About Los Altos' Loyola Corners

Loyola Corners started out as a train stop, one of five in Los Altos, on the Southern Pacific Railway line.  Back in the early 20th century, it had a bustling business district along with a few homes and lots of orchards - a staple in the area.  When Los Altos incorporated in 1952, the focus shifted to building the downtown business district and the make-up of the neighborhood changed to become more residential.  The small neighborhood directly behind the business district is unique in that is has many small cottage-style homes on two streets and a very compact, rural-country feel.  The other nearby areas experienced significant development in the 1960s as the Foothill Expressway underpass was built and residential streets were built up on Manor, Clinton, and Altos Oaks.

 

 

If you look at the Loyola neighborhood, it's almost a compact little town all unto itself.  It has a business district, residential areas, a park and fire station all within a 1.5 square mile space.  In fact, it often gets noticed in the national media when studies are done on high value neighborhoods.  The area is a census-designated place which is often treated as a distinct town instead of included with Los Altos.  As such, it gets more coverage in the media that any other neighborhood in Los Altos.

The business zone is actually quite large and has a wide range of services that have varied widely over the years.  Only a handful of businesses have survived the ups and downs of the local economy in the last 30 years.  The Bicycle Outfitter is the only retail business, besides the gas station, that has been in continuous business.  It is a local staple and a major destination for cycling enthusiasts all over Silicon Valley.  On weekends, you'll often see large groups of cyclists gathering there to head down Foothill Expressway on a long ride.

Another long-time business presence is Tom's Diner, at the corner of Fremont and A Street.  That building has always been a restaurant.  I remember going there when I was a kid, biking all the way up Fremont Road to stop in for a burger.  It was an adventure as a 10-year old to ride there on my own from my home on Parma.  The place has always been a destination for locals with classic burgers, shakes, and fries served in an old-fashioned diner. 

As Loyola Corners has evolved over the last few decades it has lost some classics including The Echo, a restaurant that overlooked the creek, Excel Pool Shop, a tutoring shop, Loyola Liquors, and many others.  There is a revitalization group that has looked at improvements to bring the area back and help it thrive as it has in the past.  Residents aren't complaining though.  As long as it keeps it's quaint character, they're happy.

The neighborhoods has experienced significant redevelopment in recent years with Manor Way getting the most attention.  Several estate quality homes have been built in the last few years including a group of four new luxury homes at the corner of Miramonte and Manor Way.  Even in the cozy neighborhood along Elaine Ave has seen some exciting additions.  One home built a few years ago is a state-of-the-art 2 story home designed to withstand any earthquake.  Over a half-dozen new homes are currently being built in the neighborhood.

The video tour offers a comprehensive view of the Loyola Corners neighborhood including the business district and residential areas.  If you're considering relocating to Los Altos, I highly recommend looking at the video to get some perspective of the area.  To arrange a personal tour, feel free to give me a call.



FAST HOME FACTS
AVERAGE 2011 HOME PRICE: $1,417,500 (RANGE: $1,220,000-$1,615,000) 1 PENDING AT $4,495,000
SIZE OF AVERAGE HOME SOLD:  2298 square feet
AVERAGE PRICE PER SQUARE FOOT: $616.84
AVERAGE AGE OF HOMES SOLD:  61 Years
HOMES SOLD: 2


NEARBY SERVICES
PRESCHOOLS: Children's House of Los Altos, 770 Berry Ave
PUBLIC SCHOOLS: Loyola Elementary, Blach Intermediate Schoo, Mountain View High School
PRIVATE SCHOOLS: Pinewood School Lower Campus at 327 & 477 Fremont Ave, St. Simons at 1840 Grant Road
CLOSEST FIRE STATION: 765 Fremont Ave.
CLOSEST HOSPITAL: El Camino Hospital, 2500 Grant Road, Mountain View
LIBRARY: Los Altos Library, Main Branch, 13 S. San Antonio Road
PARKS NEARBY: McKenzie Park at 707 Fremont Ave and Heritage Oaks Park at Miramonte and Portland Ave
POST OFFICE: Loyola Corners, 1525 Miramonte Ave
SHOPPING: Loyola Corners, Rancho Shopping Center

Rich Defaulters? Hot off the New York Times presses this morning is a report that there are five homes in Los Altos - my primary market - coming up for foreclosure. Furthermore, this town, one of the most expensive in the country, is an indicator that the wealthy are walking away from their loans.

Very Few Actually Do: The article states that Los Altos had 16 defaults for the first five months in 2010 versus the same period in 2009. However, those are NOT translating into foreclosures. Of the 141 homes sold in 2010 so far, the MLS data only shows 7 homes sold as short sales and 2 as REOs. The defaults may be happening but owners are mostly selling them as short sales, just like everybody else. The picture painted in the article is that one in seven high-end homeowners are defaulting on loans over $1 million but the numbers for Los Altos tell a different story.

Why Default? Because these "wealthy" folks are mostly dual-income families of people in middle or senior management, engineers, etc who lose their jobs just like everyone else. They may live in a $1.5 million house but they're also working 50 hours a week earning the $300-400K household income needed to cover the bills. If one person loses their job, they don't have millions in reserve to keep going. Again, the article has made our town look like we're all rich and a default is just another financial decision. I sold three homes in Los Altos and Los Altos Hills in June and none fit the bill of "rich" painted in the article.

Here's a link to the original article to compare my opinion.
http://www.msnbc.msn.com/id/38158763/ns/business-real_estate/