Palo Alto: Home Bidding as a Contact Sport
Imagine that new listings in Palo Alto are like a bowl full of Doritos, and think about what happens when you put them in front of a couch full of hungry football fans. This same frenzied consumption happens to the Palo Alto housing market every February. The local realtors even call it the “Super Bowl Effect,” saying it’s due to low inventory and pent up demand. I attribute it to the false spring that hits like clockwork. People have cabin fever after the rainy season, and they like to walk around to look at all the open houses.
In honor of the opening of house-hunting season in Palo Alto, I predict that 333 High will be the hottest house of the week, and that it’ll go above the asking price on Wednesday when they accept bids.
Why? It’s fairly new construction (7 years old), designed to fit in perfectly with all the Victorian cottages on the street. It certainly doesn’t have the architectural authenticity that its doppelganger on 1335 Wilson St has, but it’s a “ready-to-wear” family home with no maintenance or remodeling hassles. It has a decent sized yard; it’s a block from downtown and the train station; and it’s located in a great school district. The only downside is that residents will get a fair number of city parkers in front of the house, but because it has a long gated driveway, it shouldn’t be that big of an issue.
Given that this is the season opener, be prepared for a battle on the gridiron. Tell your realtor to wear a helmet and pads during negotiations.
Price: $1,795,000
Location: 333 HIGH ST, Palo Alto
BR: 4, BA 3
Sq. Ft.: 2,183
Lot Size: 4,500+ to 6,500 Sq Ft
MLS: #705514
