Tuesday, February 17, 2009

housing prices in palo alto not governed by the laws of anything

So we've been hearing all about how housing is now affordable, about how we should all go out and buy since housing prices are now deflating, etc.

So how is it that a house in Palo Alto, which was estimated to be worth $1.8 million at the highest estimate, sold for $3.625 million dollars? The description doesn't indicate that the house is made of platinum trimmed with ambrosia.

via Trulio.com

I should add that the reason the average price of a house in 94303 is so low on the Trulio estimate is that the zip code includes East Palo Alto, which traditionally has lower housing prices as compared to their neighbors to the west.

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