Property Sales and Neighborhoods
The high-end kicked in for Atherton in the third quarter with several $15,000,000 plus sales being recorded. Accordingly, while the median sales price was down 3.5% from the 3rd quarter in 2012, the average price was up nearly 60%, and that was without the benefit of several extremely high off market sales being thrown into those statistics. The weak part of the market remained in the middle as reflected by a median list price of $6,495,000 versus a median sales price of $3,500,000. The over $10,000,000 market showed it’s usual fall spurt with seven sales occurring in the third quarter and the early part of the 4th.
The infographic below gives you a quick look at what your money buys you in today’s Atherton neighborhoods.
So, $4,000,000 bought a home in West Atherton on 0.62 acre and in need of remodeling. In the $6,000,000 to $8,000,000 range you could have purchased new construction in Lindenwood. If you were looking for a fixer-upper you could have purchased an original house on a perimeter lot in Lindenwood (backing up to Middlefield Rd) for $2,750,000. Want a new house? You could have purchased a brand new 12,000 square foot home in West Atherton for $12,500,000 or an “over-the-top” neoclassical Georgian villa in a prime Circus Club location for $30,000,000. If you prefer to build that estate yourself you could have picked up 2 acres of land for $9,000,000 to $12,950,000 depending on your neighborhood preference.
4TH Quarter Opportunities
Here are some interesting opportunities available to 4th quarter home buyers
Trending Now and Homes on the Rise
Lots are in demand and those fortunate buyers who were able to purchase properties last year are now well on their way to building new homes this year. In the past 12 months, there have been approximately 31 new permits issued for new homes in Atherton. (About half of them will have basements!) Development seems pretty evenly distributed among the West Atherton and Lindenwood neighborhoods. If you haven’t been through the Almendral Corridor in awhile, you may be surprised. Take a drive along Adam Way, Almendral and Tuscaloosa where construction is rampant. This is definitely the area to watch!
A few amazing homes sold in July by Sotheby’s International Realty®
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