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Selling? … Manage Your Expenses
In recent years the amount of money spent fixing up a home, by homeowners wanting to sell, has been insane.
Value Of Remodeling Project
PROJECT | 2020 | 2019 |
Add Bathroom (midrange) | 77.8% | 66.0% |
Add Bathroom (upscale) | 65.9% | 65.5% |
Bath Remodel (midrange) | 69.5% | 74.5% |
Bath Remodel (upscale) | 52.9% | 65.5% |
Minor Kitchen Remodel (midrange) | 100.5% | 90.4% |
Major Kitchen Remodel (midrange) | 72.5% | 73.4% |
Major Kitchen Remodel (upscale) | 59.6% | 63.3% |
Deck Addition (wood) | 69.7% | 65.1% |
Grand Entrance (fiberglass) | 50.6% | 80.8% |
Garage Door Replacement | 166.1% | 93.2% |
Window Replacement (wood) | 78.8% | 81.6% |
Manufactured Stone Veneer | 199.4% | 131.4% |
Roof Replacement (asphalt shingles) | 67.5% | 76.3% |
As shown in the table above, a midrange bathroom remodel returned 69.5% of the cost. If you spent $10,000 remodeling your bathrooms you would have got back about $7,000, and essentially given $3,000 to your real estate agent to promote himself.
If you would like to watch the recorded webinar please see the webinar-net-more-when-selling and please use a real estate agent who wants you to receive more when selling your home.
Tech Store, Fry’s Electronics, Is Shutting Down
Marking a change in Silicon Valley that many residents don’t think about, Fry’s Electronics, is shutting down the 31 stores it has remaining. Many techies welcomed Fry’s Electronics when it opened and advertised: transistors, IC’s, soldering irons, Jolt Cola, and pantyhose(?).
Its closing emphasizes a change in Silicon Valley tech which was often pushed ahead by individuals and clubs building electronic tech gadgets to an industry dominated by, software, apps, and complex mass-produced hardware relying on ASICs. Rarely do techies use soldering irons today.
Silicon Valley has transformed many times since the Santa Clara Valley orchards were known for producing fruit. Silicon Valley real estate trends have been constantly impacted by technology and economic changes but demand has been driven up by more and more innovative people wanting to be together to create part of the future. Working remotely puts different rules on whose ideas are shared and how much they are shared.
Are Closed Campuses Affecting Home Prices?
With many college campuses either closed or partially closed, there are fewer renters near the campuses. Has the decrease in rental demand tipped demand for owning homes in those locations? Stanford University is adjacent to the Palo Alto College Terrace Neighborhood. Many of the Stanford students and even visiting professors rent a place to stay, near the campus.
The pandemic does not appear to have changed the Palo Alto real estate trends (for what could be imagined to be the most impacted areas) significantly at this time.
2 Bedroom, Downtown Condo $8M+
In the 4th quarter of 2020, the fourth most expensive home sold in Palo Alto was a Downtown Palo Alto condo.
Condo: 2 bedroom | 2.5 bath | 3,516 sf | Homer Ave | $8M+
The penthouse condo located on top of a newer(2009) 3-story building in Palo Alto simply falls into the category of a prestigious, very rarely available, type of property in a very desirable city.
In spite of recent constant murmurs in the press about condos falling out of favor, urban areas falling out of favor, and even California having a population decline, this is a record high sale in downtown Palo Alto. In the luxury market place, motivations for the unique, often won’t track market trends.
In spite of some published opinions, downtown neighborhoods in Silicon Valley are not showing any loss of desirability, at least not yet.
See more trends at Downtown Palo Alto real estate market trends.