My Open House this Sun

Please come by and see me at my Open House at 212 Everett in downtown Palo Alto this Sun between 1:30 and 4:30. We have had ANOTHER price reduction on this great 12 year old 3 bed/2.5 bath (please go to 212everett.com for more info). Originally listed at $1,650,000, 212 Everett is now listed for $1,399,000. A very good comp last year around the corner sold for $1,912,000......

Inventory check

18 current condo listings in downtown PA-- 4 of the 18 are in contract: 360 Everett, 800 High St (#206), 272 Waverley #4, and 101 Alma #606.....

I also know of a 2 bedroom 1 bath condo in the 800 High St building that is currently available but not advertised in the MLS. Contact me if you or someone you know would be interested in seeing this unit......

Loan info from Wells Fargo.....

As of Monday (04/27) Wells Fargo will have available the new High Balance Conforming Loan limit for your buyers (and for refi'ers as well).  This new loan limit increases the conforming loan limit from the current $625,500 to $729,750.   Obviously this will allow people to borrower more and therefore be able to afford more expensive homes.   Considering that the Jumbo loan market has still not recovered this is welcome news.

 

Also good news is that the underwriting conditions have not changed for these High Balance Conforming Loans.  People have not had difficulty qualifying for these loans.

First Quarter Sales Stats

We didn't have enough condo sales in Palo Alto so I am giving you the single family home sales data for the first quarter and comparing it to 2006-2008. Sales volume is also included.  Ugly numbers that aren't hiding anything. This is where we are right now....

2009: 

Q1 median sales price: $1,287,500

Q1 sales volume: $69 million

2008: 

Q1 median sales price: $1,617,000

Q1 sales volume: $126 million

2007:

Q1 median sales price: $1,500,000

Q1 sales volume: $193 million

2006:

Q1 median sales price: $1,400,000

Q1 sales volume: $147 million

yes, we are under 2006 sales numbers folks.......

Looking at the 101 Alma Building....

We actually had a sale close there last week--a unit on the 6th floor was listed for $608,888 and sold for $572,500. That is in line with the last closed sale there last Dec. That works out to $472 a square foot (on the sale last week). The unit down the hall from that one (ont he 6th floor) that was listed for $649,000 is also in contract so that's good to see. Sales! We need more sales! :)

A comp!

Yes, after three months, we finally have a closed sale in downtown Palo Alto. At 800 High St the 4 bed 2ba sold. It started at $1,398,000, finally dropped to $1,298,000 and sold for $1,200,000. --that's $738 a sq ft if you want to comp out your own unit, roughly of course. If you live in an older building it will be less per sq foot.......

Condos in Contract right now

Interesting that both of the listings at 800 High St are in contract. Afterall, that is the building that is going to be most effected by the proposed low income housing project. Those comps (if and when they close) will go a long way to giving us something recent to work with to help further define value in the current downtown Palo Alto condo market........

Slow weekend with Easter, there is very little on tour today. 

We've had two condos recently taken off the market, presumably because they didn't sell. 548 Everett and 427 Alma both came off. Currently, there are 15 condos for sale in downtown PA, the least expensive being a 1 bedroom at 545 Fulton for $599,000 (on the market now for 32 days). The most expensive condo for sale is in the Woodmark for $2,495,000 (on the market for 25 days).......

Aftermath of the Meeting last Wed re: the Alma Housing Project

If you're following this at all, here's a link that summarizes what happened last Wed at the City meeting to discuss the Alma Housing Project....

http://www.paloaltoonline.com/news/show_story.php?id=11824

This proposed housing development will directly effect those who live at the 800 High St building.....

My Open house yesterday....

We've had Everett on for a pretty long time, that's why I was surprised to see 20 groups come through yesterday. I was also pleasantly surprised by the overall attitude of the buyers who walked the house. Their mind sets were MILES more positive than a few months ago.  THIS is the thing we need to start seeing and the fact that THEY see us at the bottom ready to come out is what will get this market moving again.....

Come see me!

I'm holding opening 212 Everett today in downtown Palo Alto. It's a great 3/2.5,  1766 sq feet priced great at $1,450,000.

Check it out: www.212everett.com or come on down and see me between 1:30pm and 4:30pm

New Listing at 365 Forest...

It's like all the other units in there, lots of angles, lots of space. The problem with that building is that it's structure is so unique that it can't realy help but look dated since buildings just aren't built that way anymore. Having said that, it has a nice contemporary feel to it and you can't beat 1918 sq feet for the price. Great location, too.

New Listing at 365 Forest

Units in this distinctive building rarely come on the market so it will be fun to tour this new listing. It's listed for $1,199,000, 2bed/2.5 baths but it's 1918 square feet. This building is full of architectural flair, if it's open this weekend be sure to check it out if you want to see something unique.