Silicon Valley is home to some of the biggest tech companies in the world like Facebook and Google. Workers here earn more than the average and the neighborhood is among the richest in the country. However, with rising real estate prices, owners of Buena Vista Mobile Home Park in Palo Alto are tempted to sell to the highest bidder. This means the more than 400 residents are in jeopardy of being asked to move out of the area. This report came from realtor.com.
Located just a block from homes that cost millions of dollars and a short drive away from Google and Facebook headquarters, the city's lone trailer park is a lively neighborhood with 117 units of mobile homes parked. Unfortunately, Joe Jisser and his parents who own the 4.5 acre property have decided cash in on the real estate boom in Palo Alto. Local realtors estimate the value of the place to be as high as $55 million. And in the same post from realtor.com, it has been revealed that the Jissers' application to close the park has been approved after a 2 ½ year review.
According to a post in bizjournals.com, "the Palo Alto City Council voted unanimously in favor of the park's owners, the Jisser family, which will effectively shut down the city's only mobile home park, located at 3980 El Camino Real." The council then announced that they will hire an appraisal firm to properly review and check the Relocation Impact Report that will help decide how much the affected residents are going to get in terms of relocation assistance. It was also included in that report the value set in 2013 by appraisal firm Beccaria and Webster LLP for each home which was $18, 816 on average. This is being contested by residents and their supporters saying the valuation did not take into consideration the school and the fact that it was a very safe place to live in.
