palo-alto-ca.com
Recently JLee Realty began plotting median days on market in addition to average days on market for homes for sale. The median plot emphasizes the change that began around 2012. The median days on market for Palo Alto real estate stays very low with only occasional bumps up.
Summerhill Homes purchased a 2.4-acre site at 2850 W. Bayshore Road in Palo Alto for $27.5 million through an affiliate. The site currently has a single-story office building. Their proposed development would have 48 three-story townhouses. The rendering of the front of the townhouses is roughly similar to the Echelon Complex built by Summerhill Homes in 2009 at E. Meadow Cir. At the time of the purchase, the affiliate also obtained $45 million in financing.
Townhouses in this W. Bayshore area have sold for between $1.5 million to a little over $2 million. Summerhill Homes is likely to see sales of roughly $100+ million for the project. Of course, the state of the real estate market at the time the townhouses are offered for sale will have a large impact. View South Palo Alto townhouse sale prices and trends.
The site of the new townhouses is between Greer Park and W. Bayshore Road. The 22-acre Greer Park has five soccer fields, three softball fields, two basketball courts, a picnic area with BBQs, a skateboard bowl, restrooms, and more.
With many college campuses either closed or partially closed, there are fewer renters near the campuses. Has the decrease in rental demand tipped demand for owning homes in those locations? Stanford University is adjacent to the Palo Alto College Terrace Neighborhood. Many of the Stanford students and even visiting professors rent a place to stay, near the campus.
The pandemic does not appear to have changed the Palo Alto real estate trends (for what could be imagined to be the most impacted areas) significantly at this time.