General Area in Palo Alto>Question Details

Zqd, Home Buyer in Palo Alto, CA

historically, which city has better appreciation records, Palo Alto or Los Altos?

Asked by Zqd, Palo Alto, CA Tue Aug 25, 2009

Specifically in the condo market. I'm looking for a 500-700K condo. Most likely either Peninsula Real or an older Palo Alto one.

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4
Nova’s answer
Zqd, I did a chart analysis on median $ per sq fit (so we are tracking one "apple" over long time) . I randomly picked around 10 zip codes around Sunnyvale.
Guess what. Since 1988 (oldest data available) all area have appreciated around same annual rate (5%). The annual rates are always within 1% of one another. Within a given time, some zipcodes do better than others, but eventually all fall back to same rate.
So, that tells market is fairly efficient across the area at any given time.
Your best bet is to get into neighborhood you want, but speculate on when to buy.
You can get your own data from propertysharks.com
1 vote Thank Flag Link Tue Aug 25, 2009
I agree with Nova. I've charted single family homes prices in these and other south bay cities using data from the past 15-20 years, and they stay fairly consistent relative to one another. I see a warning sign in Palo Alto though. It's priced higher relative to its peers the past few years. I suspect this will revert back to the average ... i.e. I expect Palo Alto to fall more than its peers.
0 votes Thank Flag Link Fri Oct 2, 2009
In this market, you will likely make more money from purchasing a condo at Peninsula Real because this community's prices were reduced by a greater percentage than the palo alto/los altos market in general.
0 votes Thank Flag Link Fri Oct 2, 2009
The closer you get to downtown, either Palo Alto or Los Altos the better your appreciation will be.
marcy
Web Reference: http://www.marcymoyer.com
0 votes Thank Flag Link Tue Aug 25, 2009
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