patrick.net

Menlo Park price curve is similar to San Francisco:

Renters save vast amounts of money every month compared to owners, while living in the same school district and the same quality house.

It costs literally less than half as much to rent as to own the same thing on a month-to-month basis, and the renter did not suffer the equitly loss of owners either.

In addition to the risk of losing equity, the owner must pay maintenance and property tax forever, and maintenance and property tax alone around here are often more than rent!

I'm not that familiar with Menlo Park but according to this listing prices haven't really fallen much at all.

Dec 02, 2011 Sold (MLS) (Sold) $1,115,000 -- Inactive MLSListings #81145560
Nov 08, 2011 Pending (Pending (Do Not Show)) -- -- Inactive MLSListings #81145560
Oct 28, 2011 Listed (Active) $998,000 -- Inactive MLSListings #81145560
Apr 22, 2009 Sold (Public Records) $805,000 3.0%/yr Public Records
Oct 25, 2002 Sold (Public Records) $665,000 -- Public Records
http://www.redfin.com/CA/Menlo-Park/247-Robin-Way-94025/home/2020214

looking at comparable rentals all I could find is this one for $6800 per month
http://sfbay.craigslist.org/pen/apa/2727383399.html

One price data point and one rent data point can be chosen to be whatever you want them to be.

You totally need to subscribe to my data service! :-)

http://patrick.net/housing/worth.html

Here are Menlo Park price distribution and average price history over the last two years:

The problem with just looking at Menlo Park is that there is not that much data, so it's "noisy".

show me one that supports your claim and maybe I'll subscribe.

What do you think my claim is?

toothfairy says

looking at comparable rentals all I could find is this one for $6800 per month
http://sfbay.craigslist.org/pen/apa/2727383399.html

cannot believe it. But nothing is impossible. Some new CEO or VP level freshly arrived into town, and can pay $6800/month rental.

looks like someone is trying to get away for a while and cover their costs. OMG What a Joke if people are paying this! Bet they haven't owned that trap for more than 5 years.

You should not believe anyone would pay $6,800/mo for 247 Robin Way. Here are a bunch of 3br SFH rental comps from my data service, centered on 247 Robin Way:

Sorry the screenshot is small.

Anyway, the median rent around there is $3,000/mo.

toothfairy says

Dec 02, 2011 Sold (MLS) (Sold) $1,115,000 -- Inactive MLSListings #81145560
Nov 08, 2011 Pending (Pending (Do Not Show)) -- -- Inactive MLSListings #81145560
Oct 28, 2011 Listed (Active) $998,000 -- Inactive MLSListings #81145560
Apr 22, 2009 Sold (Public Records) $805,000 3.0%/yr Public Records
Oct 25, 2002 Sold (Public Records) $665,000 -- Public Records
http://www.redfin.com/CA/Menlo-Park/247-Robin-Way-94025/home/2020214

A good argument that MP is still in a bubble.. perhaps the last one to fall. Either way, have you ever known prices, in MP, Palo Alto, Cupertino, or Los Gatos to double - triple in a short few years based on real fundemental factors.

"Executive Home in Best Menlo Park Location"

Seriously, take a drive outside MP and you get more home for alot less. MP isnt the center of the universe.

One of my fav lines from Blasing Saddles..

"Whats a dazzling urbanite like you doing in a Rustic setting like this?"

We have way too many East Coast City Slickers in the South Bay...

Not exactly a fan of MP myself. The downtown is pretty boring and overly gentrified. I guess its pleasant enough but I'd be happy to let others fork over a cool mil for some "starter" home there.