Tag Archives: Professorville

Palo Alto’s New Homes, March 22

Palo Alto seems to be having an oscillation problem in terms of inventory.  In contrast to the nearly 20 homes which hit the market last week, this week only offered 9 new listings and a few off-market opportunities.  See below for an overview of each property:

OFF MARKET - Downtown Palo Alto | Bedrooms 1  |  Bathrooms 1 | Home 680 SF | 1,260 SF Lot.  I really like the fact that you can walk downtown, yet are on a quiet street.  Although on the smaller side, the layout and backyard make the space feel large. Newly remodeled kitchen, refinished hardwood floors, and new carpeting in the bedroom make this unit feel contemporary.  This unit is a win-win for a starter condo…entry level price and low HOA Dues.  Price upon request.

OFF MARKET - Crescent Park | Bedrooms 4  |  Bathrooms 2.5 | 2,800 SF House  |  7,000 SF Lot.  This updated New England colonial home on a cul-de-sac location makes this property a rare find.  Although I’m not usually a fan of formal layouts, the remodeling helps with the home’s flow.  I also like that you can walk downtown from this property yet the street is quiet.  Price upon request.

OFF MARKET - Professorville | Bedrooms 5  |  Bathrooms 4.5 | 3,800 SF House |  9,200 SF Lot.  A totally turn-key Craftsman style home which would be a perfect match for a larger family who likes to entertain.  One neat feature of the home is that it has a 4th bedroom upstairs.  Traditional floor plan.  The side yard is also a force to be reckoned with and has enough space for summer parties and entertaining guests.  Price upon request.

722 Ashby Drive - Bedrooms 4  |  Bathrooms 4 | 4,302 SF House  |  9,360 SF Lot.  This Crescent Park home feels much larger than the listed size.  The kitchen layout and flow into the dining room make this home a solid purchase for a growing family.  The open spaces also provide lots of space to entertain.  Given the location and size of the home and lot, this home has a lot to offer. Listed for $4,995,000.

249 Kipling Street - 4 Bedrooms | 2.5 Bathrooms | 1,655 SF House | 4,400 SF Lot.  This home rocks!  Built in 1906, the floor plan on this home is surprisingly open for the time period it was built.  The remodeling work throughout the home is well done, and the home feels larger than most 1,600 square foot homes.  Although the lot size is on the smaller side, there is still a small yard, and better yet, Johnson Park is across the street.  My only critique is that the stairway to the cellar is not for the timid.  Expect this home to sell well over list price.  Listed for $1,995,000.

122 Santa Rita Avenue -  4 Bedrooms | 2 Bathrooms | 2,040 SF House | 5,625 SF Lot.  Location is the biggest selling point for this particular property.  The home itself has undergone a light remodel for the sale, and the finishes look good.  The layout on this particular property is long and narrow, with an open kitchen and modern appliances.  I am impressed with the amount of backyard space that this home has for the lot size.  Listed for $1,998,000.

140 Tennyson - 4 Bedrooms | 3.5 Bathrooms | 1,875 SF House | 3,750 SF Lot.  Brand new construction in Old Palo Alto.  It’s nice to see new construction in Palo Alto that isn’t over the top.  This home has some nice finishes, and does a really good job utilizing the space.  Given the small lot size, the home is well positioned.  The upstairs layout could be re-worked a little bit, but for most families it should be fine.  Unfortunately, there is no real yard.  Expect to pay a premium for the new construction.  Listed for $1,998,000.

396 Stanford Avenue - 3 Bedrooms | 2 Bathrooms | 1,240 SF House | 7,500 SF Lot.  Located in Evergreen Park, this home has potential for anyone looking for a starter home.  This corner lot home has a more traditional layout, and a kitchen which could use a bit more space.  Some of the home could use a light remodel, but the exterior of the home and lot are well tended to and attractive.  This home was sold two years ago and is now on the market for about the price it sold for in late 2011.  It will be an interesting property to watch!  Listed for $1,495,000.

439 Maureen Avenue - 4 Bedrooms | 3 Bathrooms | 2,127 SF House | 6,200 SF Lot.  This cute Midtown home has some very interesting angles to it.  The roof line makes for some nice vaulted ceilings throughout a good portion of the home.  I especially liked the upstairs master bedroom, which has its own deck.  The kitchen felt a little cramped, but overall not a bad home.  Listed for $1,849,000.

2777 Kipling Street - 2 Bedrooms | 1 Bathroom | 880 SF House | 5,750 SF Lot.  This starter home in Midtown is on the smaller side, but has potential to be something nice with some work.  The house is dated, and a significant remodel will be needed to make the home feel up to date.  However, this is not a bad purchase, as an expansion or rebuild would put a future homeowner in a desirable location.  Listed for $1,295,000.

3953 Laguna Avenue - 4 Bedrooms | 4 Bathrooms | 2,810 SF House | 6,877 SF Lot.  Victorian inspired home in Barron Park.  This home will have appeal to those looking for a more traditional floor plan.  The kitchen and dining rooms are separate, and there are several nice living spaces.  I really enjoyed the upstairs master bedroom; the vaulted ceilings add a nice feel to that space.  The home could use a light remodel in the bathrooms and kitchen, but overall the home looks good.  Keep in mind that Laguna Avenue is an arterial street for Barron Park, so you will get some traffic noise throughout the day.  Listed for $2,250,000.

4137 Thain Way - 3 Bedroom | 2 Bathroom | 1,629 SF House | 4,225 SF Lot | HOA Fees $631 / Month.  Upper level Barron Park condo.  This is really a 2 bedroom, 2 bathroom condo with an office, but nonetheless, the unit has a lot of space.  I would have liked to see some more updates in the home, as some of the surfaces are dated.  The HOA Fees seem high to me given that there is no Earthquake insurance, but I like the fact that there is a reserve fund.  Listed for $925,000.

Palo Alto Housing Sales: A lull in the recovery

After three quarters of steady recovery from a grim 2009, the end of 2010 saw a dip in both average and median prices in Palo Alto. Responding to buyers’ reluctance to pay prices that had risen above first quarter 2010 numbers, many sellers pulled their homes off the market, choosing to wait for better days. We anticipate a return of these sellers to the market in the spring, setting off another game of chicken between buyers who want 2009 prices and sellers who have shown an appetite to wait for more.

We analyze the individual neighborhood numbers with the proviso that many of these neighborhood statistics are built on small sample sets and should be read as indicators and not gospel.

BARRON PARK
Continuing its recovery from steep declines in early 2010, Barron Park saw incredible jumps in average and median prices. Inventory dropped while sales held steady. Fourth quarter sales were nearly double 2009 numbers.

COLLEGE
The neighborhood continued its trend upward, as median prices jumped up almost 16%. In contrast to other areas, the higher end of the neighborhood seems to be moving fairly well.

COMMUNITY CENTER
A sharp drop in average prices shows a slow-down in the upper end of the Community Center market. Much of this drop is due to lack of inventory in that price point.

CRESCENT PARK
Dramatic average and median price drops from the previous quarter reflect the pull back of sales at the higher end of the price point. The market under $2,500,000 remains robust, but supply crept up late in the quarter as buyers waited out the holidays.

DOWNTOWN
While below prices a year ago, the downtown market actually saw a jump up from 2010 third quarter prices, as buyers saw value and started to jump in. Inventory has returned to more normal levels after a glut in 2009.

GREEN ACRES
Another neighborhood that benefited from strength at the lower end of the Palo Alto pricepoint. Green Acres saw increases in sales prices during a typically sleepy time of year. Inventory remains on the high side, but demand seems to be sufficient for these higher numbers.

MIDTOWN
Modest decreases in pricing is probably more attributable to fourth quarter slowdowns than a declining market. Midtown enjoyed a strong 2010, with prices appreciably higher than 2009 numbers. Inventory remained low in comparison to 2009 numbers.

OLD PALO ALTO
Palo Alto’s priciest neighborhood remained in the doldrums, as the higher end price point continues to be stagnant. Median list prices are, on average, $325,000 over median sales prices, showing a disparity between what sellers and buyers think houses are worth.

PALO ALTO HILLS
The bleeding appears to have stopped, as Palo Alto Hills saw some sale prices off the early 2010 lows. Numbers are tough to believe in this low volume neighborhood, but our gut says there is value here. Some rural buyers are starting to wake up to the appeal of Palo Alto Hills.

PROFESSORVILLE
Professorville remains one of the best performing neighborhoods in Palo Alto. A broad demographic of young professionals, empty nesters, and families keeps prices steady and inventory low.

SOUTH PALO ALTO
South Palo Alto remains the steady performer it always is, with steady prices and sales. Supply remains consistent with demand. Well-priced homes don’t stay on the market very long.

VENTURA
A dip in prices seems to be caused by a jump in the number of sales, as sellers decided together that it was time to get out. By and large, prices remain steady for 2010 and inventory numbers seem stable.