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Palo Alto real estate homes update

September 7th, 2009 · No Comments · Real Estate Markets

The Palo Alto real estate market largely follows the trend for other suburban communities just shortly out of San Francisco, California. Bay Area real estate has traditionally been among the most durable in the United States regardless of generally adverse economic conditions, although the decline of the sub prime mortgage market and the recent recession have caused a number of negative effects for Palo Alto. It appears, however, that about a year after the problems began in earnest, that hope may be on the horizon for real estate in Palo Alto and the Bay Area in general. An August 25, 2009 article in ABC News 7 noted that “There are new signs of confidence in Bay Area real estate. Home prices here, and around the country, have now begun to rise from the depths of a three year slump.”

noted that “There are new signs of confidence in Bay Area real estate. Home prices here, and around the country, have now begun to rise from the depths of a three year slump.”

Home in Palo Alto in particular seem to be considerably stronger than the rest of the Bay Area and the nation, as noted by an August 19, 2009 article in the Palo Alto Online News. The piece stated that “Palo Alto properties appear to be holding their own in value, according to the Santa Clara County Assessor’s 2009 Annual Report released Tuesday. While the nearby communities of San Jose, Gilroy, Morgan Hill, and Milpitas showed negative growth, Palo Alto’s estimated property values rose nearly 4 percent, to $21.93 billion.” It continued to note a remarkable discovery – “Palo Alto’s growth helped tip Santa Clara County into positive growth overall, the only one of the state’s largest counties to do so.”

There are, however, some negative spots in the overall positive record of real estate in Palo Alto, including University Avenue. An August 19, 2009 online article in the San Fransisco Chronicle found that “…The outlook for the downtown area isn’t so pretty now. The vacancy rate on University Avenue, the main street in downtown Palo Alto, is up to 10.9 percent, according to an informal survey conducted by the Palo Alto Daily News.” Furthermore, an August 11, 2009 article in the Mercury News found that the “upscale enclaves of Santa Clara County could be next in a wave of price declines that has lopped 16.6 percent from the value of the region’s single-family homes in 12 months.”

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