News

Keri Nicholas reports record per square foot home sales price in Menlo Park

Keri Nicholas of Alain Pinel Realtors said she recently closed a sale on a home at 520 Olive St. in Menlo Park for $5,998,000, which she said set a per-square-foot sales price record in Menlo Park at $1,630 per square foot.

"This custom home is the essence of understated, elegant living," said Ms. Nicholas, who represented the seller, Benchmark Builders, which constructed the 3,661-square-foot, four-bedroom, five-bath home.

Some of the house's custom finishes and design elements, she said, are: grass cloth wallpaper in the dining room; a 48-inch Wolf six-burner range and a custom-cabinet-encased Sub Zero 48-inch integrated refrigerator in the kitchen; separate walk-in and butlers pantries; Lutron Home Automation; and master bath marble countertops.

Inventory remains "remarkably low" in Menlo Park, Ms. Nicholas said. "Homes in this area are only on the market about 21 days from listing through closing, so when opportunities present themselves buyers move quickly and that benefits motivated sellers."

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Keri Nicholas reports record per square foot home sales price in Menlo Park

Uploaded: Wed, Apr 20, 2016, 7:24 am

Keri Nicholas of Alain Pinel Realtors said she recently closed a sale on a home at 520 Olive St. in Menlo Park for $5,998,000, which she said set a per-square-foot sales price record in Menlo Park at $1,630 per square foot.

"This custom home is the essence of understated, elegant living," said Ms. Nicholas, who represented the seller, Benchmark Builders, which constructed the 3,661-square-foot, four-bedroom, five-bath home.

Some of the house's custom finishes and design elements, she said, are: grass cloth wallpaper in the dining room; a 48-inch Wolf six-burner range and a custom-cabinet-encased Sub Zero 48-inch integrated refrigerator in the kitchen; separate walk-in and butlers pantries; Lutron Home Automation; and master bath marble countertops.

Inventory remains "remarkably low" in Menlo Park, Ms. Nicholas said. "Homes in this area are only on the market about 21 days from listing through closing, so when opportunities present themselves buyers move quickly and that benefits motivated sellers."

Comments

Chuck
Woodside: Mountain Home Road
on Apr 20, 2016 at 8:28 am
Chuck , Woodside: Mountain Home Road
on Apr 20, 2016 at 8:28 am
15 people like this

"Understated and elegant."

Gotta love real estate brokers.


Linfield Oaks Mom
Menlo Park: Linfield Oaks
on Apr 20, 2016 at 4:44 pm
Linfield Oaks Mom, Menlo Park: Linfield Oaks
on Apr 20, 2016 at 4:44 pm
Like this comment

That is a lot of money per square foot. But is it really the highest? Seems like there are even higher sales. Didn't a house on East Creek go for $1,680+ per square foot?


Stop the Trolls
another community
on Apr 20, 2016 at 4:56 pm
Stop the Trolls, another community
on Apr 20, 2016 at 4:56 pm
5 people like this

At $1,630 a square foot, my college apartment would have retailed at $1.1 million.

Good thing my landlord never saw this article...


Resident
Menlo Park: The Willows
on Apr 21, 2016 at 10:01 am
Resident, Menlo Park: The Willows
on Apr 21, 2016 at 10:01 am
Like this comment

Wow!


Serenity Now
Menlo Park: Suburban Park/Lorelei Manor/Flood Park Triangle
on Apr 21, 2016 at 8:27 pm
Serenity Now, Menlo Park: Suburban Park/Lorelei Manor/Flood Park Triangle
on Apr 21, 2016 at 8:27 pm
2 people like this

I don't care how nice a home is; that amount of money per sf is completely insane.


POGO
Woodside: other
on Apr 21, 2016 at 9:32 pm
POGO, Woodside: other
on Apr 21, 2016 at 9:32 pm
4 people like this

Funny how property owners cheer and celebrate these benchmarks ... while complaining about the lack of affordable housing.


supply & demand
Menlo Park: Central Menlo Park
on Apr 22, 2016 at 8:40 am
supply & demand, Menlo Park: Central Menlo Park
on Apr 22, 2016 at 8:40 am
6 people like this

These prices represent a lot of demand chasing too few opportunities to buy.

As a homeowner and parent, I do not rejoice these absurd prices. We cannot spend the equity in our house until we leave our home community, which we do not want to do. Our children may never be able to afford to live in their hometown; only the most wealthy could.

What kind of community will Menlo Park become if there is little economic diversity?


MenloMom
Menlo Park: Allied Arts/Stanford Park
on Apr 22, 2016 at 7:29 pm
MenloMom, Menlo Park: Allied Arts/Stanford Park
on Apr 22, 2016 at 7:29 pm
Like this comment

Tech Bubble!!! Let's see what it sells for in 2 years...


Peak
Menlo Park: Central Menlo Park
on Apr 23, 2016 at 7:07 am
Peak, Menlo Park: Central Menlo Park
on Apr 23, 2016 at 7:07 am
Like this comment

Sure sign of a peak. Not a supportable level. Really just point in time with a particular buyer needing to buy and having the disposable $. Probably a one off thing but not a good sign otherwise. Boasting about this outcome is good for sellers but not potential buyers.


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