Example of housing insanity
Original post made by Chris Zaharias on Apr 6, 2013
Old Palo Alto: 450 Lowell Web Link
La Jolla (2 minutes from UCSD campus, 15 minutes north of downtown San Diego): Web Link
The first home is a 2BR/1.5BA home one can only describe as a mangy dog among overbuilt McMansions, while the second is a modern, bright well-situated thing of beauty overlooking the Pacific.
$1898ft/2 vs $755ft/2
Anyone want to venture a guess *if* there is an upward limit to the $ft/2 PA can see, what that limit it and when we'll hit it?
on Apr 6, 2013 at 11:52 am
Chris - in the case of the Old Palo Alto home, it was the lot that was selling, the house is pretty irrelevant. Depending on what the house sold for, its actually a good price for a 7500 sq ft lot in Old Palo Alto. Especially when you consider that a house a block over is on the market for 17.2 million.
on Apr 6, 2013 at 12:31 pm
It's called the free market, Chris.
on Apr 6, 2013 at 1:48 pm
It is not just two random houses in comparison, it is where those houses are located in each individual city. Also, lot size can be as much as 2/3 of the price of a house.
Other than that, due to demand, number of job opportunities, supply of houses, Palo Alto is one of the most expensive markets in this country.
Truthfully, though, if there were appropriate jobs available there, I would rather live in La Jolla!