Tuesday, October 23, 2007
Palo Alto Real Estate Still On Fire
I just toured all 6 single family homes for sale in Palo Alto under $1,100,000. It did not take long... all were small 1,000 square foot homes with 2 or possibly 3 bedrooms and 1 bath - on average. All were on the market less than 7 days - which means everything in that price range is selling after the first open house weekend. Palo Alto has not missed a beat - while the east valley is having a major coronary event - two very different worlds.
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The reason these cheaper houses are being snapped up is because the buyers in cheaper markets are less informed and so still in bubble mode. They will be the ones to experience the big losses when the market starts to bleed to the adjacent areas which are experiencing big losses. Palo Alto is not in a vaccuum.
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