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Today, I want to focus on the noticeable activity in West Atherton since June 2016. Recorded on the MLS, there were 7 estates that sold above $13,000,000. As you read below, please know that some of the information regarding square footage is approximate due to limitations of information provided on the MLS.
Most notable were the sales of 5 newly constructed homes pictured below each description – not all have closed escrow as yet:
- 47 Camino por los Arboles listed for $34.8M (approximately 17,000 SF interior living space inc guest house) with 165 Days on Market (DOM) – Close of Escrow (COE) due 9/28 – Listed at $2,047/SF.
2. 91 Selby Lane listed for $14.9M (aprx 12,402 SF interior living space inc guest house) with 320 DOM – COE due 10/5 – Listed at $1201/SF
3. 59 Barry Lane listed for $21.8M (aprx 12,800 SF interior living space inc guest house) with 54 DOM – 4 day escrow indicating an all cash sale but sale price not published – Listed at $1703/SF
4. 5 Carolina Lane listed for $16.9M (aprx 11,300 SF interior living space inc guest house) with 149 DOM – Sale Price $16.4M or $1496/SF
Three additional MLS recordings in Atherton of homes selling above $13M are the following:
5 Faxon Forest (age 9 years) listed for $16.9M (aprx 9500-11500 SF living space inc guest house) with 82 DOM – Sale Price $15.5M or $1632-$1348/SF
95 Atherton Avenue (age 21 years) listed for $15.2M (aprx 9983 SF living space inc guest house) with 343 DOM – Sale price not published yet. Lot size is 2.14 acres and plays an important role in value of property.
149 Tuscaloosa Avenue (age 41 years) listed for $14.8M (aprx 4980 SF living space inc guest house). Sale Price $13M This might have been a land value sale as the home is original condition and lot size is 1.88 acres with a generous width of 205 linear feet. Land value for this property calculates to $159/SF.
Based on these sales, the summer was a healthy seller’s market for West Atherton. These numbers are a mix of list prices and sale prices but generally at this time represent the latest available information for a new construction average of $1611.75/SF for the 5 homes listed above. Once we are aware of the closed sale prices, we can assess a more accurate average. The median of these 5 homes (again, mixing list and sale prices) is $15.5M.
There are not enough data points to make any assumptions for land value for the mid-year sales. By comparison, a land value sale in March at 88 Tuscaloosa (1.335 acres) recorded on the MLS at $139.32/SF. This property frontage was 153 linear feet as opposed to the 205 linear frontage of 149 Tuscaloosa (1.88 acres) which yielded $159/SF.
Averaging numbers for Atherton is not really a perfect indicator or predictor since each property is so distinctly different; however, it does give you some overall sense of the market there. If you would like more detail on the above properties, or you are interested in active listings in Atherton, please let me know (email@example.com or 650.814.0858).
Stay tuned for my insights on Menlo Park for my next blog post where I will look at the new construction sales there as well as the overall luxury market that ranges from $5M to over $7M!