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David Taran | As Real Estate Climbs, Homeowners Hold Their Ground


Eventually, Palo Alto needs a more permanent solution to the housing affordability problem rapidly developing in Palo Alto and many other cities throughout California and the ... None of this is to say that real estate sales are down.


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As couples get engaged or married, they embark on the house hunting journeyAs families grow, parents purchase new homesAs kids leave for college or set out on their own, parents begin to downsizeNevertheless, homeowners tend to follow a similar cycleFor Palo Alto and its highly prized zip code, that cycle seems to be on hold Fewer families consider selling after they already laid claim to the property because the market is too expensive and consider them lucky for getting into the market when they didNow many young couples and families can't afford to purchase even a small apartment or starter homeThe Affordability Problem The rise in property values is a double-edged swordWhile investors rejoice at the incredulous value spike over the past few years, many people cannot afford to gamble at finding another home in their price range even if or rather when their home sells for much more than the original value No matter the case, this new pattern of buy and hold has method created a trend of its ownAs mentioned on Forbes, "In ZIPs across the country, tight inventory remains the big theme in 2017, with 12% fewer properties for sale today than in our 2016 analysis." No major shift appears on the horizon yet, but the pattern inevitably has to change before these gaps cause a severe impact on the local economy and disparity of wealth In the meantime, the city has attempted to alleviate the problem for a small portion of Palo Alto residents with the below-market-rate programAs described by the Peninsula Press, "When developers build a residential property of three or more units in Palo Alto, they are required to set aside 15 percent of those units as BMR, though they can request to pay in-lieu fees instead of providing the BMR units, according to city guidelines." Eventually, Palo Alto needs a more permanent solution to the housing affordability problem rapidly developing in Palo Alto and many other cities throughout California and the United States, but agreeing on a solution is another issueA Small Supply in High Demand None of this is to say that real estate sales are downYes, the market doesn't offer as many listings, but those that are on the market are selling above the asking price and even faster than beforeMercury News reported that as of August "a square foot [in Palo Alto] was worth $1,499," up 4 percent from the month priorAlso, while sales declined throughout the Bay Area, sales experienced a marginal increase in Santa Clara County A lot of factors played into the continued market spikeLike many, Palo Alto Online attributed the current condition to "Low inventory and a shifting market, combined with sales strategies from the dot-com boom." In any case, for those who do sell, the deals pay, more and more frequently over the asking price.Subscribe Thanks for your feedback.Thanks for your feedback! Now share it with your friends! This post is contributed by a community memberThe views expressed in this post are the author's ownRegistered users are welcome to post on Patch. More from Palo Alto PatchUp next on Palo Alto Patch Motorcyclist Dies In Crash With Google Commuter Bus Man Shot Dead Near Elementary School Newly Engaged? 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Feature your announcement on Patch now Featured Announcements + Add your announcement on Patch Real Estate NearbySelect a Listing TypeNewly ListedOpen HousesForeclosuresRentals 154 Montelena CtMountain View, California 94040 For Sale: $1,498,0002 bd/3 full ba, 1,796 sqft More Info 496 W Charleston Rd Apt 302Palo Alto, California 94306 For Sale: $1,399,0003 bd/2 full ba, 1,401 sqft More Info 70 Angela DrLos Altos, California 94022 For Sale: $3,498,0004 bd/2 full ba, 2,353 sqft More Info 1 W Edith Ave Apt A102Los Altos, California 94022 For Sale: $1,498,0002 bd/2 full ba, 1,470 sqft More Info 302 Monroe DrMountain View, California 94040 For Sale: $2,600,0005 bd/4 full ba, 3,043 sqft More Info 731 Barron AvePalo Alto, California 94306 For Sale: $2,690,0004 bd/2 full ba, 1,767 sqft More Info We could not find any nearby foreclosures, but here are a few nearby homes for sale: 154 Montelena CtMountain View, California 94040 Foreclosure: $1,498,0002 bd/3 full ba, 1,796 sqft More Info 496 W Charleston Rd Apt 302Palo Alto, California 94306 Foreclosure: $1,399,0003 bd/2 full ba, 1,401 sqft More Info 70 Angela DrLos Altos, California 94022 Foreclosure: $3,498,0004 bd/2 full ba, 2,353 sqft More Info 1 W Edith Ave Apt A102Los Altos, California 94022 Foreclosure: $1,498,0002 bd/2 full ba, 1,470 sqft More Info 302 Monroe DrMountain View, California 94040 Foreclosure: $2,600,0005 bd/4 full ba, 3,043 sqft More Info 3351-3375 Alma StPalo Alto, California 94306 Rent: $2,520-$3,2990-2 bd/1-2 full ba, 595-1,000 sqft More Info 250 Del Medio AveMountain View, California 94040 Rent: $2,100-$2,6001-2 bd/1 full ba, 640-820 sqft More Info 580 Arastradero RdPalo Alto, California 94306 Rent: $3,225-$6,0951-3 bd/1-3 full ba, 854-1,754 sqft More Info 250 Curtner AvePalo Alto, California 94306 Rent: $1,900-$2,3500-1 bd/1 full ba, 450-660 sqft More Info 2650 W El Camino RealMountain View, California 94040 Rent: $3,540-$4,4901-2 bd/1-2 full ba, 717-1,181 sqft More Info Nearby PatchesLos Altos Mountain View East Palo Alto Menlo Park-Atherton Redwood City-Woodside Cupertino TopicsArts & Entertainment Bulletin Board Business Community Corner Health & Fitness Home & Garden Jobs Kids & Family Local Deals & Classifieds Local Voices Obituaries Police & Fire Politics & Government Real Estate Schools Seasonal & Holidays Sports Weather Corporate InfoAbout Patch Careers PartnershipsAdvertise on Patch SupportFAQs Contact Patch View All Patches Patch Network Terms of Use Privacy Policy © 2017 Patch MediaAll Rights Reserved. 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