Revisiting An Eichler Home In Palo Alto

a little while back about 18 months ago I had the opportunity to visit an eler house it was in P Alto and it was in original condition what that is is actually kind of contractor speak for really bad I think original condition would be it wasn't original the way it was built anyway so original is a euphemism it was probably a hoarder house and it had condition issues and really a lot of deferred maintenance and when I say maintenance like it wasn't kept up at all if you want to see the full video I'm going to drop a link here so it's either going to come up here or it's going to be down below but you're welcome to go watch the whole video and the tour I was inside and outside so what did this house have going for it well number one it was an Iker so if you're on this channel you're probably interested in that number two it was in paloalto so it had access to the Palo alter school system number three it was a house for sale in a very low inventory area which which is Silicon Valley at all times and number four it was nestled in the Greer Park in a community of ERS so it was kind of with its siblings nested in a family of eers in its lovely siblings the other thing it had going for it was it was the lowest price home on the market in paloalto at the time so that's going to attract a lot of attention from both families who are looking to enter the market and also all kinds of investors and also all kinds of contractors and developers just recently I had the opportunity to visit a different ik in paloalto the ERS in the Greer Park neighborhood are all based around three different circles so one is Moffet Circle one is Metro Circle and one is Van alen circle now van alen is the biggest of the three and it's actually an oval it's actually not a circle but for now we're not going to split hairs this Iker that I just visited was on Van Alin and it just came to the market and in fact at the time of shooting this video it's already off the market but this one had been lovingly cared for and even had some modifications done to it so I'm going to drop that video if you would like to watch it of like a lovingly cared for ecler I'll drop that link so that'll either appear here or down below so while I was in Van Alin I thought why not swing by Moffet Circle and take a look and see what happens to this beloved Gem of a home so the Moffet Circle house originally was a three-bedroom one bathroom these were early in the Iker plan communities and so they were not Courtyard models and they were not Atrium models this one just had a carport and that is similar to the other counterparts on Moffet Circle if we focus our attention specifically on mopet Circle for just a moment there are 24 homes in the history of the MLS recording sales there have been 21 sales the highest price on mofet Circle went for well over $3 million it was a four-bedroom three bath property and that house sale was fairly recent in the recorded history of the MLS the lowest price home was 3 $889,000 and that was recorded in 1996 oh that we could go back to those prices let's go back to the Moffet ecler that had all the condition issues it was also a probate sale that was going to be run by the county you had to submit a bid it was a blind bed all in sealed envelopes and then the envelopes were going to be opened and the highest price went wins the bid so truly a blind bid it was also disclosed that there was a death on the property with no details provided so that would rule out a certain number of buyers that didn't want to participate in either the blind bid process or in offering on a property that had had a death recorded in it when this property came to Market it was listed at 1,798 th000 and with all of the condition issues that I have described and that you have seen it's sold for 2,21 th000 in less than a month on the market so now what we've all been waiting for I assumed with a bid that was so far over the asking and so high quite frankly for a house that was not habitable then these people would have had to the buyers would have had to pay cash and because you can't get an assumable loan on a non-habitable house and I assumed that they had a ton of money also to throw at rehabbing this ecler so when I drove there I was really excited to see how the rehab was coming along so let's take a look I've come back to visit an old friend today this is a home that I profiled a while ago 1084 mofet Circle it's on the most Charming Circle Drive of elers it's in paloalto and I have to say I'm sad I'm sad it is as you can see just completely bulldozed they flattened it they raised it they leveled it so we can see here that the trees are protected the fencing shall not be removed the trees are being protected so that leads us to a discussion about the value of real estate in Silicon Valley the value of ERS the value of historic preservation and the value of homes in the Silicon Valley at large and in paloalto specifically other iers on mofet Circle have sold for 2,580 th000 to 2,850,000 and they were a similar floor plan and similar square footage so if this one sold for just over 2 million then it only makes sense financially if you build at least what was there in the first place which was a three-bedroom one bath although for resale value it's probably mandatory that you have a second bath and most of the other homes have been converted to four beds and two baths and for this to make sense financially you would want to do that for less than $500,000 or at least less than $800,000 and I am not sure if that is possible for new construction in Palo Alto at this time as we look here at some of the other ERS on Moffet Circle we can see that they are stunning and have been lovingly cared for these homes would absolutely hold their value and even appreciate and the final question is will the replacement home look and feel like an Iker and if it's going to look like an ecler what modifications will they do like will they put in a whole updated HVAC system or even will they put in a two-story home and is this an investment or will the owners live here themselves what I do know for sure is that this is not my last visit to Moffet Circle stay tuned and follow along and we'll visit again to see how the project is coming

Channel: Susan Cornish, Realtor

Views: 2,638

Keywords: Real estate, real estate agent, realtor, house tour, home tours, silicon valley, california, eichler home tour, eichler house, mid-century modern architecture, mid century realtor, eichler homes for sale, mid-century modern homes, bay area real estate market

Id: -1td_mE7Y2w

Length: 8min 20sec (500 seconds)

Published: Sat Feb 17 2024