With real estate prices skyrocketing here on the Midpeninsula, lots of homeowners are thinking that this might be the perfect time to sell and cash in on the great appreciation they’ve seen recently. People lucky enough to be in this position have one burning question that I hear again and again:
“Where do I go?”
Because, even though they can make a lot of money on the sale of their home, all the other homes in town have also greatly appreciated, making it a zero sum game. The obvious answer, if you are retired or flexible about where you can live, is to go out of state. But if you want to stay in the area or need to stay for work, your options are limited.
To help answer this question, I’ve researched some other cities that are more reasonably priced and within about an hour’s drive or less (with no traffic) from Palo Alto. My criteria were:
- Single family home
- Living space between 2,100 and 4,000 square feet
- Lot size between 5,001 and 10,000 square feet
- Median home price under $1,650,000
And the winners, along with their median home prices, according to the criteria above, are:
Pacifica – $906,250
Ideal for sports and outdoor enthusiasts who don’t mind a little fog, Pacifica is a coastline community that is known as a regional surfing destination. Fishing, hiking, and mountain biking are also popular sports in Pacifica. A great perk for kids and teenagers, the city operates a free skatepark that was designed by internationally renowned skateboarder Tony Hawk.
Aptos – $931,500
Another beach town, Aptos is an unincorporated area of Santa Cruz County made up of several neighborhoods. Less than half the size of Santa Cruz, Aptos has a charming, small town feel and is home to “the world’s shortest parade” held annually on July 4 and the Santa Cruz Blues Festival in May.
Santa Cruz – $940,000
Are you starting to notice a pattern here? I admit I love the beach and the best-known beach around here is Santa Cruz. Larger than the other beach towns on the list, Santa Cruz has a population of over 60,000 people, not including the influx of tourists, especially during the summer. There’s a lot to do, including the Santa Cruz Boardwalk, an abundance of restaurants and the many cultural events held throughout the year.
Pacific Grove – $980,000
About 90 miles away from Palo Alto, Pacific Grove is the city that is the farthest from the Midpeninsula my list. With this in mind, it probably isn’t suitable for someone who needs to commute to this area for work everyday. But, with its lovely beaches, Victorian homes and arts culture, Pacific Grove makes a wonderful choice for retirees looking to stay in the general vicinity.
Pleasanton - $1,140,000
Sometimes referred to as “the Palo Alto of the East Bay,” Pleasanton is a lovely, family community with great schools, a well-educated population and lots of parks and outdoor activities, including hiking in the foothills and four golf courses. If you’re looking for a large lot with a grand house for the price of a teardown in Old Palo Alto, try the Ruby Hill neighborhood.
Belmont – $1,400,000
As we move closer, the prices move up. But Belmont, which is only about 12 miles from Palo Alto, is a relative bargain. Residents love living there because of its quiet, quaint ambiance, its location in the middle of San Francisco and San Jose and the rolling hills that afford many homeowners beautiful views.
Half Moon Bay – $1,440,000
Our last coastal city! Half Moon Bay is a special place—the home of the world famous Mavericks Surf Contest in the winter and the Art and Pumpkin Festival in October. Half Moon Bay boasts some of the most beautiful coastlines in California, which is a primary reason that the Ritz Carlton Hotel opened one of its signature properties there.
Redwood City – $1,605,500
A lot of us here in the Dreyfus Sotheby’s office believe that Redwood City will be “the next big thing” in Midpeninsula real estate. Though prices have jumped recently, Redwood City is a steal compared to neighboring communities. The downtown has been undergoing revitalization and it is now the spot for year-round festivals, farmers’ markets and events.
San Carlos - $1,608,888
At the top of our price point is the city that’s considered to be the northernmost of all Midpeninsula real estate. Only ten miles from Palo Alto, San Carlos is a great choice for those who want to live in an affluent city within commuting distance of Silicon Valley. “The City of Good Living” has lots of fans who enjoy its central location, small town feel and excellent schools.
If you’re thinking about moving and wondering where to go, call me! I’d love to talk to you about your options and help you decide which one is right for you.
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