NOTE: This post is now not a post! i had put a video here about the insane valuations of Palo Alto real estate, but for some reason, the video is private (which is peculiar, since it’s actually a documentary with pretty high production values). Anyway, I’m just putting this place-filler in so people aren’t perplexed. Please just head over to the next post.
I’ve lived in Palo Alto since 1991, and at the time, it was a terrible stretch for the very-young Tim to buy a house in town. In retrospect, it was one of the greatest (and few) “long’ positions of my life, since it’s worth about twelve times what I paid for it back then.
I sure wish I could buy a put option on it, though, because we’ve got to be at some kind of zany top, given the front page headline on this morning’s Daily Post. Here ya go:
Well, it’s been awhile since I’ve made you aware of a real estate offering in my fair city, so I present you now with 221 Santa Rita Avenue here in Palo Alto. For the low price of $3.4 million (well, that’s the ask – – it’ll surely go for a lot more with many offers) you can call this place your own personal palace:
Yes, I recognize all too well that the stock market is at the highest levels seen in the history of the universe……..
I’ve done many, many posts about the insane real estate market here in the Bay Area. I’m not going to bore you with another “can you believe how much they want for this?” because, by now, I think you kind of get the point.
However, this week, in the venerable Palo Alto Weekly (which, as is typical for the newspapers around here, has a publishing frequency that has absolutely no correlation to its moniker) a local real estate agent, Xin Jiang (pronounced “Xin Jiang”) composed the following article, which I have helpfully highlighted for you: (more…)
Here’s your latest real estate update about my neighborhood: in this morning’s paper, I was amused to see this color photo of a house that was just sold which – evidently – exhibits “Gorgeous Craftsmanship.” Try to drink in the beauty……….if you can:
It was offered at $2 million, but as you can see, it “SOLD over asking!” I would also point out to the uninitiated that this hallmark of craftsmanship is in a pretty nasty part of town. So there ya go.
Anyway, with all the post-Fed nonsense, I just thought I’d post something silly.