Thursday, January 3, 2008

Palo Alto Homes - High Tide - When Will it Ebb?

A mere 10 homes on the market in all of Palo Alto under $1,500,000!!!
AND of these:

two are under 900 square feet and on 2,000 square foot lots
one is under big power lines
one needs to be finished or torn down to rebuild new!
two just came on the market - so they will sell this weekend
one is on a very busy street
one is really a triplex
one is essentially on HWY 101
only one Eichler is truly on the market for a few weeks and available

Compare this to Campbell, West San Jose, Santa Clara and other neighborhoods east. A tale of two cities perhaps?

Santana Row Loft - Very Good Deal - $541,500

1 bedroom unit with a den below, 1.5 bath, 1151 square feet, overlooking the east valley foothills - a very good deal at $541,500. It does need some TLC - but nothing that cannot be overcome. The Margo building is a very nice location to live in. Underground parking is a short elevator ride down. This is a price lower than when the units started selling 2 years ago. When the sub-prime mortgage seizure stabilizes - these units will appreciate quickly to where they were last year - in the $600s. This is a great opportunity.