A two-story hilltop estate in Los Altos Hills has sold for $19 million, easily setting the mark for the priciest deal of the year in the Silicon Valley town.
The five-bed, seven-bath home at 27470 Black Mountain Road traded for about $2,121 a square foot. Its sale price is the second-highest for a Los Altos Hills home in the past year, below only the $20.8 million paid for a 12,000-square-foot estate at 10570 Blandor Way in July, according to Zillow data.
27470 Black Mountain Road (In House Strategy)
The buyer was a real estate holding trust with a trustee named Wei Chen, according to a deed filed with the Santa Clara County Clerk-Recorder’s Office on Friday. KW Bay Area Estates’ Stefan Walker, the Black Mountain Road estate’s sole listing broker, told The Real Deal that its new owner is “very private,” declining to divulge any other information. Compass’ Mary and Brent Gullixson represented the buyer in the deal. They didn’t respond to requests for comment.
Outdoor fire pit at 27470 Black Mountain Road (In House Strategy)
The deal shows that the appetite for homes priced well above the median in expensive residential communities such as Los Altos Hills is still there, despite less than one-fifth of U.S. consumers saying that now is a good time to buy a house, according to Fannie Mae’s latest Home Purchase Sentiment Index. The Black Mountain Road property, which was completed in 2020, hit the market for sale in February with an asking price of almost $21 million, well above Los Altos Hills’ median single-family home value of about $6.1 million, according to Zillow. It went into contract three months later and sold about $2 million below asking, Walker confirmed.
An aerial of the property (In House Strategy)
The KW Bay Area realtor said a dip in homebuyer confidence caused by declines in the stock market and the ongoing conflict in Ukraine affected the price that he and the seller were able to get. However, he said the estate was able to move “pretty quickly” for one in its price range.
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San Francisco
Los Altos Hills resi sale poised to blast past record price in little-known neighborhood of exclusive city