search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealCity Council approves zoning change to greenlight casinosCity Council approves zoning change to greenlight casinosSL Green, Vornado kick in $100M to extend 280 Park loanSL Green, Vornado kick in $100M to extend 280 Park loan
Residential
San Francisco

Asking about Atherton: Is $40M the new $30M in America’s priciest zip?

Off-market $41M sale of a 10,000-square-foot home was only town’s second-biggest this year

98 Sutherland Drive, Atherton (Hugh Cornish)
98 Sutherland Drive, Atherton (Hugh Cornish)

Atherton won’t likely be losing its title as the country’s most expensive zip code anytime soon.

For the second time this year, an off-market deal has brought an over-$40-million sale to the small Peninsula town that tech founders, CEOs and even Warriors star Steph Curry call home.

Public records show that 98 Sutherland, located on two acres at the end of a cul de sac west of the Alameda, changed hands for $41.1 million last month—a more than $4 million increase in less than two years. The six-bedroom, 6.5-bath home of more than 10,000 square feet last sold in the summer of 2020, when it was purchased by Timeless Vista LLC for $36,750,000.

The undisclosed owners behind Timeless Vista seem to have already put their gains to use with the purchase of 338 Walsh Road, less than a mile from the Sutherland property. The $26-million sale closed about a week after that of their previous home, according to public records. The home on Walsh is newly built and was listed with slightly more square footage than Sutherland, but sits on about half the acreage and is closer to the road.

Sign Up for the undefined Newsletter

Privacy appears to be a key amenity for the new owners on Sutherland, who are hidden behind an LLC and chose a home that is hidden from the street as well. In fact, little is known about the off-market property other than its size. The last time the home was listed publicly was 2014, when it sold for $13.5 million. But given the over-$20-million difference when it resold in 2020–– the 1930s-era home described at that time as remodeled in the 1990s but retaining “all of the charm of a gracious Southern mansion”––the property has almost certainly undergone a major renovation in the interim.

The Sutherland deal trails the $44.8-million sale of 119 Tuscaloosa Avenue, closer to downtown Menlo Park, in February on Atherton’s priciest list this year. The sale of the Tuscaloosa property was the most expensive Atherton sale in three years, and another example of a mansion that went in the mid-$30-million range just a few years ago and is now able to command over $40 million.

Even with rising prices in the area, no Atherton property has yet been able to break the $53-million record sale of a 12-acre estate in 2011. Gap founders Don and Doris Fischer are hoping to set a new standard with the sale of their long-held 8-acre estate, listed last fall for $100 million. It is currently the most expensive property on the market in the Bay Area, after a Woodside listing across the street from Larry Ellison’s home dropped its asking from $110 million to $84 million in March.

Read more

Tags
Atherton CABay Area