listing team, priced the home attractively at $1,888,000 and sold it for $2,650,000—a profit of well over $1 million. While that is quite exceptional for a $400,000 investment, the key was leveraging this profit into my next Palo Alto home.

The motivated sellers of this much larger home had made several price drops, and their eclectic and distracting furniture and knickknacks were still in the home.

The home was both hard to show and showed poorly— again a recipe I follow to get my clients great values. When I showed this home to clients, they could not see much beyond the clutter besides the need for a complete remodel. I tried to persuade them to see the value in the home, but they could not get past the scope of work needed for a true

DELEON INSIGHT

update. Being unable to convince any client to tackle this much of a remodel, I realized this home would sell at a good deal and personally grasped its value. I eventually purchased the home for a bit over $2.6 million. I put approximately $500,000 into a major remodel and, after owning the home for 2.5 years, I sold it for $4.6 million—a total profit of nearly $1.5 million.

The home I traded up to after that was also a steal. I had no clients for this home, but I did all I could to have any of my clients buy it. Six weeks before I eventually bought the home myself, I wrote a client about this opportunity, describing the home and its high value in detail. Here are some of the highlights from the email: “There is a property in Palo Alto that I think is a great investment. While not an exact match with your objectives, I thought you should know about it.

The home has now gone stale on the market. The listing agent…just did her fourth price reduction and should you purchase this home… I know you would do exceptionally well, as the average price per square foot in this

estimate the home is now worth $2.5 million above the purchase price. These sales and purchases were all completed in a little over five years and resulted in a profit of over $5 million. The best part is that much of this profit was exempt from capital gains.

I have not previously recommended this route of effectively flipping your primary residence to maximize tax gains to my clients. The reason I did not do so earlier is because I could not fairly ask them to do what I was doing since I was only paying half of the transaction costs. For example, when I listed my homes, I paid the buyer agent commission but did not have to pay the other half since Michael Repka was my listing agent. But now, thanks to our “3% Solution,” this is a definite possibility for our clients. They too can do what I did.

“ These sales and purchases were all completed in a little over five years and resulted in a profit of over $5 million.”

neighborhood is $1,225 per square foot (without regard to lot size) and we would be getting the home for barely over $1,000 a square foot and have a very large lot in Palo Alto. This home is not a perfect fit, but since it is a good value I wanted to let you know about it.”

My client, a C-level executive at one of the Valley’s largest companies, appreciated knowing about the home, but did not want to have to take care of the cosmetic updates. After purchasing this good value, I

DELEON INSIGHT

My buyers will indirectly save on transaction costs when purchasing a DeLeon home, as the sellers will likely allocate some of the commission savings to them, and the sellers will directly benefit by paying only three percent (3%) commission should the buyer come in with a DeLeon Realty agent. We offer the same advice, remodeling, and design resources for my clients that I use myself. Given our new model, there is no longer any barrier to my clients also making millions in a few years.

There are two exceptional tax exemptions that the government gives to us. One is the $500,000 exemption on your primary residence that we just discussed. The even larger one is that the government lets you bequest $5.49 million per person (nearly $11 million per married couple) without paying any estate or gift tax. Sadly, most Americans do not even come close to taking advantage of that as the average American leaves only $177,000 to their heirs (per an HSBC inheritance study). If you properly follow my team’s advice on housing and make strategic choices about where to purchase your home and what remodeling to do before reselling, hopefully you will have the first-world problem of your heirs having to pay some estate taxes because you did such an exceptional job investing in your primary residence.

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NEIGHBORHOOD SPOTLIGHT

REINVENTING A TRADITIONAL HOME BY:

T

he process of reinventing a traditional home always excites me.

Compared to new homes that are built to look like a Colonial or a Victorian, true Traditional homes with history, character, and a story to tell are always the projects that hold a special place in my heart.

Nowadays, a true traditional home built in the last century can be regarded as a “tear-down,” especially in Silicon Valley where the land is prized much more highly than the home itself. As original owners pass away or start to downsize, their homes are purchased by a younger generation of buyers who preserve these distinguished spaces, either due to a lack of immediate funds to rebuild, or an acquired appreciation for the vintage features provided by older homes.

My job as an interior designer is to honor the style of a home’s architecture while accommodating the tastes and needs of a modern family. This article will provide tips on tastefully updating a traditional home.

The Kitchen We all know the value of a remodeled kitchen in just about any home. A traditional home is no exception. But what is the right design language for a kitchen in this style of home? Rather than matching the original home and installing a millwork kitchen with intricate molding and glazing paint, you

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can almost always count on traditional homes to be renovated with a “white Shaker-style kitchen.” This look is transitional, neutralizes the space, and instantly makes the home feel more modern. However, attention should be paid to the details, such as the appropriate shade of white, the correct form of Shaker, and the right amount of glass and metal accents. Since a kitchen is the focal point of a house, it may be prudent to seek an interior or kitchen designer to assist with the update.

Existing Details A traditional home almost always comes with ornate built-in elements, such as wainscoting and decorative molding with intricate designs, often painted different colors in order to emphasize the designs. Removing the moldings and redoing the drywall can be costly, but there are ways to convert these features to fit a more modern space.

Today’s modern family likes to keep things simple. One well-selected white or grey shade can mask and neutralize the overly decorative and dated look of moldings. This technique gives off a retro look while still paying homage to the original feel of the home.

This method is often seen in Parisian homes that were converted from older buildings.

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DELEON INSIGHT

LEAH LI |

INTERIOR DESIGNER

traditional homes often do not get the appreciation they deserve. When people think of traditional homes, they immediately think of spaces lined with floral wallpaper, accessorized with items like an upholstered chair with a paisley pattern or a chunky leather couch.

The right furnishing and art, however, can modernize while complementing the traditional features of a home. The goal is to turn the house into a more updated version of itself without losing character.

Incorporating both old and modern furnishing, when done right, results in classic elegance and warmth.

As an interior designer whose goal is to bring out the most selling potential of a home, I work closely with my stager to select the right look and pieces to best complement the charm of each traditional home, thus maximizing the buyer pool by using a fitting aesthetic. For example, in the recent transformation of 1 Barry Lane, Atherton, traditionally rich materials such as bronze, dark oak, and textiles of velvet and silk were used in more contemporary media (check out 1BarryLane.com). Whether it be a vintage armchair coupled with a contemporary tufted couch, that contrast of new versus old can blend masculinity with elegance, breathing new life into your beloved traditional home, and creating a believable living space for even younger generations to call home.

COMMUNITY CENTER OF PALO ALTO

BY:

ADRIAN TAN

REALTOR® , MBA PALO ALTO BUYER SPECIALIST

2017 NEIGHBORHOOD SUMMARY AVERAGE SALES PRICE AVERAGE PRICE PER SQUARE FOOT AVERAGE DAYS ON MARKET

Community Center, as it is appropriately named, is just that—a community-centric neighborhood of Palo Alto where residents feel a strong connection to each other and the neighborhood itself.

With a population of approximately 2,000, Community Center sees very low turnover with only 14 homes being available and sold in the past 12 months.

Location Bounded by Embarcadero Road, Middlefield Road, Channing Avenue, and Newell Road, Community Center contains a surprising number of attractions for such a small neighborhood. Palo Alto Junior Museum and Zoo, a performing arts theater, and 19-acre Rinconada Park are just some of the great locations available for residents to gather and meet. Many residents in Community Center have lived there for decades, further adding to the charm and communal feel of the neighborhood.

Community Center is also just a leisurely walk away from downtown Palo Alto and famous University Avenue. Fine food and retail stores abound to appeal to a wide array of tastes. You would be hardpressed to find better amenities and access to world-class dining and retail in such close proximity to a truly fantastic neighborhood.

Housing Low inventory and high demand are prevalent in Community Center.

Community Center has an average sales price of $3,449,444 year-to-date, with an average price per square foot of $1,739 (all stats per the MLS). Typically built around the 1950s, Community Center homes are usually grouped into bundles which exist on standard lots of 7,500 square feet. The unique construction and building structures further add to the charm of the Community Center neighborhood. Community Center also includes one of Joseph Eichler’s final developments constructed in 1973 on the former Harker School location.

Investment Community Center is mainly made up of residences occupied by owners, and the proximity to downtown Palo Alto, Stanford University, and Silicon Valley makes it an ideal location for any residential investor. In addition to the tech companies that boost

Schools Excellent public schools are perhaps one of the best reasons to live in Community Center. Both Addison Elementary and Walter Hays Elementary rank 10 out of 10 on the GreatSchools rating list. Additionally, both Palo Alto public high schools were recently ranked among the top five in California for academics, and the entire Palo Alto Unified School District was ranked #1 in the state and #18 nationally by education content provider Niche.com.

DELEON INSIGHT

$3,449,444 $1,739 8 the Silicon Valley housing market, Stanford University is an excellent indicator of the future of Palo Alto and all of its neighborhoods, including Community Center. Globally ranked as a top university, Stanford upholds its world-renowned status which then reflects on local areas, ensuring that popular neighborhoods like Community Center will continue to improve as time progresses.

Financially speaking, investing in a Palo Alto neighborhood, let alone one as difficult to enter as Community Center, can only be a good investment. The median sales price of all properties in Palo Alto has risen eight percent in the last year and 67 percent in the last five years. Together with the tax shelter and amazing financial opportunities that buying with DeLeon Realty can provide, Community Center is a sure way to get an excellent return on your investment.

1425 H A R K ER AV E

LISTED AT $5,988,000 SOLD FOR $7,060,000 |

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NEIGHBORHOOD SPOTLIGHT GREEN GABLES OF PALO ALTO BY:

and Triple El. While the specific valuation of any property is always based on the unique combination of parcel size, finished square footage, assigned schools, and location considerations, the median sales price for single-family homes in Green Gables has risen by 22.8 percent since the beginning of 2014 (all stats per the MLS).

ROB PARISH

REALTOR®, ATTORNEY ATHERTON, MENLO PARK, PALO ALTO BUYER SPECIALIST

GUIDELINES TO MARK ETING SELLING - POINTS BY:

O

ften, when many people tell the same story, it will change slightly each time it’s told. The same holds true for a home. Each buyer who steps through the front door will see the home a little differently than the previous buyer. An imposing, rustic stone fireplace might attract some people, while a sun-lit, open-concept space might resonate more strongly with others. Similarly, a two-story home may communicate privacy to one buyer, while a one-story home may echo convenience to others. Every home has different selling-points, and understanding how to appropriately market them is a crucial step in selling the home quickly. Since there are so many different ways to look at a home, this article will describe some guidelines that can help showcase a house in its best light.

A good way to encompass all of the different perspectives of various buyers is to hone in on main components that create function, style, or sophistication.

Open-concept rooms are an excellent example of a desirable feature that promotes function, because of the spacious and flowing layout which provides ample opportunity for communal living, as well as potential for easier indoor-outdoor access.

Technological amenities such as home automation, dimmable lighting, or touch-screen climate control can offer a more modern and sophisticated appeal to a space, while crown molding and wainscoting showcase a home’s character in style. In order to appeal to the broadest range of buyers, focusing on how the features affect the function and style of a home are key.

Perspective When walking into a home for the first time, potential buyers will often try to picture how they would utilize the space. Would they make full use out of the butler’s pantry? How often would they go swimming in the pool?

Could they convert that fourth bedroom into an office? Thinking about all the advantages a home can have is dizzying, but it’s important to gather all of those details and showcase them in a way that will provide the maximum amount of potential buyers the ability to see themselves living in that house.

Potential Seeing the potential in a home isn’t just seeing the home as it is, but seeing what it could be. In order to help understand what aspects can prove a home’s potential, it’s beneficial to think about what specifically makes a home attractive. What features really enhance the home, and make it more than the sum of its parts? Factors like location, storage, recreational space, and natural light give potential buyers desirable options and ways to customize the home to be their own, while still incorporating the home’s original beauty that first drew them to look at the home.

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SARAH LAST |

COPYWRITER

Prioritization Sometimes, in custom homes or homes that have been recently built, the spaces have been outfitted with an incredible number of excellent features. In order to keep information succinct and potential buyers from being overwhelmed, it’s necessary to know how to prioritize one feature over another. If the style of a house leans more toward being techbased, then it’s best to call out modern features like remote-controlled window shades, touch-screen automation, or high-end kitchen appliances. A home could have a wealth of character and charm, but be located within strolling distance of parks and the area’s top schools. Since location is paramount, especially in Silicon Valley, it’s vital to put the benefits of the area into the spotlight, while still using the home’s original charm as good background information.

Understanding these three points helps to keep in mind the best features of a home to market, as well as to find the right house for potential buyers.

Regardless of whether a home is old or new, custom-built or spec, to DeLeon Realty’s marketing team, whatever lies on the other side of the front door is rife with opportunity.

For savvy buyers wanting access to the premier schools located in North Palo Alto, the Green Gables neighborhood has traditionally been viewed as the value option. With beautiful parks, treelined streets, easy access to commute corridors, and two neighborhoodfocused shopping districts, the desirability of this neighborhood is both obvious and confirmed by the fact the average time on market for home listings has been between nine and 14 days over the past three years.

Because the housing stock there is generally older and North Palo Alto is so desirable, one feature outweighs all others when investors and builders consider the future potential of new listings in Green Gables: is the property located in a FEMA-designated flood zone? The reason for this focus is Palo Alto’s strict formula for calculating the maximum floor area (MFA) allowed for any parcel (see Palo Alto Municipal Code Section 18.12.040). Basements are NOT included in MFA calculations, and basements can only be built outside of the flood zone. Since new construction generally costs between $300 and $450 per square foot, depending on the architectural style, and finished new homes are selling for $1,600 per square foot, the desirability of an extra 1,000 to 2,000 square feet of lower level living space for projects outside of the flood zone is compelling.

As used in this article, Green Gables incorporates the homes within the following boundaries: Middlefield Road to the south, Oregon Expressway to the east, Highway 101 and San Francisquito Creek to the north, and Newell Road and Embarcadero Road to the west. Green Gables takes its name from a small subdivision of 63 one-story homes built

by Joseph Eichler in 1950. Mr. Eichler’s subdivision was universally praised for applying modernist principles to affordable housing, and the subdivision was added to the National Registry of Historic Places in 2005.

There is also a wonderful collection of other small districts within the larger Green Gables area. These districts were mostly built between 1930 and 1965, and include the neighborhoods of Embarcadero Oaks, Garland Park, Leland Manor, Duveneck/St. Francis,

The Embarcadero Oaks and Leland Manor neighborhoods are the most

desirable neighborhoods outside of the flood zone, and properties within these districts will continue to demand a premium. A great case in point is 806 Seale Avenue, located in the Leland Manor neighborhood. This beautifully remodeled home of 3,422 square feet sold off-market this spring for $5,500,000.

The buyers were seeking great schools, updated spaces for their growing boys to play, and a central location to simplify the parents’ commutes up and down the Peninsula.

Green Gables in Numbers With the median sales price for a single-family home in North Palo Alto climbing to over $3 million, the Green Gables neighborhood will continue to attract new families, move-up buyers, and investors alike. With a relatively low inventory and continuing high demand, DeLeon Realty forecasts five to seven percent appreciation in the Green Gables neighborhood over the next 12 months.

2014

2015

2016

2017 (YTD)

$2,520,000

$2,800,000

$2,821,000

$3,095,000

AVG. PRICE PER SQ. FT.

$1,417

$1,514

$1,555

$1,626

AVG. DAYS ON MARKET

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10

14

9

NUMBER OF SALES

37

39

41

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HIGHEST SALE

$4,988,999

$6,188,000

$7,795,000

$5,910,000

LOWEST SALE

$1,415,000

$1,400,000

$1,820,000

$2,020,000

NEIGHBORHOOD SUMMARY

MEDIAN SALES PRICE

DELEON INSIGHT

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DELEON REALTY

M E N L O PA R K CREATING YOUR LIFESTYLE

“

Lifestyle” is defined as a “particular way of living; the way a person lives or a group of people live.” A lifestyle is a composite of motivations, needs, and wants, influenced by factors such as culture, family, peer groups, and most importantly - where we live.

When making a homebuying decision, most buyers have a particular list of things they are looking for (e.g., price, location, size, floorplan).

Savvy homebuyers also consider the surrounding neighborhoods, schools, commute to work, and access to basics (e.g., groceries, restaurants, entertainment). But one of the key elements to a happy homeowner is when that formal list intersects with a quality lifestyle.

When considering Menlo Park, a buyer may be quick to note that it has 15 distinctive neighborhoods, a population of highly educated and sophisticated citizens, and a charming downtown. Home to Facebook and many capital venture firms, Menlo Park offers homebuyers a place to raise their families and enjoy farmer’s markets, recreational parks, and the Summer Concert Series.

In 2013, Menlo Park was named by CNN as one of the top 15 places to be rich and single. So, if you are in that crowd, chances are you will be looking for information on hip restaurants and local watering holes where you can mix and mingle with your new neighbors!

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BY:

ANNALIESE TRAIN

REALTOR ® ,JD, MENLO PARK BUYER SPECIALIST

With that in mind, there are a few longstanding local spots that are worth a visit.

A favorite with the locals, Left Bank Brasserie is a Southern French-inspired restaurant with a friendly crew ready to serve signature cocktails and happy hour fare. Regulars lounge in the patio area on warm nights, enjoying fares such as escargot, fondue aux fromages, and tarte flambée au saumon fumée.

Not far from Left Bank is British Bankers Club. Closed a few years ago, its new owner also runs Palo Alto Creamery, Gravity, and Reposado in Palo Alto, plus Scratch in Mountain View.

An elevator will whisk you up to The Rooftop for hand-crafted drinks, a raw oyster bar, and other delicious fare. A lively soundtrack, friendly bar staff, and a fresh breeze make this a hotspot.

Another longstanding attraction is Rosewood Sand Hill, which the locals simply refer to as the “The Rosewood”.

Extremely popular on Thursday nights, this upscale lounge is a destination for the capital venture crowd and is known for pulling well-clad visitors from sister cities who are looking for a lively nightlife. You’ll find excellent food in the bar, plenty of tables and couches inside the darkened lounge, and an outdoor deck with views of the Santa Cruz Mountains.

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locals. Open for over 45 years, it offers an outdoor tree-shaded patio and is wellknown for burgers, brews, and deviled eggs. Arcade games and eight TVs round out the scene. Similar in feel and food, Oasis Beer Garden is a favorite for Stanford students and professors to meet up after finals, for a game, or just to hangout.

Another spot that is worth a mention is The Refuge on Crane Street. This cheery gastropub is favored for pastrami sandwiches and Belgian brews, and was listed live on Food Network for “Best Diners, Drive-Ins, and Dives.” Ample seating and sizable meals put this place on the map.

Last but not least is Landmark Guild Theatre on El Camino Real. On the first Saturday of each month, the Guild gives homage to the longest-running midnight movie of all time, The Rocky Horror Picture Show (1975), which was the first— and is still the best—interactive movie experience.

All in all, Menlo Park’s social scene caters to a sophisticated lifestyle while also offering more modest settings for relaxing and people-watching. If you are considering Menlo Park, let me, the DeLeon Menlo Park buyer specialist, introduce you to your new neighborhood, and toast your new home purchase at the watering hole of your choice.

DELEON INSIGHT

DELEON REALTY A proud Platinum sponsor of the Menlo Charity Horse Show benefiting Vista Center for the Blind and Visually Impaired.

650.543.8500 | www.d e l e o n r e a l t y.com | DeLeon Realty CalBRE #01903224 DELEON INSIGHT

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SILICON VALLEY BY:

KEN DELEON, ESQ. |

WORLD LEADER IN INNOVATION

FOUNDER

I was invited to an international real estate conference in South America to discuss what factors led to Silicon Valley’s rise, and how it consistently reinvents itself through continual innovation. This article explores what unique factors led to Silicon Valley’s explosive growth. By identifying these, other regions can follow a successful blueprint to build their own innovation centers.

successfully sued for stealing the proprietary trade secrets of the original company. When an employee would leave one company for another, this often resulted in trade secret litigation, and verdicts often favored the company from which the employee left. This was a large disincentive for employees moving from company to company, and less ideas were spread.

Conversely, California favors employees from a policy perspective, and it is much harder to effectively sue an employee for misappropriating a trade secret. Consequently, California companies tend to sue less frequently and employees frequently switch from company to company, creating a cross-pollination of ideas that accelerates innovation. Even as trade secret law becomes increasingly litigated under federal laws, California courts are less inclined to favor companies over employees.

Silicon Valley is a region of worldwide fame that is often emulated, yet has never been successfully replicated. How did this small region grow from humble origins 70 years ago into the economic juggernaut that is now the epicenter of world innovation?

As late as the 1960s, Silicon Valley was primarily an agricultural community, and nearby Stanford was a very good but not yet great university. With the founding of Fairchild Semiconductor and some federal defense spending based in the Valley, a small technology center sprang up, and a cluster of innovative companies began having employees switch from company to company. By the 1980s, Silicon Valley had become America’s second technology hub. However, it was not as large or successful as the “Massachusetts Miracle,” or the many now-defunct technology companies headquartered in Boston and founded by Harvard and MIT alumni, which at the time was an even more potent combination than Stanford and Berkeley. Yet Silicon Valley leapfrogged past Boston to become the predominant worldwide region of innovation due to legal, economic, and cultural differences that showcase the building blocks of Silicon Valley.

Additionally, California is one of only three states that prohibit non-compete clauses for employees. California’s focus on the rights of employees triumphing over employers resulted in Silicon Valley’s free flow of employees among competing companies, and this accelerated insight and innovation.

Economic Differences The technology companies that once thrived in Boston include Digital Electronic Company, once the world’s second largest computer manufacturer after IBM, and others like Wang, Data General, and Lotus. These companies were organized as large vertical hierarchies with rigid career ladders where change occurred slowly and rarely and came solely from top management. Silicon Valley companies, even as they scaled up in size, are horizontal in management style, and teams move nimbly from project to project. There is not a top-down managerial style as employees are encouraged to innovate and recommend changes.

In the 1980s, the technology companies of both Boston and Silicon Valley faced strong obstacles. However, Silicon Valley overcame and thrived through adapting, whereas Boston’s companies forever lost their competitive edge. The factors that led these regions to have very different responses to adversity are the reasons that continue to drive Silicon Valley today.

Legal Differences Massachusetts has a very traditional view of employment law and intellectual property protection. Their trade secret laws were very favorable to employers and, as a result, employees who left one technology firm for another were often

Within the boom-and-bust cycles of technology, the Japanese started to dominate the semiconductor industry, and the computer industry shifted from mainframe to personal computers. The Massachusetts companies were slow to react. However, Silicon Valley companies regenerated and started with new focuses and new teams, addressing

new problems that they could again be the best at solving in the world. While Silicon Valley has had many evolutions, and the focus of the Valley has changed from semiconductors to hardware to software to social networking—and now to platforms like artificial intelligence, virtual reality, and selfdriving cars—the focus is always on constant innovation and adaptation to stay ahead of the competition.

The success of Silicon Valley has come with its own set of problems—such as now being one of the most expensive places in the world to do business—but the consensus is that the advantages of being within this thriving ecosystem outweigh the very high costs. Proximity to so much technology and talent expedites the speed of innovation, allowing local companies to both become the first to the market with new products and to quickly adapt to market changes.

Cultural Factors Any time that you seek to create something new, success is the goal, although failure is the norm. How Silicon Valley both accepts and ultimately embraces failure is one major cultural difference that sets it apart. Whereas the rest of the world generally has the mindset of “Do not fail,” Silicon Valley embraces failure and instead seeks to “Fail fast” and “Fail forward.” Most entrepreneurs and venture capitalists in Silicon Valley expect that nine out of 10 start-ups will fail.

But when a start-up such as Google or Facebook succeeds, it provides an exponential return, allowing for continued calculated risk-taking. Throughout the world, failure is viewed as a stigma that often prohibits future funding or even getting another job. In Silicon Valley, failure is viewed as instructional, and entrepreneurs who have failed are viewed as wiser and more experienced.

Many have questioned why Europe, with all of its talented engineers and strong universities, has not produced a Silicon

Valley equivalent. A New York Times article entitled “A Fearless Culture Fuels US Tech Giants” points to the stigma towards failure in Europe—and consequent decline in risk-taking—as one of the major reasons for Europe’s lack of innovation relative to Silicon Valley.

The results speak for themselves. American technology companies compose five of the top six most valuable companies in the world, and all of these companies were founded in the last 50 years. These include #1 Apple, #2 Alphabet (Google), #3 Microsoft, #4 Amazon, and #5 Facebook. No European company was ranked in the top 15 most valuable companies in the world. And, of the 10 most valuable companies in Europe, only SAP (#47 worldwide by market cap ranking) was founded in the last 50 years.

Another cultural phenomenon of Silicon Valley is that its companies create platforms instead of products. Most companies or regions focus on making as many products as possible. Silicon Valley companies focus on a platform such as Facebook or Uber and often will never even build a product. While any particular product will have limited applications, a platform presents exponential returns when successful, and can be expanded over time to become large enough to benefit from a network effect.

Silicon Valley is arguably experiencing its own network effect as it is continually viewed as the region where the world’s best and brightest meet to fund and implement their visions to change the world. Residents also provide an ideal testing ground for technology products that are being created.

With a diverse and cosmopolitan population, Silicon Valley inhabitants are early adapters, always first to purchase the latest technological innovation and embrace new concepts such as Tesla’s electric car or Google’s self-driving car. Having such an ideal audience to test its products is another advantage that Silicon Valley has.

In a world of increasing chaos and uncertainty, Silicon Valley continues to be a beacon of light and knowledge that successfully navigates an unprecedented journey, providing a roadmap to other regions seeking similar growth and innovation.

At DeLeon Realty, we are inspired by our clients to continually innovate, and we are honored to be the top team in the most inventive and creative region in the world. ®

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STANFORD UNIVERSITY HOUSING, HISTORY, AND ARCHITECTURE BY:

A

s the 9-2 favorite, Always Dreaming, pulled away from the 20-horse field to win the 2017 Kentucky Derby, sophisticated digital cameras instantly captured the power and grace of the equine athletes racing down the muddy track. But it wasn’t always so. In fact, the development of motion photography started in our own backyard, some 30 years before the first Model T rolled off the Ford assembly line.

In 1872, former Governor Leland Stanford commissioned Eadweard Muybridge, a landscape photographer, to prove that a horse lifted all four feet off the ground at some point during its stride; if you believe the folklore, there was a $25,000 bet at stake. Leland Stanford, the powerful politician and capitalist, and the colorful Muybridge (who shot and killed his wife’s lover, and was acquitted on the grounds of justifiable homicide), were remarkable characters, and this undertaking was right out of a movie script—if movies had been invented.

Muybridge’s early efforts were not successful, and no progress was made for a few years while he dealt with the murder trial and later traveled in Central America taking photographs. In 1877, he captured a photo of Stanford’s trotting horse, Occident, with all four feet in the air, but because the negative was retouched (a normal technique at the time), the press dismissed the photo.

Muybridge continued to experiment and refine his photographic techniques, ultimately developing a method for

DAVID HALL

REALTOR®, ATTORNEY, SENIOR BUYER SPECIALIST

using multiple cameras to capture the sequential images of a racing horse.

Finally, on June 15, 1878, Stanford’s top thoroughbred, Sallie Gardner, raced down a track rigged with 24 cameras and trip wires, and Muybridge had his photos, definitively proving that horses do “fly.” When Muybridge later mounted these images on a rotating disk and projected them on a screen, they produced a “moving picture” of the horse at full gallop. While other visionaries and inventors, like Thomas Edison and the Lumière brothers, developed and refined the technology leading to motion pictures as we know them today, Sallie Gardner at a Gallop is arguably the first motion picture.

Muybridge used determination, patience, and creativity to solve the technical challenge of capturing a moving horse on film, and Stanford supported the venture with the equivalent of $1.1 million dollars for “R&D.” Fast forward to 2017, where the Stanford real estate team utilizes the same determination, patience, and creativity to find solutions to the challenge of providing housing for its faculty and staff. More visionaries than dreamers, the Stanford team is making bold moves up and down the Peninsula.

For example, in late April, Stanford University paid $130.5 million to purchase the 167-unit Colonnade complex in Los Altos, which will provide housing options for Stanford employees.

The well-appointed apartment

development includes one- and twobedroom apartments renting from $2,390 to $4,396.

The Stanford Housing Office has financial programs available to new faculty and employees who meet defined eligibility criteria and who do not own a home in the qualifying area. Here’s a summary of each program: • The Housing Allowance Program (HAP) is a taxable fringe benefit that supplements income upon the purchase of a home.

• The Mortgage Assistance Program (MAP) is an interest-only loan with a low current interest rate and deferred interest due at payoff.

• The Deferred Interest Program (DIP) is a loan with no payments until the principal and deferred interest are paid in full.

• The Reduced Interest Program (RIP) is an interest-only loan with a low or zero interest rate. There are no principal payments until the loan is due. RIP has a 30-year loan term.

• The Zero Interest Program (ZIP) is a loan with no payments until the principal is due. The ZIP loan may have a forgivable feature.

Stanford also has housing lotteries to purchase and rent homes. The university often sells the improvements while maintaining ownership in the land, utilizing a ground lease arrangement.

DeLeon Platinum leads with luxury.

We take an integrative and innovative approach to real estate that is unparalleled. Our staff works collaboratively to combine expertise in all facets, allowing for the highest levels of care and attention for you and your property.

With this, we consistently sell more homes over five million than any other team or agent in Northern California.

Contact Ken DeLeon for exceptional buying opportunities at 650.543.8501 To learn more about our Platinum packages for sellers contact Michael Repka at 650.488.7325

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THE

MOVE-UP BUYERS BY: DA R R EL L M A R T IN

REALTOR® MOUNTAIN VIEW, SUNNYVALE BUYER SPECIALIST

M

SOLUTION DeLeon Realty will waive the buyer-side commission on any new offer on a DeLeon listing submitted by a DeLeon buyer agent.

For terms and conditions, please visit:

www.DELEONREALTY.com

6 5 0 . 4 8 8 . 7 3 2 5 | i n f o @ d e l e o n r e a l t y. c o m | 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

any homeowners have owned their current home for a while and would like to “move up” to a larger, nicer, or more conveniently located home, but they may not be familiar with how to orchestrate that move. The two primary concerns associated with moving up are 1) the possibility of owning two homes simultaneously, and 2) the possibility of owning no home due to the inability to find a new home in a hot market.

Fourth, a move-up strategy that is the least well-known is the lease option strategy. While this strategy requires legal paperwork to protect both buyers and sellers, when performed correctly it is an incredibly powerful approach. This strategy can best be described to you by sharing a true story.

A couple owned a condo and wanted to find a single-family home that could accommodate them and their soon-to-arrive baby. After several months of looking, they finally found their perfect home, which had just gone on the market. This home had several interested buyers, and they wanted desperately to purchase the home. Unfortunately, their equity was tied up in their condo, which they needed to sell. To be competitive in this hot market, their offer needed to be extremely attractive—e.g., all-cash, no contingencies, short close of escrow—none of which were an option for them.

At DeLeon Realty, we enjoy helping our clients orchestrate their move-up transitions by utilizing a variety of strategies.

This article will describe four strategies for buyers who are planning on moving up.

First, the most commonly utilized move-up strategy is simply purchasing the new home and then selling the current home.

This strategy is utilized by buyers who do not need to sell their current home in order to purchase their new home. It is the simplest strategy.

Their DeLeon buyer specialist suggested making an offer with a lease option. The lease option was crafted in such a way that it accommodated the financial and living situations of the sellers and the buyers. The offer included two key features: 1) an up-front payment to the sellers in exchange for a 90-day option to purchase the home for an agreed-upon price, and 2) the buyers could immediately move into the new home and pay rent. Because this offer fit the needs of the sellers, they accepted it over an all-cash offer at the same price.

Second, for buyers who need the equity from their current home to purchase their new home, a strategy that can be implemented is to temporarily borrow money. The borrowed money could be from their current home in the form of a home equity line of credit (HELOC) or from their retirement funds in the form of a short-term loan. These loans would be paid off at the closing of the new home.

Third, a lesser-known move-up strategy that many buyers find beneficial is to utilize programs offered by our recommended lenders that are tailored to the needs of move-up buyers. One such lender-sponsored option that works well in hot markets is one in which the lender will qualify the buyer for the new home purchase as if the debt for the current home does not exist. The main prerequisite for this program is a signed listing agreement for the current home showing the buyer’s intent to sell it.

Because DeLeon Realty has many attorneys on staff, we can draw up carefully crafted documents that provide our clients with more and better options.

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The buyers moved into the new home, set up their nursery, and awaited the arrival of their firstborn. All the while, their condo was prepped, staged, marketed, and sold quickly for significantly more than expected. Upon the closing of their condo, the buyers immediately exercised their option to purchase the new home.

These buyers were thrilled to purchase their dream home in this hot market without needing to submit an uncompetitive offer.

Thus, in this hot market where supply is low and demand is high, it is crucial to engage a sophisticated real estate agent, like DeLeon buyer specialists, who could turn even an impossible situation into a winning offer. |

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CONSIDER C A SHING OUT NOW REALTOR®, ATTORNEY LISTING SPECIALIST

appreciation levels or even prices as more buyers will simply not be able to afford the payments required to buy homes.

The number of offers may decrease and prices may either drop or level off.

“If only we had a crystal ball” or some similar expression often makes its way into conversations with homeowners who are considering selling their properties. In the hot seller’s market that is Silicon Valley, homeowners have seen high levels of appreciation in the value of their properties over the past decade. Long-term owners who do not have to sell immediately have a hard time deciding to pull the cord and sell when that high level of appreciation could continue.

While this is possible, there are indications “when reading the tea leaves today” that now might be an excellent time to cash in on all of those gains.

Stock Markets Are Near All-Time Highs One of the most common sources for down payments in Silicon Valley are stock options. High prices require buyers to make larger down payments. The major local employers are notable for giving employees generous stock options, and those companies are traded on the NASDAQ. The NASDAQ is near historical highs, making these options more valuable, which allows employees more buying power by cashing out these options. This results in not just more buyers competing for homes, but also better-funded ones, yielding higher prices for sellers.

Mortgage Rates Are on the Rise From December 2008 to December 2015, the federal funds rate was 0.00-0.25 percent, the lowest since the inception of the rate itself, as a result of the financial crisis of 2007-2008.

As the American economy improved, the rate was raised once in 2015, but not again until December 2016, when the Federal Reserve signaled more rate increases were to come.

This held true when they raised the rate again to 0.75-1.00 percent in March 2017, and again in June 2017 when the rate was increased to 1.0-1.25 percent.

Volatility in National Politics Regardless of political opinions, it is difficult to disagree that there is significant volatility in the federal government.

The stock market rally, up approximately 20 percent in the last eight months, has been driven partly by the hope that President Trump and the Republicans in Congress will successfully repeal the Dodd-Frank security regulations.

Sellers have also held off listing their homes, hoping President Trump’s promise to lower taxes would pass, which effectively would reduce the capital gains tax rate, and thereby the amount of tax sellers will pay on their proceeds.

However, as President Trump has run into significant roadblocks in other legislative pushes, some are doubting his ability to achieve either goal. If it becomes more likely that these will not occur, the stock and housing markets will likely react negatively, impacting the results for sellers in the future.

BY:

ALEX SEROFF

Mortgage rates are driven by the federal funds rate, and as such, they have gone up in recent months. Many millennials have been waiting to buy their first home in hopes that the market would turn in their favor. However, as mortgage rates rise, the amount of homes they can afford has decreased due to increasing payment amounts. They are getting pushed off the sidelines to get into the market while still possible, locking in a still-low mortgage rate. In turn, the increase in the number of millennials buying homes has resulted in more offers and higher prices.

While there is no way to read the future, many signs point to now being an optimal time to sell and cash in the gains that sellers have already seen. This allows sellers to avoid the risk factors that are looming as legitimate possibilities on the horizon.

While the short-term impact of rising mortgage rates is positive for sellers, in the long-term it will serve to reduce

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RENOVATION & RE-SALE

BY: JILLIAN

MRSNY |

INTERIOR DESIGNER

T

here is a fine line between creating a trendy home renovation and a lasting home upgrade. Using trendy materials and designs in your next upgrade can be appealing ways to bring your home into the current century.

However, it can also be the downfall in creating an upgrade with a lasting appreciation, for trending style often lacks the longevity needed to make an impact on the home’s re-sale value beyond five years. Trending design styles and materials may be hard to resist incorporating into your remodel, but by avoiding these short-lived style choices, you will be able to create an updated look with a far longer lifespan. Keeping in mind when you plan to sell will aid you in making the right style and design choices for your home.

Whether you recently bought a home for an investment or a decade-long stay, understanding your home’s projected appreciation can aid you in making well-informed decisions on home upgrades. As an investment, having the foresight of which remodeling efforts will create value multipliers and resale assets can make the difference in facilitating a stronger return for your home. Besides functionality, individual taste and usability are the leading catalysts behind most home renovations.

Although personalized renovations are highly desired, they can often hinder the effectiveness of the upgrade on the

re-sale value. By utilizing the DeLeon buyer team and interior design staff, we will be able to guide you into making successful upgrades for the future of your homeownership.

The easiest way to update your home is through material upgrades. Whether new countertops or flooring, material choices can often be the most confusing and overwhelming part of a renovation.

Before starting your renovation, it’s easy to become bogged down learning about the thousands of material and layout style choices. Expensive material mistakes can be a hard lesson to learn.

Guidance through material selection is one of the many ways our design team can help you avoid a common remodeling mistake. Through our combined experience working with both buyers and sellers, our design team understands the durability of products as well as the future of trends. By selecting the right material for both your home’s functionality and re-sale value, our team will be able to help ensure your selection receives the highest investment in your next home renovation.

Besides material upgrades, new homes can often require layout or functionality improvements. Understanding how best to improve awkward layouts or utility of a space is not always easy. By no means should you be planning your next renovation around one specific buyer’s

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taste; however, it is possible to make selective design choices with the future use of the space and home resale in mind. It is important to not only improve a home’s functionality, but also to keep in mind possible impacts on the re-sale value. Our design team can work with you to come up with the best solution to manipulating house deficiencies in an economical way.

Having a better idea of your home’s appreciated sales price will allow you to make smarter budget decisions on each upgrade. Understanding the ratio from investment value to appreciative value may be the deciding factor in the budget you give for your next home renovation.

Lavish upgrades and premium material choices are not always reflected in the sale price equivalently. Having our team guide you through a realistic appreciated value of your next home renovation can help ensure the budget for your upgrade can realistically be amplified when reselling.

Having an understanding of your home’s appreciation over the next several years will ensure that you are able to focus your renovation budget on multipliers rather than money pits. Our team will be able to give you informed insight so you can better understand which improvements will offer the largest financial returns.

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HOW TO MARKET TRENDS

COMPE TE AGAINS T A N A L L- C A S H O F F E R BY:

CAROLINE WONG

REALTOR® , ATTORNEY LOS ALTOS, LOS ALTOS HILLS BUYER SPECIALIST

I

often hear of buyers’ fears of competing against cash buyers. As a Bay Area native, I have witnessed many of my friends move away to more affordable cities, partly due to high real estate prices and the frustration of competing against cash buyers.

The buyers I represent are often in technology or professional industries— individuals with great salaries but not necessarily a large amount of liquid assets. They are able to get loans with competitive interest rates through our preferred lenders, but oftentimes are forced to compete against all-cash offers.

A recent survey of listing agents showed that approximately 33 percent of offers in Silicon Valley were cash offers—the highest in California, with San Francisco following closely behind at 30 percent.

The following are some strategies that I have used to get my buyers’ financed offers accepted when competing with cash offers.

Deal Structuring Incorporate terms into the purchase contract to sweeten the deal. Since cash offers will not need financing or appraisal contingencies, a financed offer should come as close as possible to these terms. If you are working with a good lender, they should be able to vet your financial strength. Make sure you have provided accurate financial documents

upfront to the lender so that your file is fully underwritten, making it easier to remove a financing contingency.

A good agent will know the neighborhoods and market trends, and will be able to do a proper comparable market analysis to come up with the fair market value of the home. Don’t get caught up in a bidding war; understand the fair market value of the home so there are no appraisal issues. If you must have either a financing or appraisal contingency, then choose one or the other, depending on your circumstances, and shorten the days of contingencies.

An experienced agent and lender can work quickly to accommodate the schedule.

There are other ways to structure an offer to make it more attractive to the seller without adding undue risk to the buyer. However, these techniques require the agent to have a deep understanding of real estate law. Fortunately, DeLeon Realty provides free access to a real estate attorney.

“Love Letter” to the Sellers Sellers rarely ever meet buyers, so one of the only chances for buyers to introduce themselves is through a letter.

Introduce yourself and talk about why you like the home or location. Take a step further and do your due diligence on the

sellers by finding a commonality as a talking point. For instance, if the seller is a philanthropist, then talk about your volunteer work in the community.

Just recently, one set of sellers accepted a lower offer because they liked our buyers’ letter. Although there were two offers that were higher (with the same terms), the sellers chose a financed offer that was almost $50,000 lower.

The sellers made a connection with our buyers after reading their letter. The sellers were already making a lot of money on the home, but the emotional factor of being able to transfer their house to someone who treasured the home just as much as they did made a strong impact on them.

Consider going the extra mile to film a video introducing yourself to the sellers.

A video enables your character to shine.

At DeLeon Realty, we have a dedicated, professional film studio that our buyers often use to film great videos conveying their love of the home they are offering on. If a picture is worth a thousand words, then a video is priceless. In the end, if there is a tie-breaker and the sellers know more about you, your offer may eke out a close win.

Show Me the Money If you have money in the bank, show the seller your strong finances. For

“. . .3 3 % o f o f fe r s i n

S i l i c o n Va l l e y

were c a sh of fer s .”

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example, if the down payment to purchase the home is $800,000, and you have $1,000,000 in equity, show them your entire net worth.

Showing the seller that you are financially secure does not mean you have to overpay for the home. Sellers like to be reassured that in the event of any loan mishap, the buyers have enough finances to move forward with a deal.

Offering the Sellers a Rent-Back Sellers are often trading up to another home and oftentimes need the funds from their home closing to purchase their next home.

Buyers who have flexibility and can provide a rent-back (generally for two months) will be viewed more favorably than those who cannot. This rentback period can be invaluable to the sellers as this gives them the time and flexibility to both find a home they like and not be rushed and forced to overpay. While negotiations such as price can be zerosum (where the buyer agent wants to get the home for the lowest price possible but the listing agent and seller want the highest price), negotiating the rent-back can be a big win for all parties. Sellers greatly value this flexibility, and will reflect that in a lower purchase price or choosing the rent-back offer over a cash offer that could not provide a rent-back and instead required immediate occupancy.

Each buyer situation is different, and there are alternative creative solutions for every scenario. Cash is king, but that’s not to say that financing can’t win in our democracy.

THE DELEON A D VA N TA G E At DeLeon Realty, we understand that it takes a great deal of trust and market knowledge to ensure that our clients receive the best possible outcome, whether they are buying or selling their home. The community of Silicon Valley is remarkably driven and knowledgeable. We value this mindset and strive to exceed your expectations in the field of real estate. Because of this, our company ethos is completely client centric.

3% Solution Interior Designer & Handyman Services Team Environment

#1 Real Estate Team

We take no buyer-side commission when you buy one of our listings by using one of our dedicated buyer specialists Complimentary time with our interior designer and handyman to make your house a home Our highly educated agents are continuously learning and working as a team for your best outcome Once again we have been ranked #1 Real Estate Team in California

We hope you have a wonderful summer and we invite you to stop by one of our many open homes this SUMMER SPLASH season!

Find out more at w w w. D E L EONR E ALT Y.co m

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REVERSE 1031 EXCHANGE

MARKET UPDATE

P

BY:

ANNALIESE TRAIN

eople love selling real estate at a profit, but they generally hate paying the associated taxes. Fortunately, IRS Code §1031 allows investors to sell appreciated property and replace it with another property without current recognition of the gain. In other words, they get to sell now and pay the taxes later (if at all).

WINNING PR EEMP T I V E O FFER S

I

n a hot seller’s market such as Silicon Valley, many buyers have undergone a bidding war and were rejected, at least once or twice. This process is not only frustrating and stressful, but emotionally draining on buyers. Buyers in such a market can get what they want without joining the race, but they need to have some winning strategies. One such strategy is submitting a winning “preemptive offer.”

A preemptive offer is an offer that is made before the seller’s designated date to hear offers, or before the property is listed on the Multiple Listing Service (MLS). In Silicon Valley, sellers generally want to expose their homes to as many buyers as possible in order to drive up the sales price through multiple offers.

Why would a seller accept an offer without the benefit of full market exposure? Wouldn’t they get more money if they wait for all the offers to come in to drive up the sales price?

There are several reasons sellers may want to sell without full market exposure. The key is understanding the sellers’ situations and crafting the offer in such a way that it would be impossible for the sellers to resist. For example, some sellers may feel the 24

BY:

HUY VU

REALTOR®, ATTORNEY, PALO ALTO BUYER SPECIALIST

pressure to sell quickly because they already bought another home. Waiting several weeks and wondering if they’ll receive an offer, let alone a good offer, may be too risky for them. Some elderly sellers or sellers with small children may find the process of listing the home (e.g., home preparation, marketing, broker tour, open houses) to be disruptive and bothersome. Some sellers may not want or have the money to fix the home up before listing it on the market.

In these situations, a strong preemptive offer may entice the sellers into a quick sale. The emphasis here is a strong offer that not only meets the sellers’ needs, but exceeds their expectations. For instance, the offer price is strong, has a large deposit, no contingencies, and includes free-rent back to the sellers.

There are, of course, some drawbacks to submitting a preemptive offer. The home may not be turnkey, but then the home would be improved to the buyers’ tastes, and probably for a much lower total cost than what the home would have sold for had it been in a bidding war. The buyers may not know if they overpaid for the property, but then the sellers could have sold the property for more if they expose it to the public.

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shop around for better offers from other interested buyers, but that is assuming the listing agent is aware of these buyers.

Further, if it’s a strong preemptive offer with a short window for the sellers to response, the other buyers may not be prepared or have time to submit their offers.

Thus, in this hot seller’s market, to avoid the bidding war and the anxiety of losing out on the perfect property, the buyers should be decisive and be prepared with winning strategies to get their perfect home. Working with a knowledgeable, local real estate agent, such as a DeLeon Realty buyer specialist, is crucial.

Typically, a real estate investor will sell or “relinquish” an investment property first, and then proceed with the purchase of a replacement property in order to capitalize on IRS Code § 1031, deferring capital gains taxes until a later time. As long as the investor identifies a qualifying replacement property within 45 days and closes on that purchase within 180 days after the close of the relinquished property, the investor is entitled to defer paying capital gains taxes. This is a logical approach for most real estate marketplaces where inventory is balanced with buyer activity.

In Silicon Valley, however, there is the hazard of selling first due to the shortage of potential replacement properties and the bidding wars that accompany those sales. The worst-case scenario is that you sell your investment property thinking you’ll be able to identify and close on a property within the 45-/180-day IRS guidelines, but find that impossible due to extremely low buying opportunities that match your replacement value budget (equal to or greater than the previously sold property) and investment

REALTOR®, JD, MENLO PARK BUYER SPECIALIST

goals (e.g., multi-family unit, commercial space, single-family residence rental).

In a marketplace where multiple offers are the norm, prices can skyrocket and options may be more limited than anticipated. IRS rules are strict and 45 days can pass quickly, leaving the seller either with unattractive replacement options or with paying hundreds of thousands of dollars in capital gains taxes they could have otherwise postponed.

Briefly, a reverse exchange allows the investor to first buy the replacement property and then proceed with the sale of the current investment property (the relinquished property). Benefits include the ability to walk away from overpaying on the replacement. Pressure purchases are ill-advised, as it is much wiser to honor your budget and capture a property in line with recent sales comps versus getting caught in a bidding war because you were boxed in with no alternatives.

Once the replacement property has been acquired, it must be parked with an exchange accommodation titleholder (EAT). Then, the investor can proceed with the sale of the relinquished property. It’s important to note that the sale of the relinquished property must still occur within 180 days of the close of escrow on the replacement property, and the property that will be sold must be identified within 45 days.

One caution to mention with the reverse exchange is that banks generally will not loan to you personally because of debt-to-income ratios, and because you cannot hold title to both relinquished and replacement properties simultaneously, according to IRS rules.

Therefore, all-cash purchases of the replacement property are preferred.

However, you can create an LLC which borrows money from you and/or a bank to purchase the replacement property, and holds title to the newly acquired property until proceeds from the relinquished property will be used to pay off the replacement property held by the LLC. Depending on how you want to hold title, it can remain in the LLC or be transferred to yourself. Just be sure to watch for pre-payment loan penalties or restrictions on transfer of title that may accelerate the loan payment.

In summary, working with a real estate agent who is very familiar with reverse 1031 exchanges is crucial. At DeLeon Realty, we educate our investment clients on how a reverse 1031 exchange works and can benefit their desire to defer capital gain taxes to a later sale date, while maintaining income-generating real estate in their portfolios. The DeLeon Team will be there every step of the way to guide you through this process, working with your lender and other advisors as necessary. Our end result will be a successful financial transaction with great investment property added to your portfolio!

The specialist will know the ins and outs of his or her particular neighborhoods, have excellent connections with the community, be aware of great opportunities before they even come onto the market, and be able to provide the necessary information and the right guidance to make the best financial decision. Most importantly, the specialist should be astute with strategies and ways to use the contract to craft winning offers for both sellers and buyers.

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RESOLVING REAL ESTATE DISPUTES BY:

MICHAEL REPK A, ESQ.

CEO & GENERAL COUNSEL

and salespeople, in addition to defining the rights and responsibilities of the parties.

As discussed in “Structuring Listing Agreements” (The DeLeon Insight, September 2015), prudent sellers can and should request an addendum to the listing agreement that itemizes all of the responsibilities of the listing agent.

When a dispute cannot be resolved through reasonable discussion, there are four main options available: mediation, arbitration, litigation, and small claims court.

Mediation Mediation is a non-binding process in which the parties, with or without attorneys, meet with an independent third party to come to a common agreement. In practice, this can be a very useful step because it helps the parties understand their rights and obligations and the cost associated with continuing the dispute.

M

ost real estate transactions close without a hitch. Agents on both sides explain the rights and responsibilities to their clients, and everyone does as required and expected. By and large, agents are competent and thorough, and buyers and sellers are reasonable. But, things don’t always go as planned.

When a dispute arises, most parties fall into one of two camps.

There are those who are too eager to sue, and those who are too scared of litigation. This often leads to unfair results. In an effort to avoid lawyers, some parties give in and give up their rights or claims, even though they are entirely correct in their positions and could receive restitution with little effort. On the other hand, some parties casually threaten litigation as if it were a mere inconvenience rather than an onerous process.

Fundamentally, when a dispute arises, the parties need to 26

understand their rights and the various options to help resolve these issues. Armed with this information, parties are often able to reach an agreement that is fair to all and quite efficient.

It is important to note that most real estate firms, with the notable exception of DeLeon Realty, do not provide legal advice or free access to an attorney.

Standard Form Contracts In Silicon Valley, most residential real estate agents use a standard form contract from either the California Association of Realtors® (CAR) or the Peninsula Regional Data Service (PRDS). Given the prevalence of the PRDS contract in Palo Alto and surrounding cities, this article will focus on its provisions.

Most of the rights and responsibilities of the parties to a residential real estate agreement are described in the PRDS real estate purchase contract.

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Unfortunately, many clients do not read it closely enough, and their real estate agents do not explain its provisions. A considerable amount of time, money, and aggravation could be avoided if the parties thoroughly understood what they were signing before submitting or accepting an offer. A good real estate agent or manager should be willing and able to explain all of the provisions of the contract that the client is being asked to sign. In fact, California case law specifically holds that agents are expected to do just that (Alhino v.

Starr, 112 Cal. App. 3d 158, 172). If not, clients should ask to speak with a licensed attorney who handles residential real estate matters before signing either an offer or a listing agreement so that the attorney can explain all of the provisions.

It should be noted that the CAR and PRDS contracts and related documents provide significant protection to real estate brokers

DELEON INSIGHT

Under the PRDS contract, mediation is required irrespective of whether the parties agree to the arbitration clause (discussed later), and no party can collect attorney’s fees from the other side if they refuse to mediate.

It should be noted that real estate agents are not required to participate in mediation under the terms of either the CAR or PRDS contracts, although they can agree to do so. All clients should consider requesting a written commitment from their agent’s managing broker stating they will participate in any and all mediation at the request of their clients. This written commitment should be obtained at the beginning of the relationship.

Arbitration Arbitration is somewhat similar to mediation, with the key exception that it is binding.

In arbitration, the buyer and the seller arrange for the services of

a private arbitrator to settle the case. Instead of a trial, arbitration provides an informal hearing with the arbitrator, the buyer, the seller, and usually the buyer’s and the seller’s attorneys. Documents may be submitted and witnesses may be called to testify. Following a hearing, the arbitrator renders a decision, which is generally binding—even if wrong. In other

suing someone in court. This process is expensive and timeconsuming, but the court’s rulings may be appealable to a higher court.

Although many clients with legal training actually prefer litigation over arbitration because “bad” decisions can be appealed, careful consideration should be

“...pa r ties need to understa nd their r ights...”

words, the loser’s right to appeal is generally extremely limited.

While arbitration is often thought to be faster and less expensive than litigation, it is still a costly undertaking and almost always involves attorneys.

Additionally, according to the standard form contracts, real estate agents are not required to arbitrate. As a result, the buyer or the seller may have to initiate a separate action in court to seek damages from a real estate agent or broker. However, had the parties not initialed the arbitration clause, they would have been able to sue both the agent and the other party in the same action in the court of law. Similar to mediation, when engaging an agent, all clients should consider requesting a written commitment from their agent’s managing broker stating they will participate in any and all arbitration proceedings at the request of their clients. If the agent and the managing broker of the real estate office are unwilling to make this commitment, then the client may want to consider finding a different real estate agent with whom to work. It is important to get this commitment in writing and signed by both the agent and the managing broker.

given to the potential impact of not initialing the arbitration clause as it could affect the strength of the offer. Many sellers (or their agents) prefer arbitration because of the presumption that it is quicker and less expensive than litigation, so an offer that does not include arbitration may be a competitive disadvantage.

Small Claims Court Irrespective of whether the parties initialed the arbitration clause, small claims court is a fourth option available to settle disputes of $10,000 or less. The process is fairly simple, and all parties represent themselves. The elimination of attorneys on both sides makes this a valuable, albeit underutilized option for many of the smaller issues that might arise after a sale.

Although vigilance and good professional guidance should be able to keep most buyers and sellers out of disputes, a thorough understanding of the contract terms and the dispute resolution options will provide guidance should the unexpected arise.

When a dispute arises, it is certainly important to receive good counsel regarding the appropriate venue to resolve the matter in a way that is fair, equitable, and cost-effective.

Litigation Think Perry Mason, but without the drama. Litigation is simply DELEON INSIGHT

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SummerSplash BY:

MICHAEL REPK A, ESQ.

CEO & GENERAL COUNSEL

B

uyers often say they would like to purchase a home over the summer and settle in before the new school year starts. Nevertheless, the majority of listings are brought onto the market during two windows of time: spring and fall. In effect, the summer becomes a “dead time” in large part because of a self-fulfilling prophecy. Namely, Realtors® believe there will not be enough listings on the market to keep a buyer’s attention, so they advise sellers to wait until September to sell.

Generally speaking, this is good advice. The steady flow of new listings during the busy spring months of March and April and the fall months of September and October keep buyers constantly checking the newspapers and the MLS. As the number of listings dies down, so does buyer interest. There still are plenty of buyers looking to purchase properties, but it requires an extremely aggressive marketing campaign to jolt them out of hibernation.

As Silicon Valley’s dominant market leader, the DeLeon Team has the ability

to change the market to give buyers what they want—a selection of fine homes that will close before the new school year begins.

Two years ago, we launched the inaugural DeLeon Summer Splash, which was a tremendous success and gave potential buyers many homes from which to choose. This year, we have decided to expand the program. In a blatant attempt to attract more attention from buyers, we are offering a free “smart home” package to all buyers who purchase one of our Summer Splash listings between July 17 and July 30.

This package includes a choice of: • Nest® thermostats, where compatible • Three video monitor cameras, which can be accessed via smartphone • A video doorbell, which can be monitored remotely • a complimentary three-year home maintenance plan provided by HomeSmiles, Inc. (included with all DeLeon listings).

Additionally, each of the Summer Splash open houses will include live entertainment or special treats, such as face-painters, caricature artists, jazz musicians, gelato, or Ken DeLeon dressed as the Real Estate Rock Star.

®

BUY A HOME BEFORE THE NEW SCHOOL YE AR

SO

This incentive applies irrespective of whether or not the buyers use a DeLeon agent to represent them in the purchase.

Naturally, DeLeon Realty will waive 100 percent of the buyer-side commission on any offers represented by any DeLeon buyer agent on any DeLeon Realty listing (see “DeLeon Realty’s Most Significant Innovation Yet!,” The DeLeon Insight, May 2017).

Plus, as always, the agent representing the seller is barred from representing any buyer on that listing or receiving any sort of a referral fee or other remuneration. This is all part of DeLeon Realty’s commitment to eliminate the potential for conflicts of interest in the real estate industry.

If you are interested in buying a home this summer, make sure you check out all of our outstanding listings that we will bring on the market during the Summer Splash weeks. You can see many of these properties in this newsletter, or you can ask any licensed real estate salesperson or broker.

LD

!

EXPERIENCE THE DELEON DIFFERENCE IN LOS ALTOS 595 Almond Avenue Listed on April 19th, 2017 at $2,488,000 Pending on April 26th, 2017 for $3,500,000 *Closed 5/25/17 Over $1 million above list price Let DeLeon Realty achieve the best results for your home. Contact Michael Repka at 650.488.7325

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6 5 0 . 4 8 8 . 7 3 2 5 | i n f o @ D e L e oDnE R aN l t y. mH |T w |w w.

D e2 0L1e7 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 29 L EeO I NcSoI G J U LY

SUMMER SPLASH

Work with the innovator! List your home with

DeLeon Realty

DeLeon Realty will cover all of the following at no additional charge: Staging* | Property Inspection | Pest Inspection *Includes: Design, Installation, 1 Month of Furniture Rental and Removal Our clients love the personal attention they receive from Michael Repka, from beginning to end. Additionally you will receive a suite of free services from the DeLeon Team, including interior design, construction consulting, handyman work, and dedicated marketing to local and foreign buyers.

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COMING SOON

1795 Bay L a u re l D ri ve, M e nl o Pa rk O f fe re d a t $ 6,98 8,0 0 0

Classic Beauty, Modern Warmth

Exuberant charm defines this tri-level, custom residence built in 2009 and occupying a desirable property along San Francisquito Creek. Meticulous craftsmanship and luxe materials add sophistication to this breezy, light-filled design. Coffered ceilings and a mahogany library establish classic elegance, and a retractable wall reveals a spectacular pool retreat with an outdoor kitchen and a versatile poolhouse. The walk-out lower level exhibits a sauna, a wine cellar, and a home theater. Stroll to outstanding Menlo Park schools, and enjoy quick access to Stanford University, Sand Hill Road, and charming downtown Menlo Park.

For video tour & more photos, please visit:

www.1795BayLaurel.com

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DELEON LISTINGS

SUMMER SPLASH COMING SOON

16 5 Pa tric ia D ri ve, Ath e r to n O f fe re d a t $9, 8 8 8,0 0 0

2 776 0 Ed g e r to n Ro a d, L o s A l to s H i l l s O f fe re d a t $ 7,98 8, 0 0 0

Splendid gated grounds showcase this lavish yet inviting mansion. Large, sun-lit gathering spaces allow warmth and easy living, while a master retreat with a palatial closet and a spa provides private leisure. A gourmet kitchen with a secondary prep kitchen permits functional convenience, and the guesthouse can convert to a meditation studio. Expansive gardens boast fountains, poolside terraces, and an outdoor kitchen.

Exclusive Menlo Circus Club and prestigious private schools are within moments. Stanford University, two international airports, and the urban centers of both San Francisco and San Jose are easily accessible.

Nestled among heritage oaks, this architectural treasure offers complete privacy on grounds that showcase award-winning gardens and a resort-like pool and spa with waterfall. Perfect for grand-scale entertaining as well as family living, it features a catering-grade kitchen, a mahogany-paneled library, and expansive multi-level decks. A dazzling 16-seat dining room and a unique cocktail foyer flank the regal octagonal living room. An elevator leads to a 75-seat theater/guesthouse where hundreds of celebrated musicians and speakers have performed. Enjoy convenient access to scenic parks, highways, and Palo Alto schools (buyer to verify eligibility).

Gorgeous Garden Estate in West Atherton

For video tour & more photos, please visit:

www.165PatriciaDrive.com

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DELEON INSIGHT

Elegant Sylvan Retreat

For video tour & more photos, please visit:

www.27760Edgerton.com

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DELEON LISTINGS

SUMMER SPLASH Exclusive Off-MLS Opportunity

127 Pi n o n D ri ve, Po r to la Va ll ey O f fe re d a t $16,98 8,0 0 0

124 5 Ha mil to n Ave n u e, Pa l o A l to O f fe re d a t $7,98 8,0 0 0

Flaunting elevated views of the Santa Cruz Mountains, this trophy, custom-built residence of approx. 6,800 sq. ft. (per town) designed by Michael Moyer celebrates natural privacy and one-of-a-kind amenities. Holding 5 bedrooms and 5 full and 3 half baths, the estate also offers interiors clad with walnut and French limestone.

Extraordinary highlights include a tri-stop elevator, a jaw-dropping wine cellar, and a palatial master retreat. A floating staircase leads to gardens offering waterfalls, a spa, and the fully functional guesthouse. Undevelopable open space surrounds the two parcels of nearly 18 acres (per county) that form this property, ensuring continuous privacy and unspoiled panoramas.

Captivating gardens frame this recently remodeled 5 bedroom, 4.5 bath residence of over 4,100 sq. ft. (per plans) that provides a poolhouse and delightful grounds of 12,000 sq. ft. (per city). Enjoy a flexible, walk-out lower level and soothing, sun-lit spaces, including an elegant gourmet kitchen, bursting with classic charm and modern amenities. An upper patio overlooks the poolside retreat, while a variety of fruit trees are found throughout the wraparound gardens. Sky-lit and versatile, the poolhouse offers a wet bar and a wall-bed. Stroll to popular University Avenue, Eleanor Pardee Park, and top-ranking Duveneck Elementary (#5 in CA, #11 in USA) (buyer to verify eligibility).

Lavish Woodland Sanctuary

For video tour & more photos, please visit:

www.127Pinon.com

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Exquisite Luxury in Crescent Park

For video tour & more photos, please visit:

www.1245Hamilton.com

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DELEON LISTINGS

SUMMER SPLASH

2 9 0 W i n d i n g Way, Wo o d s i d e O f fe re d a t $ 7, 4 8 8, 0 0 0

214 49 To l l G a te Ro a d, S a ra to g a O f fe re d a t $ 8,98 8, 0 0 0

Gated, beautifully manicured grounds of approx. 1.25 acres (per county) surround this alluring, yet private 5 bedroom, 4.5 bath residence of approx. 4,800 sq. ft. (per county). Built in the 1920s, this elegantly updated manor effortlessly blends fine craftsmanship with luxurious elements, and includes a potential home theater, a wine cellar with a tasting room, and a main-level bedroom suite easily convertible to a pool lounge. A romantic rose garden and a pool with a spa augment the pristine grounds. Located off prestigious Mountain Home Road, this garden estate balances peaceful seclusion with close proximity to shopping, dining, and commuter routes, plus highly desired Woodside Elementary (API 965) (buyer to verify eligibility).

Let this 7 bedroom, 7.5 bath castle of 7,100 sq. ft. (per county) nestled in the beautiful hills of Saratoga transport your guests to a world of medieval romance infused with modern luxury. Resting on a hilltop estate of 3.34 acres (per county) within the gated Quail Ridge enclave, this architectural landmark flaunts a plethora of amenities worthy of Silicon Valley nobility, including multiple fireplaces, Honduran mahogany paneling, and wraparound panoramas of the Bay Area and the Santa Cruz Mountains. Quickly access nearby recreation, historic downtown Saratoga, and coveted Saratoga Union schools. Sumptuous grounds include a guesthouse, a 50-foot swimming pool, a vineyard of over 1,000 vines, and a motor court with a porte cochère and a four-car garage.

Privacy, Comfort, and Prestige

For video tour & more photos, please visit:

www.290WindingWay.com

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Hilltop Luxury with Old World Flair

For video tour & more photos, please visit:

w w w. 214 49 Toll Ga te.co m

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DELEON LISTINGS

SUMMER SPLASH

5 C e d a r L a n e, Wo o d s i d e O f fe re d a t $ 5, 4 8 8, 0 0 0

6 55 K i n g s l ey Ave n u e, Pa l o A l to O f fe re d a t $ 4,78 8, 0 0 0

Old World Charm and Contemporary Luxury in Professorville

Forming an enticing mix of modern luxury and Tuscan elegance, this tri-level 5 bedroom, 4.5 bath villa of over 3,600 sq. ft. (per county) occupies a gated, centrally located corner property of over 6,200 sq. ft. (per county).

Hand-blown glass lighting fixtures, copper sinks, and white oak floors adorn the warm, open interior. Must-see spaces include a highly customized gourmet kitchen, a sensational master suite, and a lower level with a spa bath and a family room. Unwind with guests by the fireplace in the courtyard-style garden. Within moments of exciting downtown amenities, you can also quickly reach Stanford University, Caltrain, popular parks, and outstanding Palo Alto schools.

For video tour & more photos, please visit:

www.655Kingsley.com

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Timeless Allure in Famed Location

Located off exclusive Mountain Home Road, this custom 4 bedroom, 4 bath residence of 3,900 sq. ft. (per county) and 1 bedroom, 1 bath guesthouse blend classic finishes, modern luxury, and vibrant gardens of over an acre (per county) within a coveted, highly walkable cul-de-sac. Though built in the 21st century, the home offers stained glass, exposed-beam ceilings, and reclaimed fixtures, creating an ambience of timeless charm. Multiple French doors open to enticing gardens with footpaths and terraces. From the natural privacy of these seemingly secluded grounds, stroll to shopping, dining, and top-ranking Woodside School (API 965), and quickly reach scenic open spaces and Highway 280 (buyer to verify eligibility).

For video tour & more photos, please visit:

www.5CedarLane.com

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DELEON LISTINGS

SUMMER SPLASH COMING SOON

13 8 Pa rk Ave n u e, Pa l o A l to O f fe re d a t $ 3,98 8,0 0 0

COMING SOON

Unforgettable Style and Leisure

Impeccably remodeled, this enchanting home reflects modern luxury in thoughtfully customized spaces while enabling quiet comfort. Entertaining areas include a home theater, a wine cellar with a tasting center, and a tantalizing pool retreat with a fireplace, a sauna, and a barbecue. Located within highly desired Evergreen Park, this residence lies within strolling distance to Stanford University and popular California Avenue. Top schools including Escondido Elementary (API 927), Jordan Middle (API 934), and Palo Alto High (API 905) are all easily accessible (buyer to verify eligibility).

For video tour & more photos, please visit:

w w w.138P a rk .c om

4 0 M o n ta na L a n e, M e nl o Pa rk

COMING SOON

Everyday Elegance on Prime Cul-De-Sac

891 S a n J u d e Ave n u e, Pa l o A l to O f fe re d a t $ 4,98 8, 0 0 0

Brand-New Luxury in Barron Park

Sky-lit brilliance exudes throughout this luxury home newly built by well-known local architect Roger Kohler.

The bi-level interior presents high-end flourishes, exciting amenities, and a breezy floorplan designed for multifunctional living. A wall of folding glass seamlessly connects central living areas to the covered veranda for easy indoor-outdoor enjoyment. A home theater, a wine cellar, and a recreation lounge with a second kitchen occupy the lower level. Within moments of Stanford University and California Avenue, you can stroll to Bol Park and easily reach outstanding Palo Alto schools.

For video tour & more photos, please visit:

www.891SanJudeAvenue.com

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Nestled within a desirable cul-de-sac setting, this fantastic custom home teems with exquisite amenities. The gracious floorplan freely flows from room to room, enabling warm, easy living.

Rich, light-filled spaces include a gourmet kitchen, luxurious dining and great rooms with a two-sided fireplace, and a posh master suite. French doors open to restful outdoor entertaining areas that showcase a fire-pit and extravagant landscaping. Live within moments of everyday amenities, vibrant downtown Menlo Park, Sand Hill offices, sought-after Menlo Park schools, and Stanford University.

For video tour & more photos, please visit:

w w w.4 0 M o n ta na.co m

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DELEON LISTINGS

SUMMER SPLASH

10 51 M e n l o Oa k s D ri ve, M e n l o Pa r k O f fe re d a t $1, 28 8, 0 0 0

2 75 S a n A n to n i o Ro a d, Pa l o A l to O f fe re d a t $1,78 8, 0 0 0

Updated Style on Spacious Property

Central Location Boasts Potential

Tasteful upgrades refine this charming residence, which occupies a spacious, desirable property. Crown molding, a fireplace, and a gleaming remodeled kitchen with marble countertops and stainless-steel appliances add dazzling luxury. The sprawling, shaded backyard retreat is fitted for entertaining, and boasts fruit trees and an organic garden. Exciting flexibility is found in the detached garage/studio and large separate shed with workshop.

Enjoy prime access to Highway 101, Flood Park, Facebook, and outstanding schools like Laurel Elementary (API 927), Hillview Middle (API 950), and Menlo-Atherton High (buyer to verify eligibility).

COMING SOON

Residing within the desirable South Palo Alto neighborhood is this incredible home. The prime location boasts easy access to nearby businesses, commuting routes, shopping, and excellent schools, while the central floorplan and abundant natural light showcase desirable features. This lovely home is located within mere strolling distance of San Antonio Shopping Center, and grants easy commuting access to Interstate 101. Also nearby are excellent local schools, including Fairmeadow Elementary (API 953), JLS Middle (API 943), and Gunn High (API 917) (buyer to verify eligibility).

For video tour & more photos, please visit:

For video tour & more photos, please visit:

w w w.10 51M e nl oOa k s.co m

w w w. 275Sa n A n to nio.co m

131 Wa tk i n s Ave n u e, Ath e r to n O f fe re d a t $ 3,98 8, 0 0 0

Newly Remodeled in Parkside Setting

Presenting stylishly remodeled spaces completed in 2017, this home lies within steps of gorgeous Holbrook-Palmer Park.

The terrific floorplan designed for entertaining and casual living opens to expansive, park-like grounds, complete with a pool and a versatile poolhouse. Faced by a gracious paver driveway, the delightful residence also offers a designer kitchen, hardwood floors, and a host of posh upgrades. Stroll to Encinal Elementary (API 930), and live within mere moments of Caltrain, downtown Menlo Park, and Hillview Middle (API 950) (buyer to verify eligibility).

For video tour & more photos, please visit:

www.131Watkins.com

COMING SOON

23 6 L i e b re C o u r t, S u n ny v a l e O f fe re d a t $1, 498, 0 0 0

COMING SOON

Thoughtful Updates Inspire Luxury

Recent renovations have magnificently enhanced this incredible home, which includes features like stone countertops, hardwood floors, and immaculate outdoor spaces. The open and spacious floorplan can seamlessly accommodate large gatherings. This delightful home is located within easy strolling distance of Washington Park and Pool, and is also easily accessible to Caltrain and shopping and dining in popular downtown Sunnyvale. Stroll to Catholic Academy and Vargas Elementary, while other fine schools like Sunnyvale Middle and Homestead High are nearby (buyer to verify eligibility).

For video tour & more photos, please visit:

w w w. 23 6L i e b re.co m

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DELEON LISTINGS

SUMMER SPLASH

2 0 6 3 G o rd o n Ave n u e, M e nl o Pa rk O f fe re d a t $2, 4 8 8,0 0 0

4250 El Camino Real #D139, Palo Alto O f fe re d a t $ 8 8 8, 0 0 0

Verdant Serenity and Easy Proximity

Desirable Location, Designer Luxury

Extravagant yet practical living defines this 4 bedroom, 3 bathroom home of 2,550 sq. ft. (per county) that occupies a fabulously convenient lot of 5,000 sq. ft. (per county). Thoroughly refinished by a well-respected local designer, this like-new home presents breezy, flexible gathering areas centered by a breathtaking kitchen finished with chic marble and quartzite surfaces. Delightful amenities include two fireplaces, an enticing backyard retreat, stunning custom touches, and must-have features like high-end appliances and Sonos sound. Enjoy strolling to local dining, everyday conveniences, Sharon Hills Park, and terrific Las Lomitas schools (buyer to verify eligibility).

SOLD

For video tour & more photos, please visit:

Settled amongst towering redwoods is this luxurious condominium. Nestled just off popular El Camino Real, this home enjoys surrounding greenery that creates a lush, serene environment, while chic interior upgrades and abundant outdoor access allow an easy, stylish lifestyle.

Stroll to sought-after restaurants like The Sea, plus enjoy recreation at Briones and Monroe Parks. Shops and cafes at San Antonio Center and top-performing schools like Briones Elementary (API 941), Terman Middle (API 968), and Gunn High (API 917) are all nearby (buyer to verify eligibility).

For video tour & more photos, please visit:

www.2063GordonAve.com

www.4250ElCaminoRealUnitD139.com

2 50 8 Fo re s t Ave n u e, Sa n J os e O f fe re d a t $1, 498,0 0 0

1187 Po r tl a n d Ave n u e, L os A l tos O f fe re d a t $ 3, 498, 0 0 0

Sun-Lit Residence with Open Floorplan

Modern Sophistication in Central Neighborhood

Abundant sunlight flows throughout this incredible 6 bed, 4.5 bath home of over 5,300 sq. ft. (per county) on 12,500 sq. ft. (per county) of property. Large gathering areas are enhanced with sophisticated features like trey ceilings, two fireplaces, a lower-level recreation room, extensive windows, and multiple points of French-door access to the backyard. Though privately located, the home’s central neighborhood is within strolling distance of McKenzie and Heritage Oaks Parks, while Rancho Shopping Center is made easily accessible. Excellent schools such as Oak Avenue Elementary (API 987), Blach Intermediate (API 958), and Mountain View High are within biking distance (buyer to verify eligibility).

SOLD

For video tour & more photos, please visit:

Fantastically rebuilt, this incredible smart home has been thoroughly automated with features like motorized shades, surround sound, and Lutron lighting throughout. Easily entertain large functions in sunny, open-concept spaces, which include a chef ’s kitchen and a spacious living room, allowing COMING SOON seamless indoor-outdoor living. Set in a choice location, this home is mere biking distance to fine dining and shopping along Santana Row and Winchester Shopping Center, plus recreation at Mission City Memorial Park. Fine schools, such as Merritt Trace Elementary, Hoover Middle, and Lincoln High, all reside nearby (buyer to verify eligibility).

For video tour & more photos, please visit:

w w w.1187Po r tla n d.co m

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COMING SOON

www.2508Forest.com

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Meet with Michael for tax and legal advice before listing your home.

Set amongst a verdant background, this sunny and charming 3 bedroom, 2 bath condominium of nearly 1,200 sq. ft. (per county) seamlessly blends peaceful living with an accessible location.

Sizable bedrooms claim versatility with extensive windows and abundant storage, while a private deck grants space for a table and overlooks a lush vista. Recreation can be found nearby at Stanford Golf Course and Sharon Park, while convenient shopping and La Entrada Middle (API 963) reside within strolling distance. Other excellent schools, including Las Lomitas Elementary (API 943) and Menlo-Atherton High, are easily accessible (buyer to verify eligibility).

For video tour & more photos, please visit:

www.2325EastridgeUnit621.com

15 0 4 Re d wo o d D ri ve, Los A l tos

COMING SOON

Bright and Graciously Accommodating

Spacious, flexible rooms and a central floorplan establish this home that is thoughtfully designed for fine, peaceful living. The sky-lit solarium encourages indoor-outdoor living, and tastefully landscaped outdoor spaces offer multiple patios and a luxurious covered hot tub. Conveniently stroll to Foothill Plaza Shopping Center while nature trails at San Antonio Open Space Preserve are also nearby. Enjoy easy access to Highway 280 and exceptional schools, including Montclaire Elementary (API 969), Cupertino Middle (API 934), and Homestead High (buyer to verify eligibility).

Unlike most real estate agents, Michael holds two law degrees, including an LL.M in taxation from NYU School of Law, and has years of experience as a real estate and tax attorney.

This gives his clients a unique advantage as most other brokerages do not provide an inhouse attorney to help clients. In addition, the expertise and marketing available through the team at DeLeon Realty are the very best in the business. Meet with Michael to discuss any preliminary tax and legal questions about selling your home and let him tell you more about what makes DeLeon Realty’s innovative approach to real estate so successful. There is no cost or obligation for this consultation. However, homeowners who have a current listing contract with another agent are excluded.

Selling

Desirable Location and Amenities Mark Potential

For video tour & more photos, please visit:

www.1504Redwood.com

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Michael Repka.

COMING SOON

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650.488.7325 | info@deleonrealty.com w w w . D e L e o n R e a l t y . c o m | CDaElLBE O RNE I N # S0I1G9H0T3 2|2 4J U LY

First,

2325 Eastridge Avenue #621, Menlo Park O f fe re d a t $9 98, 0 0 0

meet with

SUMMER SPLASH

yo u r h o m e ?

DELEON LISTINGS

2017

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MARKET CONDITIONS

MARKET CONDITIONS

ATHERTON

MENLO PARK

Atherton Median Sales Price & Price/Sq. Ft. Ratio

Sale Price, Median

Atherton Inventory # of New Listings

Price/SqFt Ratio

Sale Price, Median

Los Altos Median Sales Price & Price/Sq. Ft. Ratio

Los Altos Inventory # of New Listings

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Mountain View Inventory # of New Listings

Price/SqFt Ratio

PALO ALTO

Los Altos Hills Median Sales Price & Price/Sq. Ft. Ratio

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Price/SqFt Ratio

Mountain View Median Sales Price & Price/Sq. Ft. Ratio

Sale Price, Median

LOS ALTOS HILLS

Sale Price, Median

Menlo Park Inventory # of New Listings

MOUNTAIN VIEW

LOS ALTOS

Sale Price, Median

Menlo Park Median Sales Price & Price/Sq. Ft. Ratio

Los Altos Hills Inventory # of New Listings

Price/SqFt Ratio

Palo Alto Median Sales Price & Price/Sq. Ft. Ratio

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MARKET CONDITIONS

MARKET CONDITIONS

PORTOLA VALLEY

SUNNYVALE

Portola Valley Median Sales Price & Price/Sq. Ft. Ratio

Sale Price, Median

Portola Valley Inventory # of New Listings

Price/SqFt Ratio

Sale Price, Median

Sunnyvale Inventory # of New Listings

Price/SqFt Ratio

WOODSIDE

REDWOOD CITY Redwood City Median Sales Price & Price/Sq. Ft. Ratio

Sale Price, Median

Sunnyvale Median Sales Price & Price/Sq. Ft. Ratio

Redwood City Inventory # of New Listings

Price/SqFt Ratio

Woodside Median Sales Price & Price/Sq. Ft. Ratio

Sale Price, Median

Woodside Inventory # of New Listings

Price/SqFt Ratio

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We don’t get great listings. We make great listings.

DeLeon Realty At DeLeon Realty, we are not limited to accepting only turn-key, luxury-grade listings. Our innovative team of specialists enables us to transform every one of our listings into a truly must-have home. Let us show you what we can do for your home. www.DELEONREALTY.com 50

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COMMUNITY CALENDAR Atherton

COMMUNITY CALENDAR FRIDAY, AUGUST 11 TH The Menlo Charity Horse Show Gala

ATHERTON

In Celebration of our 47th Anniversary the Menlo Charity Horse Show presents: “Jazzed Up – San Francisco Style!” Enjoy a jazz club evening of food, wine, and music with Grammy Award-winning vocal artist Diane Schuur in the Clubhouse following the Speed Class on the Grand Prix Field.

WHEN: Friday, August 11th, 2017* WHERE: Menlo Circus Club, 190 Park Lane, Atherton, CA MORE INFO: gala@menlocharityhorseshow.org | www.menlocharityhorseshow.com/gala *Reserve early to ensure availability – Please respond by August 4, 2017

THURSDAY, JULY 6-SATURDAY, JULY 8 2017 Windrider Film Forum Bay Area

Come enjoy three nights of award-winning independent films, followed by conversations with the filmmakers.

WHEN: 7:00 pm each night WHERE: Center for Performing Arts at Menlo-Atherton High, 555 Middlefield Rd, Atherton, CA MORE INFO: eventbrite.com/e/2017-windrider-film-forumbay-area-center-for-performing-arts-at-menlo-atherton-tickets-34491817956

LOS ALTOS - LOS ALTOS HILLS Los Altos

AUGUST 8 TH- 13th The Menlo Charity Horse Show

The Menlo Charity Horse Show is recognized as one of the finest equestrian events in the United States, Menlo is unique in that its origin and legacy is one of philanthropy. The current charitable partner, Vista Center for the Blind and Visually Impaired (VISTA). Held at the Menlo Circus Club, The Menlo Charity Horse Show offers exhibitors and spectators one of the best show experiences in the country.

THURSDAYS, MAY-SEPTEMBER Farmer’s Market

The Downtown Farmer’s Market runs each Thursday from May through September on State Street between Second and Fourth Streets. Fare includes fresh local fruits and vegetables, ranch eggs, cut flowers, live music, and crafts.

WHEN: 4:00-8:00 pm WHERE: Downtown Los Altos, State Street, Los Altos MORE INFO: downtownlosaltos.org

Nightly events combine the excitement of show jumping with the best of entertainment featuring casual dinners, wine and beer tastings. Our sponsors are treated to breakfast, lunch, and evening wine tastings in our Mountain Home StablesSponsor Tent. Our Friday Night Gala “Jazzed Up-San Francisco Style”, featuring Grammy winning vocal artist Diane Schuur is a favorite for the social crowd with all proceeds going to Vista Center.

EVERY FIRST FRIDAY, YEAR-ROUND Los Altos First Fridays

A community-building event held during the evenings of the first Friday of the month. First Fridays are meant to be a fun, social evening for residents of Los Altos, Los Altos Hills, and neighboring communities. It is a great opportunity to shop, dine, and explore what the downtown area has to offer. Special promotions on local businesses plus live entertainment and food are provided.

WHEN: 6:00-8:00 pm WHERE: Downtown Los Altos, State Street, Los Altos MORE INFO: losaltosfirstfriday.org

Menlo is also a World Champion Hunter Rider show, as well as home to the South West Regional Awards presentation ceremony. Over 130 volunteers work year round to make the Menlo experience unforgettable. Our history of show excellence and philanthropy is unsurpassed.

WHEN: Friday, August 8-13th, 2017 WHERE: Menlo Circus Club, 190 Park Lane, Atherton, CA MORE INFO: www.menlocharityhorseshow.com/gala *DeLeon Realty is a Platinum Sponsor for The Menlo Charity Horse Show – We look forward to seeing you there!

SATURDAY & SUNDAY, JULY 8-9 38th Annual Los Altos Arts & Wine Festival

The top-rated Arts & Wine Festival showcases the distinctive works of artists and craftspeople from over a dozen states. It also features select vintages by the glass from local wineries, plus a wide variety of foods and live entertainment.

WHEN: 10:00 am-6:00 pm WHERE: Downtown Los Altos MORE INFO: downtownlosaltos.org/events/aw_main.html

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SATURDAY, AUGUST 26 Facebook County Fair

MENLO PARK

The Facebook County Fair will offer carnival rides, animals, entertainment, and games. Proceeds will benefit local youth, schools, and mentoring programs. Admission is free and open to the public.

WHEN: 12:00-5:00 pm WHERE: Facebook Headquarters at 1 Hacker Way in Menlo Park (Parking Lot 15) MORE INFO: almanacnews.com/news/2017/04/12/facebook-tohold-five-menlo-park-festivals

TUESDAY, JULY 4 Fourth of July Parade and Celebration

This is the Fourth of July Parade and Celebration you have heard so much about. Decorate your bike, tricycle, or wagon, and parade down Santa Cruz Avenue from the downtown Paseo (corner of Curtis Street and Santa Cruz Avenue) to Burgess Park. The parade starts promptly at 11:45 am. Once at Burgess Park, you and your family will enjoy music, games, and food.

WHEN: 11:45 am-2:30 pm WHERE: Burgess Park MORE INFO: menlopark.org/241/Special-events

Mountain View

WEDNESDAYS, JUNE 14-AUGUST 9 Summer Concert Series

MOUNTAIN VIEW

SUNDAYS, YEAR-ROUND Mountain View Farmer’s Market

Visit Fremont Park and Kelly Park listen to some of the best local bands. The Summer Concert Series features a variety of musical styles from Jazz to Country to hits of today and yesterday. Bring your picnic blanket and dinner, and of course there is always room for dancing. No concert on Wednesday, July 5, 2017.

WHEN: 6:30-8:00 pm (Fremont) and 6:00-8:00 pm (Kelly) WHERE: Fremont and Kelly Parks MORE INFO: menlopark.org/241/Special-events

Enjoy seasonal fruits and vegetables fresh from the farm.

WHEN: 9:00 am-1:00 pm WHERE: Caltrain Station (600 West Evelyn Ave) MORE INFO: Call 1-800-806-3276, or visit cafarmersmkts.com/ mountain-view-farmers-market

FRIDAYS, JULY 7 & AUGUST 4 Concerts on the Plaza

SATURDAY & SUNDAY, JULY 15-16 Menlo Summerfest

Join your friends and neighbors and bring your blanket or lawn chair down to the Civic Center Plaza for a variety of musical performances. In addition to the music, there will be food trucks, a “Pop-Up Park” area for children, and beer and wine for adults WHEN: 6:00-7:30pm WHERE: Civic Center Plaza MORE INFO: mountainview.gov/depts/cs/events/plazaevents.asp

Menlo Summerfest will transform charming, tree-lined Santa Cruz Avenue into a pulsating array of people and colorful tents for two days of world-class fun in the sun. Replacing Connoisseurs’ Marketplace, Summerfest is a re-branded and re-invigorated event that will offer a sensational lineup of headliner music on the new Soundwaves Stage. Check out the new Hopsland Craft Beer Tent, Artsplash with fine art and crafts by 200 professional artists, and the Funzone with a host of amusements for kids. Fleet Feet Family Fun Run & Walk (3-mile/1-mile) on Sunday rounds out the festival. Admission is free!

WHEN: 10:00 am-6:00 pm WHERE: Santa Cruz Avenue, between El Camino Real and Johnson Street in downtown Menlo Park MORE INFO: Call 650.325.2818, or visit summerfest.miramarevents.com or facebook.com/MenloSummerfest.

THURSDAYS, JULY 13 & 27 Thursday Night Live

Castro Street will be closed to traffic so folks can walk the street to enjoy restaurant dining, shopping, kids’ activities, farmer’s market, live music, and custom/classic cars on display.

WHEN: 5:30-8:30 pm WHERE: Castro Street (between Mercy & Villa) MORE INFO: mountainview.gov/depts/cs/events/thursdaynightlive.asp

FRIDAYS, AUGUST 4-SEPTEMBER 22 Menlo Movie Series

THURSDAY, AUGUST 10 Fifth Annual Wine Walk

Welcome to Menlo Park’s newest community event for all ages.

The Menlo Movie Series features free movies in downtown Menlo Park. Enjoy a night of watching stars, under the stars.

WHEN: Start times vary WHERE: Movies are held on Curtis St. at Santa Cruz Ave. MORE INFO: menlopark.org/241/Special-events

Discover great wines, sample food from the diverse Castro Street restaurants, and take home a signature wine glass.

WHEN: 5:30-9:00 pm WHERE: Castro Street MORE INFO: mountainviewdowntown.com/wine-walk

JUMP INTO GREAT SUMMERTIME LISTINGS

OPEN HOUSE

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COMMUNITY CALENDAR MOUNTAIN VIEW -

COMMUNITY CALENDAR FRIDAY, JULY 14 Classic Albums Live: Music of Woodstock

continued

This year’s dance party features a note-for-note, cut-for-cut re-creation of classic albums. In honor of the 50th anniversary of the Summer of Love, get a taste of what was happening on the other coast! Bring a blanket and spread out on the lawn adjacent to Bing Concert Hall.

WHEN: 6:00 pm WHERE: Bing Concert Hall MORE INFO: events.stanford.edu/events/691/69185/

SUNDAY, AUGUST 27 Repair Cafe

Do you have a beloved household item in need of repair? Don’t throw it away! Bring it to this volunteer-run event dedicated to fixing your favorite things to save them from the landfill.

WHEN: 11:00 am-3:00 pm WHERE: Historic Adobe Bldg, 157 Moffett Blvd, Mtn View MORE INFO: repaircafemv.org Palo Alto

SATURDAY, JULY 15 Stanford Music and the Brain Symposium 2017: Engagement

Engagement is fundamental to the human experience of music, yet remains challenging to define, quantify, and bring about.

This one-day symposium brings together academic and industry researchers in music, neuroscience, cognitive science, and engineering, with the aim of broadening discussions and advancing research on musical engagement.

WHEN: 9:30 am-3:00 pm WHERE: CCRMA, Stanford University, 660 Lomita Drive, Stanford, CA 94305 MORE INFO: eventbrite.com/e/stanford-music-and-the-brainsymposium-2017-engagement-tickets-34989269848?aff=es2

PALO ALTO

TUESDAY, JULY 4 36th Annual Chili Cook-Off & Summer Festival

Judges will be awarding over $2,000 in cash and prizes for this high-stakes community event!

WHEN: 12:00-5:00 pm WHERE: Mitchell Park MORE INFO: cityofpaloalto.org/chili or paloaltochilicookoff.com

TUESDAY, AUGUST 1 Guitar Night with Camila Meza and Charles Altura

SATURDAY & SUNDAY, JULY 8-9 Palo Alto Clay & Glass Festival

Chilean native Camila Meza integrates her sophisticated songwriting skills and gorgeous voice with an uncanny jazz sensibility that can only be described as deeply soulful. Charles Altura has spent the past couple years performing with jazz heavyweights such as Terrence Blanchard, Chick Corea, and Ambrose Akinmusire, and is gaining recognition for his prodigious talent and unique style. This double-bill presents two of the most exciting young artists in jazz in a single, one-of-a-kind performance.

WHEN: 8:00 pm WHERE: Dinkelspiel Auditorium MORE INFO: events.stanford.edu/events/684/68401/

The prestigious and popular 25th Annual Palo Alto Clay & Glass Festival hosts a fabulous, free, fun-filled two-day celebration of clay and glass art—the largest event of its kind!

WHEN: 11:00 am-3:30 pm WHERE: Palo Alto Art Center, 1313 Newell Rd, Palo Alto, MORE INFO: acga.net

STANFORD

JUNE 3, 2016-AUGUST 31, 2017 Constructing a Country Dream: Finds from the Stanfords’ Palo Alto Mansion

SATURDAY, JULY 8 Tommy Igoe Groove Conspiracy Plays Steely Dan

The exhibit “Constructing a Country Dream: Finds from the Stanfords’ Palo Alto Mansion” highlights the on-campus Stanford Mansion excavation. Through archaeological artifacts, it reflects the Gilded Age “country dream” that the Stanfords, and those who worked for them, constructed at the Farm, their agrarian estate in Palo Alto that is now Stanford University. Stanford Archaeology Center is free and open to the public.

WHEN: Ongoing every weekday (M-F) WHERE: Stanford Archaeology Center, Bldg. 500, 488 Escondido Mall, Stanford, CA MORE INFO: events.stanford.edu/events/610/61025/

The powerhouse Tommy Igoe Groove Conspiracy re-imagines the complex, jazz-inflected music of Steely Dan in this exciting show. The mighty 15-piece band unites players from Tower of Power, the Doobie Brothers, and Steely Dan itself, and channels your favorite music through a superstar brass line-up. Buckle up for a grooving journey.

WHEN: 8:00 pm WHERE: Dinkelspiel Auditorium MORE INFO: events.stanford.edu/events/683/68363/

Portola Valley

PORTOLA VALLEY

Sunnyvale

SUNNYVALE

SATURDAYS, YEAR-ROUND Sunnyvale Farmer’s Market

EVERY THURSDAY, YEAR-ROUND Farmer’s Market

Enjoy fresh fruits, vegetables, and arts and crafts from local growers and artisans.

WHEN: 9:00 am-1:00 WHERE: Murphy Avenue MORE INFO: uvfm.org/sunnyvale-Saturday

Rain or shine, the Portola Valley Farmer’s Market vendors appear in the parking lot in front of the Historic Schoolhouse every Thursday afternoon with local, seasonal, and organic offerings of fruits, veggies, berries, honey, flowers, locally raised meat and dairy products, artisan goods, and so much more! Hot food is available from Roli Roti and Tony’s Kettle Corn and Crepes, plus music and crafts! Enjoy the gorgeous, redwood-studded Town Center and plenty of parking.

WHEN: 2:00-6:00 pm (2:00-5:00 pm in winter) WHERE: 765 Portola Road, Portola Valley MORE INFO: pvfarmersmarket.com

WEDNESDAYS, JULY 5-AUGUST 30 Summer Series Music + Music Entertainment

This is Sunnyvale’s favorite dish among many: music is the entrée, with a side of artisans.

WHEN: 5:30-8:30 pm WHERE: Murphy Avenue (July 5-August 23) Plaza Del Sol at Evelyn and S. Frances (August 30) MORE INFO: sunnyvaledowntown.com/summer-series-music--market.html

THURSDAY, JULY 24 Summer Concert Series

Come enjoy the sounds of the 20-piece Legacy Band! Many members of the band grew up in Portola Valley, and some live there now. Bring your blankets, beverages, picnics, layers, dogs, families, friends, and chairs, and leave behind your worries for one special evening against the backdrop of the Town Center and redwoods. Park at Christ Church, and you can walk through the back gate.

WHEN: 3:00-7:00 pm – Farmer’s Market 4:00-7:30 pm - Food by Roli Roti and El Porteno 6:00-8:00 pm - Live music WHERE: Portola Valley Town Hall Lawn MORE INFO: portolavalley.net/Home/Components/Calendar/ Event/20830/65?navid=49

SATURDAYS, JULY 8-AUGUST 26 Jazz and Beyond Series

Murphy Avenue transforms into one big street cafe where you can enjoy a sit-down dinner with over 20 restaurants to choose from.

WHEN: 5:30-8:30 pm WHERE: Murphy Avenue MORE INFO: sunnyvaledowntown.com/jazz--beyond.html

SummerSplash As an added bonus, when you jump in and buy one of our Summer Splash homes, we are offering a choice of one the following upgrades with your purchase*: ®

• NEST THERMOSTATS, WHERE COMPATIBLE • THREE VIDEO MONITOR CAMERAS, WHICH CAN BE ACCESSED VIA SMARTPHONE • VIDEO DOORBELL, WHICH CAN BE MONITORED REMOTELY

*All DeLeon Listings receive a complimentary three-year home maintenance plan provided by HomeSmiles, Inc. FOR MORE INFORMATION, REFER TO PAGE 28

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®

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

DeLeon Realty 1717 Embarcadero Road Palo Alto, CA 94303

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

RESIDENTIAL CUSTOMER

PANEL DISCUSSION

HOME-SELLING IN SILICON VALLEY

Thursday, August 17, 2017 6:00 - 8:00 p.m.

VENUE:

Palo Alto Hills Golf & Country Club, Grand Ballroom 3000 Alexis Drive, Palo Alto

R ANK ED #1 IN C ALIFORNIA

Please join DeLeon Realty for our August Seminar. Gain insight from Michael Repka, the managing broker and general counsel of DeLeon Realty, into how you can best prepare and market your home to achieve the maximum sales price. Also, hear the latest market updates from Ken DeLeon, the most successful real estate broker in Silicon Valley.

To RSVP, please contact 650.543.8500 or by email: RSVP@deleonrealty.com

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