Palo Alto CA Real Estate And Homes For Sale

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Who Is Buying Studio Or One Bedroom Condos?

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The “Builders Remedy” is being used to demolish one-story buildings along El Camino Real at Curtner Ave in Palo Alto, and then build a 7-story high, 183-unit development. The proposed plans include 17 studio apartments, 68 one-bedroom apartments, 50 two-bedroom apartments, and 34 three-bedroom apartments. If you make the assumption that a family wants more than one bedroom, 85 of the units are for single people and 84 of the units are for families, who will settle for 1,100 sq.ft. or less. Is there really a shortage of housing for single people?

Take a look at Palo Alto single-family house prices vs. Palo Alto condo prices.

Condo prices in Palo Alto have been slowly declining since 2019 while house prices have climbed. It is probably only partly due to the smaller size of condos, but the distinction in price directions does point out that claims of increasing affordability problems for families are unlikely to be helped by this and similar projects.

Let’s use AI to find out who buys studio and 1-bedroom condos. “Who is buying studio and one-bedroom condos in Silicon Valley?“

The shortened answer is: 1) Young tech professionals in their 20s and 30s who want to live close to major tech campuses. 2) First-time buyers priced out of single-family homes on the Peninsula. 3) Individual investors buying studios and one-bedrooms to rent to tech workers and other high-income tenenats who prefer newer, low-maintenance buildings. 4) Downsizing empty nesters or divorced buyers who want to reduce maintenance, commute, or housing costs.

This particular project is located at 3727-3737 and 3773-3783 El Camino Real.

3773 El Camino Real

To the north-east (Madeline Court) is some single story multi-family housing . To the north-west (3705 El Camino Real) is a four story 100% affordable housing community.

The project will certainly have a significant impact on Madeline Ct residents, but is being built in a multi-family area with existing high-density housing next door.

It will be interesting to watch and see if the mix of unit sizes shifts towards larger units as has been seen in other development projects.

Average Size Of Palo Alto House Sold Spikes Up

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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.

Average size of house sold in Palo Alto

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.

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

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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.

View all Palo Alto Condos and Townhomes for sale.