Downtown!

Sales check in

2009-06-29T11:49:00.000-07:00

Since Jan 1, 2009 we have seen 13 closed condo sales in downtown PA> most of those were at the Woodmark/Weatherly/800 High st/101 Alma building. There are 5 pending sales and 22 condos remain available for purchase.

I'm surprised the little one on Everett hasn't gone into contract yet. It's a 2/1, 800 sq ft, listed for $599,000. That's as entry level as you get in downtown PA and it's cute, great location. Strange.....

325 Channing #304 is in contract...

2009-06-19T13:12:00.000-07:00

somehow...It will be interesting to see what that one closes at. When I saw it months ago for $2.6 million I laughed out loud while touring it. I thought it was closer to $1.9. It was listed as low as $2.249000 when it finally got into contract. I hated the floor plan, I guess someone just really wanted to get into that great building...

the sale at 272 Waverley #4

2009-06-08T09:46:00.000-07:00

I want to take a look at this sale since it was the first one we've had this year not from the 101 alma building where we can see what price per sq foot is doing in an older building (when I say older i am referring to any building in downtown PA that is older than 30 years or so)....

this was a 2/1 866 sq feet. It had been remodeled nicely. On the market for 49 days, listed for $649,000 it sold remarkably close to the list price at $645,000. That's 744 sq/ft which is a very nice number and something any seller in an older building will appreciate. It's only one sale, but it's a good one......

Sales Update...

2009-06-04T09:56:00.000-07:00

Nothing. Zilch. Nada. The good news is that there haven't been any new condo listings in the last 2 weeks so that's good for inventory. There's a pending sale on Waverley that's set to close tomorrow, I'll let you know what it sold for when I find out.....

saw the 2 new ones downtown today.....

2009-05-29T10:44:00.000-07:00

I saw the 2/2 at 320 Palo ALto Ave for $897,000 and I saw the 2/1 at 190 Everett for $599,000. I think, hands down, the listing on Everett is the better deal. For starters, the PA Ave listing isn't really a 2/2 and shouldn't be sold that way. It's a 1 bedroom with an office space they are calling a 2nd bedroom. That should turn off about 75% of the buyers who are looking for a legit 2 bedroom. The one on Everett is small but it's priced right. Look for that one to sell near the list price and the one on PA Avenue to sell WAY under.....

a new one at Tall Tree Estates

2009-05-28T11:00:00.000-07:00

this is a new one in the complex that is in the northest part of North PA--runs along the creek. We see about 1 a year come on here. It's listed as a 2/2, listed for $897,000, 1187 sq ft. Won't see the inside till tomorrow but 755/sq ft is pushing it for the 30+ year old buildings. Looking forward to seeing it, that complex has a nice, quiet feel to it.....

Still very little movement in the PA condo market

2009-05-27T09:06:00.000-07:00

3 current pending sales, 22 units for sale in downtown PA-- it's anyone's guess as to why the condo market is stuck while the rest of the single family PA market has begun to move but here is my guess: Condo owners, for the most part, don't have the equity that many single fam owners have in their homes and, thus, CAN'T drop their units to where they need to be. My advice to condo owners: "If you don't have to sell right now, take your unit off the market. It isn't going to sell at the price you want right now and all you are doing is clogging up inventory. Wait until 2010......"

Looking at closed sale activity for 2009

2009-05-19T09:31:00.000-07:00

It's May 19th, though we'd take a look at the closed condo sales in North PA. Since 1/1/09 we have had 8 closed sales (normally, would have 2 and a half times that number). Take a look at the closed sales:

$1,330,000

$1,200,000

$1,160,000

$665,000

$635,000

$692,000

$608,000

If you have a working knowledge of the downtown PA condo market you don't even need to see the addresses to know where those sales occurred. It's interesting that we haven't had even ONE sale in the 800,000-900,000 range. That range covers almost every 30 something year old building in downtown PA. And there are a lot of those.......

Two new listings this week

2009-05-15T13:42:00.000-07:00

I saw the 2/2 at the Weatherly today ($1,349,000) and the new listing on Bryant (2/2.5, $895,000). The unit at the Weatherly is the typical spilt master suite floor plan they have there. It's a ground floor unit and most people prefer units above ground floor (although not me, I like being able to walk from your unit straight on to the street). I think it will appeal to some but the most recent comp is $1,330,000 (1/09) and that one was in pristine condition and it was on the 2nd floor).
The one on Bryant is ok, it's got a nice outside patio and the bedrooms are large--kitchen has been remodeled. But I think the list price is too high....
We also saw some new construction in north PA this week. The house on Parkinson is nice but the owner/builder/listing agent is being unrealistic with his list price--$1,000 a sq/ft isn't happening anymore....

New Listing at The Weatherly

2009-05-14T11:20:00.000-07:00

There is a new 2/2 on the first level at the Weatherly, 1544 sq feet, listed for $1,349,000 that will tour for the brokers tomorrow. The last comp in that building was Jan for $1,330,000. Looking forward to seeing this one, I love the units in that building....

Another closed sale at HIGH STREET

2009-05-13T13:00:00.000-07:00

The 3/2, 1440 sq feet closed yesterday at $1,160,000. It was originally listed at $1,295,000. It is important to note that a non-MLS agent represented the buyer so the sales price probably reflects a sale that did not pay commission to the buyers agent. Subtract about 30K and you would get the sale price had the agent been paid (therefore a closed sale would have been about $1,130,000 instead of the reported $1,160,000). They got 805 a sq foot for that unit, not bad at all considering this market (previous sale a month earlier sold at 738 a sq ft).......

Let's look at "Average Days on Market"...

2009-05-12T09:51:00.000-07:00

Many of you remember the "good 'ol days" where we could list a condo and it would sell in a week with multiple offers. Hmmmm. We are in a different time to say the least.

Currently, we have 13 condo's on the market in downtown PA (not a big number at all) and they have collectively been on the market for 693 days. That's an average of 54 days each and that number is lower than it should be since I used two new listings that just came on that likely will start to see their DOM number increase, too.

Personally, I believe that single family home owners in our area are pricing their houses better than condo owners in the area are pricing their condos. We are seeing movement in the single family home market, we are not seeing it in the condo market. Condo sellers need to stop hoping things will get better and start pricing their units at today's market (or take their unit off the market).

For a rough estimate, we are between 20 and 30% off last Spring's sales. For a more definitive opinion of value of your unit, please contact me directly........

Looking at another downtown sale

2009-05-06T07:33:00.000-07:00

360 Everett 4C closed this week. It is a 2/2 1600 sq ft, remodeled, contemporary--nice building once you get inside but the exterior can be a little rough for some people. It sold for $1,395,000 last November. It came back on the market a few months later for the same list price, they dropped it to $1,295,000 and it finally sold this week for $1,200,000--- it's important to remember that last Nov we were already seeing a decline in sales price. Anyway, a new comp for what it's worth........

Great Open House Today....

2009-05-03T19:50:00.000-07:00

I had maybe 12 groups through. The number wasn't the issue, what was interesting was that EVERY SINGLE GROUP was a serious buyer(s). We have REAL buyers walking the open houses these days, something we didn't have in the first quarter. Wouldn't be surprised at all if 212 Everett sells in the next couple of days......

Tour Today

2009-05-01T12:41:00.001-07:00

Nothing new in the condo market this week except a 2/2 in the 101 Alma building for $629,000. Inventory remians fairly low, not too many sales. The unit on Everett is set to close today. If it does that will help add to the real comps.

I'm holding open 212 Everett this Sun. We have a great price drop to $1,399,000. This is as low as this one wil go, it's a great deal in this market. Come by and see it this Sun.

My Open House this Sun

2009-04-29T10:06:00.000-07:00

Please come by and see me at my Open House at 212 Everett in downtown Palo Alto this Sun between 1:30 and 4:30. We have had ANOTHER price reduction on this great 12 year old 3 bed/2.5 bath (please go to 212everett.com for more info). Originally listed at $1,650,000, 212 Everett is now listed for $1,399,000. A very good comp last year around the corner sold for $1,912,000......

Inventory check

2009-04-27T14:00:00.001-07:00

18 current condo listings in downtown PA-- 4 of the 18 are in contract: 360 Everett, 800 High St (#206), 272 Waverley #4, and 101 Alma #606.....

I also know of a 2 bedroom 1 bath condo in the 800 High St building that is currently available but not advertised in the MLS. Contact me if you or someone you know would be interested in seeing this unit......

Loan info from Wells Fargo.....

2009-04-22T07:17:00.001-07:00

As of Monday (04/27) Wells Fargo will have available the new High Balance Conforming Loan limit for your buyers (and for refi'ers as well). This new loan limit increases the conforming loan limit from the current $625,500 to $729,750. Obviously this will allow people to borrower more and therefore be able to afford more expensive homes. Considering that the Jumbo loan market has still not recovered this is welcome news.

Also good news is that the underwriting conditions have not changed for these High Balance Conforming Loans. People have not had difficulty qualifying for these loans.

First Quarter Sales Stats

2009-04-19T12:09:00.000-07:00

We didn't have enough condo sales in Palo Alto so I am giving you the single family home sales data for the first quarter and comparing it to 2006-2008. Sales volume is also included. Ugly numbers that aren't hiding anything. This is where we are right now....

2009:

Q1 median sales price: $1,287,500

Q1 sales volume: $69 million

2008:

Q1 median sales price: $1,617,000

Q1 sales volume: $126 million

2007:

Q1 median sales price: $1,500,000

Q1 sales volume: $193 million

2006:

Q1 median sales price: $1,400,000

Q1 sales volume: $147 million

yes, we are under 2006 sales numbers folks.......

Looking at the 101 Alma Building....

2009-04-18T09:19:00.001-07:00

We actually had a sale close there last week--a unit on the 6th floor was listed for $608,888 and sold for $572,500. That is in line with the last closed sale there last Dec. That works out to $472 a square foot (on the sale last week). The unit down the hall from that one (ont he 6th floor) that was listed for $649,000 is also in contract so that's good to see. Sales! We need more sales! :)

A comp!

2009-04-15T14:51:00.000-07:00

Yes, after three months, we finally have a closed sale in downtown Palo Alto. At 800 High St the 4 bed 2ba sold. It started at $1,398,000, finally dropped to $1,298,000 and sold for $1,200,000. --that's $738 a sq ft if you want to comp out your own unit, roughly of course. If you live in an older building it will be less per sq foot.......

Condos in Contract right now

2009-04-10T09:10:00.000-07:00

Interesting that both of the listings at 800 High St are in contract. Afterall, that is the building that is going to be most effected by the proposed low income housing project. Those comps (if and when they close) will go a long way to giving us something recent to work with to help further define value in the current downtown Palo Alto condo market........

Slow weekend with Easter, there is very little on tour today.

We've had two condos recently taken off the market, presumably because they didn't sell. 548 Everett and 427 Alma both came off. Currently, there are 15 condos for sale in downtown PA, the least expensive being a 1 bedroom at 545 Fulton for $599,000 (on the market now for 32 days). The most expensive condo for sale is in the Woodmark for $2,495,000 (on the market for 25 days).......

Aftermath of the Meeting last Wed re: the Alma Housing Project

2009-04-07T10:01:00.000-07:00

If you're following this at all, here's a link that summarizes what happened last Wed at the City meeting to discuss the Alma Housing Project....

http://www.paloaltoonline.com/news/show_story.php?id=11824

This proposed housing development will directly effect those who live at the 800 High St building.....

My Open house yesterday....

2009-04-06T13:37:00.001-07:00

We've had Everett on for a pretty long time, that's why I was surprised to see 20 groups come through yesterday. I was also pleasantly surprised by the overall attitude of the buyers who walked the house. Their mind sets were MILES more positive than a few months ago. THIS is the thing we need to start seeing and the fact that THEY see us at the bottom ready to come out is what will get this market moving again.....

Come see me!

2009-04-05T09:00:00.001-07:00

I'm holding opening 212 Everett today in downtown Palo Alto. It's a great 3/2.5, 1766 sq feet priced great at $1,450,000.

Check it out: www.212everett.com or come on down and see me between 1:30pm and 4:30pm