We haven’t had a guest post for a while, so we’re going to sleep in while Burbed reader Dr. Jim takes over today’s column. Thanks very much! Please give Dr. Jim a big, warm, Real Bay Area welcome to the front page as today’s guest blogger!
And now we’re going back to bed.
451 PORTOLA Rd
Portola Valley, CA 94028
4,200 Sq. Ft.
$1,546 / Sq. Ft.
Lot Size: 1.13 Acres
On Redfin: 88 days
Property Type: Detached Single Family
Community: Brookside/Willowbrook Area
Stunning historic estate originally built by Herbert E. Law completely renovated with state of the art contemporary finishes. Turreted castle main residence (3 br) incl. 1000 sq. ft new construction, stone guest cottage, 1200 sq. ft workshop. 1.2 flat ac. in prime PV, western views, pool, bocce court, enclosed rose garden, diamond plaster top quality appliances incl. La Cornue stove, Miele appl.
They expect to make $4,645,000 profit on a house that they bought 1.5 years ago for $1,850,000! That’s $1106/sf for remodeling. And the cottage and workshop were there already. Granted, the land is valuable, but that’s already accounted for in the original purchase price. Let’s say they spent a ridiculous million dollars on renovation. That’s still a 28% ROI, which is wildly ambitious.
A couple of notes on the listing copy: (1) This is not the Herbert E. Law estate, this is the former GATEHOUSE for the Law estate (Villa Lauriston). (2) A La Cornue oven, oh boy! It looks like the $35,000 model (Chateau 120). If they had put in a $299 Kenmore range, I suppose they would be asking $6,460,299. Not really much difference.
Thank goodness for the Internet. Just a few years ago, prior sale info was more difficult to obtain. I think part of the current real estate slump is due to all of the information on the web: people are no longer being duped as readily by realtors.