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Webinar/Seminar: Inheritance, Probate, & Prop 19
On Saturday, Sept 17, 2022, from 10-11am, JLee Realty will be hosting a combined webinar/seminar on many of the issues involved in setting up your…
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Who Is Buying Studio Or One Bedroom Condos?
The “Builders Remedy” is being used to demolish one-story buildings along El Camino Real at Curtner Ave in Palo Alto, and then build a 7-story high, 183-unit development. The proposed plans include 17 studio apartments, 68 one-bedroom apartments, 50 two-bedroom apartments, and 34 three-bedroom apartments. If you make the assumption that a family wants more than one bedroom, 85 of the units are for single people and 84 of the units are for families, who will settle for 1,100 sq.ft. or less. Is there really a shortage of housing for single people?
Take a look at Palo Alto single-family house prices vs. Palo Alto condo prices.
Condo prices in Palo Alto have been slowly declining since 2019 while house prices have climbed. It is probably only partly due to the smaller size of condos, but the distinction in price directions does point out that claims of increasing affordability problems for families are unlikely to be helped by this and similar projects.
Let’s use AI to find out who buys studio and 1-bedroom condos. “Who is buying studio and one-bedroom condos in Silicon Valley?“
The shortened answer is: 1) Young tech professionals in their 20s and 30s who want to live close to major tech campuses. 2) First-time buyers priced out of single-family homes on the Peninsula. 3) Individual investors buying studios and one-bedrooms to rent to tech workers and other high-income tenenats who prefer newer, low-maintenance buildings. 4) Downsizing empty nesters or divorced buyers who want to reduce maintenance, commute, or housing costs.
This particular project is located at 3727-3737 and 3773-3783 El Camino Real.
To the north-east (Madeline Court) is some single story multi-family housing . To the north-west (3705 El Camino Real) is a four story 100% affordable housing community.
The project will certainly have a significant impact on Madeline Ct residents, but is being built in a multi-family area with existing high-density housing next door.
It will be interesting to watch and see if the mix of unit sizes shifts towards larger units as has been seen in other development projects.