Atherton
The $9M market moved last week. Reservoir sold, and 93 Serrano went pending. A game of musical chairs is afoot in the $9M range, and a few buyers were left standing. Two new listings just came on the market, 65 Virginia listed at $4.3M, and a house in Redwood for $2.58M on a 15,000 square foot lot.
Menlo Park
There were big moves in price with a couple of recent sales. It seems that Central Menlo Park is a $6M market now. People are spending $3.5 – $3.7M on a lot and building a new home, which puts these Central Menlo Properties on the $5.5 – $6M range when everything is said and done. Despite these new high water marks, buyers get more house and more land in Menlo Park compared to Palo Alto.
Palo Alto
Open houses were very busy, especially for homes under $2M. Huge interest among younger families and people who want to downsize. We also saw move-up interest in the market this week. South Palo Alto is starting to see prices at $1400 a square foot. The entry level homes in particular are selling at higher prices for square foot. In North Palo Alto, recent sales clocked in at $1300, $1400, $1500, $1700 and $2000 per square foot. Portola Valley We’re seeing some demand for land under $3M from young families who want more privacy and space. A nicely done house on Corte Madera sold within days of coming on the market. Portola Valley and Woodside is starting to appeal as an alternative to Menlo Park, for people who don’t want to live elbow to elbow. These areas are starting to appeal to younger people, while older folks are coming in town to live closer to amenities.
Redwood City
It’s a decent market, though inventory has slowed down just a little bit. Farm Hill Estates has cooled off. A few new listings appeared in Emerald Hills, including one on Wilmington Acres Court.
Woodside
Three listings closed last week. A couple new listings in the hills sold surprisingly quickly, such as the listing on Langley Hill. There were price reductions on two listings, including 140 Eleanor, which dropped nearly a million dollars.
