FSH Direct Sale #51
1515 Drake Way, Palo Alto
1 single-family home
Direct Sale Information
Dates:
- 9/21/22: Listed for Sale (10:00 am)
- 9/21/22 – 10/5/22: House Tours (by appointment only)
- 10/6/22: Purchase Offer Packet submission period begins (8:30 am)
Eligibility:
Faculty who are eligible:
- Are members of the Academic Council who have a 100% Academic Council appointment and are working 100% time; and
- Have an appointment, that has been approved by the President, for a term of three or more years with the possibility of reappointment, or have received tenure, or have an appointment with a continuing term; and
- Have attended a private tour for the Direct Sale home prior to submitting the Purchase Offer Packet; and
- Do not have a deposit or contract on a FSH lottery or FSH Direct Sale single-family home.
- Please note: dual eligible couples will be considered as one purchase offer packet entry if both are on the same pre-qualifying letter and are purchasing the house together.
Overview:
This direct sale is comprised of 1 single-family home located in the University Terrace community of Palo Alto.
This home is subject to a Restricted Residential Ground Lease, and Stanford is selling this leasehold interest through the FSH Direct Sale Process.
This home is being sold “AS-IS.”
Restricted Ground Lease:
All homes located on Stanford lands are subject to a ground lease. Not all ground leases are the same.
This home is subject to the Stanford “Restricted Residential Ground Lease” (Restricted Ground Lease). The Restricted Lease program is designed to help address the challenge of finding affordable housing at Stanford and in surrounding cities. By restricting certain rights of lessees, the University is able to offer long-term leasehold interests at significantly less than the cost of either a conventional leasehold interest or fee ownership of an otherwise comparable home.
Information regarding the Restricted Ground Lease is available for reference here.
Direct Sale Process:
This home is being sold via Direct Sale on a “first come first served” basis to Eligible Faculty who:
- Satisfy all of the Eligibility Criteria for this Direct Sale home; and
- “Submit an Offer” for the home, as outlined below, and
- “Complete the Purchase” of the home, as outlined below.
Submit an Offer
To Submit an Offer, the Prospective Buyer must complete a “Purchase Offer Packet”, and provide it to FSH with Informed Delivery, as prescribed below:
The Purchase Offer Packet is comprised of all 3 of the following items:
- Deposit Form (available here); and
- Initial Deposit Check (a bank deposit check payable to First American Title Company for Fifteen Thousand Dollars ($15,000); and
- A letter from a lender or evidence that demonstrates the prospective buyer's ability to purchase the home.
The Purchase Offer Packet must be submitted via:
- Email: to FSHListings@stanford.edu, sent with:
- Clear image of the Initial Deposit Check; and
- Subject: “SECURE: Direct Sale – Purchase Offer Packet (Property Address)”;
- Secure Email service is designed for faculty and staff who need to use email to send Moderate to High Risk Data. More information regarding Secure Email can be obtained from Stanford University IT.
Please note: Purchase Offer Packets received via email, up to the Purchase Offer Submission period (8:30 a.m. on the day the Submittals are due, or concurrently at any time during the submission period), will be considered by FSH as having been received at the same time, and will be subject to a random-number generated drawing (i.e., “Lottery”) to establish a ranking of the Concurrent Buyers. All Concurrent Buyers will be notified if there are multiple Purchase Offer Packets and a drawing is necessary.
Incomplete Purchase Offer Packets will not be considered and will be returned. To assure prompt consideration, review all Purchase Offer Packet materials for completeness before submitting them to FSH.
Prospective buyers will be notified of their Direct Sale status within two (2) business day after receipt of their Purchase Offer Packet, confirming if their Purchase Offer Packet is accepted, incomplete, complete and in queue, or complete and subject to a random-number generated drawing (i.e., Lottery) (see FAQ’s).
The Direct Sale listing will close when FSH accepts the first complete Purchase Offer Packet received from Eligible Faculty.
Those in queue must collect their Initial Deposit Check from FSH within two (2) business days after being notified of the listing being closed. Those in queue may remain in queue, in the order that their completed Purchase Offer Packet was received, until the Prospective Buyer and FSH “Complete the Purchase.”
Complete the Purchase:
To Complete the Purchase, the Prospective Buyer must successfully close escrow for the purchase of the Direct Sale home, after full loan approval is received and the paperwork is prepared for the title company, in the manner summarized below:
- FSH will immediately place the Initial Deposit Check and Deposit Form in the escrow depository; and
- The Prospective Buyer must sign the Purchase Contract for the home within two (2) business days after FSH has accepted their Purchase Offer Packet.
- The total escrow period must not be less than 30 days and not greater than 60 days.
House Tours
You can schedule a house tour by sending an email to: fshlistings@stanford.edu or by calling 650-725-6893.
Listing Information
Neighborhood Details:
University Terrace is an integrated part of Palo Alto, just blocks from campus homes and within an easy walk to Palo Alto's urban conveniences. The development features 112 condominium homes and 68 single-family homes. Add to that thoughtful design, outstanding amenities, refreshing open spaces, and a community with a strong common bond, and you've found your place to unwind, recharge, and feel right at home.
1515 Drake Way is located in University Terrace, is a two-story single-family home built in 2017. This traditional style home offers an open floor plan, hardwood floors, recessed lighting, and central air. The home features a 2-car attached garage, as well as modern finishes and more.
Property Details:
|
Address |
1515 Drake Way (University Terrace) |
|
Purchase Price |
$1,800,000 |
|
Floor Plan |
4 BR / 3 BA |
|
Home Size (approx.) |
2,300 Sq. Ft. |
|
Lot Size (approx.) |
3,970 Sq. Ft. |
|
Year Built |
2017 |
|
Architectural Style |
Traditional |
|
Parking |
2-Car Attached Garage |
|
Amenities |
Modern kitchen with stainless steel appliances (dishwasher, range, built-in microwave), recessed lighting, central air, and a patio. Also, access to the University Terrace amenities including the pool, fitness center, library, community center and more! |
|
Utilities |
All Utilities. Separately metered. Owner pays. |
|
Subdivision Fee |
No. |
|
Schools |
Nixon Elementary School |
|
Images |
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FAQs |
Answers to FAQs regarding the home and FSH Direct Sales are available here. |