I’m sharing my top picks for empty nester neighborhoods that are affordable alternatives to Palo Alto. More and more empty nesters want to happily live out the rest of their lives right here, by unlocking the equity from their Palo Alto home, and buying a modest home nearby at a good value. They don’t want to relocate to a retirement Shangri La where nobody knows their name.
Recently, some clients of mine wanted to cash out of their Palo Alto Home, downsize — and stay local. “Where do we go?” they asked me. “Our life, our friends, our community is here.” Where could they remain close to their social ecosystem, enjoy the same livability and cultural activities, and get some bang for their buck without paying the Palo Alto premium? Plus, they’d heard stories about low inventory and multiple offers from Palo Alto to Burlingame. Was it even possible to find a quality neighborhood without high prices?
YES! There are several up-and-coming neighborhoods that are great picks for empty nesters, who no longer have to think about putting kids in schools. I’ve ranked my favorite lesser-known neighborhoods by median price, average price per square foot and available inventory. Here is the inside track on my top undiscovered areas that fit the bill for empty nesters:
Farm Hill Estates/Cordilleras Heights (Redwood City)
Inventory Year-to-date: 65
Median Sale Price: $1,568,000
Average price per square foot: $876
Up in the hills off 280, Farm Hills Estates offers the Portola Valley feel without Portola Valley prices. Many hillside homes have views of the bay. Residents enjoy country living – streets with no sidewalks, neighbors with chickens. Upscale new construction sells at a discount when compared to more mainstream areas. This neighborhood along Farm Hill Boulevard enjoys bigger homes on larger lots than most. Homes on the south side of Farm Hill Boulevard rival Sharon Heights in quality, size and location.
High School Acres (Edgewood Park) (Redwood City)
Inventory YTD: 87
Median Sale Price: $1,300,000
Average price per square foot: $897
This neighborhood reminds me of Crescent Park, with winding, tree-lined streets and a mix of substantial 3000+ square foot homes on lots of an acre or more, alongside 2000 square foot homes on quarter-acre lots. Its main artery has the same feel as University Avenue – big, beautiful homes, with more modest homes surrounding it – but without the constant traffic of University Avenue. It’s minutes from Palo Alto and Menlo Park. People love the revitalized downtown of Redwood City. Both retirees and families are moving to Redwood, recognizing the good buys available here.
Downtown Mountain View
Inventory YTD: 38
Median Sale Price: $1,575,000
Average price per square foot: $1,178
Mountain View’s charming downtown living appeals to a mix of empty nesters and young families – the walk to Castro Street, the local library and the Farmer’s Market on Sundays. The average home downtown is 1500 square feet, and prices are roughly $1.2M to $1.8 million. While homes here are selling over list price, the price per square foot is considerably less than Menlo Park and Palo Alto. It’s still a great value, even though the market here is somewhat competitive.
Horgan Ranch (Redwood City)
Inventory YTD: 70
Median Sale Price: $1,349,000
Average price per square foot: $846
Horgan Ranch sits right next to Atherton, between Selby Lane and Woodside road, from El Camino to Alameda. Orchards once covered this land, and mini-farms with little houses on big lots that have been transformed over the years into more modern homes, with bigger lots than average. You can buy a nice single family home for around $1.5M in Horgan Ranch. Being close to downtown Menlo Park makes it feel like you haven’t even moved, because you’re still in town.
Beyond the Peninsula Options for Empty Nesters
For those who are contemplating a move out of the area, I’ll be writing about several enticing options this year. I’ll be visiting places like Sonoma, Nashville and Austin, and reporting back about the communities, the housing market and prices, along with just about everything else you would want to know before considering a move. Check back soon for my report on Bend, Oregon.
