Good things are getting better in the Palo Alto Condo market. North Palo Alto witnessed some pretty spectacular sales this last quarter, most notably the sale at 325 Channing (The Woodmark), where a 3 bedroom penthouse unit sold, with multiple offers, to an all cash buyer for $2,700,000. Wow!
The biggest change from this quarter over the last quarter is the quick sale of highly priced tag units. Newer complexes and top floor units are selling quickly for a premium. A prime example is 800 High Street, where a penthouse unit recently went into contract. The property was listed at $1,988,000 and sold in 9 days. It’s rumored to be in contract for more than $2,000,000. That’s a hefty price, especially considering that the unit is only 1,607 square feet.
Why are these high priced units moving so quickly? For starters, single-family home prices in north Palo Alto have priced many buyers out of other options. Many homes, especially in north Palo Alto, are selling in excess of $1,100 per square foot of living space (see 1170 Fife). North Palo Alto Condo prices are simply chasing home prices up the price curve.
Another possible reason for the high sale prices of high-end north Palo Alto condos may be related to the recent influx of overseas buyers. For this stream of overseas buyers, condos offer a low-maintenance purchase option with great access to downtown Palo Alto.
Either way, the lesson is this: if you’re looking to sell your high-end condominium or townhome, now is the time to do it.