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Old 10-19-2006, 09:48 PM
 
1 posts, read 8,179 times
Reputation: 10

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Hi All,

I am new to this forum.

I am still a student, and I got interested in mortgage etc. because ultimately I would like to purchase a house. I was wondering what is the average price like for a home in Palo Alto, outside Stanford?

I have heard of prices like $2M - $7M, but I wanted to confirm. When I calculated mortgage for a 30 year repayment period with a 6.25% interest, it seems that I have to make monthly payments of $12000 or so. This is like waaaaaay above what I will be able to afford in the coming few years.

Also, I was wondering what is the average amount of monthly mortgage that residents in Palo Alto pay. If anyone can give me a ballpark figure, that would be great!

Thanks for any help,
Ajit.
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Old 10-21-2006, 09:09 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 14,083,146 times
Reputation: 1033
Allow me to be of help. I wish links were allowed here. You however can do a search for it. $2 to $7 million? LOL you want a house or a mansion? I have found some prices that might be affordable for you.


Condominiums:


$279,000
1 Bed, 1 Bath
663 Sq. Ft.

$299,888
1 Bed, 1 Bath
698 Sq. Ft.

$415,000
2 Bed, 2 Bath
1,009 Sq. Ft.


Cheapest house:

$409,999
2 Bed, 1 Bath
530 Sq. Ft.


Theres nothing nice till 3/4 million for a nice small house. They can indeed go up into the multi millions(4+ is multi) How much can you afford by the way?
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Old 10-25-2006, 11:28 AM
 
Location: Born + raised SF Bay; Tyler, TX now WNY
8,485 posts, read 4,730,381 times
Reputation: 8399
PA is one of the more expensive places in the Bay Area, and a tad bit snobby, too, if that kind of thing bothers you (I went to high school there). You could probably look to Mountain View just to the southwest or Redwood City just to the north up the peninsula if you wanted to go a little cheaper.
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Old 12-14-2006, 07:45 PM
 
41 posts, read 281,969 times
Reputation: 34
Yeah Redwood City seems like a nice place to live. I work there and the city has a small-town attitude about it, which is cool. It's also close to SF and SJ.
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Old 07-14-2009, 02:28 PM
 
1 posts, read 6,667 times
Reputation: 10
Do not buy a home in Palo Alto while you are still a student, especially in this economy and job market. You don't know where you will be in a few years, and if you will be able to pay off your mortgage. $2-7 million is right. Technically, the median home price is like $1.4 million (according to Palo Alto's website), but you will probably not want any of the lower priced ones. As for the post from the real estate person above with the listed homes... who in their right mind would pay that much for a 600 square foot home? That's ridiculous.

Anyway, Palo Alto is not a place to live right out of school. You need to be settling down to buy a home there. It's kind of a gross place to live. People there just get disgusting after a while. There also isn't a whole lot of character to the place.

I lived there for 22 years.
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Old 07-14-2009, 03:08 PM
 
Location: Belmont, CA
32 posts, read 113,081 times
Reputation: 18
The avg sales price for a home in Palo Alto today is $1.761Million. Days on market avg is 30 and people are receiving 100.57% of their asking price. Palo Alto has great schools and thus the high price, great weather, cute downtown. Like other people said Mountain View is a new "hot spot" for young people with a cool downtown and is a lot more affordable and not as many families.
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Old 07-14-2009, 07:58 PM
 
Location: Boulder Creek, CA
9,197 posts, read 16,838,385 times
Reputation: 6373
At $2-7M, you will surely be the only homeowner in your 'hood that came fresh outta school. You're talking old PA money, and those folks might not appreciate a young whippersnapper moving into their territory. They already have issues with 'Asian Invasion'.

Redwood City, Burlingame, lots of other choices nearby.
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Old 07-20-2009, 12:25 PM
 
Location: Silicon Valley
850 posts, read 1,546,137 times
Reputation: 712
Quote:
Originally Posted by Need_affordable_home View Post
Allow me to be of help. I wish links were allowed here. You however can do a search for it. $2 to $7 million? LOL you want a house or a mansion? I have found some prices that might be affordable for you.


Condominiums:


$279,000
1 Bed, 1 Bath
663 Sq. Ft.

$299,888
1 Bed, 1 Bath
698 Sq. Ft.

$415,000
2 Bed, 2 Bath
1,009 Sq. Ft.


Cheapest house:

$409,999
2 Bed, 1 Bath
530 Sq. Ft.


Theres nothing nice till 3/4 million for a nice small house. They can indeed go up into the multi millions(4+ is multi) How much can you afford by the way?
I loved this response. I loved how you showed them that they are going to waste their money on NO SPACE.
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