New and modern homes. We’ve already mentioned the extra space and privacy that Redwood Gate allows, which means there is more flexibility for growing families. A new build means modern features, including Kohler sinks and faucets, GE stainless steel appliances, maple cabinetry, granite countertops, volume ceilings. Homes are also designed to be GreenPoint Rated, which help in energy efficiency and are environmentally friendly.
Smaller development size means a closer community and less hassle over parking spots, including the 14 guest spots. It is also surrounded by another housing development, the Elks lodge, and a pleasant residential area on Wilkie Way in the rear.
Good location in Palo Alto. If you ignore the busy El Camino Real intersection, Redwood Gate is better and more centrally located in Palo Alto over Altaire and Sterling Park. It is walking distance both to schools and Robles and Briones Park, and one mile from Charleston Shopping Center and San Antonio Shopping Center.
Strong home values. Because Redwood Gate properties sell as single-family homes their value will be more stable over the condo and townhouse market. In addition, Palo Alto, as we have seen, is one of the strongest real estate markets in Silicon Valley.
Traffic on El Camino Real can be difficult, but noise shouldn’t be an issue because the Elks Lodge lies between Redwood Gate and the street.
Limited parking could be a pain if you plan on having more than two cars. Besides the 2-car garages, there are only 14 guest spots available here.
It is a high purchase price for condo ownership at Redwood Gate when considering that the median selling price in 2009 for homes in the Charleston Meadows neighborhood was $1.2 million. Having said that, the homes have been selling at a rate of two a month, so demand is clearly there. Another consideration is that standard homes under $1.2 million in Palo Alto are not going to be new and most likely need repairs or upgrades, and lack the premium build and features that a new development like Redwood Gate has.
Altaire and Sterling Park aren’t comparable since price and features differ so much as we covered under the pricing details category. The locations of these properties are less than ideal since both sit near 101 and at the edges of Palo Alto. Another option for homebuyers in this price range would be to consider an entry-level home.
In the past three months (April, May, June 2010), the median price in south Palo Alto for single-family homes has been $1.26 million. Of those homes that have sold, the average age is 56 years old, average interior square footage is 1,779 and average lot size is 7,200 square feet.
So Redwood Gate homes have equivalent interior space and come with all the advantages of a new build and low maintenance, but on the other hand, lack in lot size and ability to customize when compared to a traditional home in Palo Alto.
These homes are generally targeted for people that are moving up from a condo or townhouse and need the extra space for a growing family. The residences offer the benefits of a new community development but also the future stability in home values that a single-family home has in Palo Alto. Of course, Redwood Gate prices reflect these criteria and it certainly is a quality development, but the high-price tag could be a determining factor for a lot of potential homebuyers.
Feel free to contact us for more specific information and an opportunity to tour Redwood Gate in-person (plus a $50 Visa card if you visit in July), or just to find out more about our unique Silicon Valley real estate services.