July 23, 2013

10% Discount in Hillsborough (price subject to seller financing)

Today we turn our back on the crapboxen and Likelers. We’re off to Hillsborough, where you need not rub elbows with your neighbors at all. In fact, you won’t even see your neighbors unless you show up at one of their fundraising balls.  Thanks very much to Burbed reader Michael Boltonestater for sending this in this cozy contemporary, provided that by contemporary we mean we’re putting on our FDR campaign button.  Um, first campaign.

130722-verbalee-redfin40 VERBALEE Ln
Hillsborough, CA 94010
$26,000,000

12 Beds
13.5 Baths
35,000 Sq. Ft.
$743 / Sq. Ft.
Built: 1932
Lot Size: 5.91 Acres
On Redfin: 26 days
Status: Active
Property Type: Detached Single Family
Stories: 3
County: San Mateo
Style: Tudor
Community: Tobin Clark Estate/Polo Terrace
MLS#: 81322895

Price subject to seller financing, otherwise $29 million. Tobin Clark Estate designed by David Adler on 6 landscaped acres. Grand Music Room w/ 15ft ceilings, soaring leaded-glass windows, antique parquet-de-Versailles floors, French doors to Loggia & Grand Tr. Marble Entry w/ 17th Century paneling, Formal Dining Room. VIP + 2 Master Suites, oak-paneled Library.

130722-verbalee-tesselationThis isn’t just any house. This is the Tobin Clark Estate. It has its own video. And no, we don’t mean the one Redfin puts together automatically (there’s one of those too! Save $243,750!)  Just think, this home has been host to “numerous dignitaries including Presidents Richard Nixon, Gerald Ford, Ronald Reagan, and George H.W. Bush.”

Guess we now know the sellers’ politics.  And given that the price goes up to $29 million if you won’t let the sellers finance your purchase, guess we also know how they got enough saved up to buy a spread like this in the first place. Remember, if they won’t give you a cash discount, you can always save $243,750 with Redfin!

We hope you also caught that the link to the estate notes the house was being put up for sale… in January.  January, 2012.

On Redfin: 26 days.  Riiiiiiiiight.  At least the 35,000 square foot house isn’t a typo.

Comments (6) -- Posted by: madhaus @ 7:01 am

6 Responses to “10% Discount in Hillsborough (price subject to seller financing)”

  1. SEA Says:

    “Price subject to seller financing, otherwise $29 million.”

    What’s the maximum penalty for prepayment?

  2. CB Says:

    Price subject to seller financing

    This is how the under-qualified buy cars, not $29M homes. If the seller thinks this is appropriate for someone in this price range, I wonder what they think about the average guy on the street.

  3. madhaus Says:

    This house was listing in January, 2012 for $29 million. And if you don’t let the sellers finance this house, that’s still the price. Remember, there is nothing wrong with any house that price cannot fix.

    So what’s this place really worth, because $29 million is not the answer.

  4. SEA Says:

    I can almost hear it now, “Yes, I’d like seller financing, with a down payment of $25.9 million.”

    What’s next, the negative amortization with 110% loan to fair market value?

  5. nomadic Says:

    Neg-am would be perfect! Zero down, say $5k per month… then default after enjoying the place for a year.

  6. Gallileo Says:

    I know the hoi-polloi don’t care, but the extra three-million you spend by declining the seller’s financing ends up costing you $110k in property taxes–and that’s just the first year.

    I guess that’s just one or two shares of your company, unless you are a facebook guy.


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