In an unsettling distillation of the broader housing market, the lot's price rose by $2.3 million in under two years.
The Sacramento Bee reports that a quarter-acre residential lot in Palo Alto is expected to sell for $5,390,000.
In 2016, the lot was valued at just $78,600. But it sold for $3.1 million that May, and again for $3.9 million in September. Now, citing high demand in the wealthy city for buyers seeking to build a custom home, the county assessor deems the lot's new asking price "fair."
Not for the first time, Palo Alto's exorbitant prices are being called a microcosm of the housing crisis. Median home prices peaked in the city in 2017, having doubled in some neighborhoods since 2004. Today, "even software engineers" are feeling the impact, the Bee says.
FULL STORY: A real fixer-upper: How an empty lot in Palo Alto could sell for nearly $5.5 million
How Mobile Homes Fill a 'Critical Gap' in Affordable Housing
Cities across America have a housing crisis on their hands—should they be talking more about trailer parks?
Palo Alto Expands Church ‘Safe Parking’ Program
The city is considering adding commercial lots to the program, which provides safe parking and amenities for people living in cars.
Housing Out of Reach as Costs and Mortgage Rates Rise
The monthly costs—mortgage payments, property taxes, and insurance—of a typical low-end home in the Boston region has reached $3,600 a month. A typical home costs $5,000 a month.
Alabama: Trump Terminates Settlements for Black Communities Harmed By Raw Sewage
Trump deemed the landmark civil rights agreement “illegal DEI and environmental justice policy.”
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Why Should We Subsidize Public Transportation?
Many public transit agencies face financial stress due to rising costs, declining fare revenue, and declining subsidies. Transit advocates must provide a strong business case for increasing public transit funding.
Understanding Road Diets
An explainer from Momentum highlights the advantages of reducing vehicle lanes in favor of more bike, transit, and pedestrian infrastructure.
New California Law Regulates Warehouse Pollution
A new law tightens building and emissions regulations for large distribution warehouses to mitigate air pollution and traffic in surrounding communities.
Phoenix Announces Opening Date for Light Rail Extension
The South Central extension will connect South Phoenix to downtown and other major hubs starting on June 7.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Caltrans
Smith Gee Studio
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Toledo-Lucas County Plan Commissions
Salt Lake City
NYU Wagner Graduate School of Public Service