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