July 31, 2013

Party On, in Los Gatos!

We haven’t heard much from Burbed reader Swan lately, so we were delighted to receive this:

One of my favorite posts was "Party House in Los Gatos."  I noticed this house had come on the market again… Believe it or not, the property sold!  They only got $4.8 million for it which is a far cry from the $11.5 they wanted back in 2008!

Wait, 2008? Party House ran in 2011! How could we forget?

130730-kennedy-2011

You might want to take a look at the current listing, because The Party Is Over.  There are pictures indoors but nobody’s Getting Down With Their Bad Selves.

130730-kennedy-redfin15681 KENNEDY Rd
Los Gatos, CA 95032
Sold for $4,800,000

7 Beds
12.5 Baths
12,405 Sq. Ft.
$387 / Sq. Ft.
Built: 1991
Lot Size: 3.58 Acres
Sold On: Jul 16, 2013
Status: Sold
Property Type: Detached Single Family
Stories: 3
Community: Los Gatos/Monte Sereno
MLS#: 81317503
Style: French
View: Mountains
County: Santa Clara

Magnificent Gated Palatial French Chateau Estate! Main house 9,000sf, music room, library, wine cellar. Guest house 3,100sf w/ guest suite, caterer’s kitchen, ballroom, theater, game room & bar. Infinity pool, waterfalls, patios & views. Truly a gorgeous estate set on 3.6 private acres. Extreme Quality thru out. Co listed with Frank Grengo

Oh, look at that.  They thought they were being clever leaving out that 2008 listing price from the Redfin listing history (click the link to see it). Good thing the Party House piece saved it for us.  Better yet, the Big Z tracks the falling knife:

130730-kennedy-listing-history

And nice to know agents have a sense of humor! See 8/12/2010 for some of those Realtor Rib Ticklers!

Comments (5) -- Posted by: madhaus @ 7:04 am

5 Responses to “Party On, in Los Gatos!”

  1. SEA Says:

    From $1.8M in 1992 to $4.8M over 20 years later? Not even a price triple after over 20 years?

    That said, this produced a geometric rate of return of about 4.8%. Way below the 7.2% minimum RBA standard, but probably an acceptable return for the former owner, even if he was dreaming that he lived in the RBA.

    If the place would have sold for ~11.5M in 2008, then the rate of housing price appreciation (geometric) would have been closer to 11.5%, and that would have definitely moved it to RBA status.

  2. nomadic Says:

    The selling price of only $387/sf clearly keeps it out of the RBA.

    So sad when the party is over.

  3. SEA Says:

    $11.5M was “only” $927 psf…

  4. Swan Says:

    The party is not over for the bargain hunters that snatched up this place! Let’s head to the game room and bar…

  5. SELLER PREFERS “AS IS SALE”. FOR GREAT JUSTICE. [Burbed.com] Says:

    […] home] is in the same area as the Kennedy home [submitted last week].  This house is on Blackberry Hill Road:  .  You know […]


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