I’ve offered many tales about the insanity of real estate here in the Silicon Valley, such as:
But now I’ve got a new high – – not in Palo Alto exactly, but just up the road a few miles. This big-ass (20,000 square feet) house is going for Eighty Eight Million dollars (which is a non-too-subtle inducement to some Chinese billionaire, since the more superstitious among them are really, really hung up on the number 8). But if this strikes your fancy, you don’t have to be Chinese, so long as your money is green. Form a single line! No cutting, please!
Since Tim is taking some time off, and we are in the holiday slumber, I am posting some non direct, market topics. Enjoy.
As the elites desperately try to centralize and homogenize us. Technology allows us to stay a step ahead. This is becoming ever clearer in the home. For rural communities it is now a reality, and increasingly so for the suburban family.
It all started with solar hot water, for the home and the pool. This technology is over 100 years old, and used quite a bit before utility gas replaced it. Now the systems are very space efficient and durable.
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.
As many of you know, the real estate market in Palo Alto has been going bananas for years, particularly recently. I’ve written about this phenomenon here, here, here, and – my favorite – here.
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…)