This page has been archived and commenting is disabled.
Another Bit of Palo Alto For You
Well, it's been awhile since I've made you aware of a real estate offering in my fair city, so I present you now with 221 Santa Rita Avenue here in Palo Alto. For the low price of $3.4 million (well, that's the ask - - it'll surely go for a lot more with many offers) you can call this place your own personal palace:
Need space? How does 994 square feet strike you? That's nearly 1,000 whole square feet for whatever parties, soirees, or other entertainment ideas you may have.
Of course, if you glance at Zillow, which I've found to be pretty reflective of market values, you may scratch your head over the 50% premium being asked for the place......
Meh. Don't worry about it................it's Palo Alto! Jump on it! (And please take note that whatever price you pay will be the basis for your annual property taxes for as long as you own this stunning dwelling).
- advertisements -
Not to fret. Within a few decades those properties will be worthless as people continue to flee California due to soul crushing government spending, regulation, and taxes.
yep, made the exodus in 2012
2005 for me. Never looked back.
Yep. I was born and raised here in CA. I always said I'd never leave. But the last few years have made me re-think that. With all the jackasses that move here and make a lot more money than I do, I'm being pushed out. Home ownership in a nice, safe town with 'middle class' employment opportunities for a family with income <$100k/year is practically unattainable. It just doesn't exist. And it's getting more crowded by the year.
Hmm, how much is it costing to water the lawn?
People keep saying that. But we have more jobs than where you probably live and massive demand of people to be here.
The fact is that net immigration is OUT of California. People are leaving. Businesses are leaving as well.
Well, the bushes at the front are nicely shaped and it has a view of that nice two-story with a near zero-clearance easement
..and it is hard to put a price on spacious indoor one car parking in that area.
..perfect for the fresh youngster newly graduated from Stanford Business School.
Wait till they move the HUD projects in. East PA has been devastated. Those poor black folk got all their hood huts bought up by whitey.
That place is ripe for a little integration.
You guys are missing the point. You scrape the house and build a condo complex with 20 850 sq. ft. 1 BR condos. Total cost about $6.5 million. Each sells for $950K netting you about $12.0 million.
Stuck on Zero, you won't get the condo zoning in that neighborhood. And these prices, and the increased traffic, are reminiscent of the Y2K, Dot.Com insanity, plus some, before it began crashing in April 2000. During 1999, it used to take me 75 minutes to drive 12 miles to my high-tech job unless I left before 6:30am, or after 10am. Unfortunetely, I am not a software engineed so coming in after 10am didn't work for me. The problem is that there are a lack of homes for sale and Chinese are buying up half of what is available as they convert their Yuan to dollar-based assets. There have been some major IPOs in Silicon Valley in the past couple of years and, as these social media employees vest in their options, they start house shopping. Many are young, first-time home buyers, and out of touch with the reality most normal people face. The money came too easily for them.
I would guess that the Chineese will have that same "plunging real estate" feeling that the Japaneese buyers of Pebble Beach had in the 80's and 90's. Sort of remember when Mitsumi Bank was funding real estate like crazy.
And at least the Stock option buyers are converting to a physical asset...and yes, this may be like the .com bubble, only worse this time around, or not...hard to cash in 10K shares at $.02 for a down payment!
PS...Isn't the next door structure a Multi-Family dwelling? Looks like to me..
Palos like to keep their condos on the fringes near Los Altos and Menlo - I doubt you could get zoned. The grease would cost more than the lot.