The country’s most expensive zip code is starting off the new year with a bang.
A newly built estate with six bedrooms, eight baths and two swimming pools on more than an acre in Atherton listed Jan. 5 at just under $50 million and has already had several showings, according to listing agent Michael Repka at DeLeon Realty.
“Estates like this are discretionary purchases and much less seasonal,” Repka said via email of the decision to list the property so early in the year.
Luxury buyers love a done property, Repka said, and the new build at 233 Park Lane is more turnkey than most. It comes equipped with everything the new owners will need, from art and furniture to linens and cutlery.
“The sellers know that most successful people in Silicon Valley are very busy,” he said. “Having a home that is so turnkey and well-curated is of a lot of value to many people.”
Repka doesn’t think that buyers will mind having all their decor chosen for them since the property, which has a 14,000-square-foot-main home and 1,000-square-foot guest home, was designed for the sellers to “fit together seamlessly” with a “chic, modern aesthetic.”
They unidentified sellers bought the property through an LLC in April 2017 for $15.5 million and the custom-built home by Pacific Peninsula Group was not completed until last year. It was their active lifestyles that inspired the indoor and outdoor pools, hot tub, fitness center, bocce ball court and sports court, Repka said.
But by the time the estate was complete, the sellers had decided to move elsewhere in the country, Repka said, and list the newly completed home instead.
Repka could not reveal what the five-year design, construction and furnishing process cost but said that even at the $50 million ask his clients will “not make very much money,” which he said was not uncommon for custom ultra-high-end homes.
The cost of the construction factored into the asking price, Repka said, as did comps and “anticipated demand.”
Luxury sales are down both locally and nationwide, but Repka said the fact that he’s had several showings thus far is “good considering the price point.” Recently he has seen a “resurgence in demand from foreign buyers, and affluent people looking to move out of San Francisco.”
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