Home Buying in Palo Alto>Question Details

Animalfarm, Home Buyer in Palo Alto, CA

what are pros and cons of new elevation homes in palo alto? 3bd 2 b priced at $1.4M. Isn't this over priced?

Asked by Animalfarm, Palo Alto, CA Fri Nov 2, 2012

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Pros: Palo Alto, new construction, proximity to Miki's, schools, commute routes.
Cons: Palo Alto, high density development, multi-story construction. proximity to the train line.

Overpriced or not depends on your point of view... The median price in Palo Alto this year is $1,728,000, I mean year-to-date, see more details at http://paloaltocal.com/palo-alto-market-action-report-septem… . Brand new home at this price are rare. The floor plans are pretty good and depending on the location in the complex these homes may be pretty desirable. Note that there is only 3 homes listed in Palo Alto today under $1.4M. Welcome to the neighborhood!
Web Reference: http://talisrealestate.com
2 votes Thank Flag Link Fri Nov 2, 2012
Oh course they're over priced. But that's the market and they will sell.
1 vote Thank Flag Link Fri Nov 2, 2012
Many of the agents I've talked with thought they were priced too high. Indeed as of the end of November the three homes they have on the MLS all show significant price drops.

I don't think D.R.Horton is helping themselves by using what look like cell phone pictures to promote their homes. Even the few pictures I still have on my website from 12 years ago look better than their pictures (web hosting used to be expensive and pictures were removed ... it isn't now).

From 2000 I still have a few pictures for a client who used me to help him with five home sales: http://julianalee.com/homes/2000/oregon1.htm
Compare that to a typical current home for memories of ancient times:
http://julianalee.com/homes/2012/trinity_ln_1104/home-for-sale.htm

Juliana Lee, MBA LLB
cell: 650-857-1000
Top 3 agent nationwide at Keller Williams Realty

Over 20 years experience
Over 1,000 home sales completed in Santa Clara and San Mateo counties
Web Reference: http://julianalee.com
0 votes Thank Flag Link Fri Nov 30, 2012
As suggested below, if you want to live in Palo Alto these may be one of the better options. We’re in an escalating market with almost no inventory – these are WAY under the median price. Regardless of whether or not you think these are priced too high, there are plenty of buyers out there who are more than willing to plunk down their shekels to score a Palo Alto address. At the end of the day, true value is what anyone is willing to pay to get what they really want.

Pros:

New construction
Ability to choose your amenities
Palo Alto Unified schools
Great commute location

Cons:

Close to the train tracks
Small enclave neighborhood contrasts with existing neighborhoods
0 votes Thank Flag Link Mon Nov 5, 2012
Over priced compared to what?

If they lag on the market unsold, they could be considered overpriced but if they are selling, then no, they are not overpriced...

Plus, most builders do not overprice their product, in my experience.

-Matt

650-223-9343
http://www.remaxbayarea.com
0 votes Thank Flag Link Sat Nov 3, 2012
It is all about supply and demand. Market price is determined by what a the buyer is willing to pay and what the seller is willing to sell for. We have many buyers wanting to purchase a home in this area but a limited number of properties available. That creates competition, which in turn drives prices up.... This is a difficult area to buy into, but the good news is that even in downturns our market tends to fare better and recovers more quickly than other areas. If you want to purchase a home in this area, you need to be willing to step up to get what you want.
0 votes Thank Flag Link Sat Nov 3, 2012
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