197 Ravenswood Ave, Atherton, CA
$1,999,999

Beds: 4
Baths: 3
Sq. Ft.: 2,820
$/Sq. Ft.: $709
Lot Size: 1 Acres
On Redfin: 127 days
Excellent opportunity to build your estate home in Atherton. Lot is 43,700 sq ft and all level. House needs work and is in original condition. Great potential. Property is currently rented on a month-to-month basis. Beautiful grounds with pool and one bedroom guest house. Property is across from Menlo-Atherton High School Performing Arts Center.

You’ve worked hard, you’ve saved every last penny, you fought for the promotions and finally you’ve made it.  Okay, not really.  You’re a trust fund baby and you know it.  But if anything, that means you’re even MORE entitled to the good life, right?  So let’s head to Atherton and pick up a slice of the good life!  Surely a street name like Ravenswood couldn’t portend anything dire, right?  A 3k manse on an acre seems like just the thing to snap up!  You smile jauntily as you walk into your new home to relax in your…. dark dungeon of a living room?

You blink myopically as you watch the light being sucked out of the room, not sure just where it’s going.  Lethargy seeps into your bones and you only want to collapse on the couch and wonder about the futility of existence.  Wait, you must snap out of it!  Surely a nice bright paint job will fix… whatever it is… that seems to eat light and joy in the living room.  You quickly move into the kitchen to surround yourself in gleaming white tile and paint.

You feel the building tension ease off as you reach the kitchen.   You start to relax until you realize that the bright sunlight streaming through your small window only reaches the sink before evaporating into the house’s gloam.Surely this can’t be right.  Surely there must be a spot in this sanctuary from the hard knock life of idle aristocracy must have a bright spot!  Some place to uplift your soul and allow you to relax in your castle!  After all, this is Atherton, dammit, and Daddy worked long and hard for you to live here!  Your face becomes a rictus of strident indignation and you summon the tenacity that got you through Stanford after Mommy signed a check for a cool hundred grand and stalk out of the ever dimming kitchen into the dining room.  Here you will bask in the warming sun streaming through your floor to ceiling windows!  The entire wall of glorious glass will allow the sun to blast this malingering discontent from your mind!  Passing through the doorway you are greeted by what seems like acres of glass.   Your glorious aerie of windows and sun awaits!

The room tails away from you into darkness.  The sun gamely tries to banish the darkness, but like the oft scrubbed blood spatters on Lady MacBeth, this is a fight that cannot be won.  Your legs give a wobble and your knees nearly hit the floor as darkness spreads from the house outwards.  It even seems like the house is try to shove another wall against the windows to make the dankness complete.  Surely this is a demon house that hates the light!  You begin to shake uncontrollably, overcome by an urge to flee the house, to seek the sun, to escape the darkness!  Fumbling at your single pane sliding glass doors, you finally yank them open and stumble out onto your acre of golden fields and trees!  You take a deep breath of air only slightly tainted by the nearby bay sloughs, your eyes closed tight, waiting for the perfect moment to open them to the glory that is your land, the one thing that will embrace the sun and your spirit, like a high end skymall hammock for your soul.  You shade your eyes and open them, expecting to be blinded by the sun and find yourself staring at a landscape of lush… bleakness?

The blue sky above mocks you.  The trees bob and weave blocking all warmth.  The cold shadows reach across the grounds to drag you down into the bleakness of existence.  The grass darkens to near black, the trees oily blobs of shadow.  Only a spattering of sun is allowed through, to mock you with the utter futility of seeking warmth, companionship, fulfillment, or the last ice cream sandwich because the maid snagged it when she was cleaning up yesterday.

Beaten, you stare around you at the noose you happily bought and secured around your neck.  You wonder how many days and nights living in every deepening darkness in Atherton it will take before the pool becomes the one beacon of light in your life.  You feel certain soon it will be your only friend, a magnet drawing you to it like a dark iron filing drawn to the magnetic allure of despair and grief.  Surely the pool will have a solution to your dilemma.  Soon it will be time to dive in and discover the warm embrace of certainty.

Remember the $75 million Los Altos Hills property that Yuri Milner bought?  It turned out that he actually paid $100 million, making it one of the most expensive private residential sales in the United States.  We’re #1!  We’re #1!

This one isn’t #2, but it’s still a pretty healthy chunk of change.

Silicon Valley Estate Hits Market for $59.5 Million

The Wall Street Journal, Private Properties, April 29th 2011

A 12-acre Silicon Valley property that belonged to a great-grandniece of Levi Strauss is asking $59.5 million.

The sellers of the Atherton, Calif., property, called Pine Brook, are the children of San Francisco philanthropist Madeleine Haas Russell, who died in 1999. The family has owned it for a century and used it as a summer retreat. There’s a main, English Tudor-style house of more than 11,000 square feet. There’s also a 6,500-square-foot guest house, a swimming pool, pool house, tennis court and gardens.

The family members say in a statement that they always intended to eventually sell the land. Listing agent Mary Gullixson of Alain Pinel Realtors says the estate is an unusually large offering.

Can’t find it on Zillow or Redfin, but a search for “Pine Brook Atherton” yields the address 237 Atherton Avenue, owned by Pine Brook LLC.  And that property is a 5 bedroom, 2 bath, 2050 square footer, with another 2280 unfinished.  And it’s sitting on… 414,600 square feet?  That’s nine and a half acres.  In Atherton.  So how did they get 12 acres, do they own some of the other parcels too?

Here it is from the back, best view there is.

But the WSJ piece says that the property has an 11,000 sf English Tudor main house and a 6,500 sf guest house.  Wonder who at the assessor’s office missed all that?  They sure fooled Zillow; the Zestimate on this place is $1,913,500, and you should be able to rent it for just $7828 a month.  And if you want a comp, here’s ten acres in Atherton with a much larger house that was offered for $22.5 and scooped up for only $18 million.

In 2007.

Obviously this listing is so hush hush that the agent won’t even feature it on her website.

Thanks to Burbed reader nomadic for alerting us to another housing blog that stumbled upon Real Bay Area Pricing and had trouble coming to terms with it.  Burbed readers, welcome to… Homes of the Rich.

Wow this site looks like it was designed by a MySpace refugee with a Detroit Tiger fetish.  All it’s missing is blinking text.

Charming $17.5 Million Home in Atherton, CA

This charming 2007 built home is located at 224 Park Lane in Atherton, CA. It boasts 9,956 square feet of living space with 6 bedrooms, 6 full and 3 half bathrooms, walnut floors throughout, wool carpeting in all bedrooms, Rumford-style fireplaces, masterfully finished millwork, great room with vaulted beamed ceiling, home office, gourmet kitchen with beautiful center island, wine cellar, home theater with 8 massage chairs, bar, swimming pool with spa and waterfall, outdoor firepit and fireplace, BBQ,guest house and a detached 3+ car garage. It is listed at a hefty $17,500,000.

CLICK HERE FOR THE LISTING

Tags: California, gym, home theater, swimming pool, wine cellar

And the “click here” is a dead link.  Yowza.  Fortunately, I findz it anywayz with teh internets:

224 PARK Ln, Atherton, CA 94027
$17,500,000

BEDS: 6
BATHS: 7.5
SQ. FT.: 9,956
$/SQ. FT.: $0
LOT SIZE: 1.01 Acres
PROPERTY TYPE: Detached Single Family
STYLE: Traditional
STORIES: 3
VIEW: Neighborhood
YEAR BUILT: 2007
COMMUNITY: El Camino to Alameda
COUNTY: San Mateo
MLS#: 81105759
SOURCE: MLSListings
STATUS: Sold

Custom home built in 2007 near the Menlo Circus Club. Tall ceilings, walnut floors, wool carpeting in all bedrooms & lower level, Rumford-style fireplaces, masterfully finished millwork. LOWER LEVEL has wine cellar, theatre w/ 8 massage chairs, exercise room (6th bd) w/ steam shower, 2nd FR w/ full bar. Pool/spa w/ waterfall, firepit, BBQ center, outdoor FP, GH w/ bath MP schools

Hey, we can guess how much this place sold for as well.  But back to Homes of the Rich.  Reading the comments reminds us just how different prices are here compared to almost anywhere else.  Plus, a little bonus: Here’s the ad running under the Atherton house right now:

Yeah, that tells me all I need to know about that site’s readership.

Black Friday DEALS continue, and thanks to Burbed reader sonarrat for finding today’s budget-blessing beauty.  Here’s what sonarrat had to say about today’s find:  “That’s the one block of Atherton that has all small lots and tract homes like Redwood City.”

208 Selby Ln, Atherton, CA 94027
$1,295,000

Beds: 3
Baths: 2
Sq. Ft.: 2,760
$/Sq. Ft.: $469
Lot Size: 6,250 Sq. Ft.
Property Type: Detached Single Family
Style: Traditional
Stories: 2
View: Neighborhood
Year Built: 1965
Community: El Camino to Alameda
County: San Mateo
MLS#: 81053468
Source: MLSListings
Status: Active
On Redfin: 45 days

Amazing value for this 2,700 +/- sq. ft. home. Has never been on the market. Formal entry, elegant living room with formal dining room, large bedroom suites, lovely backyard. Best price in west Atherton. Kitchen opens to spacious family room. Amazing opportunity.

Best price in West Atherton.  And some wags thought I made up West Atherton.  Nuh uh.  A professional Real Estate professional type lady professional said “West Atherton” in the copy above.  So let’s have a good look at what makes West Atherton so Special.

See?  It’s in Atherton, but West!  You can live just like the working class in Redwood City, except your postman reminds you every day that you live in Atherton!  And so will your property tax bill.

Best of all, this snout house has never been on the market.  That means if you buy it now, it won’t have too many agent cooties.  Now that’s a DEAL.

In trying to get you another Black Friday DEAL, I found a DEAL myself and hired an overseas contractor to write today’s column.  Unfortunately, you get what you pay for, and what I got was neither in Atherton nor the cheapest house in Menlo Park.  It is, however, like all Real Estate, a DEAL.

3501 Middlefield Rd, Menlo Park, CA 94025
$480,000

Beds: 2
Baths: 1
Sq. Ft.: 960
$/Sq. Ft.: $500
Lot Size: 5,300 Sq. Ft.
Property Type: Detached Single Family
Style: Cottage/Bungalow
Stories: 1
View: Neighborhood
Year Built: 1951
Community: County Area/Fair Oaks Ave
County: San Mateo
MLS#:  81013973
Source: MLSListings
Status: Active On Redfin: 274 days

This home has been "beautifully remodeled!" That means the previous owner has added "value"!  Which begs the question: why would someone bother to do that when the house is not even on the wrong side of 101!?  The overbidding should just flow naturally.  This slice of Silicon Valley is quite the diamond in the rough.  Or is it just the rough part?

Every house has a story and this one is no different.  Let’s see what the savvy investors behind this gem have been up to.  The house was purchased in 2007 for $650,000, so we can be assured that the buyer will have made out well.  After all, when something is that inexpensive, it has nowhere to go but up! 

The buyer’s pride of ownership must have run out 3 years later because it looks like they decided to list it earlier this year for only $599,000.  Looks like someone (maybe the realtard?) must have slipped in a negative sign when they were calculating the appreciation on the ’07 sale.  But buyers love their sweet deals and this one is no exception.  Someone must have noticed the (mistakenly entered?) rock bottom price and tried to buy it because it went pending without release just 3 months later.

Strangely, it didn’t close.  No doubt it slipped out of a sale because the owner, in a fit of rage, realized that the realtor had miscalculated their expected appreciation and backed out.  What we can know for sure is that whatever buyer was interested in this fine gem was standing by with a 20% down payment ($119,800), a 780 credit score and a six figure W2 job, so securing financing wasn’t an issue.  That poor, unfortunate soul missed out on the sweet, sweet depreciation.  I meant appreciation.  My mistake.  Fortunately, their loss is your gain and this estate is once again on the market!

But, enough with the history – what’s with that weird layout?  To start, there’s no windows in the center of the house.  Now that may seem like a bad thing to you, Mr./Mrs. unisex property buyer, but the copy also kindly explains that, while some landscaping has already been done, you still have room to create your own oasis.  If you had any doubts before as to whether or not you would be able to put plants in the ground at this location, your concerns should be put to rest. 

And, when you’re not enjoying the oasis you created, you can always go around back where you will find a pool filled with more possibilities!  Here, you can either re-line the pool or fill it in!  It’s your choice what to do!  Sure, doing nothing is always an option, but smart investors like you know that in order to "add value" you have to do something (anything).  Whether you decide to remove or re-line the pool, you can be sure that you will recoup your "investment" threefold when the next buyer comes along.

Not every home listing comes complete with a picture of the street signs just down the way.  Fortunately for you, lucky buyer, this does.  The street signs say that this is a neighborhood street.  That’s important to know because it tells you that this isn’t just any street.  It’s a neighborhood street.  The kind where people are neighbors and they go about doing neighborly things like lending each other cups of sugar or engaging in civil discourse about the topics du jour.  Or maybe that’s not what it’s saying. 

Perhaps the sign is a warning about your neighbors.  A warning graciously placed there by the city of Menlo Park to tell you that your neighbors… are a little bit slow.  Maybe it’s saying that you, too, could be a little bit slow as well… if you are quick enough to catch this knife.

Forbes Magazine has their annual most expensive zip code collection again, and high-end real estate agents rejoiced.  This feature is the Capitalist Tool’s usual suck-off to NAR, with the lovely pictures there to move some expensive houses.  Anyway, California, despite its budgetary and property value woes, completely cleaned New York’s clock.  Unfortunately, Los Angeles is getting ahead of San Francisco.

Here are the top ten:

1. 91008, Duarte, Calif.
2. 94027, Atherton, Calif.
3. 90274, Rolling Hills, Calif.
4. 07620, Alpine, N.J.
5. 10014, New York, N.Y.
6. 90210, Beverly Hills, Calif.
7. 10065, New York, N.Y.
8. 94920, Belvedere, Calif.
9. 10012, New York, N.Y.
10. 93108, Santa Barbara, Calif.

If ever a list defined what flyover land was, this is it.  All ten are California or New York City suburbs.  How did Greenwich, Connecticut get knocked off this list?  More importantly, how did a town full of ginormous houses next to Monrovia get on it?  91008 is mostly big, expensive homes in Bradbury, but the post office calls the zip Duarte. High-priced enclave surrounded by working-class city, good thing we don’t have anything like that in the Real Bay Area (RBA)!

And we sure don’t have anything like this:

High-End Slump Slows
The median price of America’s high-end homes continues to slide, but not as fast as it did last year. Our index of 500 high-end ZIP codes saw the average home price fall 5%, to $1.2 million, from the same time last year. In 2009 the markets on our list saw a 7% price drop.

About 35% of the ZIP codes in our index saw median prices increase or stay flat, but that’s likely because more high-priced homes are coming on the market, while more affordable housing continues to falter. “The year-over-year price changes we’re seeing here aren’t necessarily the change in price for your house, if you have a house in this area,” says Simonsen. “It’s a change in the mix of homes on the active market.”

Anyway, on to the high-priced zips in the Bay Area.  Photos, stats, and smarmy real estate copy is from Forbes.  You’ll recognize what isn’t, and I’ve hunted down all the real estate so you don’t have to.

#2 – 94027: Atherton

Median Home Price: $4,010,200

Median Price Change: 4%

Average Days On Market: 109

Inventory: 57 properties

Median Household Income: $200,001

This remodeled mid-century four-bedroom, four-bathroom, 4,010-square-foot ranch with a cathedral ceiling, fireplace, media room, two-car garage and gardens sells for $4,488,000. It is listed with Alain Pinel.

And it’s up 4%.  RBA Win!  This house on Fredrick Ave is still for sale, listed 63 days.  Buy now with Redfin and save $56,100!

#8 – 94920: Belvedere

This three-bedroom, four-bathroom 4347-square-foot Spanish-style stucco home in the section of 94920 that’s in neighboring Tiburon offers views and a fireplace and sells for $3,195,000. William J. Smith has the listing.

What’s this?  The zip is shared with Tiburon?  Outrage!  If Belvedere had its own zip, it would kick Bradbury’s butt!  But wait!  This house isn’t in Belvedere but in Tiburon?  That’s bait and switch!  Just for that I won’t buy the house on Buckwheat Court.  In Tiburon.

#15 – 94022: Los Altos Hills

This 4,000 square-foot, five-bedroom, six-bathroom Mediterranean-style home has a stucco exterior, vaulted ceilings, a fireplace and study and is selling for $3,195,000. Alain Pinel has the listing.

Up 34%!  New York is our beeyotch.  And so is Forbes, because this house is on Jay St, in Los Altos, No Hills.  It’s also new construction.  Three lots down from busy El Monte.  You’re welcome.

#18 – 94024: Los Altos Hills

This 4,673 square-foot six-bedroom, four-bathroom home has hardwood floors, a fireplace, vaulted ceilings and a swimming pool. It is listed for $2,899,000 with Campi Properties.

Sloppy work again, Forbes.  This house is also in Los Altos, not Los Altos Hills.  And it’s only 4,367 feet, so you’re off by almost 300 sf.  It’s on Young Ct, off Summerhill, off Magdelena, off 280.  Talk about any easy commute, provided you don’t work anywhere near 101.

#20 – 94010: Hillsborough

This 4,190-square-foot, six-bedroom, five-bathroom home has a double-height foyer, two-car garage, fireplace and swimming pool, and is offered at $3,095,000 by Alain Pinel Realty.

What the – 101 properties listed in Hillsborough?  Are there even 101 properties in Hillsborough?  Trick question!  The zip is shared with Burlingame!  And this listing on Eucalyptus was a trick, too.  Everything in the description lined up, and here I thought they were going to put it in the wrong city.

But who the heck buys a 6 bedroom house with only a 2 car garage?  Where will the servants park?

There’s plenty more zip code madness to come, in another installment.  Although if you’re buying things on installment, you’re priced out of these zips.  Forever.

372 EL CAMINO REAL Atherton, CA 94027

$1,315,000

Beds:	2
Baths:	2
Sq. Ft.:	1,330
$/Sq. Ft.:	$989
Lot Size:	8,500 Sq. Ft.
Property Type:	Detached Single Family
Stories:	1
Year Built:	1922
Community:	El Camino to Alameda
County:	San Mateo
MLS#:	81005654
Source:	MLSListings
Status:	Active This listing is for sale and the sellers are accepting offers.
On Redfin:	7 days

Complete renovation 2 years ago! Beautiful chef’s kitchen with granite countertops, stainless steel appliances, breakfast bar, & wine fridge. Living room with access to patio/lawn, 2 remodeled baths, dual-paned windows, hardwood floors, surround sound, and lutron switches with remotes.

99 WALNUT Ave Atherton, CA 94027

Price: $1,898,000

Mar 02, 2009	Listed	$1,898,000	–	MLSListings #80910509
Aug 03, 2006	Sold	$2,150,000	12.2%/yr	Public Records

2 WILBURN Ave Atherton, CA 94027

Price: $1,150,000

Mar 02, 2009	Price Changed	$1,150,000	–	MLSListings #80903228
Jan 20, 2009	Listed	$1,395,000	–	MLSListings #80903228
Dec 28, 2008	Off Redfin	*	–	Inactive MLSListings #3
Sep 06, 2008	Listed	*	–	Inactive MLSListings #3
Nov 07, 2006	Sold	$1,495,000	–	Public Records

9 ISABELLA Ave Atherton, CA 94027

Price: $2,795,000

Jan 21, 2009	Listed	$2,795,000	–	MLSListings #80903372
Jan 21, 2009	Off Redfin	*	–	Inactive MLSListings #2
Jan 16, 2009	Price Changed	*	–	Inactive MLSListings #2
Jan 16, 2009	Relisted	*	–	Inactive MLSListings #2
Nov 24, 2008	Off Redfin	*	–	Inactive MLSListings #2
Oct 19, 2008	Price Changed	*	–	Inactive MLSListings #2
Jul 29, 2008	Price Changed	*	–	Inactive MLSListings #2
Jun 10, 2008	Price Changed	*	–	Inactive MLSListings #2
May 08, 2008	Listed	*	–	Inactive MLSListings #2
May 06, 2008	Off Redfin	*	–	Inactive MLSListings #1
Mar 24, 2008	Price Changed	*	–	Inactive MLSListings #1
Jan 14, 2008	Listed	*	–	Inactive MLSListings #1
Dec 12, 1988	Sold	$2,130,000	–	Public Records

450 MIDDLEFIELD Rd Atherton, CA 94027

Price: $5,495,000

Feb 07, 2009	Price Changed	$5,495,000	–	MLSListings #80843332
Nov 03, 2008	Listed	$5,995,000	–	MLSListings #80843332
May 16, 2006	Sold	$4,975,000	20.5%/yr	Public Records

2 FLEUR Pl Atherton, CA 94027

Price: $5,500,000

Dec 18, 2008	Listed	$5,500,000	–	MLSListings #80849947
Apr 28, 2006	Sold	$4,995,000	–	Public Records

Egad! Thanks to Burbed reader Steve for sending this in. Wowsers. I thought times were tough… but still… even Atherton is being impacted? Sure not all of these are losses, but still – they’re not the soaring prices one would expect.

There can be only one explanation for this: BERNIE MADOFF.

I’ll bet anything that those kooky NYers once again conspired to sabotage the Real Bay Area in kicking Manhattan’s ass. It’s gotta be. What other reason could there be?

One of these days!

72 MAPLE Ave, Atherton, CA 94027 | MLS# 80908548
72 MAPLE Ave Atherton, CA 94027
Price: $879,900

Beds: 3
Baths: 1
Sq. Ft.: 940
$/Sq. Ft.: $936
Lot Size: 6,550 Sq. Ft.
Property Type: Detached Single Family
Style: Cottage/Bungalow
Year Built: 1951
Stories: 1
View: Neighborhood
Neighborhood: Middlefield to El Camino
County: San Mateo
MLS#: 80908548
Source: MLSListings
Status: Active
On Redfin: 11 days
Fixer-upper
Don’t miss this fantastic opportunity to own a home in Atherton. This property has great potential or just enjoy living in this sweet Bungalow which features:Spacious living room, 3BD, 1BA, Eat-in Kitchen, Large detached 1 car garage, Menlo Park Schools(buyer to verify schools) & Steps to the Town of Atherton Library, Reading Park, Walking distance to the Atherton Train Depot & Holbrook-Palmer Park.

Wow. Talk about tough times. First, recently a co-worker of mine went to Chantilly on a Friday night, and there were just 3 tables with customers. And now… this. A house in Atherton for just $936 square feet.

Although this is depressing, at the same time it is a good thing as it is an indication of how the housing affordability issue in Atherton is now solved.

Careful Atherton… you’re on a slippery slope…

Thanks to Burbed reader Herve for this find!