Menlo Park plans to artificially prop up home prices
Apparently, city officials in Menlo Park are planning to spend $1 million to prop up prices in East Menlo Park. The basic deal is that they will find delinquent homeowners and help them negotiate a refinance with a local bank. The city will pitch in 30% of the loan amount, and the homeowner has to pay the mortgage on the remaining 70%. When the home sells the city will split the appreciation with the homeowner 50/50. Supposedly East Palo Alto is considering something similar.
I personally go to East Menlo Park a lot for this restaurant called Back A Yard Grill . They really have the best jerked chicken, but that neighborhood is not somewhere you want to be after dark. The houses there are definitely not worth the 600k to 700k they sold for in the peak, and using public funds to keep prices that high seems pretty ridiculous. What do you think?
139 14TH Ave San Mateo, CA 94402
139 14TH Ave San Mateo, CA 94402
Price: $678,000
| Beds: | 1 |
| Baths: | 1 |
| Sq. Ft.: | 660 |
| $/Sq. Ft.: | $1,027 |
| Lot Size: | 5,000 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Cottage/ |
| Stories: | 1 |
| Year Built: | 1908 |
Last sale:
| May 22, 2007 | Sold | $696,000 |
Just when I thought the last little cottage was expensive, I stumbled upon this little charmer. It is in a decent neighborhood of San Mateo, but the owner is asking for over $1000 per square foot for this little hundred year old cottage. There is an open house this Sunday, and I really wonder if there are gold toilets or flooring in this house to warrant this price?
Offers
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