Palo Alto Real Estate Prices - Still High.

Maybe because I am a real estate attorney, people always ask me about real estate prices and the economy.  What I know is mostly anecdotal and it seems like the old adage from Realtors TM about "location, location, location" seems to be true because check out this recent residential price survey from the SF Chronicle on Palo Alto:

"In January, the median list price in Palo Alto was healthy indeed: $1,424,000. Meanwhile, the selling median was $1,162,000 (both numbers are almost twice that of SF's!!)."

Apparently there a many condominiums to be had in Palo Alto for the under $1M range, and most amusing, the survey found only 1 house listed at $1.25M or under:

"When we turn to look at the single-family homes we can get for up to $1.25 million, we find one listed for exactly that. 642 S California is listed as a 5 bed, 2 bath but is actually two homes on one lot, each 2 bedroom, 1 bath (1 has a studio in it, but since a bathroom is not mentioned with this studio, think of it as inclusive, not separate quarters, bringing the possible bedcount for that house to 3)."

Since I work a few blocks away from this property, I can tell you that it is close to El Camino, in a neighborhood that has been undergoing gentrification, and has a few apartment buildings nearby.  Overall, a nice neighborhood, but the same house could be had for much less in Mountain View, one town over.  So, prices in Palo Alto still robust apparently and people can talk about the "bubble" all they like, but no signs yet.