Location, Location, Location, At Last
This occasional series has looked at several listings on the same street. First there was the English Garden Shed, then the Vampire Frat House, and our latest Lincoln link was Limestone and Marble and Rock, Oh My! (the one with MAGICAL GARDENS near a busy street). We’ve run through three neighborhoods: Community Center, Professorville, and Crescent Park; and three building styles: English Cottage, Craftsman, and Spanish.
Today’s featured property finishes us right back where we started: English Country in Community Center. The house is still for sale, but the price is a mite higher.
750 Lincoln Avenue, Palo Alto, CA 94301
$2,750,000
Beds: 5
Baths: 4.5
Sq. Ft.: 3,321
$/Sq. Ft.: $828
Lot Size: 5,625 Sq. Ft.
Property Type: Detached Single Family
Style:
Country English
Stories: 2
Year Built: 1998
Community: Community Center
County: Santa Clara
MLS#: 81034935
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 8 daysPICTURE PERFECT & TRADITIONAL with stone exterior covered in Boston Ivy * High ceilings, detailed moldings, quality finishes * Full basement w/ recreation room * Romantic English garden for sweet indoor/outdoor living * Great neighborhood with lots of family action in walking distance: Community Center (park/libraries/theater/clubs/special events); Schools(Addison/Jordan/Paly); & alluring Downtown
Now that’s a new real estate term for today: Family Action. I’ve heard “Fun for the whole family isn’t,” so maybe “Family Action” has them each running for a different neighborhood feature. But at least this house isn’t hiding any extra floors on railroad tracks, the agent was kind enough to spell out most of the ad copy, and even threw in a few asterisks to show us how exciting Family Action can be! The garden may not be MAGICAL but at least it’s sweet. And no sign of vampires, with or without a Stanford degree.
Why hasn’t this PICTURE PERFECT & TRADITIONAL house sold yet? It’s got Boston Ivy! That means Harvard!!!
Look, you can hardly see that dreadful lemon line in the lower left corner. Wow, what’s with that funny orientation of the lots on this block?
Perhaps it’s the neighbors? Or the neighbors’ vehicles? This is right across the street, but as bad vehicles go it’s pretty innocuous.
It’s certainly easier on the eye than the house directly across the street:
Wow. Looks secure. Maybe it’s an extraordinary rendition center. Hope they soundproofed the interior walls! On the plus side, no chance of parking RVs on the lawn.
Update: The house still on the market after 30 days. No doubt it’s in “Soon Pending” status! So what if it sold for $2.3 million just 5 years ago? If it will be double in ten years, it should be up by half now! Remember, to get Real Bay Area price, all you need is one Real Buyer! Preferably a Real Buyer who doesn’t know Real Issue about which side of 94301 is the best location.
August 17th, 2010 at 7:53 am
Just so we get the other issue out of the way:
“This is right across the street, but as bad vehicles go it’s pretty innocuous.”
Yes, I do believe that bob would suggest that vehicle creates at least double the necessary pollution. That said, we know in the RBA there is Real Love for all vehicles, unless it’s owned by a transient guest.
My guess, however, with all that “family action” going on, the Suburban is probably needed to haul kids from one activity to the next–especially to the PA Children’s Library, even if it’s only a couple blocks away.
August 17th, 2010 at 8:32 am
Oh, I thought “family action” meant something more along the lines of what Alex seeks. Maybe the mom is a redhead and her (adopted? step-?) daughter is Asian.
August 17th, 2010 at 5:42 pm
Alex isn’t going to get much Family Action if he buys this house. He’d be better off buying 725 Lincoln and walking to conveniently located 750 and the Family Action residing therein.
Also, 725 is much more reasonably priced for a clean-up guy.
August 17th, 2010 at 10:42 pm
Why are we still talking about Palo Alto?
August 17th, 2010 at 10:54 pm
agreed – plus that last photo showcases the dreaded power lines that litter Lincoln st. Definitely not Palo Alto’s highlight.
August 17th, 2010 at 11:01 pm
>>showcases the dreaded power lines that litter Lincoln st.
FYI. There is only 1 neighborhood in all of Palo Alto that has underground lines.
August 17th, 2010 at 11:04 pm
At least in Los Ghettos they’re in the backyard. Less of an eyesore.
August 17th, 2010 at 11:39 pm
“There is only 1 neighborhood in all of Palo Alto that has underground lines.”
Sounds like only 1 neighborhood in all of Palo Alto is in the RBA.
August 18th, 2010 at 12:05 am
And it’s also walking distance to the Children’s library, coincidentally.
August 18th, 2010 at 12:35 am
If a neighborhood has no powerlines, it’s probably too new to be any good. You’re probably looking at a cheap new construction on a 3000 sq. ft. lot. RBA neighborhoods have RPL (Real Power Lines).
August 18th, 2010 at 12:39 am
And it’s also walking distance to the Children’s library, coincidentally.
—-
That’s RWSM (Real Wrong Side of Middlefield).
August 18th, 2010 at 1:10 am
Lol. The places in the bay area that are actually nice have old money homes with underground power lines.
As expected, Real estater knows nothing of this.
August 18th, 2010 at 3:14 am
Even Sunnyvale has power lines in the backyards. Guess I live in RPLBA.
August 29th, 2010 at 5:07 pm
Boston ivy! (Haaaarvaaard?) English gardens (Eton? Oxford?)! Near Stanford? My children would be smarter just coloring in that house.
September 11th, 2010 at 12:09 pm
Pending.
September 11th, 2010 at 1:07 pm
33 days on market? How could that be? Homes in Palo Alto are routinely subject to overbidding; the pile of offers should have reached the second floor windows within 3 days! Either the home was insanely overpriced or the street has something majorly wrong with it. Is someone on the next block running a meth lab or something?
September 11th, 2010 at 1:57 pm
Aren’t you being ridiculous? For this price range, at this lot size, in this economy, 33 days on the market is amazing, especially for the “wrong side of Middlefield”.
September 11th, 2010 at 2:25 pm
33 days isn’t so bad, madhaus. Remember, this is the wrong side of Middlefield. There won’t be any over-bidding there. From the look of things, there won’t be much (if any) profit for the current owners either. Not enough icing for a good sugar high.
BTW, where do you get 33 DOM? It was listed 7/14 and de-listed 9/10.
September 11th, 2010 at 2:29 pm
$435K appreciation after 5 years: up less than 19% but it should have been up more than 41% (Real™ appreciation).
The sellers are probably barely breaking even on that sale after the $137K commission (5%).
I toured this home actually. Too much traffic on Lincoln considering it’s a residential neighborhood: that’s the favorite shortcut of most Palo Altans to go from the right side of Middlefield to University Ave / 101. Great house if you don’t want a backyard
September 11th, 2010 at 3:11 pm
Remember, this is the wrong side of Middlefield. There won’t be any over-bidding there.
—-
Of course. Real Estater’s own home on tree-lined street and walking distance to library is getting sold $20K less than the listed price. No overbidding there.
September 11th, 2010 at 3:23 pm
Aren’t you being ridiculous? For this price range, at this lot size, in this economy, 33 days on the market is amazing, especially for the “wrong side of Middlefield”.
——
What? Economy? It does not affect RBA.
September 11th, 2010 at 3:35 pm
What? Economy? It does not affect RBA.
No kidding. We were ready for take off a couple of years ago, we should still be flying high. Especially in the RBA!
September 11th, 2010 at 4:04 pm
Here’s another theory: the sellers deliberately set the price to below market value and rejected all overbidding offers just so they don’t pay capital gain tax.
September 11th, 2010 at 4:07 pm
#23, makes sense. They didn’t want AMT problems either.
September 11th, 2010 at 4:18 pm
#19 – No doubt Lincoln St. is a subpar street, what with the power lines and traffic. In any case, we know that Real Estater knows better than to live there – he lives away from busy streets and power lines and he never lies about anything
September 11th, 2010 at 6:33 pm
DreamT- Obviously that second Real Estater post was just a fool’s joke. We know that Real Estater does not live in the RBA, since he claimed that RBA properties have Real Power Lines (RPL). In fact, his place is most likely, as he describes it, “cheap construction.”
September 11th, 2010 at 6:40 pm
Petsmart Groomer- “Here’s another theory: the sellers deliberately set the price to below market value and rejected all overbidding offers just so they don’t pay capital gain tax.”
I’m thinking we need to compute how often a RBA home owner must switch properties to avoid the capital gains tax. Yes, it depends on the cost…
That said, you’re making my rent to each other -versus- owner occupied computations much more complicated.
September 11th, 2010 at 11:35 pm
>>What? Economy? It does not affect RBA.
That’s right. It didn’t affect the sale of this house. You’d be lucky to sell your car in 33 days.
September 11th, 2010 at 11:46 pm
People who talk about power lines, wrong side of Middlefield, “street too busy” etc. obviously have no clue how “special” Palo alto is. Most Palo Alto shoppers soon realize they’d be lucky to find any house in the city. Even people in the $2M+ market typically find themselves having to make compromises or do fix-up work. An example is house featured here. For $2.75M, you’re still living on an undersized lot with a small yard. What is considered an issue elsewhere is simply not an issue here. Keep in mind, even Steve Jobs can hear the train noise.
September 11th, 2010 at 11:52 pm
You’d be lucky to sell your car in 33 days.
—-
I sold my car in 1 day (actually half-day) for the virtue of craiglist.
September 11th, 2010 at 11:54 pm
>>I sold my car in 1 day (actually half-day) for the virtue of craiglist.
But…was there any overbidding
?
September 11th, 2010 at 11:55 pm
What is considered an issue elsewhere is simply not an issue here. Keep in mind, even Steve Jobs can hear the train noise.
—-
Real Estater knows Steve would not like train noise “elsewhere”?
September 11th, 2010 at 11:57 pm
But…was there any overbidding
?
—–
Nope. It was sold for listed price – just like this Wrong Side of Middlefield property.
September 12th, 2010 at 12:00 am
I’m real impressed now. You’re a great used car salesman
!
September 12th, 2010 at 12:07 am
#29 sounds an awful lot like a rationalization for having overpaid for junks. If I had to live on a busy street with ugly power lines, undersized house and yard, bizarre floor plan, eighty year old pipes, on the wrong side of Middlefield yet still subject to train noise, I certainly wouldn’t take any comfort knowing that Steve Jobs has to hear the train from his house too.
September 12th, 2010 at 12:07 am
Thanks for thc compliment, epsecially when it comes from a Realtor(tm).
September 12th, 2010 at 12:17 am
>>#29 sounds an awful lot like a rationalization for having overpaid for junks.
It’s analogous to you justifying living in a shack when you could be living in a MTV Cribs-like home in Austin or Atlanta.
September 12th, 2010 at 12:18 am
I certainly wouldn’t take any comfort knowing that Steve Jobs has to hear the train from his house too.
—–
What Real Estater is trying to establish here is sort of pecking order.
“You know what, I could be located at the Wrong Side of Middlefield. I could have overpaid for my junk that needs Drano every month. But at least I am not as bad shape as Steve Jobs who hears train noise everyday (even though he lives in a 0.59 acre land and 5000+ sqft home).”
September 12th, 2010 at 12:20 am
>>Thanks for thc compliment
No prob. You walked into that one like a cockroach biting on a bait. Smart move!
September 12th, 2010 at 12:23 am
No prob. You walked into that one like a cockroach biting on a bait. Smart move!
—–
If you call it a bait, thanks for it. Please serve me everyday.
September 12th, 2010 at 12:29 am
Real Estater- “I’m real impressed now.”
I real doubt that’s a typo. I know, it’s all about being Real.
September 12th, 2010 at 12:29 am
It’s analogous to you justifying living in a shack when you could be living in a MTV Cribs-like home in Austin or Atlanta.
—-
But at least it is not at the Wrong Side of Middlefield.
September 12th, 2010 at 12:33 am
I real doubt that’s a typo. I know, it’s all about being Real.
—–
You know what he means when he uses the the word “real”. That would be as credible as his name “Real Estater”.
September 12th, 2010 at 12:41 am
The logic is so great:
“What is considered an issue elsewhere is simply not an issue here.”
Ok, I know that in some “elsewheres” train noise is a problem. I’m sure that’s not an issue “here.” How’s Steve Job’s hearing?
September 12th, 2010 at 12:49 am
Ok, I know that in some “elsewheres” train noise is a problem.
—-
Of course. If you are robbed at Palo Alto, you can always say “at least I am robbed at Palo Alto.” It’s win-win situation – for both robber and you.
September 12th, 2010 at 12:57 am
“It’s win-win situation – for both robber and you.”
In some areas rape is not enjoyable. In Palo Alto? Relax and enjoy. It’s not an issue.
September 12th, 2010 at 2:31 am
looks like bad taste may be contagious
September 12th, 2010 at 10:28 pm
Another analogy to guys picking faults with Palo Alto is a guy like Alex looking for the perfect woman, without first looking in the mirror or checking his wallet.
September 12th, 2010 at 10:30 pm
“without first looking in the mirror”
Alex, per Real Estater, YOU are the perfect woman!
Congratulations.
September 12th, 2010 at 10:43 pm
Speaking of “flaws”, take a look at this $6M+ property.
You can see that:
- Being close to the 101 Fwy does not matter
- Being close to East Palo Alto does not matter
- Being on the wrong side of Middlefield does not matter
What may be thought of as flaws elsewhere is considered part of the character in Palo Alto.
September 12th, 2010 at 10:48 pm
#49 – LOL!
September 12th, 2010 at 10:52 pm
“- Being close to the 101 Fwy does not matter
- Being close to East Palo Alto does not matter
- Being on the wrong side of Middlefield does not matter”
Translation:
“Nothing really matters, but me.” -Mercury
September 12th, 2010 at 11:00 pm
>>#49 – LOL!
I guess there’s an audience in this world for dumb comments…
September 12th, 2010 at 11:03 pm
#53 – There sure is – look at the riot on burbed everytime you show up!
September 12th, 2010 at 11:04 pm
#53
There always is. After all, there is quite a big audience here for the train wreck called Faux Estater.
September 12th, 2010 at 11:09 pm
#53 Right on!
September 27th, 2010 at 8:08 pm
Sold for $2,600,000 so appreciation is only $285K (and a 5% commission would be $130K). Not a Real™ investment.
October 3rd, 2010 at 2:40 pm
Another house on Lincoln for sale, which was last sold in October 2008: http://www.redfin.com/CA/Palo-Alto/877-Lincoln-Ave-94301/home/1445154
Asking price is $1,795,000 ($100K more than the 2008 sold price). After a 5% commission, that’s a $10,250 profit! Assuming the owners lived in the house, this will only be tax-free if they sell after Oct 21.
October 3rd, 2010 at 2:55 pm
will he find a greater fool? what a fun game of musical chairs this is!
October 3rd, 2010 at 3:14 pm
Petsmart Groomer- What about all the so-called “over-bidding?” That will bring the price right to where it needs to be.
October 3rd, 2010 at 3:16 pm
What the heck is it with the Community Center neighborhood? This is the third Lincoln Avenue house with a Country English style.
You know, when I think “Country English” I think of young people going insane on the moors and screaming in the rain. Also really, really bad food. And a big manor house in danger of falling apart any minute, which the owners can’t afford to fix, let alone hire the 30 servants the place needs to function.
I’d love to see them install 30 servants in this place. Instead of screaming on the moors they can go tear up the nearest soccer field.
October 3rd, 2010 at 3:23 pm
>> After a 5% commission, that’s a $10,250 profit!
You’re assuming no overbidding.
October 3rd, 2010 at 3:34 pm
So easy to predict…
October 3rd, 2010 at 3:39 pm
> You’re assuming no overbidding.
You’re quite perceptive. Your reading skills are slowly improving
October 3rd, 2010 at 3:41 pm
Any moron who buys a POS like that deserves it.
October 3rd, 2010 at 3:49 pm
Madhaus is getting excited. She is only $800K away from the “wrong side of Middlefield”, in an area where $500K is not a lot of money. She may finally agree – now may be the right time to buy the wrong side of Middlefield!
October 3rd, 2010 at 3:51 pm
>>You’re quite perceptive. Your reading skills are slowly improving
I was just helping SEA.
October 3rd, 2010 at 3:53 pm
#61, maybe it should be “country English peasant?”
October 3rd, 2010 at 4:05 pm
Real Estater, how was the house? Surely you must have gone to the open house today. If Steve Jobs’ house is within walking distance, this one must be within a stone’s throw.
October 3rd, 2010 at 4:09 pm
Real Estater- “in an area where $500K is not a lot of money.”
Talk about a guy who arrives to the meeting late.
How late did you arrive?
October 3rd, 2010 at 4:21 pm
Doesn’t anyone care?
THE GIANTS WIN THE PENNANT!!
October 3rd, 2010 at 4:30 pm
I was wondering how RBA Stanford could lose to the OR Ducks.
October 3rd, 2010 at 5:10 pm
#71, #72 we’re talking country English peasants! Who won the bloody TEST MATCH?
October 3rd, 2010 at 6:39 pm
Asking price is $1,795,000 ($100K more than the 2008 sold price). After a 5% commission, that’s a $10,250 profit!
—-
But, but, but this property has two-car garage. What a waste of space!
October 3rd, 2010 at 6:57 pm
Petsmart Groomer- What about all the so-called “over-bidding?” That will bring the price right to where it needs to be.
—–
How many properties on Licoln are selling with overbidding? The 750 Lincoln (the featured property of this thread) is sold with $-160K (that’s number with minus at the front) overbidding amount.
And the minus sign only because potential buyers are not getting parking space while visiting open houses there.
October 3rd, 2010 at 9:09 pm
>>Real Estater, how was the house? Surely you must have gone to the open house today.
That one’s out of my price range. See, I’m being very candid. None of this “I’m not even looking” b.s..
October 3rd, 2010 at 9:10 pm
Pralay- Is this the Land of Lincoln or the RBA?
October 3rd, 2010 at 9:11 pm
>>The 750 Lincoln (the featured property of this thread) is sold with $-160K (that’s number with minus at the front) overbidding amount.
That’s completely normal and acceptable for the price range. Ever heard of “it’s lonely at the top”?
October 3rd, 2010 at 9:13 pm
>>Pralay- Is this the Land of Lincoln or the RBA?
Neither. It’s the land of “Licoln“. It’s not a typo. Pralay doesn’t make Typos. After all, he can spell Manhattan.
October 3rd, 2010 at 9:15 pm
While we’re on this so-called “over-bidding,” let’s take a quick look at the history for this fine Land of Lincoln property:
“Oct 21, 2008 Sold (Public Records) $1,695,000 — Public Records
Oct 21, 2008 Sold (MLS) $1,695,000 – Inactive MLSListings #80836056
Sep 24, 2008 Listed $1,695,000 – Inactive MLSListings #80836056″
Is that positive or negative over-bidding?
October 3rd, 2010 at 9:20 pm
Ok, Uncle Estater, the last sale price was $1,695,000 in October 2008.
Today’s asking price is $1,795,000.
For how much and when will this place sell, and how much in so-called over-bidding?
FYI: 1.072^2*1.695=1.948
October 3rd, 2010 at 9:22 pm
Real Estater- “>>The 750 Lincoln (the featured property of this thread) is sold with $-160K (that’s number with minus at the front) overbidding amount.
That’s completely normal and acceptable for the price range. Ever heard of “it’s lonely at the top”?”
What kind of education are the kids going to get?
October 3rd, 2010 at 9:26 pm
> That one’s out of my price range. See, I’m being very candid.
Remember my comment about your reading skills slowly improving? Well I take it back
October 3rd, 2010 at 9:48 pm
“Real Estater, how was the house? Surely you must have gone to the open house today.”
I was going to visit that one as well, but I decided against it, what with my easily recognizable cat face and Real Estater lurking around. Some things in life just aren’t worth the risk.
October 3rd, 2010 at 10:09 pm
What’s your concern, DreamT? The worst that can happen is me treating you to a cup of coffee.
October 3rd, 2010 at 10:10 pm
Neither. It’s the land of “Licoln“. It’s not a typo. Pralay doesn’t make Typos.
—–
Thanks for pointing out Uncle Estarer. May be I should give a lecture about President Licoln this time – the way this guy about a word.
October 3rd, 2010 at 10:16 pm
#85 – That’s very sweet considering how blunt we are on here
October 3rd, 2010 at 10:20 pm
That’s completely normal and acceptable for the price range.
—-
Too bad, if he waited five more years he would have got $4.6M.
Or may be he missed the memo. That’s why he did not ask for at least $3.2M.
October 3rd, 2010 at 10:29 pm
what with my easily recognizable cat face and Real Estater lurking around. Some things in life just aren’t worth the risk.
—–
Nah, if you carried a large bag with ‘$’ sign outside and spoke in foreign language, Uncle Estater would have hard time to find you.
October 3rd, 2010 at 10:34 pm
DreamT,
I’m pretty sure you’re a fine person. I’m only bothered by those guys who like to check out Palo Alto for no better reason than the fact that I’m here. In your case I actually think you should move up at some point.
October 3rd, 2010 at 10:35 pm
Pralay,
Pop quiz: Which bill has Licoln on it?
October 3rd, 2010 at 10:37 pm
Real Estater said: Pop quiz: Which bill has Licoln on it?
Answer: The bill I paid your wife.
October 3rd, 2010 at 10:57 pm
I wanted to see this house today, but I was worried about being recognized by my Sienna full of band equipment. So I asked my two delightful teenage children to put it away for me and then visit the house. Alas, those little Dickens informed me where I could put my Strat, and I’m quite sure that’s anatomically impossible.
They’re so creative! You should have heard what they said when I informed them they were grounded for a month.
So thanks a lot Groomer, for posting this listing in comments instead of submitting it. Now that it’s seen the light of burbed readers, I can’t use it as a feature. And I was so looking forward to another endless argument between #91 and #89!
October 3rd, 2010 at 11:10 pm
I’m only bothered by those guys who like to check out Palo Alto for no better reason than the fact that I’m here.
—-
I did not know that apart from Apple Store and Foothill Park, it also has Holy Shrine of Real Estater.
October 3rd, 2010 at 11:12 pm
Pop quiz: Which bill has Licoln on it?
——
Every house in Lincoln Ave gets “Lincoln” on its bills – credit card bills, utility bills….you name it.
October 3rd, 2010 at 11:15 pm
So thanks a lot Groomer, for posting this listing in comments instead of submitting it. Now that it’s seen the light of burbed readers, I can’t use it as a feature.
—-
Well, it is already “soon pending”. If Groomer submitted it, it would have gone from the market (with multiple overbidding) before you start writing about it.
October 4th, 2010 at 12:39 am
#90 – All in due time – moving up is only a nice-to-have at this point. A house brings contentment – a home brings happiness.
October 4th, 2010 at 2:03 am
#90 – All in due time – moving up is only a nice-to-have at this point. A house brings contentment – a home brings happiness.
—–
Nope, that’s not quite right. Respect from co-workers brings happiness. And if you live in 95051, you possibly cannot get respect from your co-workers.
October 4th, 2010 at 2:11 am
#98 – Fortunately the requisite respect is easily earned when you demonstrate direct bottom-line impact – which admittedly is easier to do in smaller companies.
October 4th, 2010 at 7:35 am
Pralay,
You were worried about respect at 2AM in the morning? Alex, can you help him?
October 4th, 2010 at 8:13 am
>>You were worried about respect at 2AM in the morning? Alex, can you help him?
Estater, sorry couldn’t help. Was busy with your wife.
October 4th, 2010 at 8:32 am
> So thanks a lot Groomer, for posting this listing in comments instead of submitting it. Now that it’s seen the light of burbed readers, I can’t use it as a feature.
877 Lincoln is nothing special. It is a fine house and the only interesting part is that it was last sold only 2 years ago.
October 4th, 2010 at 10:00 am
Alex,
I think you had a wet pipe dream.
[WORDPRESS HASHCASH] The poster sent us ’0 which is not a hashcash value.
October 4th, 2010 at 10:04 am
Alex,
I think you had a wet pipe dream.
October 4th, 2010 at 12:14 pm
Estater,
Yes. Getting my pipe cleaned by your wife. LOL
Too easy. Ok, I gotta stop this. It’s like beating a baby and taking his candy.
Besides, you’re boring me.
October 4th, 2010 at 12:18 pm
You were worried about respect at 2AM in the morning?
—–
Oh, that’s because I don’t need to worry about fictitious (and bragged about it MULTI-times) MULTI-timezone, MULTI-million dollar MEGAAAAAAAA project. “Please understand”.
October 4th, 2010 at 12:38 pm
#102, Groomer, did you get to see the house? Did anyone? Do you think it is priced fairly for the neighborhood?
October 4th, 2010 at 1:10 pm
Madhaus,
I’ll check out the house for a modest fee. Does that work for you?
October 4th, 2010 at 1:11 pm
>>Do you think it is priced fairly for the neighborhood?
Without knowing the specifics, $1000/sq. ft. seems a fair price to pay for 94301.
October 4th, 2010 at 1:37 pm
$1000/sf would be about right for 2008, when the market was insanely overpriced. Smaller homes tend to sell for higher $/sf because the value of the land becomes a bigger component in the total sale price.
For 2010, $1000/sf seems rather high to me, but I didn’t see the inside. If the meth lab is gold-plated I may amend that opinion. Take a look at the list/sale price graph over on that Redfin link. Trending down.
There was a local price bounce this summer, with a fairly high $/sf for the neighborhood (see Redfin Link stats). But go over to overall Community Center’s stats and by month, $850/sf is where it is now.
So since this house is a average to average plus in size for the area, I’d say $1.8M is a wishing price. I’d be surprised if they can get their “old” price again. But again, I haven’t been inside to see if the house is in good repair, decent floor plan, etc etc etc YMMV…
October 4th, 2010 at 3:35 pm
madhaus,
This is where amateurs don’t understand Palo Alto. Those stats are meaningless, for a couple of reasons:
1) The boundary of what is commonly considered “Community Center” is drawn incorrectly in your link. For example, they show a house for sale on Walter Hayes Dr.. That’s not even part of that neighborhood.
2) Price is sensitive to the actual location. Homes on busy streets tend to come up for sale, and since only a few homes are available each month, the average $/sf can fluctuate based on the mix. Let me qualify my statement by saying, if you’re looking for a home without a location flaw, $1000/sf is reasonable.
October 4th, 2010 at 3:47 pm
I agree that amateurs can get facts wrong, as you have so ably demonstrated to all, #110. Thanks for admitting the gaps in your knowledge. Fortunately, ignorance is repairable.
While nonbusy streets would indeed command a premium price, Lincoln Avenue (where this particular house is) is a secondary arterial to Hamilton and University in the north, and through Middlefield down to Alma in the West. Plus this house is just one lot away from Channing (with driveway access there, yet), another secondary arterial. Not quite a complete location fail like today’s featured property, but not a win either.
Lincoln and Channing both carry more traffic than other nearby streets. So if this house is attempting a premium price when it is on a suboptimal street, expect the market to react accordingly.
October 4th, 2010 at 3:52 pm
madhaus,
You’re the complete amateur. How many times have I reiterated, standards are different in Palo Alto: Some traffic is OK; 1 car garage is OK; close to freeway is OK. These won’t affect the $1000/sf value. It’s a different game if you’re on Middlefield, Embarcadero, Oregon Expressway, etc.
October 4th, 2010 at 4:02 pm
Now, now, madhaus, don’t rile the fool when he’s trying to convince himself that everything will be all right. If he stays put on the wrong side of Middlefield until he dies (as he’s stated in the past), everything will indeed be all right.
October 4th, 2010 at 4:47 pm
nomadic,
I think the psychology at work is, you know all is not well with your home value, therefore misery loves company. You want to convince yourself that even Palo Alto is in the same boat.
October 4th, 2010 at 5:09 pm
Frankly, I don’t give a damn what property values are in Palo Alto. You just sound like you’re grasping to feel better about what you think your house is worth.
Read #112 again and you’ll see what I mean. It’s comical.
October 4th, 2010 at 5:16 pm
lol – nice quote, RE:
“You’re the complete amateur. How many times have I reiterated, standards are different in Palo Alto: Some traffic is OK; 1 car garage is OK; close to freeway is OK.”
let’s extrapolate some more: some traffic OK, 1 car garage, OK, close to freeway OK, shitty home OK, living near aspirational wealthy people such as RE OK, power lines OK, ghetto people nearby OK, $1,000/sqft for a shit house OK… gosh the list just goes on and on. No matter what happens or how shitty the area is, if it says palo alto, its OK!!
How many times do I have to reiterate that I am in denial about palo alto?? Jeez! Palo alto is special. Believe me – I know! I live here!
October 4th, 2010 at 6:14 pm
#108 “Real Estater Says:
October 4th, 2010 at 1:11 pm
>>Do you think it is priced fairly for the neighborhood?
Without knowing the specifics, $1000/sq. ft. seems a fair price to pay for 94301.”
Ok, while $1,000/sq. ft. won’t pay much for the kids’ college expenses, we’ll see how well this goes. It’s already a reduction of $48/sq. ft.
What’s next? Probably we’ll hear about how they lived in the place for free? You know, no cost of capital (who paid all that interest or gave up the capital?), no taxes (this was purchased just two years ago; redfin suggests that taxes are about $10k/yr), and no maintenance (we all know it’s all about light bulbs and Drano–cannot think of anything else).
October 4th, 2010 at 6:24 pm
#112, awfully touchy about this, aren’t you? It’s almost as if it was your house under discussion rather than the one for sale.
October 4th, 2010 at 6:34 pm
You’re the complete amateur. How many times have I reiterated, standards are different in Palo Alto: Some traffic is OK; 1 car garage is OK; close to freeway is OK. These won’t affect the $1000/sf value. It’s a different game if you’re on Middlefield, Embarcadero, Oregon Expressway, etc.
Yeah- you’re right that PA has “different standards”. I worked in and around PA for 2 years. There’s no way in hell I’d want to live there. The traffic is AWFUL. Parking downtown is AWFUL.
October 4th, 2010 at 7:18 pm
How many times have I reiterated, standards are different in Palo Alto: Some traffic is OK; 1 car garage is OK; close to freeway is OK. These won’t affect the $1000/sf value. It’s a different game if you’re on Middlefield, Embarcadero, Oregon Expressway, etc.
——
Translation: My house is going to be OK. My house is going to be OK. My house is going to be OK. My house is going to be OK. It’s not on Middlefield. My house is going to be OK. My house is going to be OK. It’s not on Embarcaddero. My house is going to be OK. My house is going to be OK. It’s not on Oregon Exp. My house is going to be OK. It’s not in Ventura neighborhood. My house is going to be OK. It’s located pretty close to University Ave mansion. My house is going to be OK. It has one car-garage! So what’s? There are lots of home in Palo Alto with one car garage. My house is going to be OK. My house is going to be OK. My house is going to be OK. My house is going to be OK. My house is going to be OK. ……..
October 4th, 2010 at 7:41 pm
Real Estater’s latest stance reminds me the residents of upscale neighborhoods of Phoenix/Vegas/San Diego in 2007, Orange Country in 2008.
The home in other neighborhoods in same city selling for less? So what? My neighborhood is special.
The home on the next street selling for less? So what? That’s just a busy street. My home is ia located perfect location.
The very next door is foreclosing? So what? Powerful forces in Washington DC will fix everything.
It’s funny someone who categorically denied any price drop in Palo Alto (and ruled out such a possibility), now started nitpicking about various aspects Palo Alto properties.
Oh, yes Embarcadero and Oregon are very bad roads. It’s good that his home is not on these roads. In fact I hope his home is not on any kind of street – like a cabin in a forest. Because if there is a street in front of his home, it is going to be busy.
October 4th, 2010 at 8:01 pm
you lost your PA job, bob?
October 4th, 2010 at 8:52 pm
Pralay,
Let me correct you. I don’t have a “latest” stance. My stance has always been consistent all along. I’ve neither confirmed nor denied a price drop in Palo Alto, because I can care less. What I do know is that the Palo Alto market has outperformed all other markets, including other Bay Area markets, the national real estate market, and even the stock market.
October 4th, 2010 at 9:06 pm
I guess 877 Lincoln could have been a burbed feature after all.
October 4th, 2010 at 9:39 pm
Here is another house for sale in 94301 that was also last sold in 2008: http://www.redfin.com/CA/Palo-Alto/758-Center-Dr-94301/home/762100
Asking price is $3,195,000 ($85K more than the 2008 sold price). After a 5% commission, that’s a $74,750 loss.
Disclaimer for those who are not as perceptive as our local Palo Alto expert: I’m assuming no overbidding.
October 4th, 2010 at 9:50 pm
Why are we still talking about Palo Alto??
October 4th, 2010 at 9:52 pm
> Why are we still talking about Palo Alto??
Because you don’t get to decide what I post, it’s as simple as that.
October 4th, 2010 at 10:10 pm
I’d love to listen to Real Estater in a Real Real Analysis class, or introductory logic. Talk about making math easier for the rest of the class. Mr. Math is Hard enters, and the rest of the class has it a bit easier.
Real Estater- “I don’t have a “latest” stance. My stance has always been consistent all along.”
He doesn’t have a latest stance? Uh, does that mean he has no stance? If it’s the same stance as always, does he have a latest stance? Is no stance a stance?
In any event, if his so-called stance has not changed, then the latest stance is the same as the earlier stance, so Pralay has it correct, and Real Estater does have the latest stance.
October 4th, 2010 at 10:17 pm
#128: What? I just got here.
#124-25: Too late, what?
#127: Are we still talking about Palo Alto? Thanks for keeping it out of the Los Altos thread.
October 4th, 2010 at 10:58 pm
I’ve neither confirmed nor denied a price drop in Palo Alto, because I can care less.
That’s such an unfortunate position! Are you serious or just kidding yourself?
—-
No wonder you haven’t found your “always go up” investment property.
October 5th, 2010 at 2:06 am
Whatever happened to no bubble here?
October 5th, 2010 at 2:06 am
or was it no downturn? being right for so long is clouding my memory.
October 5th, 2010 at 7:51 am
anon- What are you talking about? bubble? downturn?
I thought we all agreed not to talk about P*** A***.