Los Altos & Palo Alto Real Estate Insight

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Market still small – and HOT

A few more homes came on the market under $2m last week and sold with multiple offers.  One near Gunn High, listed at $1.7m reportedly received 13 offers and sold for $400k over the asking price – all cash.  Wow! 

There was an excellent article last Sunday in the Chronicle,  Holiday real estate doldrums are more myth than reality these days,  explaining why folks should put their homes on the market now and not wait for spring.  Gee, you think so?  Most folks won’t do it though.  They’ll wait for spring anyway and miss this great opportunity to get an excellent price for their home. 

Also out last week was First Republic Bank’s report on called the Prestige Market Index. Check out the difference in down times in the market for San Francisco, San Diego, and L.A.  [It was nice to be quoted re:the Palo Alto market area]. 

Steve TenBroeck

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A Slow Real Estate Market?

Word on the street is that a listing that came onto the market in Palo Alto – a fixer near Gunn High, listed between $1.4m and $1.5m -  sold with 18 offers!  We shall find out soon how far over the asking price it went.

The November sales stats will be posted on our site in a few days.  The local market isn’t slow it’s just small - lowest number of listings and sales in many years.

Steve

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