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Are Home Prices Falling Even in Palo Alto?

Original post made by Lois, Midtown, on Aug 6, 2008

The Palo Alto Daily Post reports that a 3 bedroom house recently sold on Iris Way off Primrose Way for $417,000 on 7/22/08. The same house last sold for $550,000 on 8/11/98.

Comments (12)

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Posted by misprint?
a resident of Adobe-Meadows
on Aug 7, 2008 at 10:26 am

Yeah, 3-bedroom houses in Palo Alto for less than $500,000! Or the Daily might have meant $1,417,000.


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Posted by Lois
a resident of Midtown
on Aug 7, 2008 at 11:53 am

Misprint: No it wasn't a misprint, it was printed yesterday in the "PA Daily Post." And, today it is printed in both the PA Daily Post and the PA Daily. Check both papers it clearly say: 3 bedroom home on Iris sold for $417,000.




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Posted by Trent
a resident of Downtown North
on Aug 7, 2008 at 12:05 pm

I don't know anything about this particular house, but it's not clear that this represents a fall in house prices. Reported sale prices are not always reports of market transactions. This could be, for example, some sort of divorce settlement, a part of a trustee transaction, or a below market sale to a child, etc. etc.

We'd have to see more of a trend than one house - or know some specifics about the one in question - before we could draw many conclusions from this.


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Posted by Lois
a resident of Midtown
on Aug 7, 2008 at 12:17 pm

To quote the "PA Daily Post" exactly: "190 Iris Way, 94303, 3 bedrooms, 1114 sq. ft., built in 1947, A. Radara to Rene & Doris Girerd for $417,000: 7/22/08 (Last sale: $550,000, 8/11/98)


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Posted by Resident
a resident of Another Palo Alto neighborhood
on Aug 7, 2008 at 1:04 pm

I agree with Trent.

This could easily be a family affair. Say the original owner(s) died and left the house equally between two grown children. One of the children may want to sell their part and the other child may want to live in the house and buy out the sibling. This would satisfy what you saw in the paper.


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Posted by Mike
a resident of Crescent Park
on Aug 7, 2008 at 5:29 pm

One data point does not make a trend. Look at overall sales for the last six months. It is not 'crashing', even if for now the dramatic increases are not usually occurring.

The Mercury News believes doom and gloom sells papers. They and Channel 4 are always looking for something to support the news the sky is falling.

The sky may eventually fall, but it is not right now...


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Posted by Not so sure
a resident of South of Midtown
on Aug 8, 2008 at 8:21 am

Funny I drove along Middlefield today and there is an Alain Pinel sign with "REDUCED" hanging from it!!!


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Posted by Schools
a resident of Duveneck/St. Francis
on Aug 9, 2008 at 10:48 am

Maybe people are realizing Monta Vista and Mission SJ are MUCH better school districts.


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Posted by HA!
a resident of Palo Alto High School
on Aug 9, 2008 at 11:25 am

Schools' statement:

"Maybe people are realizing Monta Vista and Mission SJ are MUCH better school districts."

"MUCH better" in what way? In students working their tails off even more than elsewhere? I know of students who attended those schools. One student worked extremely hard yet could only get accepted into the lower UC schools because the competition at Monta Vista was so fierce. Another said that students would be up until 10:00 at night, practicing piano. Those two schools are not as diverse as PA schools are. Many are ESL parents who want their children to study 24/7. I say go ahead, go.


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Posted by HA HA!
a resident of Duveneck/St. Francis
on Aug 9, 2008 at 1:19 pm

HA!,
Excuses, excuses.
On second thought leave for the chinese to take care of business.



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Posted by Wondering Parent
a resident of Jordan Middle School
on Aug 11, 2008 at 3:01 am

We have friends who live in the Midwest, and all three of their children were accepted to Stanford, but only one decided to attend (later for graduate school).

They attended Christian schools from K-12, and were far ahead than our children.

They had a good understanding of history, since they began studying Biblical history from first grade, then onto Western Civilization.

History was taught in sequence, so when they studied the American Revolution, and then the Civil War, they had the basic foundations of Greek, Roman, and Hebrew history (with a basic understanding of each language).

They also excelled in math, and science,sports, and music.

I am beginning to wonder if the schools in Palo Alto are as superb as people claim them to be, or if this is merely something the realtors promote to keep the house prices inflated.




I feel that perhaps the Hebrew schools here, may give an equivalent education in this regard.

Also, these children wore uniforms and respected their teachers.

The public schools in California are over-rated.


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Posted by Mom
a resident of Jordan Middle School
on Aug 11, 2008 at 12:28 pm

Wondering Parent,

I don't know what teachers your child had in 6th grade, but mine learned all the history you mentioned in the fourth paragraph (all in 6th grade, plus more than you mentioned) from one book. It was very detailed info, because I quizzed him when studying for tests.

There are plenty of kids here who excel in those listed in the 5th paragraph.

We lived in the Midwest for nearly 20 years and I can tell you the education in general is deficient (you might find a few towns with good schools). My son missed a month of classes for vacation because he wasn't learning anyway. Here in PA, he doesn't want to miss any part of the school day or he missed information.

One more note: those Midwest children you are mentioning most likely were accepted into Stanford because they had the resume that many PA students have, but also because students from the Midwest DO NOT USUALLY LEAVE THE MIDWEST, so based upon their applications from the Midwest, they are considered a minority. It is easier for those outside of PA to attend Stanford than those who live here.

Californians in general are much more intelligent than Midwesterners who stay in the Midwest (those who transfer to CA are the more intelligent ones). I've unfortunately lived in the Midwest long enough to know their unassertive and reserved sub-culture.


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