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Recently JLee Realty began plotting median days on market in addition to average days on market for homes for sale. The median plot emphasizes the change that began around 2012. The median days on market for Palo Alto real estate stays very low with only occasional bumps up.
Summerhill Homes purchased a 2.4-acre site at 2850 W. Bayshore Road in Palo Alto for $27.5 million through an affiliate. The site currently has a single-story office building. Their proposed development would have 48 three-story townhouses. The rendering of the front of the townhouses is roughly similar to the Echelon Complex built by Summerhill Homes in 2009 at E. Meadow Cir. At the time of the purchase, the affiliate also obtained $45 million in financing.
Townhouses in this W. Bayshore area have sold for between $1.5 million to a little over $2 million. Summerhill Homes is likely to see sales of roughly $100+ million for the project. Of course, the state of the real estate market at the time the townhouses are offered for sale will have a large impact. View South Palo Alto townhouse sale prices and trends.
The site of the new townhouses is between Greer Park and W. Bayshore Road. The 22-acre Greer Park has five soccer fields, three softball fields, two basketball courts, a picnic area with BBQs, a skateboard bowl, restrooms, and more.
In an August 1, 2022 press release the FTC had some harsh words for Opendoor Labs, Inc. In addition to imposing a $62 Million fine, the press release said:
“There is nothing innovative about cheating consumers.”
“in reality, most people who sold to Opendoor made thousands of dollars less than they would have made selling their homes using the traditional process.”
The FTC investigation found that Opendoor violated law by misrepresentation:
Read more at “Opendoor iBuyer – nothing innovative about cheating“
Earlier this year on Feb 10, 2022 the Wall Street Journal reported that Zillow offers posted a loss of $881 Million on its Zestimate driven home flipping business Zillow Offers.
The Juliana Lee Team at JLee Realty has long believed in providing home sellers and buyers with accurate sales statistics so that sellers and buyers can make their best decisions. Every home buyer sets their own value on what a home is worth. Sellers make the best sale by selling their home to the buyer who values it the most. One part of the worth of hiring JLee Realty to sell your home is that we go to great efforts to get every good buyer to consider buying your home. One example of this is that we promote our homes for sale on over 1,100 of our own custom websites. For home buyers, our buyer team goes to great efforts to understand our buyers needs and desires, then explains the values of any homes that our buyers might be interested in. Our buyer team then uses the buyers’ responses to refine and find the homes that are the best match for them. We provide extensive real estate statistics showing real estate trends so that home buyers and home sellers can make informed decisions. We discuss the current real estate market with our clients helping them see and understand what is important to them.
What are some of the real estate trends we provide:
Take a look then call us 650-857-1000 and let us know how we can help you, the Juliana Lee Team at JLee Realty.
With many college campuses either closed or partially closed, there are fewer renters near the campuses. Has the decrease in rental demand tipped demand for owning homes in those locations? Stanford University is adjacent to the Palo Alto College Terrace Neighborhood. Many of the Stanford students and even visiting professors rent a place to stay, near the campus.
The pandemic does not appear to have changed the Palo Alto real estate trends (for what could be imagined to be the most impacted areas) significantly at this time.
At the beginning of the Covid-19 pandemic there was speculation that urban home prices would suffer. As of the end of November, 2020, there is no indication that home prices in Downtown Palo Alto are even slightly suffering.
More information about the Downtown Palo Alto neighborhood, including more real estate trends and downtown attractions, is available at: Downtown Palo Alto.