A 2.5-acre property in the country’s most expensive zip code has sold for $25 million after an extended escrow that began last spring.
Luxury home builder Pacific Peninsula Group went into contract on 43 Santiago Avenue in Atherton back in May after it listed a month earlier for $27 million. The sale didn’t close until Jan. 17, and the extra-long escrow was a win for both sides, according to Michael Repka of DeLeon Realty, which listed the property.
The seller, which public records list as 43 Santiago LLC, “liked the idea of a long close of escrow” because there was a relative living in the 1927 six-bedroom, five-bath house, Repka said via email. The builder buyer appreciated having the extra time to get “a head start” on its plans for the site, he added.
So far no building permits have been issued and Pacific Peninsula did not return a request for comment on its plans for the site. But Repka said the lot, which currently has a pool and tennis court in addition to the 6,400-square-foot home, is a “beautiful piece of property that represents an incredible building opportunity.”
The Santiago sale is a first signal that luxury sales on the Peninsula are beginning to pick up after a slow fourth quarter last year. Agents have noted a return of international buyers as well as those who had been waiting on the sidelines due to interest rate and inflation anxiety.
Repka is repping a $50 million listing that just came to market next door. The sellers at 233 Park Lane bought the 1.3-acre property for $15.5 million in 2017 and enlisted Pacific Peninsula to build them a brand new 14,000-square-foot custom home. By the time the estate — which includes indoor and outdoor pools, a hot tub, a fitness center, a guest house and bocce ball and sports courts — completed construction last year, the owners ended up deciding to move elsewhere, Repka said.
Repka added he has already had some showings of the $50 million listing since it went to market three weeks ago. He said the Santiago sale is “an indication that there is still strong demand for high-end homes, especially new construction, in Atherton.”
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