Q3 2015 Market Update - Palo Alto

Palo Alto 2014 Q3 Market Report

The median sales price continued to rocket up in Palo Alto rising a staggering 31% over the same quarter last year. Price pressure continues to come from a combination of shockingly low inventory and an increase in demand from international buyers. Homes for sale declined 29% from the same quarter last year. Some notable sales in Palo Alto neighborhoods follow:

Barron Park (MLS Area 232)

Inventory continues to be low in Barron Park moving the average sale price up 27% from last year.

  • 740 Flores (4 bd, 3 ba, 2273 sf, 8325 lot) and 946 Shauna Lane (4 bd, 2 ba, 1859 sf, 9984 lot) were both in “move in” condition and sold for over $1300/sf.

 

South Palo Alto (MLS Area 233)

In the last three months 21 single family homes sold in South Palo Alto, with an average sale price of $2,284,709. Two of the most significant sales were both Eichlers.

  • 4221 Ruthelma (3 bd, 2 ba, 1236 sf, 6360 lot) sold for $1,910,000, which is $1545/sf.
  • 3817 Corina Way (3 bd, 2 ba, 1486 sf, 7000 lot) sold for $2,170,000, which is $1460/sf.

 

Midtown (MLS Area 234)

There were only 8 homes sold in Midtown over the last three months, with an average sales price of $1,842,500. Inventory is down 26% from this time last year.

  • 2898 Bryant (2 bd, 2 ba, 1097 sf, 4020 lot) a bungalow on a small lot, sold for $1,600,000, which is $1458/sf.
  • 2575 Webster (4 bd, 1.5 ba, 1738 sf, 6850 lot) was built in 1947 and was clean, but in original condition, and sold for $2,350,000, which is $1352/sf.

 

Ventura (MLS Area 235)

Like all neighborhoods in Palo Alto, Ventura has seen its average sales price increase substantially. Over the last year the average sales price in this neighborhood has gone up 23% to $1,424,800. The most significant sale this past quarter was essentially for land only:

  • 455 Margarita (2 bd, 1 ba, 742 sf, 5400 lot) a tiny cottage in poor condition that sold for $1,258,800.

 

Southgate/College/Evergreen Park (MLS Area 236)

Only four homes sold in this neighborhood during the third quarter which saw inventory plummet 50% from this time last year.

  • 2120 Princeton (2 bd, 1 ba, 1536 sf, 7813 lot) was marketed “as is” due to extensive fire damage. This “tear down” sold for $2,800,000 – which is $358/sf for the land.

 

Old Palo Alto (MLS Area 237)

The most expensive public sale of the year for all of Palo Alto took place last July.

  • 215 Lowell (7 bed, 6.5 bath, 12,346 sf, 37,462 lot) sold for $19,880,000.
  • Another notable high-end sale was 175 Tennyson, (6 bed, 6.5 bath, 4540 sf, 8000 lot) built in 2003 with a large finished basement. This home sold for $6,700,000 – which is $1476/sf.

There were three sales in Old Palo Alto during the 3rd quarter that significantly moved the price point up for land, particularly lots under 7500 square feet. Coincidentally, all three were in the 100 block, not too far from Alma.

  • 151 Kellogg Avenue (2 bed, 1 ba, 992 sf, 7500 lot) sold for $3,000,000, which is $400/sf for the land.
  • 151 Seale (2 bed, 1 ba, 1080 sf, 7500 lot) sold for $2,810,000, or $374/sf for the land.
  • 155 Washington (2 bed, 1.5 bath, 992 sf, 5850 lot) sold for $2,410,000, which is $411/sf for the land.

In 2013, land in Old Palo Alto with homes that were bought as “tear downs” was selling for $260/sf. These recent sales push that number up 35% to approximately $400/sf.

 

Green Gables (MLS Area 238)

This popular neighborhood had an active 3rd quarter with 11 homes selling, half of which sold in August.

  • An updated Eichler near the newly renovated Edgewood Plaza, 2040 Edgewood (3 bed, 2 ba, 1346 sf, 8192 lot) sold for $2,300,000, which is $1708/sf.
  • There were two interesting lot value sales. 736 Garland (4 bd, 2 ba, 1663 sf, 10,660 lot) built in 1946 and in original condition, sold for $3,211,000, or $300/sf for the land.
  • 2346 Santa Ana (2 bd, 1 ba, 850 sf, 6325 lot) sold for $1,910,000, or $300/sf for the land.

 

Crescent Park (MLS Area 239)

Crescent Park continues to be an extremely sought after neighborhood with recorded sales this quarter that rival Old Palo Alto.

  • The biggest sale in the last 3 months was 536 W. Crescent (5 bd, 4.5 ba, 5800 sf, 20,500 lot) which sold for $7,988,000.
  • Three other homes sold with high numbers per square foot for both the home and the land. 1473 Dana (3 bed, 2 ba, 2051 sf, 7200 lot) was built in 1962 and partially remodeled since. Dana sold for $3,600,000, which is $1755/sf for the home and $500/sf for the land.
  • 1331 Martin (4 bd, 3 ba, 2462 sf, 9430 lot) was another older home (built in 1941) in need of remodeling. Martin sold for $4,100,000, which is $1665/sf for the home and $434/sf for the land.
  • 1488 Pitman (4 bd, 4 ba, 2630 sf, 7350 lot) which was remodeled, sold for $3,980,000. This number reflects a price per sq. foot of $1513 for the home and $541 for the land.

 

Community Center (MLS Area 240)

This is another neighborhood in Palo Alto that saw very low inventory in the 3rd quarter. There were 4 recorded sales in Community Center in the last 3 months, compared to 12 in the 2nd quarter.

  • 655 Hale (5 ba, 4.5 ba, 3297 sf, 8880 lot) was the most talked about sale. This completely remodeled home sold for $6,010,000, which is $1822/sf for the home and $676/sf for the land.
  • 930 Forest (4 bd, 4 ba, 2603 sf, 15,000 lot) was in poor condition, but sits on an unusually large lot. It sold in 14 days for $5,000,000, which reflects a price per sq. foot of $1920 for the home and $333 for the land.

 

Professorville (MLS Area 241)

There was only one sale in Professorville in the last three months, 221 Kingsley, also known as the “Fowler Mansion”. This historic property, built in 1901, is considered an anchor house and gateway to the Professorville district. Kingsley (6 bd, 4 ba, 4619 sf, 20,151 lot) sold for $8,150,000 in August. The sale was contingent on a ruling by the city’s Historic Review Board, which eventually approved the buyer’s plan to reorient the home to face Ramona Street. The new owner plans to do extensive work to the exterior and interior keeping all renovations within the historic district’s guidelines.

 

Downtown (MLS Area 242)

Downtown continues to be a very active market, with 14 sales this past quarter – 5 single family homes and 9 townhouse/condos.

  • 721/725 Webster was a very unique sale with two homes being offered separately in a “two on a lot” townhome division. The front home, facing the street, 721 Webster (3 bed, 2.5 bath, 2020 sf) is new construction done in a Queen Anne style with high-end finishes. The back home, 725 Webster (3 bed, 2.5 ba, 1665 sf) is more contemporary in style. The two properties were sold together last July for $5,480,000.
  • Another sale of note, 334 Hawthorne (3 bd, 2.5 ba, 1657 sf, 3169 lot) is a beautifully constructed contemporary home built in 2006. It sold for $2,600,000, equalling $1569/sf.

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