Palo Alto’s College Terrace: The New and the Old
Valleywag reported this week that the growing Facebook, ensconced in buildings in downtown Palo Alto, will be moving part of their offices to the Stanford Research Park on California Avenue. I think they make a slight error in assuming that this new setting is not “pedestrian friendly.” While the original buildings are right near the PA CalTrain station and there is all of downtown PA within 10 blocks walking distance, the new digs are not all that far from the California Avenue CalTrain station, which are a straight shot up California Avenue. It’s not a bad walk, and the California Avenue area has some great restaurants (and no, I’m not talking about Olive Garden).
California Avenue is called Palo Alto’s “Avenue of the Arts” and is home to galleries, groceries, and good eats. It now has its own farmer’s market, the famed Keeble and Shuchat stores, and the city is spending some money to spiff it up with new streetlights, sidewalk benches, and newly planted trees. In addition to Facebook moving in, Google has leased the old Agilent building, so some of my favorite restaurants should be booked on a daily basis. Beat the rush and check out Café Brioche and Joanie’s Café before all the newbies arrive.
Facebook will be located adjacent to one of my favorite Palo Alto neighborhoods, College Terrace. Bordered by California Avenue on the south, Stanford University on the north, El Camino on the east and Amherst on the west, this small neighborhood (12 blocks x 2 blocks) with streets named after universities is home to a seriously eclectic bunch of residences. It’s not unusual to find a 1940s Spanish-style duplex (usually rented to students) next to an ultramodern steel and concrete two-story home. Craftsman, bungalow, ranch, you-name-it, it’s here. Unfortunately, the prices are usually out of range for the average homeowner, with the average list price is $1,285,000 ($981/sf), and there are rarely units available for sale. People really like living in this neighborhood. Not only is it a quick shot to Page Mill Road, giving you access to Highway 101 and 280, it is close to El Camino, you have bus routes at El Camino and CalTrain nearby. Right now there are only two listings:
2285-95 Hanover Street $1,295,000
This is actually a bargain in this neighborhood. A single family 3/2 home in front, and a 2/1 cottage in the back. It’s a fixer-upper and a trust sale, on the market 36 days.
2349 Cornell Street $1,949,000
This is a large two-story home, again with a cottage rental in the back. On the market 136 days, it has had two price reductions, for a total of 13%.
