Recently JLee Realty began plotting median days on market in addition to average days on market for homes for sale. The median plot emphasizes the change that began around 2012. The median days on market for Palo Alto real estate stays very low with only occasional bumps up.
Average Size Of Palo Alto House Sold Spikes Up
An unexpected change in Palo Alto real estate trends was spotted on Aug 23, 2023. The average size of houses sold spiked up dramatically to its highest ever quarterly value.
Although the Palo Alto house price per sq. ft. did not change dramatically, the spike in average size created a spike in average Palo Alto house sales price.
A similar spike up in average house size was seen in nine San Mateo County cities but not in any other Santa Clara County city. See extensive coverage of Palo Alto real estate.
New Townhouses Coming – Summerhill Homes
Summerhill Homes purchased a 2.4-acre site at 2850 W. Bayshore Road in Palo Alto for $27.5 million through an affiliate. The site currently has a single-story office building. Their proposed development would have 48 three-story townhouses. The rendering of the front of the townhouses is roughly similar to the Echelon Complex built by Summerhill Homes in 2009 at E. Meadow Cir. At the time of the purchase, the affiliate also obtained $45 million in financing.
Townhouses in this W. Bayshore area have sold for between $1.5 million to a little over $2 million. Summerhill Homes is likely to see sales of roughly $100+ million for the project. Of course, the state of the real estate market at the time the townhouses are offered for sale will have a large impact. View South Palo Alto townhouse sale prices and trends.
The site of the new townhouses is between Greer Park and W. Bayshore Road. The 22-acre Greer Park has five soccer fields, three softball fields, two basketball courts, a picnic area with BBQs, a skateboard bowl, restrooms, and more.
Selling? … Manage Your Expenses
In recent years the amount of money spent fixing up a home, by homeowners wanting to sell, has been insane.
Value Of Remodeling Project
PROJECT | 2020 | 2019 |
Add Bathroom (midrange) | 77.8% | 66.0% |
Add Bathroom (upscale) | 65.9% | 65.5% |
Bath Remodel (midrange) | 69.5% | 74.5% |
Bath Remodel (upscale) | 52.9% | 65.5% |
Minor Kitchen Remodel (midrange) | 100.5% | 90.4% |
Major Kitchen Remodel (midrange) | 72.5% | 73.4% |
Major Kitchen Remodel (upscale) | 59.6% | 63.3% |
Deck Addition (wood) | 69.7% | 65.1% |
Grand Entrance (fiberglass) | 50.6% | 80.8% |
Garage Door Replacement | 166.1% | 93.2% |
Window Replacement (wood) | 78.8% | 81.6% |
Manufactured Stone Veneer | 199.4% | 131.4% |
Roof Replacement (asphalt shingles) | 67.5% | 76.3% |
As shown in the table above, a midrange bathroom remodel returned 69.5% of the cost. If you spent $10,000 remodeling your bathrooms you would have got back about $7,000, and essentially given $3,000 to your real estate agent to promote himself.
If you would like to watch the recorded webinar please see the webinar-net-more-when-selling and please use a real estate agent who wants you to receive more when selling your home.
Tech Store, Fry’s Electronics, Is Shutting Down
Marking a change in Silicon Valley that many residents don’t think about, Fry’s Electronics, is shutting down the 31 stores it has remaining. Many techies welcomed Fry’s Electronics when it opened and advertised: transistors, IC’s, soldering irons, Jolt Cola, and pantyhose(?).
Its closing emphasizes a change in Silicon Valley tech which was often pushed ahead by individuals and clubs building electronic tech gadgets to an industry dominated by, software, apps, and complex mass-produced hardware relying on ASICs. Rarely do techies use soldering irons today.
Silicon Valley has transformed many times since the Santa Clara Valley orchards were known for producing fruit. Silicon Valley real estate trends have been constantly impacted by technology and economic changes but demand has been driven up by more and more innovative people wanting to be together to create part of the future. Working remotely puts different rules on whose ideas are shared and how much they are shared.