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Flood of new listings in Palo Alto

By Patrick   Follow   Fri, 5 Oct 2012, 1:03pm   2,158 views   23 comments
In Menlo Park CA 94025   Watch (1)   Share   Quote   Permalink   Like (2)   Dislike  

For some reason the Palo Alto papers are absolutely bulging with new real estate listings these days. The papers are about twice as thick as they were a couple of months ago, and it's all real estate listings.

This is odd, because the main selling season is the spring, not the fall.

Are they desperate to sell, or are they all trying to get in on the Facebook money that never materialized, or what?

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1. 37108605 Follow Befriend 1 threads 1,055 comments

   1   1:06pm Fri 5 Oct 2012   Share   Quote   Permalink   Like   Dislike   Patrick says Are they desperate to sell, or are they all trying to get in on the Facebook money that never materialized, or what? Same mentality.

2. tiny tina Follow Befriend 2 threads 175 comments

   2   1:23pm Fri 5 Oct 2012   Share   Quote   Permalink   Like   Dislike   According to redfin, there's either 59 or 69 for sale. It's more than this spring when the number was in the 30s, but it's still low compared to last October (~90 for sale).

3. David9 Follow Befriend (3) 28 threads 747 comments Tarzana, CA

   3   1:35pm Fri 5 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Think I'll go to this thread, seems like another is full of whores of the oligarchy realtors, lol! Imagine that, more homes for sale..

4. CDon Follow Befriend (1) 209 comments

   4   1:36pm Fri 5 Oct 2012   Share   Quote   Permalink   Like   Dislike   tiny tina says but it's still low compared to last October Yes per redfin the "flood" = 19% less on a YOY basis...

5. Patrick Follow Befriend (54) 5,182 threads 6,155 comments 46 male Menlo Park, CA Premium

   5   2:53pm Fri 5 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Trulia says 126 houses forsale: http://www.trulia.com/CA/Palo_Alto/ Zillow says 125: http://www.zillow.com/homes/palo-alto,-ca_rb/ And hell, just pick up the newspaper! You'll see what I mean. It's packed.

6. jvolstad Follow Befriend (4) 988 threads 1,120 comments San Antonio, TX jvolstad's website

   6   5:18pm Fri 5 Oct 2012   Share   Quote   Permalink   Like (3)   Dislike   I drive through Palo Alto on the weekends. See lots of For Sale signs along the Oregon Expressway. Many of them with a photo of a grinning Realtor on the sign. Why the hell would anyone want to see a picture of a Realtard. Unless it's a naked hot chick.

7. New Renter Follow Befriend (3) 13 threads 2,198 comments San Jose, CA Premium

   7   6:40pm Fri 5 Oct 2012   Share   Quote   Permalink   Like (3)   Dislike   jvolstad says Why the hell would anyone want to see a picture of a Realtard. Unless it's a naked hot chick. This is probably as close as you're going to get.

8. thomaswong.1986 Follow Befriend 14 threads 2,824 comments

   8   7:13pm Fri 5 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   Patrick says And hell, just pick up the newspaper! You'll see what I mean. It's packed. and factor in how many are unlisted for sale!

9. B.A.C.A.H. Follow Befriend (6) 5 threads 2,359 comments

   9   8:18pm Fri 5 Oct 2012   Share   Quote   Permalink   Like   Dislike   I dunno. Could be when the place sells, they're all gonna trade up. I work with some of those folks. We are all in about the same payscale, but they run circles around me. Only rational explanation, they are loaded from their spouses or else money from "back home".

10. New Renter Follow Befriend (3) 13 threads 2,198 comments San Jose, CA Premium

    10   9:31pm Fri 5 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   B.A.C.A.H. says I dunno. Could be when the place sells, they're all gonna trade up. I work with some of those folks. We are all in about the same payscale, but they run circles around me. Only rational explanation, they are loaded from their spouses or else money from "back home". Or they are more creative with their financing.

11. lostand confused Follow Befriend (9) 160 threads 1,530 comments Premium

    11   9:47pm Fri 5 Oct 2012   Share   Quote   Permalink   Like   Dislike   New Renter says B.A.C.A.H. says I dunno. Could be when the place sells, they're all gonna trade up. I work with some of those folks. We are all in about the same payscale, but they run circles around me. Only rational explanation, they are loaded from their spouses or else money from "back home". Or they are more creative with their financing. Or they could do without a lot of things. Just after the bust, I was reading about a couple that bought a 800k+ house and found that they could not afford to pay the cable bill and so didn't have cable!

12. errc Follow Befriend (7) 29 threads 1,203 comments 31 male Premium

    12   10:28pm Fri 5 Oct 2012   Share   Quote   Permalink   Like   Dislike   if i had to choose between cable television or another 200$ month worth of house, i'd probably pick house myself. i barely use my 7$ per month netflix signed, guy that dropped off 187$ to comcast this afternoon for a months service. what a waste

13. Patrick Follow Befriend (54) 5,182 threads 6,155 comments 46 male Menlo Park, CA Premium

    13   10:45pm Fri 5 Oct 2012   Share   Quote   Permalink   Like   Dislike   I don't have cable at all, just DSL for internet. Also dropped Netflix.

14. jsmarket Follow Befriend 2 threads 54 comments Mill Valley, CA

    14   1:43am Sat 6 Oct 2012   Share   Quote   Permalink   Like   Dislike   Patrick, What you may be seeing is selling ahead of expiration of Bush tax cuts likely to happen Jan. 1, 2013. The $500,000 lifetime exclusion for cap gains is still 0%, but gains over this are slated to be taxed at your ordinary income rate, rather then current capital gains rate of 15%. For those sitting on some giant gains on homes in Palo Alto, that have already exhausted their $500k lifetime exclusion and still making income in the higher brackets...may well be getting advice from their financial advisors to sell back half 2012 before they end up paying much more in taxes in 2013. This same pattern may also be being played out in Pleasanton, Menlo Park, Ross, Belvedere, etc. in the Bay Area where there are some extraordinary priced places that have had dizzying gains for the past couple or few decades.

15. pt Follow Befriend 1 comments

    15   9:04am Sat 6 Oct 2012   Share   Quote   Permalink   Like   Dislike   jsmarket says Patrick, What you may be seeing is selling ahead of expiration of Bush tax cuts likely to happen Jan. 1, 2013. The $500,000 lifetime exclusion for cap gains is still 0%, but gains over this are slated to be taxed at your ordinary income rate, rather then current capital gains rate of 15%. For those sitting on some giant gains on homes in Palo Alto, that have already exhausted their $500k lifetime exclusion and still making income in the higher brackets...may well be getting advice from their financial advisors to sell back half 2012 before they end up paying much more in taxes in 2013. This same pattern may also be being played out in Pleasanton, Menlo Park, Ross, Belvedere, etc. in the Bay Area where there are some extraordinary priced places that have had dizzying gains for the past couple or few decades. the 500k exclusion is NOT once in a lifetime.. you can do it again and again and again, every two years... other than that, valid comment

16. javco Follow Befriend 41 comments

    16   6:55pm Sat 6 Oct 2012   Share   Quote   Permalink   Like   Dislike   Step Up. NOW's your chance to finally Live the Dream.

17. Goran_K Follow Befriend (4) 25 threads 1,517 comments Laguna Beach, CA Premium

    17   7:54pm Sat 6 Oct 2012   Share   Quote   Permalink   Like   Dislike   Patrick, are you looking exclusively to buy in the South Bay (whenever prices crater 65% per Darrell in Phoenix's prediction)?

18. New Renter Follow Befriend (3) 13 threads 2,198 comments San Jose, CA Premium

    18   9:27pm Sat 6 Oct 2012   Share   Quote   Permalink   Like   Dislike   javco says NOW's your chance to finally Live the Dream. Of eternal debtiude? If that's your goal now IS a great time to buy!

19. Patrick Follow Befriend (54) 5,182 threads 6,155 comments 46 male Menlo Park, CA Premium

    19   10:21am Sun 7 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Goran_K says Patrick, are you looking exclusively to buy in the South Bay (whenever prices crater 65% per Darrell in Phoenix's prediction)? I'm not actually looking to buy at all. But if I found a good deal (meaning cheaper to own than to rent the same thing) and didn't have to borrow any money, then I might be interested. I like the south bay area, but I'm not totally attached to it. I'd consider living anywhere there are live pedestrians roaming around. The one thing I cannot stand is total car culture, where you have to drive to everything.

20. B.A.C.A.H. Follow Befriend (6) 5 threads 2,359 comments

    20   7:46pm Mon 8 Oct 2012   Share   Quote   Permalink   Like   Dislike   lostand confused says Or they could do without a lot of things. Just after the bust, I was reading about a couple that bought a 800k+ house and found that they could not afford to pay the cable bill and so didn't have cable! I dunno man. I was in P.A. today; saw lotsa new model cars like lexuses, Mercedes, BMW SUV.

21. thomaswong.1986 Follow Befriend 14 threads 2,824 comments

    21   8:05pm Mon 8 Oct 2012   Share   Quote   Permalink   Like   Dislike   B.A.C.A.H. says I dunno man. I was in P.A. today; saw lotsa new model cars like lexuses, Mercedes, BMW SUV. Insider information pays off...up to the point to you get busted. Ex-Yahoo exec pleads guilty to insider trading Silicon Valley / San Jose Business Journal Date: Tuesday, May 22, 2012, The U.S. Securities and Exchange Commission on Monday charged a former executive at Yahoo Inc. and a former mutual fund manager with insider trading on confidential information about a search engine partnership between Yahoo and Microsoft Corp. Robert Kwok, who was previously a senior director of business management at Sunnyvale-based Yahoo (NASDAQ:YHOO), and Reema Shah, who was previously a portfolio manager at a division of Ameriprise Financial Los Altos man charged with insider trading Silicon Valley / San Jose Business Journal Date: Thursday, September 6, 2012 Los Altos resident Hyung Lim was charged by the Securities and Exchange commission with illegally passing information on Nvidia Corp.'s earnings to a hedge fund manager, according to the SEC. Lim was given non-public information before Santa Clara-based Nvidia (NASDAQ: NVDA) earnings releases from a friend who worked for the company and then shared that information with Danny Kuo, a hedge fund manager, according to the SEC charges. Kuo and his hedge fund made nearly $16 million trading on the information, according to the charges.

22. jvolstad Follow Befriend (4) 988 threads 1,120 comments San Antonio, TX jvolstad's website

    22   8:56pm Mon 8 Oct 2012   Share   Quote   Permalink   Like   Dislike   New housing in Palo Alto for our wounded warriors. http://www.pentagonfoundation.org/site/PageServer?pagename=deflodge_index

23. thomaswong.1986 Follow Befriend 14 threads 2,824 comments

    23   10:28pm Mon 8 Oct 2012   Share   Quote   Permalink   Like   Dislike   jvolstad says New housing in Palo Alto for our wounded warriors. http://www.pentagonfoundation.org/site/PageServer?pagename=deflodge_index thanks, I will be donating this year.