Palo Alto is home to many Eichlers, mid-century single story homes with walls of windows, tar and gravel roofs, wood siding, radiant heat, and a concept of indoor/outdoor living. In the 50’s these homes were considered modern, quintessentially Californian, or fire traps called 7 minute Eichlers because they could burn to the ground in 7 minutes or less. The mahogany walls had no fire retardant properties so the homes burned quickly if there was a fire.
Joseph Eichler was a student of famed architect Frank Lloyd Wright and learned from Wright the beauty of clean lines, a wonderful use of light, and a contemporary feel. What Eichler did that was so influential was taking these lofty architectural concepts and mass producing them for the families of young GI’s after WWII. He built large tracts of affordable homes, many in south Palo Alto. While builders like Roger Kohler (father of well known Palo Alto Architect Roger Kohler), or Barret and Hilp were building the typical 3 bedroom 1 bath cottages for the new young families, Eichler figured out that by adding a 2 bath he could have a huge leg up over the competition as well as adding great value to his inexpensive homes. Eichler had some good and some bad copiers. Kaufman and Brown Stern, and Macay also built contemporary style homes in the bay area. These homes have many similar features and some features that are better (like central heat) and some worse (like a floor plan that does not flow as well or use the inside/outside feel as well).
I do not think that in 1952 Eichler believed his homes would be in their original condition in 2009. Having the plumbing and heating under a cement slab sitting on expansive soil has been a problem. The lack of insulation is a problem in our energy conscious society. Many of the homes have had the mahogany walls replaced with sheetrock which makes for a much more fire safe abode. However, the style of an Eichler is very pleasing to many modern buyers. The kitchen faces the living area and looks out to the back yard. This is the open great room style that is found in most new construction today. When updated, these can be wonderfully comfortable, energy efficient homes.
There is some debate as to whether an Eichler sells for less than a ranch style or cottage style home. It is not a simple question because many Eichler’s are in the flood zone in Palo Alto which will bring the price down. Also, some Palo Alto Eichler neighborhoods have voted in restrictions on building a second story in order to preserve the privacy that Eichler built into his developments. However, this restriction has a dampening effect on re-sale value.
Right now the contemporary, mid century style of an Eichler is in favor with many buyers. With modernization of the windows, heating system, roof, and finishes, these homes will probably last for many more years to come.
Lifestyle is what comes to mind when thinking about living in Los Altos and Los Altos Hills. As one of the most coveted areas in the Silicon Valley, real estate in Los Altos provides large lots, prestigious schools, and a way of life that most would consider extremely appealing. The Los Altos lifestyle does come with a price! The good news is that property prices are lower—even in Los Altos and Los Altos Hills. Our market is experiencing what I call a Real Estate “Trifecta.” According to Wikipedia, “trifecta” is a term used to describe any successful or favorable phenomenon or characteristic that comes in threes. The trifecta we have right now in the Silicon Valley real estate market is:
- low interest rates
- lower property values
- sellers willing to negotiate
Oh, and if you are a first-time home buyer, don’t forget the tax credit that is part of the Stimulus Package
posted by the Dawn Thomas Team of the Intero Los Altos office
Lifestyle is what comes to mind when thinking about living in Los Altos and Los Altos Hills. As one of the most coveted areas in the Silicon Valley, real estate in Los Altos provides large lots, prestigious schools, and a way of life that most would consider extremely appealing. The Los Altos lifestyle does come with a price! The good news is that property prices are lower—even in Los Altos and Los Altos Hills. Our market is experiencing what I call a Real Estate “Trifecta.” According to Wikipedia, “trifecta” is a term used to describe any successful or favorable phenomenon or characteristic that comes in threes. The trifecta we have right now in the Silicon Valley real estate market is:
- low interest rates
- lower property values
- sellers willing to negotiate
Oh, and if you are a first-time home buyer, don’t forget the tax credit that is part of the Stimulus Package.
On a fun and family note, don’t miss the Los Altos Village Association’s annual Easter Egg Hunt this Saturday, April 4th from 10:00 – 12:00 p.m. at the intersection of State and 2nd Street. The event is FREE for children ages 1-10. Oh, and don’t forget your Easter basket!
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C.A.R report also shows median price of existing home dropped
The May home sales report from the California Association of REALTORS® is out this week and shows that home sales grew 18.1 percent in May compared to the same time period last year. The report also shows that the median price of an existing home dropped 35.3 percent from May 2007.
C.A.R. says closed escrow sales of existing, single-family detached homes reached 423,700 in May at a seasonally adjusted annualized rate. That sales figure represents how many homes would be sold during 2008 if sales kept up with May’s pace throughout the year.
“Home sales exceeded 400,000 last month for the first time since early 2007. While this is a welcome sign for the market, it was due in part to the large share of distressed homes for sale in many parts of the state,” C.A.R. President William E. Brown said.
The statewide median price for an existing, single-family detached home was $384,840 in May, a 35.3 percent drop from May 2007, C.A.R. reports. C.A.R. Vice President and Chief Economist Leslie Appleton-Young says the drop reflected the impact of the market’s large number of short sales and foreclosures.
According to the report, the 10 cities with the highest median home prices in the state in May were:
- Los Altos, $1,710,000
- Burlingame, $1,700,500
- Saratoga, $1,506,500
- Mill Valley, $1,475,000
- Los Gatos, $1,350,000
- Newport Beach, $1,250,000
- Cupertino, $1,172,500
- Santa Barbara, $1,066,000
- Rancho Palos Verdes, $950,000
- San Carlos, $900,000
To see the full report, please click
here.
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