FSH Direct Sale #27:
507 Olmsted Road, Stanford
1 single-family home
Direct Sale Information
Dates:
- 1/20/21 : Listed for Sale (1:00 pm)
- 1/20/21 – 2/3/21 : House Tours (by appointment only)
- 2/4/21 : Purchase Offer Packet submission period begins
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 Olmsted Terrace neighborhood in Stanford.
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.
Due to the shelter in place protocol, 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
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:
Olmsted Terrace is a neighborhood of 39 homes several architectural styles that reflect the bungalow cottages in the adjacent neighborhood of College Terrace and greater Palo Alto. The styles include Bay Area Bungalow, Classic Craftsman, Traditional, Historic California and European Cottage. These two-story open floor plan homes were designed with features both in the home and on the surrounding grounds to contribute to the sustainability of the environment.
507 Olmsted Road, located in the Olmsted Terrace neighborhood of Stanford, is a two-story single family home built in 2011. This Historic California style home offers an open floor plan with an attached 2-car garage and two patio areas. Sustainable features include high efficiency gas furnaces, SEER air conditioning units, dual pane low E energy efficient windows, bio-retention to treat storm water, and much more.
Property Details:
|
Address |
507 Olmsted Road |
|
Purchase Price |
$1,500,000 |
|
Floor Plan |
3 BR / 2.5 BA + Study |
|
Home Size (approx.) |
1,906 Sq. Ft. |
|
Lot Size (approx.) |
3,277 Sq. Ft. |
|
Year Built |
2011 |
|
Architectural Style |
Historic California |
|
Parking |
2-Car attached Garage |
|
Amenities |
Modern kitchen with stainless steel appliances (dishwasher, range, microwave), recessed lighting, central air, 2 patio areas, and more! |
|
Utilities |
All available. Separately metered. Owner pays. |
|
Subdivision Fee |
Yes, The Olmsted Terrace Homes are located within the residential subdivision on the Stanford University Campus. They pay a monthly ground rent, and are members of the Stanford Campus Residential Leaseholders or SCRL (https://scrl.stanford.edu). |
|
Schools |
Escondido Elementary School |
|
Images |
|
|
Answers to FAQs regarding the home and FSH Direct Sales are available here. |
Virtual Tour: