Arn Cenedella

What can you buy for around a Million Dollars in downtown Palo Alto?

Downtown Palo Alto is a fabulous place to live. One can walk to numerous fine restaurants and excellent shopping. CalTrain is nearby and Stanford University is just across El Camino from downtown Palo Alto. There are several smaller parks in the downtown area.

On tour this Friday, I saw 4 smaller properties all listed around $1,000,000.

Gina Lazar of Cashin Properties [email protected] has listed 2 of these newly listed downtown Palo Alto properties:

109 Webster St. for $825,000

This is a darling 2 bedroom 1.5 bath cottage has 692sf of living area and is situated on a 2,178sf lot.

612 Palo Alto Ave. listed at $950,000.

This 2 bedroom 2 bath bungalow contains 1,640sf of living area and has been recently updated inclduing a small loft. The lot is 2,178sf.

These 2 properties are combined through a tenant-in-common form of ownership that we are beginning to see more and more of in Palo Alto. It is quite common in older San Francisco buildings commonly referred to as TICs (“ticks”). In this kind of ownership, there are several tenant in common owners of the entire property with each owner having the right to occupy a specific portion of the entire property. These are slightly different from condominium ownership but the concepts are very similar. There are governing documents in both cases which spell out the rights and responsibilities of each owner. In years past, TIC properties require one blanket loan on the entire property (i.e. individual loans were not made to each individual owner but rather one loan was made to all the owners in the TIC). This is now starting to change as a small number of lenders are offering individual loans secured by individual tenant-in-common interests. Please contact me if you would like further information on this ownership concept.

240 Fulton Street is listed by Patricia Peterson of Coldwell Banker, [email protected] for $1,100,000.

This chamring English cottage contains 2 bedrooms and 1 bath. It is located on a 4,791sf lot. There is a hot tub in the rear yard.

The next newly listed property is a condominium in the fabulous 2 year old building at 800 High Street. 800 High St. #105 is listed by Frances Papapietro of Coldwell Banker, [email protected] for $1,098,000.

This property is a ground floor 2 bedroom 2 bath unit of 1,279sf.

You can walk right out your front door and be at Watercourse Way in about 2 minutes.

So there are some options in this price range for people who want to live in downtown Palo Alto.

This entry was posted on Sunday, December 9th, 2007 at 7:07 am and is filed under Downtown Palo Alto Real Estate, Palo Alto Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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