Comsa Group in the News: Mountain View and Palo Alto are Where Executives Want to Live

It’s the Bay Area. It’s Palo Alto. It’s a real estate seller’s dream, but what about buyers who can’t afford to buy in Palo Alto? A recent article in Silicon Valley Business Journal calls the Bay Area an “anomaly” compared to the other parts of the country where prices continue to drop and buyers can choose, negotiate, and, simply, afford a house. “All of the houses I sold this year went 5 to 10 percent above asking with a minimum of two very strong offers each.” Yes, these are my exact words in an interview with the author of the article, and that percentage is actually getting higher, especially in the Peninsula. The article also mentions that “earlier this year, Comsa participated in a bid where a $1.4 million house in Palo Alto received 15 offers and sold for $1.8 million in cash. And it wasn’t move-in ready.” A true story, one of the many stories around here. While Palo Alto continues to be the “main attraction” for many buyers, areas such as Mountain View are attracting more and more people who like the great schools and the proximity to their jobs. I believe that Mountain View is the “new Palo Alto” and we continue to see more interest in some pockets of Mountain View, especially from buyers who are on a tighter budget and prefer to get a bit more for their money.

The Silicon Valley Business Journal editor asked about the “Facebook buyers” and I explained that “a lot of them are buying this year, in advance of Facebook’s IPO, very similar to how people invest in the stock market. Since there are around 100 houses on the market around Palo Alto, and a few hundred Facebook employees that may be looking for houses next year, the market will be very hot and interesting.”

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