According to the Mercury News, the average sale price of “the top seven most expensive homes” in Palo Alto during the week of Nov 13 was $1371 per sq. ft.
Offhand, this sounds like absolute
bullshit. To the data!
Firstly, there is a caveat that
the sales may not have occurred during the period in question, merely that the
deeds were recorded recently.
Second, the lowest priced sale
mentioned, is a condo on Newell Street which sold for approximately 707K. Despite
the mixing of single family and condo data, which I believe is a deliberate
distortion, this is a condo in East Palo Alto, not Palo Alto. This is like
calling a Leaf a Tesla simply because both are electric vehicles. Data points 5
and 6 are also located in East Palo Alto, which, despite it charms, does not
share the same award-winning school districts, downtown commercial district and
Caltrain accessibility of the city of Palo Alto.
The average of the 3 properties
sold in East Palo Alto is 921K, or $726 a sq. ft.
The average of the 2 single
family homes sold in East Palo Alto is 1.001 million, or $750 a sq. ft.
The cheapest property listed in
Palo Alto is a condo which sold for $1,070,000, 10K more than the most
expensive home sold for in East Palo Alto.
The average of the 4 properties
sold in Palo Alto is 2.805 million, $1754 a sq. ft.
The average of the 3 single family
homes sold in Palo Alto was 3.383, or $1880 a sq. ft.
The benefits of blending these two
distinct datasets because both contain the words Palo Alto is, to me,
questionable, at best.
The good news for Mercury News,
given the author is a bot, is that the value of the article is probably worth close
to what they paid to generate its contents.
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