Atherton Land Sale $1.6m Over Asking Price

Atherton Oaks property values continue to soar as evidence by this week’s sale of a one acre parcel on Adam Way for $6.5m! With six offers, all well above the asking price of $4.895m, it is clear that land values have reached a new high in this neighborhood. Last spring, one would expect to pay $5m at the very most for the same parcel. For those not familiar with the nuances of Atherton, this is especially significant because this area is not within the Menlo Park or Las Lomitas School District; therefore property values are typically discounted. So who is buying these properties? Half of the offers on this property came from foreign buyers and there were no offers from developers. Clearly, the new recent development of $12m+ homes on this unassuming street is attractive to buyers looking to build their own homes. The next land opportunity to watch was just listed this week at $4.995m on Almendral, a highly desirable street but with more traffic.

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