A little less than a year ago we found an agent website listing ten big, expensive properties in the Real Bay Area (well, most of them were in the RBA). We dug in deep to see how the very high end market was doing as it began the fourth year of a prolonged economic slowdown. Burbed reader Robert Dow recently sent in a Los Altos Hills luxe listing, and sure enough, it was one of the ten featured fabulous freeholds. So let’s dwell on these digs in more detail. To the Batmobile!
27040 Old Trace Lane
Los Altos Hills, CA 94022
30 days on site
Walk Score™ 23
Spectacular Estate situated on a Private Country Lane 3.39 acres (per prelim) Main House w/dramatic entrance salon, Library/Office, Family/Game Room, Theatre, Gentleman’s Bar, Exercise Room, Wine Cellar, Indoor Exercise Pool, attached 8-Car Garage, Generator, Well for irrigation. 2bd/2ba Guest House,Tennis Court pool and elevated spa; Terrace w/outdoor fireplace; firepit . Palo Alto schools
Here’s what Robert had to say when bringing this gem to our attention.
Saw this listing for a $19,880,000 home for sale. No idea if this a reasonable price, but the house is pretty spectacular. Is this the kind of listing you’re looking for or is there some other set of criteria? Thanks.
Who wants to tell Robert what the criteria are for a home to be featured on Burbed? There are so many ways for RBA realty to win the Internet! For example, this one’s got a MAWBUL KAWLUM even on the guest house porch! And check out this “library,” where books are under glass.
Like any big, expensive, and mutli-acred mansion, it has a Virtual Tour. Unlike most of them, it also has a Gentleman’s Bar (unclear if the strippers are included, consult agent for details before writing offer). But most importantly, it has a history, although you’d never know that if you used the Estately page.
Fortunately, when we reviewed the Astonishing Webpage we filled in all those price reductions, so there’s not much more to add. And Zillow has it all, anyway, even if Redfin and Estately used the memory hole (as well as the seller request to not link to its Zestimate of $17,227,396)
Listed: 3/17/2008 at $25,000,000
Price Increased: 4/26/2008 to $28,950,000 (+16%)
Price Reduced: 5/22/2008 to $25,000,000 (-13.6%)
Listing canceled: 9/20/2008
Relisted: 8/30/2010 – 12/27/2010 at $24,950,000 (-0.2%)
Relisted: 2/1/2011 – 7/11/2011 at $20,500,000 (-17.8%)
Relisted: 7/22/2012 at $19,880,000 (-3.0%)
Oh, about that Zestimate. It’s 13.3% below today’s list price, which disappoints us. We had a theory that the Zestimate for any large, custom, hard-to-price estate like this would be exactly 15% lower than the current asking price (and if you don’t believe us, go back to the Astonishing Webpage and check all ten of them).
Anyway, the hapless seller has been chasing the market down for more than FOUR YEARS. At what point will their price cutting finally hit the market bouncing back up? They have to get lucky this year, there’s a couple of 8s in the price now! Oh, wait. Facebook isn’t going to save the RBA after all. Never mind.