Speaking of Lovely PA..... WOW!

Seems way overpriced. The lot is not big enough for subdivision.

$500K has already been cut from the asking price. I think they need to bring it down to less than 2M to be competitive.

https://www.redfin.com/CA/Palo-Alto/1027-Waverley-St-94301/home/588886

2740 views, 42 favs.

Again, a seller who is fishing and hoping to nab that big, unsuspecting fish. Don’t blame him/her. It is mighty PALO ALTO after all!!! Bow down to me and give me your first newborn!!!

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I can’t judge the PA market, but that does seem pretty excessive.

I mean, for $5M+the $1M to rebuild, you could put your 2.5 kids into top-notch private schools AND 4 years of Ivy league college and still spend $3M elsewhere plus have $1M to spend on…whatever you want. Like vacations to the Bahamas or Ski trips to the Swiss Alps.

Not that I think it is worth it but if this was in Old Palo Alto or Crescent Park, they probably could get $5m. Problem is that the neighbors in Professorville tend to put up a stink about tear downs and push for restoration. Still, I think they could pull off $3.8ish.

In PA, people paid nose-bleeding price for shacks and pig sty.

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Again, value is in the land. No one cares if there is a shack or pig on the property. Oink. :pig:

Professorville. Great neighborhood. Not that I can afford this, but seems to be in the right ballpark.

This house has 6800 sq ft lot with new house construction: sold $6.2M
https://www.redfin.com/CA/Palo-Alto/225-Lincoln-Ave-94301/home/103998207

Another 6800 sq ft lot with large house: sold $6.2M
https://www.redfin.com/CA/Palo-Alto/1091-Emerson-St-94301/home/1101312

This one is 14,000 sq ft lot with a large house: sold $10M
https://www.redfin.com/CA/Palo-Alto/363-Melville-Ave-94301/home/588945

:scream: :scream: :scream:

Can you say, “Location, location, location?”

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Where are people getting this money? Most professors don’t make enough to pay $10M for a house even at Stanford… by any stretch of the imagination. Is the medical school loading up their teaching staff maybe? I mean, maybe it’s not professors there anymore?

Yep, not likely to be professors anymore. Unless they have lived there for a long time. People who moved to Professorville recently are more likely to be Chinese investors, C-suite employees, VCs, doctors, & attorneys.

I know several younger Stanford professors. They either live in nearby faculty housing or commute from the east/south bay.

Always had this thought about why PA is so exhosbitant…while east palo alto is not
and even union city is low end.

Union city is right across the bridge with Palo Alto woth no traffic most of the times.

Manch, can it be that PA is actually underpriced???

Uber is the iconic company of this decade. Like Facebook and Google. But even FB and GOOG did not have major offices in SF, South Bay and Oakland. Wow.

Well, there you go… you just may have hit on an area that is underpriced relatively speaking. With Uber coming into PA people have to live somewhere…it may as well be Union City. Again, it seems that 880 corridor going north from once Milpitas to now Fremont will go further now towards Union City. Soon, there will be no area in the Bay Area that is sub 1M!!!

Don’t forget Bay Area has a total of 9 counties in it. Places as far away as Fairfield is in Bay Area technically… :slight_smile:

Ok, revision needed. I will revise statement and just say those areas that immediately surround the Bay waters. Inland, forget it for now…

But we keep getting inconclusive messages that millennials actually like the burbs, so who knows…

and it continues…

Manch,

You can’t tell me those are not very lucky numbers to have if it were you owning this property…

Yes, the price included the adjacent undeveloped parcel at 955 Lincoln, which could be combined with the bungalow’s parcel to form a single 24,800-square-foot Crescent Park lot upon which a massive “family compound” could be developed, with enough land for two large homes.

You know what 24 means, right?

yes, but it is 248 that I am looking at