Almanac

Community - April 30, 2014

Pacific Union opens new Menlo office

Menlo Park Mayor Ray Mueller joined Pacific Union executives to cut the ribbon April 24 on Pacific Union Real Estate's new office at 1706 El Camino Real in Menlo Park.

The company had been operating temporarily at 3500 Alameda de las Pulgas in Menlo Park.

Pacific Union brought on five new real estate agents last week for the new office: Tom LeMieux, Kristin Cashin, Shane Stent, Doyle Rundell and Carolyn Rianda, according to spokesperson Terri Tiffany.

Other agents in the Menlo Park office are: Carol McCorkle, Nathalie de Saint Andrieu, Katharine Carroll, Deanna Tarr, Jennifer Pollock, Amy Sung, Elyse Barca and Ginna Lazar.

Pacific Union CEO Mark McLaughlin and Vice President David Barca participated in the ribbon-cutting event, when the company gave a check of $5,000 to each of 11 nonprofit organizations in Menlo Park and Palo Alto.

The organizations are: Menlo Park-Atherton Education Foundation, the Las Lomitas Education Foundation, Music@Menlo, Peninsula Volunteers Rosener House, Jennifer Kranz Fund/Lucile Packard Foundation, East Palo Alto Tennis and Tutoring, One Million Lights, Palo Alto Partners in Education, Collective Roots, Sequoia Hospital Foundation and St. Raymond School.

Pacific Union has 27 offices in the Bay Area. The Menlo Park and Burlingame offices are headed by Mr. Barca.

Local market

Pacific Union recently released a report on home prices and inventory in Atherton, Menlo Park, Portola Valley and Woodside.

The median sales price for a single-family home in those four towns averaged $2.02 million in 2013, and buyers paid an average of $886 per square foot, Pacific Union said.

Meanwhile, the combined months' supply of inventory in the four communities declined from 3.5 in 2011 to 3.1 in 2013.

An influx of foreign buyers may be further constricting inventory, Pacific Union said. Such buyers often purchase properties as an investment without returning an existing home to the market.

"The continued constraint of supply against the velocity of existing demand, if sustainable, could drive single-family-home median prices to approach $1,300 per square foot in 2016," said Mr. McLaughlin, CEO of Pacific Union.

Go to tinyurl.com/Real-403 to read the report.

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