Home sells for $7.6 million, record for Menlo Park Menlo Park, posted by Editor, The Almanac Online, on Apr 3, 2012 at 4:00 pm
In a sign that the local real estate market has rebounded, a house in Menlo Park last week sold for a record-setting $7.625 million with the sale closing only 11 days after the home went on the market. The Multiple Listing Service shows the price is the highest on record in Menlo Park for a single-family home.
Read the full story here Web Link posted Tuesday, April 3, 2012, 8:29 AM
Posted by Personal Accountability, a resident of the Menlo Park: Central Menlo Park neighborhood, on Apr 4, 2012 at 8:58 am
The thousands of days they didn't get paid for their hard work and risks probably made this event all worth it. In a free market society, in theory, what you get paid is a reflection of the VALUE you bring to the market place. Thank you for sharing your opinion and your situation in this open discussion. It sounds like you feel that your value is not being realized with your paycheck. My father always taught me if I wanted to be successful in business 1) Put yourself in an environment that others are achieving results that you want to achieve, 2) watch, listen and learn, 3) take personal ownership of whatever your situation is--so whenever I see someone who appears to be in a better situation than I do, i.e.. making more money, driving by in a fancy car or living in a superior home, instead of telling my kids that those people are $#%^&*^, I say, "pay attention and if you are lucky enough to get a chance to learn from them, do it". Good luck to you and your situation.
Posted by Eyes Wide Open, a resident of the Menlo Park: Central Menlo Park neighborhood, on Apr 4, 2012 at 9:10 am
Dear Personal Accountability,
I hope you qualify the advice to your kids by urging them to learn from the ones who made their millions honestly and ethically, and hope they can tell the difference between those that did and those who made their fortunes screwing others. Unfortunately, the size of the latter group has grown so tremendously in the last couple of decades I'm not sure which group constitutes the majority.
Posted by I guess I'm classless, a resident of another community, on Apr 5, 2012 at 3:10 am
> R. writes:
> To hear people speculate on the commission price for the realtor, is so classless and tells a lot about the people who quarrel here.
I guess I'm classless then since I do not begin to understand this sentiment. It sounds like something that I would hear from somebody affiliated with the realty industry.
Why is it inappropriate to question the economics of realty sales commissions? When it boils down to it, there is little difference between selling a multi-million dollar home here in the bay area and a $350K home in Portland. And yet the commission percentage structure between the the two locales has little difference.
And here's the nasty little secret that "the industry" doesn't want you to think about: there is no shortage of somewhat local listing agents who will provide a full service listing with a flat rate commission. And there is shortage of buyer's agents who are willing to rebate a significant fraction of the commission to the buyer at close.
I'm a good example:
A number of years ago when I sold my small $1.2M Palo Alto home, I paid a flat $3500 commission to the the listing brokerage which included 3 open houses, full MLS representation and 3% commission to the buyer's broker, which came to around $36K. I sold my house promptly for about 6% over listing price with three competing written offers and one verbal offer.
When I bought my $3M+ new home, I found it on line myself and decided I liked it from previewing the open house. Finding a buyer's broker willing to give a really good discount required a bit more effort, but ultimately I found one that would facilitate the sale for a commission rate of 0.5%. Locating that broker required finding an out of area brokerage who happened to have SM County MLS membership, but to me it was worth the several days of effort since at the close, I was rebated back somewhat over $60K of the 2.5% commission rate which the house was listed with.
But somehow even discussing the subject makes me classless. Ok, guilty as charged.
Posted by POGO, a resident of the Woodside: other neighborhood, on Apr 5, 2012 at 8:15 am
Another "first world" problem. Only in the San Francisco Bay Area would a story about an expensive house being sold devolve into a philosophical discussion about capitalism and the appropriateness of a real estate commission.
Let's remember that listing your home with a real estate agent is a VOLUNTARY contract. If you want to avoid the commission, just stick a "for sale" sign in front of your home.
I suspect that the buyer, seller, listing agent and selling agent are very pleased with this transaction. How much anyone got paid is truly no one's business...except that the property taxes will surely help pay the pensions for Menlo Park's retired city workers.
Why not find something important to debate where you can have a real impact, like climate change.
Posted by bob, a resident of the Woodside: other neighborhood, on Apr 5, 2012 at 8:15 am
Joe Explain how the feds have any impact on venture backed companies. Venture companies are backed by investors with cash, not debt. Tech companies don't rely on all this free printed money you are talking about.
Posted by Personal Accountablility, a resident of the Menlo Park: Central Menlo Park neighborhood, on Apr 5, 2012 at 12:56 pm
Dear Eyes Wide Open,
The subject of money, the haves and have nots is a theme that has been around for civilizations, and frankly, hits the hot buttons of so many. Honesty and ethics are virtues that we focus on much more than money, however, I have never assumed that "money is the root of all evil" . . . I believe it just enables you to be more outreaching with who you already are.
Posted by R.Gordon, a resident of another community, on Apr 7, 2012 at 12:04 pm
Of course there were servants. Those were different times and the house served as a consulate.
Four fulltime cooks and housecleaners.
Two gardeners weekly.
And a lady who would come from Laykins et. Cie with an armed guard twice a week because mother's jewelry was bought/brought from them and they handled the insurance when my mother wore items.
People lived closer to a European lifestyle and my parents were Republicans.
Then, there was a different lifestyle other than just horses and griping about street repairs.Most all activity was centered on raising money for charities and a lot of dressing and going to the opera. Not building bigger homes.We also hired mixed ethnic groups and helped obtain their citizenships in order to send their children to better schools.