Midtown Realty has been a familiar presence in Palo Alto since 1958, operating from the same Middlefield Road office through decades of change in the local housing market. Over the years, the brokerage has remained family-owned, passing from longtime broker and patriarch Tom Foy to his son, Tim. This past spring, Tim turned the business over to his younger brother, Patrick Foy, who now co-owns the company with business partner Ryan Eltherington.
The company’s story is closely intertwined with Palo Alto’s own growth. It was acquired in 1960 by a group of five partners that included future Silicon Valley development pioneer John Sobrato, then a college student at Santa Clara University. As the partners’ development business expanded, they hired Tom Foy to run the brokerage. Over the next 48 years, Tom Foy bought out the original partners one by one, purchased the building and transformed Midtown Realty into one of the city’s longest-running independent real estate firms.
Patrick Foy officially took over ownership of the family business on March 31 alongside business partner Ryan Eltherington. Tim remains with the firm but has stepped back from ownership and day-to-day operations and now serves in an owner emeritus role.
Before joining Midtown about five years ago, Patrick spent two decades building and renovating homes across the Bay Area. Raised in Palo Alto, he attended Gunn High School with Eltherington. Although the two later followed separate paths in real estate, they eventually reunited professionally at Midtown. Eltherington, also a Palo Alto native, has spent 12 years in the real estate industry. He joined Midtown in 2011.
We recently spoke with the new co-owners about taking over Midtown Realty, the lessons passed down through the Foy family, how Palo Alto’s real estate market has evolved and their vision for the brokerage’s next chapter.
This interview has been lightly edited for length and clarity.
You’ve watched the market through tech booms, recessions and now the AI era. What’s the biggest change you’re seeing in Silicon Valley real estate today?
Foy: The biggest shift is how fast and sharp the buyers are now, especially with all the AI money coming in. We’re seeing more all-cash, decisive purchases from tech folks who really care about quality of life, good schools and the neighborhoods that make Palo Alto feel special.
I think people are coming in with significantly more knowledge than they used to, but there’s always an extra layer of understanding the deeper, micro market, and I don’t think that’s going to be learned with AI anytime soon.
Real estate itself has changed a lot. The entire commission structure changed, and a lot of brokers were worried about how it would all shake out, but the market adapted remarkably. It’s essentially negotiated into the contract now, which is better because it’s more transparent. At the end of the day, our job is to explain the risks and benefits of every offer and let buyers and sellers make the decision that’s right for them.
How has Palo Alto changed since you were growing up here?
Foy: The community hasn’t really changed. It’s just probably less accessible than when I was a kid. It’s just a fact now that an entry home here is $3 million. The high end was always here. The wealth was always here, but it’s harder to get into the marketplace now. People still want to be here for the schools, the community and everything this innovation ecosystem offers.
When I went to Boston College in the early ’90s, I’d tell people I was from Palo Alto and describe it as about 30 miles south of San Francisco. Now you can go almost anywhere in the world and say you’re from Palo Alto, and people immediately know it. Somehow it gained cachet. More people want to come here because they’ve heard of Silicon Valley and want to be part of it.
This is a long-running family business. Patrick, your dad once said there was a rule to keep business and family life separate, does that still hold today?
Foy: Yes. My dad had a rule that when you walk in the office, you’re colleagues. When you’re out of the office, you’re family, and you don’t talk about business. People try to creep on that rule a little bit, but it still exists.
What does taking over the family business mean to you?
Foy: It’s a real full-circle moment for me. Midtown Realty is all I knew growing up. I went to Hoover Elementary School right across the street from our office on Middlefield, and I’d run over just to say hi to my dad. The office felt like home, and everyone there felt like family.
My dad was a truly remarkable human being who really cared about people and what he did, and that spirit rubbed off on all of us. My dad and Tim built a strong business on that foundation. Five years ago, Tim asked me to help him on a special project … and I ended up staying. Now Ryan Eltherington and I are taking over with great pride and real excitement. Tim is staying on to continue serving his clients in an owner emeritus capacity, which gives us real continuity in the business. We’re also bringing my wife, LaJoie, and Ryan’s wife, Rachel Hanley into the company. It’s an honor to keep this legacy going.
Ryan, what attracted you to this partnership?
Eltherington: I was drawn to this partnership because of the trust I’ve built with the Foy family over the years, our shared values and the way our strengths complement each other. I’ve known Patrick and the Foy family since the 1980s and have always admired Midtown Realty’s commitment to the community. Patrick and I bring different strengths in real estate and property management, and together we’re building on the company’s legacy while preparing it for the future.
How do you balance honoring the company’s legacy while bringing your own vision?
Eltherington: For me, balancing legacy and innovation means preserving the “why” while modernizing the “how.” I knew Tom Foy for many years and deeply respect the foundation he and Tim Foy built. I had opportunities to work at several of the area’s larger brokerages, but I wanted to learn from Tim because he’s so well respected in the industry. My role is to build on those values by combining Midtown’s relationship-first approach with data and technology, helping us grow while staying true to who we are.
How has Midtown Realty managed to remain independent as larger firms have acquired many local brokerages in recent years?
Foy: This is a family business, and that’s what people know in this community. We’ve stayed independent because of our local reputation, keeping things lean and genuine community ties.
People come to us for straight advice from folks who live here, went to school here and know the market well. It’s not about algorithms or corporate playbooks. Our longevity as one of the longest continuously operating real estate offices in Palo Alto, along with a focus on quality over volume, has kept us going.
We’re proud of our roots. The Foy team at Compass is not Midtown Realty — and that works for a lot of people, I’m not disparaging that at all — but here, clients are dealing directly with the owners, and that matters.
As you take the reins, what will stay the same about Midtown Realty, and where do you see the company headed?
Foy: What stays the same is the heart of it: independent, boutique service with deep local knowledge, especially around Eichler homes, Crescent Park and Midtown properties. We’ll keep those personal relationships and the hands-on way we’ve always done things.
On the evolution side, we want to strengthen our marketing — more digital, without losing our direct methods — and continue adapting to new waves of buyers coming to Palo Alto. We’re also expanding property management under a separate division, but continuity matters to us, and Tim’s presence as owner emeritus gives us that.
Our main phone line has been the same since 1958. It rings to me, to Ryan, to my wife and to his wife. If someone calls, we answer. If they email, we respond. That’s an old-school value that hasn’t changed. People still walk in all the time. We say, “Come on in, we’ve been here forever, talk to us.” That’s who we are.
When Dad was the broker, I think we had three offices and more than 100 agents. Tim gradually pared that down because, like my dad, he really loved selling real estate more than managing a large brokerage. Today it’s just the five of us.
Ryan and I want to grow the team again, but with the right people. You’re not coming to one of the big agencies. You’ll probably make your own coffee at our place, but you’ll be part of a family.
We’re also looking at updating the name to Midtown Realty Partners because it better reflects our reach beyond the Midtown area. We have expertise across virtually any ZIP code in the Bay Area, but we primarily serve clients on the Peninsula — and we’re not going beyond that.
