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Stop press: Palo Alto housing crash delayed by one more week…bubblistas left fuming again

Kevin Boer, Broker Owner, 3 Oceans Real Estate, Inc. ()

December 4th, 2006 · 3 Comments

Once again, the big news in Palo Alto real estate this week is what didn’t happen. Prices thishousing-bubble.jpg week did not melt down to 1870 levels. Over-leveraged Palo Altans have not been foreclosed on and are not pushing shopping carts along El Camino Real in search of some cheap Ramin noodles. Traffic along the 101 is still clogged by our local high-tech work force. Entrepreneurs are still making the pilgrimage to Sand Hill Road in neighboring Menlo Park to get funding for their start-ups. Google’s stock is still above $100 $200 $300 $400 $450.
The Palo Alto transactions announced in our office this morning included:

~$1.1M — 4 offers
~$2M — 3 offers
~$? — 1 offer

and the winner of this week’s “Why won’t the sky just fall already?” Palo Alto real estate competition was a property listed around $800K that sold with 23 offers. 23 offers!

I’m reasonably confident none of these offers came from our friends Patrick, Keith,
or Ben.

Image courtesy of grubbykid.com

Tags: Bubblistas, , , ,
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3 responses so far ↓

  • 1 Athol Kay // Dec 4, 2006 at 2:12 pm

    LOL no news is good news I guess ;-)

  • 2 Searching the SF bay area blogs at Real Estate Logic // Apr 1, 2007 at 1:19 pm

    [...] For a while now I have been searching the San Fransisco Bay area blogs. Since we in Reno are so closely linked to the real estate market there. Driving around the city last week I was again shocked at how many California license plates I saw. Since Reno business and industry continues to boom, the stream of cars makes sense. More and more Californian’s are moving to Reno in order to enjoy a cheaper and better quality of life. Back to the blog, the blog is called 3oceansrealestate.com and an article caught my attention dealing with the media hyped “bubble”. Blogger and real estate agent Kevin Boer wrote a great piece on their alledged “bubble” and blows it up. “Stop press-Palo Alto housing crash delayed by one more week…bubblistas left fuming again”. [...]

  • 3 // Feb 17, 2008 at 5:20 pm

    Thirty-nine percent of people who purchased a home two years ago already owe more than they can sell it for, according to a Feb. 12 report from Zillow.com, a real estate data service.

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