Home Buying in Palo Alto>Question Details

Palo Buyer, Home Buyer in Palo Alto, CA

I'm looking for a decent sized place in Palo Alto (4 Beds, 1800 SQFT ) around the 1m mark.

Asked by Palo Buyer, Palo Alto, CA Tue Apr 20, 2010

What are your opinions on the Arbor Real development from a resale perspective and the pricing/resale on new houses at West Meadow Oaks? Could I purchase land and build something in that range? Thank you.

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Hello Palo Buyer,

I am a local agent. I currently live in Mountain View.

I am working with an architect right now that offers high quality custom contemporary green / energy efficient homes. using steel and concrete for as low as $200 per sqft.

My loan agent and I can help you pay for some of your closing costs if you choose to work with us in finding a property to rebuild.

Please feel free to call me if you have any questions.

Joseph Chen
Keller William Realty
Palo Alto
650-776-1997
0 votes Thank Flag Link Tue Jul 13, 2010
Palo Buyer,
Summerhill builds very nice homes but getting one for a million in Palo Alto is not realistic. You may be able to get a re-sale of one of the newer townhomes for that price at sometime in the near future if one comes up for sale. Altaire may even have some now, but I am not sure about that. As Grace said, you can not possibly by the land and have an 1800 square foot home built for this price. Even if you could find a home to tear down for 800K it will cost you at least $250 to $300 a square foot to build because of the labor, material, and permitting costs in Palo Alto.

Marcy Moyer
DRE 01191194
Web Reference: http://www.marcymoyer.com
0 votes Thank Flag Link Wed Jun 30, 2010
The homes at West Meadow Oaks-401 W. Meadow Dr Palo Alto is overpriced! I spoke to the sales agent a few times and was told the builder rejected many good offers, I seriously think this builder is a joke and is clueless about his prices. He has been TRYING to sell 6 homes for the past YEAR and only 1 have sold to date! I think the builder has gone through about 4 sales agents now! Go buy at Redwood Gate/Summerhill builder, the prices are a bit higher but better quality. Rob
0 votes Thank Flag Link Mon Jun 28, 2010
Hello Palo and thanks for your post.

West Meadow Oaks, a community of six homes located in Palo Alto and priced between $1.27 and $1.6 million. Each of the lots located in West Meadow Oaks is about 2500-3000 square feet in size, so despite the size of the home, for the area, the lots are extraordinarily small. If you are looking to purchase one of these homes for $1 million, it is highly unlikely. Despite the length of time these homes have been for sale, the developer is holding fast to their sales prices and will not significantly drop the price from $1.27 to $1 million.

Now for your second question about buying land and building a 4 bedroom 1800 square foot home at $1 million, it's pretty unlikely that this can be done for $1 million. A home of 1800 square feet is likely to cost between $300-400,000 in building costs alone (exclusive of upgrades needed to meet the quality of similar homes in the neighborhood), and just the land will cost more than $800,000 in the same area--so the price will equal almost the cost of the lowest home at West Meadow Oaks.

Obviously, if you already own land in Palo Alto, then upgrading the home to a new home is certainly possible within the $1 million budget. The greatest obstacle to your plan is the acquisition of land, which is likely to be one of the priciest components of a home in a desirable neighborhood such as Palo Alto and Los Altos.

If you need more information or I can be of assistance, please contact me.

Sincerely,
Grace Morioka, SRES
Area Pro Realty
Tel (408) 426-1616
0 votes Thank Flag Link Tue Jun 8, 2010
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