April 4, 2012

Post-modern style meets post-modern price in Los Gatos

Thanks very much to Burbed reader nomadic for finding this luscious living situation in Los Gatos, one of Silicon Valley’s few celebrity domiciles!

300 SANTA ROSA Dr
Los Gatos, CA 95032
$5,000,000

120402-santarosa-redfin

BEDS: 6
BATHS: 6.5
SQ. FT.: 7,500
$/SQ. FT.: $667
LOT SIZE: 1.19 Acres
PROPERTY TYPE: Detached Single Family
STYLE: Modern/High Tech, Contemporary
STORIES: 2
VIEW: Canyon, Valley
YEAR BUILT: 1986
COMMUNITY: Los Gatos/Monte Sereno
COUNTY: Santa Clara
MLS#: 81207180
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 38 days

This exquisite 7500 sq/ft, 6 bedroom, 6.5 bath home on 1.19 acres nestled in the Los Gatos Mountains, combines post-modern style with majestic natural views. It is a natural abode for light and warmth. Recently re-designed and renovated, this home was originally built by Steve Wozniak, co-founder of Apple Computer, Inc. and retains several of his most unique design elements.

120402-santarosa-loudcolorsHere’s why nomadic sent us this natural abode for light and warmth:

The former Wozniak house.  Featured on burbed many moons ago, and now listed for $5M.  Look at its history.

We don’t have anywhere as many celebrities in Silicon Valley, but Woz is one of the few that we ought to look into a house he had built.  So let’s have a look at how this house was marketed back in the early end of the bubble days of 2008, right after the break!

120402-santarosa-burbed2008

Wait a minute, wait a minute, how did this house end up with the asking price up another $1.1 million?

120402-santarosa-history

120402-santarosa-stainedglassSo the house didn’t sell at anything close to asking in 2008, yet it changed hands for an eye-popping $6.9 mil back in the heady days of ought six.  Guess they believed it when they said this house was “way under valued” back in 2008. And now it’s been “recently re-designed and renovated” but it still “retains several of his most unique design elements.”

nomadic followed up with this:

120402-santarosa-poleThe Woz house doesn’t appear to have been touched since the current owners bought it.  I walk past there on a semi-regular basis and never saw any signs of construction.  The prior owners took it in the shorts (ha, short sale joke) when they sold it far under their original $6.9M purchase price.  120402-santarosa-treeThey are the ones who did all of the renovations too.  Looks like the same (indoor) tree is in one of the listing pictures from 2009.

And maybe that’s what they really mean by “post-modern style.”  This house transcends its value as a residence, its purpose to keep out bad weather, and its description as an architectural structure, so nobody would actually want to live there.  And if you don’t believe that, why has it been for sale more often than it hasn’t in the last 8 years?

Be sure to check out the first time we featured this house, complete with an even higher asking price than anything you see above, plus another celebrity mention that will bring your breakfast right back up!

Comments (10) -- Posted by: madhaus @ 5:08 am

10 Responses to “Post-modern style meets post-modern price in Los Gatos”

  1. SEA Says:

    Sold for $6.9M in 2006? This place should be worth $14M pretty soon.

  2. nomadic Says:

    First listed after the renovations for $7.88M. Lucky!

  3. very amused Says:

    One of the linked articles says Woz moved because there’s no cellular signals up there. Could be why nobody wants to stay.

    Nobody ever called Woz a genius in architecture.

  4. SEA Says:

    “For Sale:$4,995,000
    Zestimate®: $3,930,100
    Est. Mortgage: $18,921/mo
    Estimated Monthly Payment

    Down payment:
    ($999,000)
    30 Year Fixed:
    3.932%$18,921/mo
    15 Year Fixed
    3.115%$27,817/mo
    5/1 ARM:
    2.732%$16,275/mo

    Taxes & insurance are not included.”

    2010 Property Taxes $86,430.
    2011 Property Taxes $37,158

    The tax assessment went from ~$7M to ~$3M.
    The Zestimate was about $3M, but it went up $866,200 in the last 30 days.

    The Rent Zestimate is $5k per month.

    So many people complain about how expensive $5,000 per month rent is, yet the 2010 property taxes were about $7,200 per month. Now I fully realize that there is a big difference in this place and what one would get for $5k per month, but I suspect that people would complain about lost opportunity if the rent for this place were $5k per month–you know, after paying that $5k each month, what do you have left over? Also if one were to rent this for $5k per month, the big gain on sale, which should be near $9M = $14M – $5M, would not be realized by the tenant. You know the landlord would be making the big bucks if the he rented this place out for $60k per year, especially after the recently lowered taxes of $37k per year.

    It’s a little funny how when the tax man comes around the property isn’t worth that much, but as soon as friends come over, the property is worth double or triple.

    I once offered to buy a place for the claimed value the owner wanted the tax man to place on the property. You can probably guess the basic claim: I’d never sell for that low, but it’s not really worth more than that.

  5. sfbubblebuyer Says:

    This house is perfect for selling price predictions! I’m guessing 3.6 because I’m an optimist about some facetard with a facewad of facebucks getting all stupid over it!

  6. Michael Boltonestater Says:

    Didn’t we already establish that such houses in the hills lost their appeal?

    Real Estater wrote an interesting essay a while back on that topic.

  7. madhaus Says:

    A bit of movement in the price this summer, but still no takers.

    Jul 05, 2012 Price Changed $4,500,000 — MLSListings #81207180
    Jun 28, 2012 Price Changed $4,495,000 — MLSListings #81207180
    Jun 08, 2012 Price Changed $4,500,000 — MLSListings #81207180

    Yes, they cut the price a whopping 0.11%, but raised it back a week later. No doubt the neighbors objected to an under-$4.5M slum.

  8. nomadic Says:

    Someone just doesn’t want to give up their fantasy of $1.4M gross profit, even as their actual profit drops with each passing month.

    It doesn’t look like the person living there is the owner, so it’s not like the entity that bought it out of foreclosure or whatever is enjoying living there. (That’s just my impression from occasionally passing the place.)

  9. Steve Wozniak’s House for Sale. Again. This time media creams themselves. [Burbed.com] Says:

    […] for sale. For some reason, when it was for sale last year, this did not happen.  We mentioned it, […]

  10. Photopalooza at Wiz Wigwam that Was Woz’s [Burbed.com] Says:

    […] from our onsite visit to Steve Wozniak’s old digs. We’ve already featured this house three times, so we’ll just stick to what we found at the Open House this Sunday.  And of course, […]


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