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January 17, 2017

Peninsula Luxury Perspective: Old Palo Alto

Geoffrey Nelson
PaloAltoCafeDusk

BurlingameBlog.com focuses on the Peninsula luxury markets of Hillsborough, Burlingame, and San Mateo. But a quick ride south down Highway 101, the neighborhood of Old Palo Alto provides a comparative perspective on Peninsula luxury buying power.

The neighborhood of Old Palo Alto, widely regarded as Palo Alto's most prestigious, averaged a whopping $1,889 per sq. ft. for 2016. This was up from 2015's mark of $1,792 per sq. ft. average for the neighborhood. Old Palo Alto could be paralleled with Burlingame's Easton Addition as both neighborhoods feature a traditional housing stock that has undergone considerable new development and new construction. And both neighborhoods average relatively modest lot sizes of 6,000 - 8,000 feet as the norm. Each neighborhood is considered a magnet for young professional families seeking top public school placement and a timeless, yet up-to-the-minute take on suburban luxury. This includes the quality and newness of architectural amenities as well as the sophistication of the respective downtowns. Both Old Palo Alto and Burlingame's Easton Addition also regularly include sales based on land value or "tear-down" value for future new builds. The similarities of these two neighborhoods end here, as Old Palo Alto's buy-in point is dramatically higher, with an average sales price of $4,200,000+ for 2016 vs. Easton Addition's $2,200,000 average sale price. As you quantify your dollar for dollar buying power across the Peninsula, Burlingame emerges as a true value. This has become especially relevant as the definition of Silicon Valley continues to push northward. The San Francisco construction of SalesForce Tower, the location of Uber and Twitter headquarters, all point to this trend. Many of my dual-commute families also love Burlingame's central proximity to both San Francisco and Silicon Valley. As you look to buy, other parameters for comparison include: traffic patterns, quality of downtown, public and private school options, weather, culture, and workplace proximity. Haven't you already stayed up nights pondering exactly these?!

If you are already looking in the Burlingame area, you know that the Easton Addition is an amazing place to be. But if perhaps you are a dual-commute family who has focused on Palo Alto or Menlo Park previously, give me a shout to open your options to Burlingame! We will discuss Hillsborough vs. Atherton in our next post.

Geoffrey C. Nelson, Luxury Estate Specialist. Pacific Union International, 1290 Howard Avenue (at Park Road), downtown Burlingame. Cell/Text: (650) 455-3735. geoffrey@geoffreynelson.com


RESOURCES
pdf OldPaloAlto2016
pdf EastonAddition2016