Home Buying in Palo Alto>Question Details

Gofishu2, Other/Just Looking in Menlo Park, CA

Apples-to-Apples in Palo Alto

Asked by Gofishu2, Menlo Park, CA Wed May 13, 2009

I'd like to start a thread on "apples-to-apples" sales in Palo Alto to compare prior sales prices of individual homes in Palo Alto to current listings (and final sales info if possible). Since many homes are remodeled, built out, or otherwise improved in between sales, information about these improvements would be especially helpful. Links to current listing would be nice too. Sources for info about sales prices include Redfin.com, propertyshark.com, and the tax assessment info in zillow.com. And of course, MLS.

Here's a new one:

881 Lytton http://www.redfin.com/CA/Palo-Alto/881-Lytton-Ave-94301/home…
Bought 2007: $1,456,560 (based on zillow tax assessment info)
Listed 5/12/2009: $1,099,000

Here are some older ones already posted on another thread:

832 waverley
bought 2005: $2,500,000
sold 2009: $2,095,000

553 maybell Av.
Purchased in 2000: $2,089,000
Listed 2009: $1,899,000

2061 webster
Purchased in 2001: $4,500,000
For sale today: $3,995,000

Help the community by answering this question:

Answers

7
553 maybell Av. was reduced to $1,859,000. It's pending now.
1 vote Thank Flag Link Wed May 13, 2009
We are selling our home in PA at 109 Melville Ave. It has been on market for more than 4 weeks. Can I get some feedback on this property. We have dropped the price $200k. Really need to sell soon, but can't go much lower. Please give me some opinions. The house was remodled in 2007. Completely new everything.

Thanks, TWLyons
0 votes Thank Flag Link Sat May 28, 2011
It'll be interesting to see what 3174 Ross actually sells for. It's been on the market for ~3 weeks now.

I'd like someone to comment whether the cost data shown on permit applications comes anywhere close to real construction costs.
0 votes Thank Flag Link Wed May 13, 2009
Jonp,

See below for details on 3174 Ross. Bring out your best estimate:

3174 Ross Rd, Palo Alto
------------------------

Aug. 10, 2007
Sold $1,552,500 Public record

June 6, 2008
R. Kholer, new detached one car garage, $10,692

May 16, 2008
J. Lopez, new two-story residence, $511,295


May 2009
Listing by Robin Mello, Cashin Company $2,875,000 4 3 3,264 Detached Single Family
0 votes Thank Flag Link Wed May 13, 2009
Correction on 881 Lytton (wrong year for sale and price appears slightly lower) :

881 Lytton http://www.redfin.com/CA/Palo-Alto/881-Lytton-Ave-94301/home…
Bought 2006: $1,428,000 (price based on zillow tax assessment data for 2006)
Listed 5/12/2009: $1,099,000

BTW, if memory serves me, this property was listed for several months in the past and this is the third price reduction ( it still shows up on zillow listed for $1,168,000). It also was listed for rent on craigslist I believe.
0 votes Thank Flag Link Wed May 13, 2009
Major improvements usually require permits. I know permit info is listed / published in the local newspapers (e.g., Palo Alto Weekly).... along with sales price info. It would be great if someone had access to historical sales AND historical permit data (for the same address), and compare the sum of those 2 against the current sales list price. For example, there was a house at 3174 Ross Road in Palo Alto for sale about 2 years ago. It sold for $__x__. Then it was torn down and a new house was built for $__y__ (presumably the permit would have a decent estimate). Now it is selling for $2.875M. Let's compare X + Y + opportunity costs + carrying costs + soft costs to $2.875M.
0 votes Thank Flag Link Wed May 13, 2009
Sounds like you are doing your homework. Are you planning to list a property for sale? Planning whether or not to do upgrades? FYI, in a buyer market, sellers that make a significant improvements probably aren't going to see a significant ROI. Many times the property is taken off the market after an extended time, improvements done, and then put back on the market at the same or a slightly reduced price to show motivation, encourage multiple offers, and subsequently attempt to get an increased ROI. As you have shown in you examples, sale prices trend downward. If you want to forward your name and email address, I will add you to my listing notification for 'back on the market' properties in Palo Alto.
Web Reference: http://www.casarati.net
0 votes Thank Flag Link Wed May 13, 2009
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