What's Happening in the Palo Alto condo market?

Last night an email arrived from a past client asking, "What's happening in the Palo Alto condo market?"

My reply:

"Now, as to the condo market in downtown Palo Alto – it’s hot! Last year we saw single family homes being bought quickly; that has accelerated this year to a near-frenzy pitch. What is new in 2012 is the condo market – that has rebound nicely. Today there are only 2 downtown condos [for sale] on our MLS. There have been 15 listed since 6/1/12.

The 2 closed sales likely to be of most interest to you are:

·      1165 Forest #2C – it listed at $995,000, sold 6 days later for $980,000

·         685 High St #5E – listed for $985,000, reduced to $945,000, sold after 69 days for $928,000. (It is the 2-level model)

I’m including links here for more detail: You can pull up those listings (and others,) see pictures, learn details, etc.

CongratulationsI represented this buyer when he purchased his downtown Palo Alto condo in 2005. Then, the price was just over $800,000. Today, after all the turbulence of recent years, it's likely worth around $950,000-$990,000.

Downtown Palo Alto is the leading edge, but not unique. We're seeing rising condominium/townhouse prices up and down the Peninsula. For instance, today San Carlos has only 3 active listings for sale in the entire town! None are short sales; all are 2-bedrooms. In Santa Clara my recent listing at 835 Woodhams Oaks, a 3-bedroom, 2.5 bath townhouse, sold in 8 days with 11 offers - and sold for more than 12% over list. It's set to close escrow next week. It appraised at the sales price, which goes to show this activity isn't a fluke.

Call me if I can be of help to you.

--- Come for a visit; Stay for a lifetime!

Lottie Kendall, Realtor®

Pacific Union International

CA DRE#10215160; 650-465-4547

Lottie@LottieKendall.com

www.LottieKendall.com

Peninsula Living Business Page

www.SFCondosForMe.com

 

 

Comment balloon 7 commentsLottie Kendall • December 06 2012 10:06AM

Comments

Lottie - Despite all of the up's and downs, long-term, this Palo Alto condo owner is doing just fine.  A great message that homeowners need to hear more often.  Forget the market headlines and hype, go with the real market data.  Excellent market recap for Palo Alto condos!

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) almost 6 years ago

Lottie

Did Palo Alto's market even get cold?

But even if it did, glad to see such a robust economy.

Maybe happy days are here again?

Posted by Pacita Dimacali, Alameda/Contra Costa Counties CA (Alain Pinel) almost 6 years ago

Good information for prospective purchasers.

Have a wonderful weekend.  Be sure to have your camera in hand to capture the special moments.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) almost 6 years ago

Great post! I guess he just wants to hear how good his purchase is. It is good to keep an open dialogue with past clients you never know when someone they know is wanting to buy or invest!

Posted by Sussie Sutton, UTR TEXAS Realtors - Rep for buyers and sellers. (UTR Texas Realtors) almost 6 years ago

Laura and Pacita, while our area didn't decline in value nearly as much as many other parts of California, the condo market was hit harder than the single-family home market. Condos are once again in demand, and prices are rising.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) almost 6 years ago

Hi Roy, thanks for the comment. I'm surely glad you keep your camera in hand!

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) almost 6 years ago

Sussie, everyone likes a 'snapshot' of what their property is worth and what trends we're seeing today. It's great to share such positive news.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) almost 6 years ago

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