A home listed for $15 million in Los Altos Hills is poised to blow past previously set sales records in its little-known neighborhood of custom residential properties about 15 minutes from downtown Los Altos.
Michael Dreyfus (Dreyfus Group)
Listing agent Michael Dreyfus declined to reveal the exact sales figure until after the deal’s expected close later today,but said it was within 10 percent of the asking price, a new high for the Quarry neighborhood in any case. The previous mark for the canyon community, where very few homes have turned over from their original owners, was closer to $9 million, he said.
Los Altos Hills is a municipality in Silicon Valley that has fewer than 10,000 residents and is constantly listed among the wealthiest communities in the nation by various sources.
The property at 12160 Kate Dr. originally came to market over a year ago at $16.8 million. After Dreyfus dropped the ask to $15 million last summer the interest he saw for the 12,000-square-foot home made him sure that the price was right. He and the sellers were content to wait for the right offer.
“When you’re looking to set marks, it can take more time,” he said.
12160 Kate Drive, Los Altos (Michael Dreyfus)
The owners were a couple who had the home custom built, like all of the approximately 40 homes in the canyon community centered around a former quarry-turned-lake. Though they were in their 70s when they designed the home, the emphasis was on providing amenities for the younger members of their family, Dreyfus said. The property has a putting green and a sports court, as well as a pool with multiple waterfall features, fountains and a slide. The indoor kid-friendly amenities include a red-carpeted screening room.
12160 Kate Drive, Los Altos (Michael Dreyfus)
“They built it so their grandkids would come and see them,” he said.
After the couple passed away, the heirs decided to sell. They put about $500,000 into updating the 18-year-old property before it came to market, a makeover that ranged from new paint and decor to HVAC, security and wi-fi upgrades. They also switched in smartphone-controlled light switches, essential for attracting today’s buyers, according to Dreyfus.
“People are not into going around a 12,000-square-foot house turning off all the lights,” he said.
The expected new owners are a young family who already live in the area and liked the home’s spacious feel as well as the double-sized lot. They came back to look at the home several times before putting in an offer in February, Dreyfus said. The long closing period was due to some “title issues” because the home is in a trust, he added.
The new owners plan to use the home as their primary residence and are likely to do some additional updates as well.
“I’m sure they will do things with it to bring it along,” Dreyfus said.
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