HOW THE 1% COULD SAVE 2% (If They Wanted To)
A new record was set in Silicon Valley recently when an estate in Woodside sold for $117.5 million, to an undisclosed buyer (when you're that rich, you have access to techniques to keep your name off the books). This shattered the previous Silicon Valley record of $100 million paid for a Los Altos Hills mansion by Russian investor Yuri Milner in 2011.
The $117.5 million is apparently not the highest price ever paid for a home in the U.S. That distinction goes to a 124,000-acre ranch and farm in Montana with 5,000 head of cattle. Still, the recent sale in Woodside reportedly makes the estate the most expensive private residence in California. If you’re curious as to what it looks like, you might want to have a look at these photos
, posted on sfluxe.com.
This may seem like "news you can't use" but for those with luxury properties to sell, the new record underscores a highly relevant point: There is currently a tremendous demand for luxury homes in Silicon Valley. Sales of homes in this category surged 54 percent in December 2012, with 113 homes selling for more than $1.5 million that month, up from 73 the previous year. A 3,200-square-foot home in Palo Alto sold for $6.75 million. If you're sitting on a luxury property that you don't need, this would certainly seem like a good time to sell.
If the seller of that Woodside estate had listed with us, he would have saved approximately $2.5 million on the selling office commission. Two and a half million dollars would be enough to pay all cash for a more modestly priced luxury home somewhere in Silicon Valley.
Some would say that people that wealthy don't care about a lousy two or three million dollars. In many cases, that's probably true, though it wouldn't be the case for people like legendary investor and prominent billionaire Warren Buffet, who is almost as famous for his thrift as for his wealth. If you have a house to sell in Silicon Valley (Los Altos, Menlo Park, Mountain View, Palo Alto, San Jose or elsewhere) and you are interested in substantial savings, we invite you to explore the information at this Website and then give us a call.
THUMBS UP FOR THUMBTACK
Pacific Century Realty is privileged to have joined the ranks of more than a quarter million service providers participating in Thumbtack.com, an exciting new Internet marketplace for local services.
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