June 7, 2008
Long-time Mortgage Mania readers, (aka Mortgage Maniacs) know that I’m an avid reader of the New York Times, so it should come as no surprise that I would have some comments on this article in the Friday June 6 edition regarding the continuing foreclosure crisis affecting consumers across the country.
Authors Bajaj and Grynbaum review some recent statistics on foreclosures, and then go on to predict another wave of foreclosures as the economy continues to slow and more consumers fall victim to layoffs and job cuts.
It’s easy to ignore these rumblings here in wealthy Silicon Valley where the local economy is still vibrant, even with nearly $5 a gallon gas, as it is still a minor impact on a budget with a $5,000 a month mortgage. It’s easy for us living in The Bubble of Unstoppable Real Estate (which I define as: Palo Alto, Menlo Park, and Los Altos, your mileage may vary) to say “it can’t happen here”.
Not so fast there pardner. A Short Sale in Atherton you say? It’s almost enough to make you drop your Grey Poupon.
This little number at 199 Selby Lane in Atherton recently listed by Lanny Dannenberg of Keller Williams is a short sale at $1,795,000. It has been on the market with a couple of different brokers for over two years, starting at $2,495,000 in March of 2006.
The good news is that the local market continues to be pretty strong, especially at the upper levels, above $3 million. Don’t take my word for it, check out this market data for the latest facts and figures on Palo Alto and surrounding communities.
Thanks for reading . . .
Tags: 4---mortgage-mania, Atherton, economy, foreclosure, new york times, short sales
Strange sights #1 — Fair Oaks road construction
September 5, 2006
Oak Drive near Placitas — only one half paved?
As you go further northwest on Oak Drive, you get to Encina, and from there on, both sides are paved.
Oak Drive near Encina — both halves paved
Turns out the answer is pretty innocent — and quite informative about city boundaries. Though much of Fair Oaks is in unincorporated San Mateo county (with a Menlo Park mailing address), a sliver of it actually belongs to Atherton. The boundary, as it turns out, runs literally halfway through Oak Drive itself between San Benito and Encina, then runs left on Encina until it meets up with Middlefield and the rest Atherton proper.
So, the county’s responsibility is only for the northeastern half of Oak Drive between San Benito and Encina, and then all of Oak Drive northwest of Encina.
Confused? Maybe this map will help; the dark green shading is Atherton’s bit of Fair Oaks; the lighter green is the Menlo Park section.
Boundary between Atherton (dark green) and Menlo Park
We’ll have to wait for the Town of Atherton to pave the other half.
Tags: 94025, 94027, Atherton, For buyers, Menlo Park, Real estate, Strange sights