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'BMM3FBM&TUBUF #3"/%/&8 DPNFTBUBQSFNJVN Veronica Weber DEVELOPERS SAY WEALTH, LOCATION ENSURE CONTINUED NEW CONSTRUCTION 20 10 by Angela Chen remium” is a word developers often use when describing new homes on the Midpeninsula. With little land available for large developments, builders say demand for “new” exceeds supply, keeping them optimistic about selling the five local new developments at prices higher than resale of older, similar homes. “There’s a segment of population that only wants new and won’t consider existing homes,” Rob Parker of Regis Homes, developer of Altaire in Palo Alto, said. “This keeps new-home building profitable since there’s a good base for the market. Palo Alto has very little room for development, which means a higher premium.” Palo Alto real estate agent Bonnie Biorn ²1 (continued on page 36) Veronica Weber Above, six new homes are available at Morgan Lane in the Linfield Oaks neighborhood of Menlo Park. Prices start at around $1.1 million. Right, at the edge of the Sylvan Park neighborhood, Shea Homes has recently built Mondrian, a condo development with 151 homes, with 52 already sold. Fall Real Estate Special Section I Page 33

Palo Alto Weekly 10.15.2010 - Section 4

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