Portola Valley, known for its wealthy residents, faces financial troubles due to increasing costs like a $2.1 million sheriff's contract and low-income housing mandates.
Despite impending bankruptcy rumors, the Portola Valley housing market remains stable, with home prices up nearly 30% year-over-year, suggesting financial woes aren’t yet affecting home values.
"If they do end up being forced to put in low-income housing, I'd expect that it will not only steer away buyers, but we'll also see an increase in housing supply as people want to get out of there," says Northern California real estate agent Sam Fitz-Simon.
"The number of homes for sale in Portola Valley has reached its highest level since the peak of the [COVID-19] pandemic," indicating a significant increase in market activity.
Collection
[
|
...
]