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Pools and Waterfalls of the Wealthy

Pools and Waterfalls of the Wealthy

We all love to see how the wealthy spend their money.  Jets, fast cars, homes….but how about their pools and waterfalls?  This is even more fun to see as there is a big water shortage here in California, so it’s an even bigger status symbol than before as only the very wealthy can afford the water bills for these types of fancy water elements.  This could lead to a post of biggest and greenest lawns of the wealthy, but I’ll leave that until later.

A pool used to be a status symbol; something that told your peers and neighbors that you’d made it.

But no longer — now you need to install gigantic waterfalls and useless reflecting pools to send that same message. These types of water features are increasingly prevalent in real estate listings that crest the $10 million mark, because, in that price range, a Jacuzzi isn’t even worth mentioning (since just about all mansions at that level have Jacuzzis).

With the help of Zillow, the largest real estate network on the web, we’ve found some of the most enormous and extravagant

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Off Market Listing in Pelican Hill – $12,500, 000

Off Market Listing in Pelican Hill – $12,500, 000

There is a new off market listing in Pelican Hill area of Newport Beach that is sure to get your mouth watering.  The home is 9200 square feet on a 22k sf lot with incredible views.  We have more photos and information, but the asking price is $12,500,000.  If you are a buyer and interested to learn more, please give me a call. No agents.

The Newport Beach and Newport Coast areas continue to show rising prices.  Pelican Hills homes are spectacular and this one is no exception.

Southern California vs Silicon Valley in battle for tech supremacy

Southern California vs Silicon Valley in battle for tech supremacy

Having worked in Silcon Valley for years and also being a native Southern Californian has me with my heart in two places.  So, when I see comparisons of SoCal vs Norcal and especially in the tech world, I get excited to see more movement down to Southern California as tech/startup world is very exciting. This obviously has a major effect on real estate prices and investment properties.  A good friend of mind, Art Shariff posted this article and I couldn’t resist showing excerpts to my followers.  I tried to link to his page, but it couldn’t be done as it’s on LinkedIn. So, I hope you enjoy.

A hipster sips a flat white and leers at the techie at the next table. A 20-something with hairy legs and a flower in her hair grouses about rent. Lofts are being built where a family shop stood for generations and an old-timer laments the neighborhood that was.

Welcome to Silicon Beach. This isn’t San Francisco, but it’t sure starting to feel like it.

The divide between northern and southern California cuts deep, a rivalry that bangs on about sports teams, colleges, traffic, weather, jobs, women in bikinis, men in chaps. You name it, the two sides bicker about it. One particular battle front “the tech scene” has long been dominated by the Bay Area, but the Westside of Los Angeles County over the past few years has emerged as a contender.

“I’ve never seen anything like this in my 25 years” said Trevor Belden, a commercial real-estate agent who played a role at brokerage Industry Partners in placing the likes of Uber and Snapchat in various locations across the Westside, which loosely comprises western neighborhoods of Los Angeles plus the cities of Santa Monica, West Hollywood and Venice. “There is absolutely no doubt in my mind that eventually Silicon Beach will be mentioned in the same breath as Silicon Valley as the world’s leading technology hub. It’s already happening”.

Of course, there’s still a long, long way to go. To get a sense of the dominance the neighbors to the north have on fostering startups, just check out these numbers: In 2014, the Los Angeles area struck 171 venture capital deals for a total of $2.05 billion, according to the National Venture Capital Association. That’s enough to put it in the top five for the first time ever.

The city of San Francisco, in the top spot, posted 876 deals for a record total of $17.74 billion — and that number doesn’t even include the San Jose area (#2), which would tack on another $6.88 billion.

It was a huge year all around, with megadeals like Uber and Tango securing Silicon Valley’s position as the unassailable leader in launching future tech leaders. But many are starting to believe that Los Angeles has what it takes to continue to draw some of the hefty tech players to its sunny coast.

Google one of the companies that makes up the heart and soul of Silicon Valley, is going all out to establish a big So Cal presence. The Venice office is already a staple in the explosive Westside scene, and now, with the purchase of 12 acres in nearby Playa Vista, Google is joining a herd of tech notables in expanding L.A.’s tech boundaries.

Google’s Los Angeles jobs page asks the question: “Who needs Silicon Valley when you can have Silicon Beach?” More and more seem to be asking the very same thing.

LinkedIn is rumored to be in the market for a huge space, according to real-estate-industry sources. A spokesman for LinkedIn, however, flatly denied the claim. Twitter, which opened a Santa Monica office last year, is said to be looking to expand, as well. The company declined to comment.

Apple is also sniffing around, the sources said, though a spokesman gave only a “no comment.” Last year, Apple was reportedly looking at “several hundred thousand square feet” in downtown Los Angeles. Apple already has corporate space in L.A. with its Beats acquisition.

Tablet maker Fuhu, named Inc. magazine’s fastest-growing private company two years running, set up shop six years ago in El Segundo, a town best known for its Chevron refinery and a history as an aerospace hotbed. The runner up on the 2014 list, Quest Nutrition, is also based there. The rate of growth at these two companies — in Fuhu’s case, an incredible 158,957% sales surge over the previous three years to almost $200 million — is a reflection of the area’s transformation.

Indeed, the marriage of tech and media has proved a successful one in the age of everything social.

El Segundo and Playa Vista, home to Facebook, YouTube, Microsoft and soon Yahoo and the aforementioned Google campus, are key to Silicon Beach’s next phase of growth. The area just south of Venice has it all. It is more affordable than Santa Monica and the Bay Area, has space to grow and is right next to the airport. Throw in its traffic-skirting proximity to some of the more attractive areas to live, like Manhattan Beach and Hermosa Beach, and it is not hard to foresee a continued boom.

“These sleepier coastal towns are seeing investment pour in from huge institutional players who previously focused solely on San Francisco and Manhattan,” Belden said. “They watched the growth, and they know the amount of seed capital that is funding these companies.”

Snapchat is one of the engines driving the change in Venice. The messaging app company’s latest move is to snap up 40,000 square feet of prime real estate, displacing dozens of other renters, according to the Los Angeles Times. Hence some of the inevitable bitterness.

“Has it changed? Are you kidding me? It’s a completely different scene,” said Brad Agens, a digital advertising consultant and resident of two decades. “Venice went from a grubby place to live for those who couldn’t afford Santa Monica, to the hippest part of town. But in the past few years, all the tech and money is drastically altering the place, and I’m not sure for the better.”

He added that the small apartment he rented back in 1997 for $800 is probably going for more than $4,000 now. “Google really seemed to change everything when it moved in,” Agens added. He may not be sure if the area is better off now, but, as the landlord of a house in Venice, his financial situation has directly benefited from the transformation.

 

Silicon Valley may never be caught, at least in perception. From Steve Jobs to Bill Hewlett and on to the latest crop of young guns, there is just too much history and lore there. The reality, however, is that L.A.’s tech scene is taking off faster than anyone could have imagined a decade ago, and it continues to close the gap, one Snapchat and one Fuhu at a time.

“This certainly has the potential to be the tech/entertainment hub. But a pure tech hub? I don’t think people down here necessarily even strive for that,” Fuhu’s Mitchell said.

The parting shot: “Here, it’s more about building great companies than cashing in and searching for the next big thing. It’s much more collaborative than it is in the Valley, where people jump from company to company. Their options vest, and they’re out.”

And the rivalry lives on.

Prices Still Rising In Orange County

Prices Still Rising In Orange County

Prices continue to show gains for the areas of Newport Beach, Corona Del Mar, Newport Coast and Laguna Beach.  Most areas have surpassed their peak prices that occurred in around 2007.  Will prices continue to rise?  It seems the high end luxury homes have slowed a bit but the inventory still is at low levels.  There have been some high priced sales on the sand and one property in Dana Point just sold for $13,500,000 that was at 31 Beachview Avenue.  So, the summer could be a little slow, but as I tell my buyers, it’s a great time to offer as there is less competition.

 

Why So Many Chinese Buyers in Palo Alto and Along the Peninsula?

Why So Many Chinese Buyers in Palo Alto and Along the Peninsula?

Everybody reads about the large supply of Chinese buyers who are buying homes here along the Peninsula.  There are many agents, one prominent one who we all know and now has a plane to fly his Chinese buyers around, who target the Chinese buyers very heavily.  Buy, why are there so many Chinese buyers and why are they buying here?

We all marvel at the prices being paid and the recent appreciation of 30% per year for the past couple years.  For those of us who live along the Peninsula, you may be surprised to know that real estate in Palo Alto, Atherton and Menlo Park may be a bargain when compared with other international locales. Heck, we aren’t even as expensive as New York.  Who would have thought 10 years ago that an investor from Shanghai might find a Manhattan penthouse affordable? Of the 10 most expensive cities in the world, New York is the only one from the U.S., said a recent report from England-based real estate consultancy Knight Frank and researcher WealthInsight. Monaco, Hong Kong, London, Singapore and Geneva all outranked New York. Sydney, Paris, Moscow and Shanghai rounded out the list. San Francisco, Palo Alto and Atherton, not even on the list.

In Hong Kong, which saw double-digit real estate price increases from 2009 to 2012, the average luxury home was valued at around $11,000 per square foot, the global real estate firm Savills said in a 2012 report. Yes, $11,000 per square foot! London, with its own booming real estate market, averaged $5,300 per square foot, while New York checked in at $4,100. Atherton and Palo Alto generally sells for $1,500  to $2,000 per square foot, quite a deal compared to the big guys.

For the 12 months ended in February, 788 homes worth more than $10 million each were sold in the U.S., according to real estate website Zillow. Slightly more than half were in the Los Angeles and New York areas. San Francisco, south Florida and Colorado ski resorts Aspen and Vail also saw some of the most-expensive transactions. Chinese Buyers, in particular, Chinese homebuyers increasingly are buying up high-end property in the U.S., Realtors said. China’s strong economic growth has generated dozens of billionaires and thousands of millionaires in recent years. They are attracted to America’s stronger property rights and a relatively stable political and economic climate, according to the National Association of Realtors.

So, why are so many Chinese buyers scooping up luxury properties? Because they are rich and prices here are a deal and they have property rights that might be hard to come by in their own country.  Hard to blame them.

With the worldwide economy getting better, I can’t see much of a slowdown to the pace of buying from our overseas friends.  Gary Kurtz of Alain Pinel in Menlo Park has Chinese buyers that he has never met but converse with on a regular basis and are looking for investment homes here in the Atherton area.  I find lots of Atherton and Palo Alto off market homes and I know they will make a relatively quick decision and buy without seeing as they trust my word and insight into the market.  It seems to be a win-win situation for sellers, Chinese buyers, agents and all in the luxury real estate industry.

 

Palo Alto Open House: 1424 Hamilton Avenue

Palo Alto Open House: 1424 Hamilton Avenue

Come check out my open house today from 1-4pm in Palo Alto at 1424 Hamilton Avenue. Located in the highly desirable Crescent Park area, the home has 2,666 square feet, 3 bedrooms and 3 1/2 baths on a 7500 square foot lot.

Originally built in 1931, the home has been recently remodeled, but keeps the original English charm with high beam ceilings, walnut floors and a vintage picture window. The home has two master suites, one on the main level and the upper master has dramatic vaulted ceilings and French doors that lead to the beautiful balcony and stairs descending to the garden.  This amazing remodel integrates state of the art systems and exceptional finishes and crafstmanship.

Luxury real estate in Palo Alto is selling well and this home is no exception to the rule that good homes are highly desirable especially in Palo Alto.  The schools are Duveneck Elementary, Jordan Midle and Palo Alto high.

The asking price is $3,995,000.

Come out and say hello or give me a call if you are not represented and would like to get a tour or disclosures.  This is the only open house and all other showings are by appointment only.

Atherton Now Most Expensive City In USA

Atherton Now Most Expensive City In USA

Yes, it was only a matter of time, but it finally happened.  Forbes declared Atherton’s 94027 as the most expensive zip code in the country. For those of us who live here, we knew this was coming.  Especially since about 40% of sales are off market in Atherton so we think it’s been number one for a while.  Due to the volume of buyers from China, more properties are actually going on to MLS where they can be seen on various websites the Chinese buyers look at.

The median home price is $9.4 million, up from $6.6 from last year.  The first quarter of this year has recorded 7 sales over $10 million dollars  and there are many listed now from 10-50 million dollars (on and off market).

The crazy thing is also that Menlo Park is now moving quickly up the price ranks as well.  Just as an example, today on tour there were 10 new listings all over 2 million dollars and the highest is $5.85 million.  Just last year, Menlo Park was averaging in the $1.6 price range and that is also surging.

Prices across the board are up 30% from last year, so what was unaffordable last year to the average person is even more over the top this year.  There are still multiple bidding wars going on for properties at all price points.  Take for example the property that was on broker tour in Atherton last week for 14 million and is being quoted as being bought sight unseen by a Chinese buyer.  The fact of the matter is that an agent I toured it with actually bought it right after tour and before I could bring my clients by to see it.  I knew it would go fast, but I wasn’t expecting it to go that fast.

Overall, luxury real estate is alive and well and especially along the Peninsula in cities like Atherton, Palo Alto, Menlo Park and Los Altos hills.  There are still more buyers than sellers, but hopefully some more inventory will start to hit soon.  My buyers are getting frustrated!

Off Market home in Menlo Park

Off Market home in Menlo Park

Ok, all my off market followers will find this home of great interest.  Off market properties are everywhere these days and you need a good agent who knows how to find them and get them for you.  I specialize in off market properties as I believe it shows we work hard for our clients and don’t just simply click on MLS listings to complete our work.  In this market, an agent needs to go much more than that to earn the commissions we do. So, I post them here on this blog or send them out via my twitter (twitter.com/luxuryreinsider) or Facebook (https://www.facebook.com/garykurtzluxuryrealestate).

Today’s off market is a wonder home in Menlo Park in the Allied Arts area.  It’s a 4 bedroom, 3.5 bath home that is 3,123 square feet on a 7500 sf lot.  The main house is 2,538 sf and a nice guest house, which is currently set up as a media room, is almost 600sf.  The home has been updated with walnut floors, stone, tile and wonderful finishes.  There is a wine cellar, an in ground trampoline for the kids and generously sized rooms complete with a remodeled open kitchen.

The price is $3,495,000.

Call me if you are unrepresented and would like to see the home or know more about it at 650.543.1202.

Alain Pinel Realtors Now Number 5 in Nation

Alain Pinel Realtors Now Number 5 in Nation

Not to toot our own horn, but Real Trends named Alain Pinel Realtors the number 5 largest broker in the nation with sales of over $10 billion dollars for 2013.  Not bad considering we are a regional company that is still privately held.  We have 29 offices and I would say a large percentage of the deals are coming from Menlo Park, Palo Alto and Los Gatos areas.  Our office is typically the number one or two office for the company as we have about 70 agents in our office and typically total over a billion dollars in sales annually.

Since I’m in the Menlo Park office, I have an affinity to Menlo Park, Palo Alto, Atherton, Woodside areas as my home territory but do expand to surrounding areas such as Los Altos, Los Altos Hills, Saratoga, Portola Valley, Mountain View and wherever is appropriate for my buyers and sellers.

Luxury real estate is my passion as is the company and our agents.

Off Market Duplex in Palo Alto for Sale

April 22, 2014 Real Estate News No Comments

Palo Alto Duplex

 

 

 

 

 

There is an off market listing on Cowper Street that is great for my investor clients.  Two duplexes that are each 2 bedrooms, 1 bath and a total of 1,227 square feet.  They were remodeled in 2013 with an updated kitchen and bathrooms.  If you know Palo Alto, you realize this is walking distance to downtown and all the great shops and dining of University Avenue as well as the train station for your commutes to the city.

The asking price for the property is $2,350,000.

Call me if you are looking for investment properties in Palo Alto and are not represented by a buyers agent.

My Contact Information

Gary Kurtz
949.565.5201
gkurtz@homgroup.com
BRE# 01710776

Kathy Kurtz
714.394.2676
kathyk213@aol.com
BRE# 01876966

HOM Sotheby's International Realty
1200 Newport Center Drive, # 100
Newport Beach, CA 92660

949.565.5201 (cell)
949.478.7769 (office)
650.796.5507 (Silicon Valley #)

Contact me now with any questions:
gkurtz@homgroup.com

Kurtz Real Estate Group




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Real Estate Insider Video Show

Alain Pinel Realtors Silicon Valley

April 3, 2013

Alain Pinel Realtors Silicon Valley

We at Alain Pinel Realtors have been releasing high quality videos that give buyers a feel for different areas. Today, we released the Silicon Valley video. Take a look. If you are looking for luxury real estate all along the Peninsula and Silicon Valley in areas such as Los Altos, Saratoga, Monte Sereno, Palo Alto, […]

Palo Alto Real Estate Update

February 3, 2012

Palo Alto Real Estate Update

The numbers are strong for real estate in Palo Alto with this month’s sales figures.  Watch the video to see all key sales numbers for the month of January 2012 compared to January 2011.

Menlo Park Monthly Real Estate Sales Figures for October 2011

November 5, 2011

Menlo Park Monthly Real Estate Sales Figures for October 2011

The average sales price of a home in Menlo Park fell 7.8% for the month of October 2011 compared to October 2010.  The total number of sales for both periods were similar, which is good news, but the home prices were a little lower than expected.  The surprise number is that the average price per […]

Timely News

Pools and Waterfalls of the Wealthy

August 6, 2015

Pools and Waterfalls of the Wealthy

We all love to see how the wealthy spend their money.  Jets, fast cars, homes….but how about their pools and waterfalls?  This is even more fun to see as there is a big water shortage here in California, so it’s an even bigger status symbol than before as only the very wealthy can afford the […]

Off Market Listing in Pelican Hill – $12,500, 000

August 1, 2015

Off Market Listing in Pelican Hill – $12,500, 000

There is a new off market listing in Pelican Hill area of Newport Beach that is sure to get your mouth watering.  The home is 9200 square feet on a 22k sf lot with incredible views.  We have more photos and information, but the asking price is $12,500,000.  If you are a buyer and interested […]

Southern California vs Silicon Valley in battle for tech supremacy

July 27, 2015

Southern California vs Silicon Valley in battle for tech supremacy

Having worked in Silcon Valley for years and also being a native Southern Californian has me with my heart in two places.  So, when I see comparisons of SoCal vs Norcal and especially in the tech world, I get excited to see more movement down to Southern California as tech/startup world is very exciting. This […]

Prices Still Rising In Orange County

June 30, 2015

Prices Still Rising In Orange County

Prices continue to show gains for the areas of Newport Beach, Corona Del Mar, Newport Coast and Laguna Beach.  Most areas have surpassed their peak prices that occurred in around 2007.  Will prices continue to rise?  It seems the high end luxury homes have slowed a bit but the inventory still is at low levels. […]

Why So Many Chinese Buyers in Palo Alto and Along the Peninsula?

May 22, 2014

Why So Many Chinese Buyers in Palo Alto and Along the Peninsula?

Everybody reads about the large supply of Chinese buyers who are buying homes here along the Peninsula.  There are many agents, one prominent one who we all know and now has a plane to fly his Chinese buyers around, who target the Chinese buyers very heavily.  Buy, why are there so many Chinese buyers and […]