Market Update

The 3rd quarter has come and gone, which is always a good time to take a look at the real estate market to see how it compares to previous quarters. Below is a look at the 3rd quarter median price this year compared to the same quarter last year, for Portola Valley, Woodside, Atherton, Menlo Park, Palo Alto and Los Altos/Los Altos Hills. I believe the median (half the homes sold above this price and half below) is a more accurate indicator of prices than the average, which can be inflated based on the sale of just one or two really high-end properties. As always, please call me with any questions or any other stats you would like to know about.

Portola Valley

Woodside

Atherton

Menlo Park

Palo Alto

Los Altos/Los Altos Hills

Considering Remodeling?

A recent sting operation conducted by the ContractorsState License Board (CSLB) and the Napa Valley CountyDistrict Attorney’s office uncovered 8 unlicensed contractor staking advantage of victims of August’s earthquake in Napa. This can happen anywhere to anyone and it got me thinking about my clients and their remodeling projects. California contractors must carry a CSLB-issued license. Contractors must also provide workers’ compensation insurance for their employees – a homeowner could be liable if workers who aren’t covered have an accident while on their property. And, keep in mind, that it is illegal for contractors to ask for or accept a downpayment of more than 10 percent of the home improvement contract price or $1,000, whichever is less (there are just a few contractors who have an exception to this).

Protect yourself. Be sure to check the license first. You can check if a contractor is licensed and other pertinent information on the CSLB website, www.cslb.ca.gov, or bycalling (800) 962-1125 or (800) 321-2757.