November 10, 2010

one picture is worth a thousand words


295 GOLDEN OAK Dr Portola Valley, CA 94028


Beds: 5
Baths: 5
Sq. Ft.: 7,000
$/Sq. Ft.: $1,107
Lot Size: 1.08 Acres
Property Type: Detached Single Family
Style: Modern/High Tech, Contemporary
Stories: 1
View: Mountains, Neighborhood, Valley
Year Built: 2010
Community: Central Portola Valley
County: San Mateo
MLS#: 81011166
Source: MLSListings
Status: ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin: 236 days
Striking Contemporary New Construction w/ 7000sf on over 1 acre w/ Guest Hse, Pool & Verdant Valley Views in Prime PV Locale! The open, flowing floor plan features high-end kitchen, stunning LR, formal DR, library, state-of the art home theater, rec room & lux MBR ste. Unsurpassed finishes throughout incl vaulted ceilings, bay windows & gleaming HW flrs. Attached 3 car garage. Now under construction.
Thanks to Burbed reader Herve for this find.
They say a picture is worth a thousand words. In this case, a picture is worth $7.7 million as this is the only picture provided for a $1107 per square foot listing.
Really, this listing is an exercise of imagination for the reader. If you can’
t create the imagery of a 7000 sqft house, with guest house, then… well… maybe this house isn’t for you. This house is for visionaries, dreamers… the kind of people that make Silicon Valley go. And for people who might not mind a little construction noise.


Comments (20) -- Posted by: burbed @ 5:34 am

20 Responses to “one picture is worth a thousand words”

  1. SEA Says:

    Is this a “mega project?”

  2. nomadic Says:

    On the market 246 days, and presumably under construction that long. There should be something worth photographing by now. Hell, even a view of the lot would have some value. I wonder how many of the trees are left.

  3. no estater Says:

    I suppose everyone has heard the good news? Google is giving all of its employees a 10% raise and a small bonus. Expect housing prices to start going up all around the bay area now! All of the economic problems are solved.

  4. sfbubblebuyer Says:

    They don’t even mention the fact that you can pick what colors your walls will be before they even exist! How cool is that? That’s gotta be worth at least an additional 500k! They’re leaving money on the table!

  5. madhaus Says:

    Sold for $1. 5 million in September, 2009. I fail to see how building a 7000 sf house makes the site worth $7. 7 million in a declining market. There’s no way the flipper would know about the Google raises.

    Portola Valley and other similar areas (rural, high priced, and large parcels) have been hammered since 2008. Whoever bought the site in 2009 was not watching the velocity of buyable inventory.

    The photo dates back from the bubble, when a seller could flip you the bird and it only increased the overbidding. At least it’s a picture of what the street is named after.

  6. SEA Says:

    This talk about income–as DreamT pointed out, all that matters is outcome.

    madhaus- Remember, “The way mega homes are marketed is different from low end.”

  7. TheGilroyAlex Says:

    Wow that makes the place I live on worth $35 million or so.

  8. Real Estater Says:

    Another way to say it is: The value is in the land, and they don’t make any more land.

  9. nomadic Says:

    uh, one problem with that. The LAND was worth $1.5M a year ago. Now they want over $7.5M for it.

  10. madEstater Says:

    That’s simple. They aren’t making any more land, yet somehow this location has more than it did in 2009.

    You know all those houses with moving parts? They migrate to busy streets, high-voltage power lines, railroad tracks and airport right-of-ways. These former RBA homes used to have more land until they settled into non-RBA locations where zoning allowed much smaller lots, sometimes as little as 3000 sf. So where did all that unneeded land go?

    You got it. It went here. Their loss is your gain! Buy now or be priced out forever!

  11. nomadic Says:

    ah yes, the law of conservation of land…

  12. Tuno Says:

    “Portola Valley and other similar areas (rural, high priced, and large parcels) have been hammered since 2008. Whoever bought the site in 2009 was not watching the velocity of buyable inventory.”

    yes, I’ve been watching Boulder Creek, Ben Lomond and Felton for a few years now. Tons of inventory, prices plummeting. I know that they were never “high price areas,” but they definitely have many houses that have high asking prices.

    However, as GilroyAlex mentioned in a former incarnation, there are reasons to avoid e.g. Felton.

    One of the oddest people I know, was weirded out by some folks he met in Felton.

  13. SEA Says:

    Tuno- “I know that they were never ‘high price areas,’ but they definitely have many houses that have high asking prices.”

    After Kimberly thought it “it would funny to poke fun at San Jose for having a low priced house,” I pointed out, “Even a $25k ‘manufactured home’ can be overpriced.

    This reminds me of the “penny stock” promoters who make bogus claims like you won’t lose as much investing $100 in penny stocks. Hello, if the value goes down 55%, then 55% of $100 is $55 no matter what the initial stock price. Albeit you won’t be buying a share of Berkshire Hathaway with $100; $500k won’t buy many shares, but is BRK-A a good buy?

  14. Tuno Says:

    SEA – well, I’d rather lose a small amount of money pointlessly, than a large amount of money. but really I’d prefer to avoid losing *any* money pointlessly.

  15. SEA Says:

    Tuno- Recall the days when renting was considered by so many to be just tossing money away pointlessly?

    Of course in the RBA it’s still cheaper to buy…

  16. madhaus Says:

    I read something today:

    “[I]n America, it’s far more shameful to owe money than it is to steal it,” Taibbi, who famously called Goldman Sachs a “great vampire squid wrapped around the face of humanity,” writes.

    Matt Taibbi’s article on Florida’s foreclosure “rocket dockets.”

  17. SEA Says:

    …and with the right legal team what you or I might consider to be stealing is simply reclaiming your property, right?

  18. Petsmart groomer Says:

    You don’t have to use your imagination anymore. The house is now built and you can now buy it for a reduced price: $6,950,000.

    It does look quite nice. A house steve would definitely like.

  19. Petsmart groomer Says:

    Reduced to $5,995,000.

    That’s already $1,755,000 cheaper than two years ago when it was first listed.

  20. Petsmart groomer Says:

    Reduced to $5,295,000.

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