Real Estate

Home front: House with $40 million price tag hits the market

Also, an upcoming class on induction cooking and Palo Alto becomes one of the fastest markets for luxury homes

A roundup of local home and garden news and events, including a 102-year-old home on a 1.12-acre lot in Old Palo Alto hit the market on Wednesday with a $40-million price tag, which is $10 million more than the most expensive sale ever recorded in the city.

OLD PALO ALTO HOME LISTED AT $40M ... A five-bedroom, nine-bathroom Palo Alto home hit the market with a $40-million price tag on Wednesday, May 15. Built in 1917, the 10,877-square-foot English-Tudor-style home sits on a 1.12-acre site in the Old Palo Alto neighborhood. According to SFGate, the current owner, who is a former Facebook COO, purchased the 102-year-old home for $9 million in 2011 and gutted and completely remodeled it. The asking price is $10 million more than the most expensive sale ever recorded in the city -- $30 million for a home located in the same neighborhood at 1950 Cowper St., which sold in 2015.

INDUCTION COOKING DEMO ... Learn about the benefits of induction cooking during an informational class that includes a cook top demonstration followed by a question-and-answer session on Sunday, May 19, at First Congregational Church of Palo Alto, 1985 Louis Road, Palo Alto. TheGreen@Home workshop is part of a free lecture and workshop series hosted by the Palo Alto-based environmental nonprofit Acterra. For those interested in trying out an induction cook top, the group also operates a cook top loaner program. The demonstration begins at 11 a.m. Space is limited. To register for the free event, go to https://buff.ly/2LrvBeP.

PALO ALTO RANKED 'FASTEST LUXURY MARKET'... Palo Alto and San Francisco are two of the fastest markets in the nation for selling luxury homes, according to the newly released "U.S. Luxury Homes Index" from New York-based Concierge Auctions real estate auction firm, which examined the top 10 most expensive homes sold in 56 high-end markets around the U.S.

Homes in Palo Alto sold in 86 days on average, and homes in San Francisco sold in 103 days. By contrast, areas with the slowest luxury sales, saw homes stay on the market for an average of 1,109 days. The total days on market for all 56 markets evaluated in 2018 was 506 days.

According to the report, Palo Alto's luxury market not only outpaced other markets but experienced a year-over-year uptick. The average price of the city's top 10 most expensive homes rose 25.68% and the number of days a home stayed on the market dropped by 53%.

The average sales price rose from $9.98 million in 2017 to $12.3 million in 2018; nine out of 10 homes sold in under 180 days and achieved an average of 95.06% of their list price, according to the report.

Nationwide, the report found that homes are taking longer to sell; and when they do, the sales price tends to be well below the original ask. In 2018, the luxury market continued to be highly segmented with pockets of strength and weakness. Of the 56 market analyzed, the average sale price was $12.2 million.

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