Couple Interesting Listings in Palo Alto

  1. https://www.redfin.com/CA/Palo-Alto/425-Margarita-Ave-94306/home/1196867

The description states: “According to NerdWallet. com, Palo Alto is the wealthiest city in America with a median income of $151,000 and a median home value of $2.5 mil. There is a trend of million-billionaires tearing down older homes and building huge estates.”

Huh? What does description have to do with the house for sale? By the way, what are “million-billionaries”? A search of the listing agent shows that she works out of socal.

  1. https://www.redfin.com/CA/Palo-Alto/3294-Bryant-St-94306/home/602497
    Note that there is pool in the background. It is like a trap. Just a bit overgrown :wink:
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I see a jungle in the Bryant listing. Where is the house?

Seriously, clean it up a little folks. Show the buyers some respect. You are asking 2M for that piece of s**t.

"Home is in need of major and significant renovation or new construction. "

You were warned. There’s a market for all kinds of buyers :slight_smile:

Another interesting listing. 7 photos attached. 1st is photo of imaginary house. Next 6 photos are of the weed on the empty lot.

https://www.redfin.com/CA/Palo-Alto/3687-Bryant-St-94306/home/1426583

Lot sold for $1.68M. Lot is 6577 sq ft. So land is worth $255/sq ft in Palo Alto. I never look at how much land actually costs, so I don’t have reference here. But $250/sq ft for land doesn’t seem outrageous.

Someone told me the Gunn HS side of PA is less desirable than the PALY side. Is that true?

It depends on priority.

In terms of neighborhood, north Palo Alto have more expensive neighborhoods. South Palo Alto was build up post World War 2, so houses were built more cheaply, smaller, and for the masses at that time. Paly zone is mostly north PA; Gunn zone is south PA.

For school, some like Gunn because of higher scores. But Gunn students had suicide cluster(s). Not one knows the root cause but I suspect stress is a factor. So Gunn is a turn off for some.

My sis also said Gunn’s campus is really dark and creepy? Not sure if the suicide news colored her impression or not, but yes, it’s a turn off for many people.

I texted my buddy who grew up there in PA, so he knows it too well. Said that Gunn side used to be more desired. But with the riches moving towards downtown, there are more super homes being built near PALY and downtown. Also called Professorville.

So, instead of texting I called my Palo Alto buddy to catch up. For you investor types out there, he said there was a duplex near where he lives (Midtown?) on Colorado that is $2M. He did say it was kinda small but 2 units in PA is 2 units in PA. It has been listed for awhile so probably not a great deal or needs a lot of work but just throwing it out there for folks like @manch or @myo who seem to be buying up the Bay Area (if i left anyone else out, my bad…)

I am not buying in PA dude. I wish I were… :slight_smile:

I guess this is the one: https://www.redfin.com/CA/Palo-Alto/680-Colorado-Ave-94306/home/23477298. I saw similar tear down in Menlo park but only 1.99m and lot is over 9400 sqft. And it’s neighbor with one year old rebuilt is asking 2.5m for each half-duplex. I doubt that you can do that in this small lot. Thanks for thinking about me :slight_smile:

I drive by the 3687 Bryant empty lot everyday in the past few weeks for my kids swimming lessons. It’s a corner lot in a primarily Eichler neighborhood although I think the buyer should allow a non-Eichler house since there are a few non-EIchler houses nearby. The price is surprisingly low in my opinion (good deal for buyer), although the general trend of prices in at least south Palo Alto seems to be heading downward.

Received a flyer from a neighborhood realtor yesterday (he sends them regularly and actually delivers them door-to-door himself). His comments basically say south Palo Alto market has been flat from last year. In my own view it’s not even flat. :slight_smile: Good time to invest in Palo Alto, maybe.

The duplex has been there for a while. Not a good deal. I don’t know if city would allow you to convert it back to a single unit or not. It’s next to the commercial zones (next door neighbor will be a wells fargo branch soon).

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SFH in PA doesn’t make sense for investment. To live in? Sure. But cap rate is so ridiculously low the cash bleed will be substantial.

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Only valid reason to live there is you want to rub shoulder with top executives and professors. Or you’re one of those.

Visa expanding into the fab PA with 300 jobs…

Are you implying those Visa employees would be staying in PA?

Uh, no, but just about to get even more crowded…

PA is like district 9, 10 and 11 of Singapore. Houses are so cramped and no place to park cars, yet prices are way higher than anywhere else except Sentosa. Would you want to pay to stay in a 2500 sqft lot with 4000 sqft built-in costing S$5 million or S$2 million for a high floor condo unit with a nice sea view and tons of facilities such as pool, squash/tennis court, security, party rooms, barbecue pits, children’s playground, car park and beautiful landscaping? Singaporeans prefer the former because of status, telling me that you stay in landed project “I make it” feeling.

So for people living around Lynbrook in San Jose, do you tell people you live in San Jose? Or you say Cupertino? Or do you go super detailed and say “our house is in San Jose but it belongs in Cupertino school district”?

:smile:

I have to be consistent, I don’t like monthly HOA fees so no condo for me…:slight_smile: