Ask a professional real estate agent why one house costs more than another, and she’ll say “location, location, location.” Ask why one house cost more than another despite being smaller and having fewer amenities, and she’ll say, “location, location, location.”
Then again, ask her what she had for dinner last night, and she’ll say, “location, location, location.”
Is location really all there is to pricing Real Estate? Is it the perceived market pulse, or expectations, or whether a neighbor down the street has an RV in the front yard? Does the condition of the house matter? Or is it just what the realtard had for dinner last night?
Several homes for sale on the same street is one way to stress test this real estate cliché. So let’s begin with this “cozy charmer,” as a professional might call it. The rest of us would call it a charming ninety year old garden shed. But when the shed is in a prime zip code, it’s priced right under a million.
725 LINCOLN Ave Palo Alto, CA 94301
Sq. Ft.: 1,032
$/Sq. Ft.: $968
Lot Size: 4,250 Sq. Ft.
Property Type: Detached Single Family
Year Built: 1920
Community: Community Center
County: Santa Clara
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 5 days
English cottage style with wonderful decor and charm. Two bedrooms with walk-in closets; large kitchen, separate dining room, inside laundry. Lovely patios under new trellis. Separate out building attractive exterior could become darling room of some practical or fun purpose. Fantastic location!
See! She said location! I guess we should be grateful she only said it once. She also said “charm,” “lovely,” and “darling.” And the “separate out building attractive exterior” isn’t shown in the photos, even though it “could become darling room of some practical or fun purpose.” Practical or fun? Why not both? Then the on-site meth lab/hookah bar is a go!
Now, speaking of the “fantastic location,” notice anything about the map?
Well yes, it appears the property has been subdivided into The House and The Street Access. That’s curious, but remember today’s title? Hint: The yellow “do not cross – crime scene” tape runs across Middlefield Road. So, is this house on the “right” or the “wrong” side of the boundary? And would the price be higher or lower if the chicken crossed the Road?
By the way, the neighbor really does have an RV parked on the lawn.
Now that is one classy neighborhood. Can’t wait to see how prices (as well as neighbors’ vehicles) fare on The Other Side. Stay tuned!